三维化学20241114

Key Points Industry and Company Involved - Industry: Chemical engineering and construction - Company: Sanhe Chemical Industry Co., Ltd. Core Views and Arguments - Project Progress and Expected Share: Sanhe Chemical discussed the progress of several large chemical projects, including the 150 million yuan project and the 170 billion yuan project. They also mentioned the 76 change project and their expected share in these projects [1]. - Business Segments: Sanhe Chemical's main business segments include sulfur recovery and desulfurization engineering design and general contracting, as well as chemical production [2]. - Sulfur Recovery Technology: Sanhe Chemical has proprietary technology in sulfur recovery, with nearly 300 sets of equipment installed domestically [2]. - Order Book: Sanhe Chemical has an order book of over 1.9 billion yuan, with the largest project being the Huajing Anmei project with a value of over 13 billion yuan [2]. - Chemical Production: Sanhe Chemical produces propionic acid, butanol, and other products. The company's chemical production segment contributed nearly 150 million yuan in profit in the first three quarters of the year [6]. - Market Outlook: Sanhe Chemical expects its chemical production segment to maintain or improve its profitability in the future, driven by factors such as the increase in propylene prices and the commissioning of new production facilities [7]. Other Important Points - Revenue Recognition: Sanhe Chemical uses the cost percentage method to recognize revenue, and they plan to smooth out revenue recognition over time to ensure compliance with accounting standards [8]. - Coal Chemical Industry: Sanhe Chemical is actively involved in the coal chemical industry, with projects such as the Zhundong project and the Guantou project. They believe that coal chemical projects have a higher probability of success due to their strategic importance [10]. - New Product Development: Sanhe Chemical is developing new products such as MMA and has established cooperation with other companies to develop new technologies [17]. - Financial Performance: Sanhe Chemical expects its financial performance to remain stable in the next three to five years, driven by factors such as the increase in business volume and the commissioning of new production facilities [7].