业绩稳健提升，海外打造新增长极

Investment Rating - The report maintains a "Buy" rating for China Chemical Corporation (601117) [1] Core Views - The company demonstrated steady performance improvement, with a significant increase in new orders for chemical engineering. In 2023, the company achieved a revenue of 179.196 billion yuan, a year-on-year increase of 13.10%. The net profit attributable to shareholders was 5.426 billion yuan, up 0.20% year-on-year, while the net profit after deducting non-recurring gains and losses was 5.202 billion yuan, an increase of 3.86% year-on-year [1] - The company signed new contracts worth 326.751 billion yuan in 2023, representing a year-on-year increase of 10.05%. Notably, the overseas new contract amount reached 100.606 billion yuan, a remarkable increase of 165.48% [1] - The report highlights the company's focus on high-performance fibers, specialty synthetic rubber, and engineering plastics, with successful projects in chemical new materials and special chemicals [1] Financial Performance Summary - In Q1 2024, the company reported a revenue of 44.939 billion yuan, a year-on-year increase of 5.51%, and a net profit attributable to shareholders of 1.216 billion yuan, up 9.50% year-on-year [1] - The gross profit margin for 2023 was 9.41%, a slight increase of 0.07 percentage points, while the net profit margin was 3.35%, a decrease of 0.31 percentage points [1] - The company expects revenues for 2024, 2025, and 2026 to be 196.374 billion yuan, 217.070 billion yuan, and 242.036 billion yuan, respectively, with corresponding net profits of 5.871 billion yuan, 6.575 billion yuan, and 7.374 billion yuan [1][2]