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Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's valuation is at a historical low with a price-to-book (PB) ratio of 0.75, indicating a strong margin of safety. The company has a low interest-bearing debt ratio of 6.3%, the lowest among major state-owned construction enterprises, and has significant cash assets of 39.7 billion yuan, leading to a net cash position of 25.6 billion yuan after deducting debt [1][12]. - The company's cash flow has been consistently positive since its listing, with a total of 13.9 billion yuan in net operating and investment cash flow over the past five years. This positions the company favorably compared to peers like China Steel International and China National Materials, which also have positive free cash flow and low debt ratios [1][12]. - The company's dividend payout ratio currently stands at 20%, with potential for significant increases in the future, especially when compared to the average 43% payout ratio of similar companies [1][12]. Summary by Sections Current Outlook - The company is benefiting from the acceleration of domestic coal chemical investments and maintains a strong position in overseas markets. The expected investment completion in Xinjiang's coal chemical sector is projected to reach 117.7 billion yuan in 2025 and 210.4 billion yuan in 2026, with the company likely to capture a significant share of these EPC orders [3][27]. - The company's ongoing projects, particularly in the production of adiponitrile, are progressing well, with a reduction in raw material costs contributing to improved profitability. The price of butadiene has decreased by 22.5% since the beginning of the year, enhancing the project's profit margins [2][18]. Financial Projections - The company is expected to achieve net profits of 5.7 billion yuan, 6.3 billion yuan, and 7.2 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 5.8%, 9.8%, and 13.8%. The current stock price corresponds to price-to-earnings (PE) ratios of 7.9, 7.2, and 6.3 for the same years [4][31]. - The report highlights the company's strong cash flow and high-quality earnings, suggesting that the dividend payout could be increased in the future [4][31]. Market Position - The company has a robust order book, with new overseas orders expected to reach 113.3 billion yuan in 2024, representing 30.9% of total orders. This follows a significant increase in overseas orders by 165% last year, indicating continued growth in international markets [3][27].