【财通建筑】中国化学 Key Points 20260728

English summary

1. In 26H1, the company's orders grew slightly, mainly from overseas (Middle East and North Africa). Domestic pressure was relatively high, but coal chemical industry offset part of it. Xinjiang region performed well. It is expected that full-year coal chemical orders will not be lower than the 2025 level (RMB 70 billion). Potential orders in H2 mainly come from coal chemical industry, with overseas billion-level orders being tracked. The company's operations in 26H1 are expected to be stable with slight growth. 2. In 26Q2, adiponitrile operating rate was around 70%, lower than Q1. Product price adjustments are synchronized with Invista. During the earlier raw material price rise, the company's product gross margin expanded; currently, hexamethylenediamine prices have fallen, narrowing gross profit. In H1, after considering depreciation, adiponitrile remained loss-making, but the company hopes to achieve no full-year loss through cost improvement and adjusting depreciation and amortization. 3. The company's medium- and long-term development goals remain unchanged. On the engineering side, it hopes to maintain good overseas growth to offset domestic downward pressure; ...