公司点评 | 中国化学 盈利能力继续改善，海外收入占比提升至 30% 中国化学（601117.SH）2025 年半年报点评 事件：公司 2025H1 实现营收 907.22 亿元，同比-0.35%；归母净利润 31.02 亿元，同比+9.26%；扣非归母净利润 30.03 亿元，同比-1.56%。点评如下： 化工、实业收入占比提升，境外收入大幅增长 29%。分单季度看，公司 Q1/Q2 营收分别同比-1.15%/+0.44%；归母净利润分别同比+18.77%/+2.12%。分 业务看，2025H1 化学工程、基础设施、环境治理、实业及新材料、现代服 务业营收分别为 748.12、91.10、5.11、48.30、8.05 亿元，分别同比+1.21%、 -10.02%、-54.58%、+8.73%、+7.81%；化工、实业主营收入占比分别同升 1.25pct、0.45pct。分地区看，境内、境外营收分别为 634.69、265.99 亿元， 分别同比-8.93%、+28.75%，境外主营收入占比同升 6.67pct 至 29.53%。 毛利率、净利率上升，经营现金净流出大幅增加。2025H1 毛利率同升 0.1 ...

Core Viewpoint - The company, China Chemical Engineering Corporation, reported a total operating revenue of 186.613 billion yuan for 2024, reflecting a year-on-year growth of 4.14% and a net profit of 62.42 billion yuan, an increase of 4.54% compared to the previous year [14][20]. Group 1: Company Overview - China Chemical focuses on becoming a world-class engineering company by integrating research, investment, construction, and operation, with operations in over 80 countries [5]. - The company’s core business includes chemical engineering, infrastructure, and environmental governance, with significant market shares in coal chemical and petrochemical sectors [6][9]. Group 2: Financial Performance - In 2024, the company achieved a total profit of 73.59 billion yuan, a 6.57% increase year-on-year, and a net profit attributable to shareholders of 56.88 billion yuan, up 4.83% [14][20]. - The new contract amount signed in 2024 reached 366.94 billion yuan, a 12.30% increase from the previous year, with domestic contracts accounting for 69.12% of the total [15]. Group 3: Business Segments - The chemical engineering segment provides comprehensive services across the entire project lifecycle, including consulting, design, procurement, and construction [6]. - The infrastructure segment covers various fields such as power, transportation, and industrial engineering, employing similar contracting models [8]. - The environmental governance segment focuses on wastewater treatment and pollution control, leveraging advanced technology and management experience [9]. Group 4: Strategic Initiatives - The company is implementing a "T+EPC" model to enhance its competitive edge and has successfully secured several major EPC projects [17]. - International operations are expanding, with significant contracts in key markets like Egypt and Kazakhstan, contributing to over 70% of the annual contract amount [17][18]. Group 5: Future Outlook - The company plans to continue its focus on innovation and high-quality development, with new projects expected to contribute to growth in the coming years [10][14]. - The company aims to enhance its financial services and capital operations to support its core business and strategic goals [12].