CNCEC(SH:601117) GOLDEN SUN SECURITIES·2025-04-30 03:29Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 186.6 billion in 2024, representing a year-on-year growth of 4.1%, with a net profit attributable to shareholders of 5.7 billion, up 4.8% year-on-year [1] - The company's gross margin improved to 10.48% in 2024, an increase of 0.65 percentage points year-on-year, primarily due to significant profit improvement in the chemical engineering sector [2] - The company signed new contracts worth 59.8 billion in March 2025, a 61% increase year-on-year, benefiting from accelerated coal chemical construction [4] Financial Performance Summary - In 2024, the company reported total revenue of 185.8 billion, with a year-on-year growth rate of 4.2% and a net profit of 5.7 billion, reflecting a growth rate of 4.8% [5] - The company’s operating cash flow for 2024 was a net inflow of 8.72 billion, slightly down by 4.1 billion from the previous year, with a net cash ratio of 153% [2] - The projected net profit for 2025 is 6.41 billion, with an expected year-on-year growth of 12.7% [4] Business Segment Analysis - The chemical engineering segment generated revenue of 152.2 billion in 2024, up 7% year-on-year, while the infrastructure and environmental governance segments saw declines of 6% and 22% respectively [1] - The company is focusing on the production of adiponitrile, with expectations of improved profitability due to decreasing raw material costs [3] Market Outlook - The company is expected to benefit from the rapid investment in coal chemical projects in China, with estimated annual investments of approximately 117.7 billion and 210.4 billion for 2025 and 2026 respectively [4] - The company’s market share in the domestic coal chemical sector positions it well to capture a significant portion of the upcoming investments [4]