[Table_scodeMsg1] 联合研究丨公司深度丨中国化学（601117.SH） [Table_Title] 化学工程国家队，实业资产待重估 报告要点 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 中国化学是国务院国资委监管的化学工程国家队，创立 70 余年来设计建造了我国 90%的化工 项目、70%的石油化工项目。2021 年公司提出"两商"战略，向"科研创新+化工实业+工程设计+ 工程施工"转型，2024 年实业背景的莫鼎革接任董事长，提出"5 年再造一个更高质量的中国化 学"。工程板块，新疆煤化工与海外是核心增长极，化工实业逐步成长为第二增长极。 分析师及联系人 [Table_Author] SAC：S0490516100002 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT911 SFC：BUT917 马太 张弛 张智杰 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 中国化学（6011 ...

Core Viewpoint - The sale of 18% of Suzhou Hesheng New Materials' shares by founder Zhao Dongming to Shanghai Moer Zhixin for 1.505 billion yuan highlights the challenges faced by traditional manufacturing in China and the opportunistic nature of capital players in the current market [1][3]. Group 1: Company Background - Suzhou Hesheng New Materials, founded by Zhao Dongming in 2008, specializes in composite materials for home appliances and has established itself as a hidden champion in its niche, with revenue growing from several hundred million to over 2 billion yuan [4][6]. - The company went public in 2009, and Zhao initially held 56.73% of the shares, making him the dominant figure in the company [6]. - However, since 2016, Zhao has gradually divested control, ultimately regaining it under challenging circumstances after the previous controlling entity faced legal issues [8][10]. Group 2: Financial Performance - Hesheng's revenue from 2021 to 2024 has shown minimal growth, with figures of 2.13 billion, 2.31 billion, 2.25 billion, and 2.48 billion yuan, while net profit has fluctuated between 120 million and 180 million yuan, indicating stagnation in growth [10][12]. - The gross profit margin has remained around 15%, suggesting that the company has hit a growth ceiling typical of traditional manufacturing [10]. Group 3: Transaction Details - Zhao Dongming's decision to sell his shares for 33.71 yuan each, totaling 1.505 billion yuan, reflects a strategic exit from a sector facing declining profitability [1][12]. - After taxes and fees, Zhao is expected to net over 1.2 billion yuan, providing him with significant financial security for the future [12]. Group 4: Buyer Profile - The buyer, Moer Zhixin, was established in August 2025 with a registered capital of 755 million yuan, yet it is acquiring Hesheng for 1.505 billion yuan, primarily funded through bank loans [13][15]. - The acquisition strategy involves leveraging limited own capital to facilitate a larger purchase, typical of capital players seeking to integrate resources and increase valuations [15][19]. Group 5: Industry Implications - The shift towards semiconductor-related ventures by Hesheng, including partnerships in AI chips and ARM server technology, indicates a strategic pivot to capitalize on current market trends [15][19]. - However, concerns arise regarding the buyer's lack of experience in managing a manufacturing enterprise, which could lead to conflicts between operational needs and capital-driven strategies [19][25]. Group 6: Future Outlook - The success of this acquisition will depend on whether Moer Zhixin can effectively integrate capital with Hesheng's operational needs, as traditional manufacturing faces significant challenges in transitioning to new business models [25][29]. - The case of Hesheng serves as a cautionary tale for other traditional manufacturers, emphasizing the need for a balanced approach between capital investment and operational integrity [29][31].

Investment 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]