石化化工行业国企跟踪报告之二：中国中化：“两化”强强联合，打造全球规模领先的综合性化工企业

Investment Rating - The report maintains an "Increase" rating for the petrochemical and basic chemical industry [5] Core Insights - The establishment of China Sinochem Holdings through the merger of Sinochem Group and China National Chemical Corporation aims to create a globally leading comprehensive chemical enterprise, enhancing the competitiveness of China's chemical industry [20][21] - China Sinochem has a total asset of 1.6 trillion yuan and an annual revenue exceeding 1 trillion yuan, ranking 54th in the 2024 Fortune Global 500 list [1][43] - The company has a broad business scope covering eight major fields, including life sciences, materials science, and petrochemicals, with significant advantages in agricultural chemicals and animal nutrition [2][51] Summary by Sections Section 1: Strong Merger to Create a Leading Global Chemical Enterprise - China Sinochem was formed by the merger of Sinochem Group and China National Chemical Corporation, officially established on May 8, 2021 [22] - The merger is expected to enhance resource allocation, promote structural reform, and drive innovation in the chemical industry [20][21] Section 2: Extensive Business Coverage and Leading Advantages - The business scope includes life sciences, materials science, petrochemicals, environmental science, rubber tires, machinery, urban operations, and industrial finance [51] - In life sciences, China Sinochem leads in agricultural chemicals and animal nutrition, providing a full range of solutions [2] - In materials science, the company excels in fluorosilicon materials, engineering plastics, and polymer additives, serving key sectors like electronics and automotive [2][51] Section 3: Progress in State-Owned Enterprise Reform - China Sinochem has been recognized as an A-level enterprise in the 2023 assessment of state-owned enterprise reform, marking its third consecutive A-level rating [3] Section 4: Benefiting from Industry Synergies and Strong Growth of Subsidiaries - The report suggests focusing on several subsidiaries, including Haohua Technology, Andisu, and Lushi Chemical, which are expected to benefit from the merger and show strong growth potential [4]