CNCEC(SH:601117) EBSCN·2024-06-24 07:02Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown resilient growth in new contract signings, with a total of 167.4 billion yuan in new contracts from January to May 2024, representing an 18.1% year-on-year increase [2] - The company is actively expanding its presence in strategic emerging industries, including new materials and high-end equipment manufacturing, while achieving significant operational load increases in its industrial projects [3] - The company is expected to maintain strong profit growth, with projected net profits of 58.9 billion yuan, 64.2 billion yuan, and 71.2 billion yuan for 2024, 2025, and 2026 respectively [3] Summary by Sections New Contract Signings - From January to May 2024, the company signed new contracts worth 167.4 billion yuan, up 18.1% year-on-year, with significant contributions from chemical engineering contracts [2] - Domestic new contracts decreased by 2.8% to 130.8 billion yuan, while overseas contracts surged by 410% to 36.7 billion yuan during the same period [2] Business Operations - The company's industrial business load has been increasing, with the butadiene project operating at 45% capacity and the aerogel project at 83% capacity as of May 2024 [3] - The company is focusing on overcoming key technological challenges and has made advancements in the production of high-performance nylon materials and photovoltaic cell raw materials [3] Financial Projections - The company’s revenue is projected to grow from 178.4 billion yuan in 2023 to 195.9 billion yuan in 2024, with a revenue growth rate of 9.81% [4] - Net profit is expected to increase from 5.4 billion yuan in 2023 to 5.9 billion yuan in 2024, reflecting an 8.5% growth rate [4]