上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 24 日 | | --- | --- | | 收盘价（元） | 8.70 | | 一年内最高/最低（元） | 10.48/6.57 | | 市净率 | 0.8 | | 市净率 | 0.8 | | --- | --- | | 股息率%（分红/股价） | 3.29 | | 流通 A 股市值（百万元） | 52,805 | | 上证指数/深证成指 | 3,881.28/13,536.56 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 11.00 | | 资产负债率% | 69.86 | | 总股本/流通 A 股（百万） | 6,107/6,070 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% -10% 0% 10% 20% 30% 40% 03-24 04-24 05-24 06-24 07-24 0 ...

Core Viewpoint - China Chemical's contract signing continues to grow, with a total of 4,332 projects signed and a total contract value of 352.57 billion yuan from January to November 2025, showcasing its strong market presence and technological innovation strategy [2][3][4]. Group 1: Contract Performance - In the first 11 months of 2025, China Chemical signed contracts worth 352.57 billion yuan, with 2,601.92 billion yuan from domestic markets and 923.77 billion yuan from international markets [3][4]. - The construction engineering contracting remains the core business, contributing 340.16 billion yuan from 2,666 contracts, with the chemical engineering sector leading at 286.34 billion yuan from 2,295 contracts [3][4]. - The company has also seen significant contributions from infrastructure and environmental governance, with new contracts worth 476.23 billion yuan and 6.2 billion yuan, respectively [3]. Group 2: Financial Performance - For the first three quarters of 2025, the company achieved revenue of 135.84 billion yuan, a year-on-year increase of 1.26%, and a net profit attributable to shareholders of 4.23 billion yuan, up 10.28% year-on-year, indicating improved operational quality [6]. - The new contract amount of 2,846 billion yuan in the first three quarters has reached 1.53 times the expected revenue for 2024, providing a solid foundation for future performance growth [4]. Group 3: Technological Innovation - China Chemical has invested heavily in R&D, with total R&D expenses reaching 31.22 billion yuan over the past six years, reflecting a commitment to technological innovation [8]. - The company has achieved significant breakthroughs in key technologies, including the development of hexanediamine and high-end environmental catalysts, which have filled domestic technological gaps and reduced reliance on foreign technologies [8][9]. - The successful production of nylon new materials by its subsidiary marks a significant step in reducing dependency on imports and enhancing market competitiveness [9]. Group 4: Strategic Planning - The company aims to "rebuild a higher quality China Chemical in five years," focusing on deepening technological innovation and optimizing its global business layout [10]. - Future strategies include enhancing collaboration among construction engineering, industrial, and modern service sectors, while prioritizing the development of strategic emerging industries such as new energy and new materials [10].