Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 24,755,737 thousand, representing a 4.8% increase from RMB 23,626,279 thousand in 2023[3] - Net profit for the year decreased by 1.7% to RMB 1,143,835 thousand compared to RMB 1,163,561 thousand in 2023[3] - Core profit increased by 4.2% to RMB 1,335,782 thousand from RMB 1,281,381 thousand in the previous year[3] - Basic earnings per share decreased by 2.2% to RMB 0.542 from RMB 0.554 in 2023[3] - Gross profit margin decreased by 1.3 percentage points to 14.4% from 15.7% in 2023[3] - The company reported a total comprehensive income of RMB 1,017,889 thousand for the year, down from RMB 1,164,305 thousand in 2023[6] - The company reported a profit of RMB 1,113,972 thousand for the year, contributing to a total comprehensive income of RMB 1,114,729 thousand[10] - The company reported a pre-tax profit of RMB 1,443,922 thousand for 2024, slightly down from RMB 1,457,288 thousand in 2023, indicating a decrease of about 0.9%[28] Assets and Liabilities - Total assets increased to RMB 29,381,665 thousand in 2024 from RMB 27,587,424 thousand in 2023[7] - Total liabilities increased significantly, with non-current liabilities rising to RMB 3,078,109 thousand from RMB 1,196,519 thousand in 2023[7] - Total current liabilities decreased from RMB 14,017,261 thousand in 2023 to RMB 13,198,518 thousand in 2024, a reduction of approximately 5.8%[8] - Total liabilities increased from RMB 15,213,780 thousand in 2023 to RMB 16,276,627 thousand in 2024, an increase of approximately 7%[8] - Net assets rose from RMB 12,373,644 thousand in 2023 to RMB 13,105,038 thousand in 2024, reflecting an increase of about 5.9%[8] - The company's equity attributable to shareholders increased from RMB 11,232,252 thousand in 2023 to RMB 11,499,074 thousand in 2024, a growth of approximately 2.4%[8] Cash Flow and Financing - Cash and cash equivalents increased to RMB 7,264,358 thousand from RMB 6,998,191 thousand in 2023[7] - The company’s cash reserves increased significantly, with bank loans rising from RMB 93,500 thousand in 2023 to RMB 234,500 thousand in 2024[8] - The net cash balance decreased to RMB 4,278,497,000 in 2024 from RMB 4,371,256,000 in 2023, primarily due to cash outflows from investments and financing[59] - The net cash generated from operating activities was RMB 2,486,370,000, an increase of 39.6% compared to RMB 1,780,476,000 in 2023[60] - The net cash used in investing activities was RMB 1,897,544,000, a decrease of 8.8% from RMB 2,081,077,000 in 2023, primarily due to acquisitions and capital expenditures totaling RMB 2,644,669,000[60] - The net cash used in financing activities was RMB 375,425,000, a significant decrease from a net inflow of RMB 1,979,683,000 in 2023, mainly due to the repayment of convertible bonds and related party loans[61] Segment Performance - Clean Energy segment revenue increased to RMB 17,183,412 thousand in 2024 from RMB 14,907,121 thousand in 2023, representing a growth of 15.2%[35] - Chemical Environment segment revenue decreased to RMB 3,116,028 thousand in 2024 from RMB 4,414,336 thousand in 2023, a decline of 29.4%[35] - Liquid Food segment revenue increased to RMB 4,451,333 thousand in 2024 from RMB 4,292,702 thousand in 2023, showing a growth of 3.7%[35] - Total reportable segment revenue reached RMB 24,791,830 thousand in 2024, up from RMB 23,658,650 thousand in 2023, an increase of 4.8%[36] - Adjusted operating profit for reportable segments was RMB 1,667,051 thousand in 2024, slightly down from RMB 1,710,180 thousand in 2023, a decrease of 2.5%[36] Employee and Operational Metrics - The total number of employees increased to approximately 12,000 in 2024 from about 11,000 in 2023, with total employee costs reaching RMB 2,619,654,000, up from RMB 2,168,545,000[69] - Employee costs rose to RMB 2,619.654 million, up from RMB 2,168.545 million, reflecting an increase of 20.77%[22] Research and Development - Research and development expenses were RMB 734.519 million, compared to RMB 690.440 million in 2023, showing an increase of 6.38%[23] - Research and development expenses exceeded deductions by RMB 57,959 thousand in 2024, compared to RMB 55,848 thousand in 2023[28] Dividends and Shareholder Information - The proposed final dividend per share remains unchanged at HKD 0.30, equivalent to approximately RMB 0.27[3] - The board recommends maintaining a dividend payout ratio of approximately 50% for the fiscal year ending December 31, 2024, with a proposed final dividend of HKD 0.30 per share, equivalent to approximately RMB 0.27[107] - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders according to Chinese tax regulations[110] - The company will not withhold individual income tax on dividends for individual shareholders listed on the company's register as of the record date[111] Strategic Initiatives and Market Position - The group is expanding its low-carbon integrated energy solutions, focusing on industrial, building, agricultural energy efficiency, and mobile energy supply, with strategic partnerships to create "zero-carbon factories"[76] - The group plans to produce 50,000 tons of green methanol by 2025 as part of its clean fuel strategy, establishing an industry benchmark[99] - The group aims to expand its overseas market presence, particularly in the Asia-Pacific, Africa, Middle East, and Europe, to capture global market opportunities[100] - The group is committed to transitioning from a clean energy equipment and engineering service provider to a comprehensive service provider, integrating renewable energy solutions[98] Compliance and Governance - The company adhered to all code provisions listed in Appendix C1, Part 2 of the Listing Rules of the Hong Kong Stock Exchange for the year ending December 31, 2024[115] - The Audit Committee reviewed the group's annual performance and consolidated financial statements for the year ending December 31, 2024[116] - The independent auditor confirmed that the figures in the performance announcement for the year ending December 31, 2024, were consistent with the audited consolidated financial statements[118] Market Trends and Future Outlook - Global natural gas consumption is expected to reach a record high in 2024, with an increase of approximately 100 billion cubic meters predicted for 2025[95] - The demand for LNG is projected to surge, with its market share in global natural gas demand expected to rise from around 14% in 2024 to approximately 25% by 2050[95] - Over 50 countries have released hydrogen energy strategies, with global hydrogen demand expected to reach 520 million tons per year by 2050, accounting for 13% of total energy use[96] - China has introduced over 20 top-level policies to support the accelerated development of hydrogen energy, integrating it into the national energy law[96]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.33, compared to the current price of HKD 6.88 [1]. Core Insights - The company is positioned to benefit from the increasing demand for clean energy, particularly in the context of global green emission reduction initiatives. The demand for natural gas is expected to grow significantly, with projections indicating a 50% increase in global LNG demand by 2040 [6][24]. - The company's clean energy segment has shown substantial growth, with new orders for waterborne clean energy increasing by 128% year-on-year in the first half of 2024 [6][36]. - Revenue and profit are on an upward trajectory, with a commitment to increasing dividends to enhance shareholder returns [6][51]. Summary by Sections Company Overview - The company, CIMC Enric (中集安瑞科), is a key player in the energy sector, providing comprehensive solutions in clean energy, chemical environment, and liquid food equipment. It has a full industry chain layout in clean energy, focusing on natural gas and hydrogen [10][12]. Clean Energy Demand - Global initiatives for reducing emissions are driving the demand for clean energy. The average annual increase in natural gas demand is about 60 billion cubic meters, with LNG demand expected to rise significantly [6][24][20]. Financial Performance - The company reported a revenue of HKD 23.63 billion in 2023, with a compound annual growth rate (CAGR) of 24.3% from 2020 to 2023. The net profit attributable to the parent company increased from HKD 5.8 billion in 2020 to HKD 11.1 billion in 2023 [39][40]. Revenue Growth Projections - Revenue is projected to grow to HKD 26.45 billion in 2024, HKD 30.65 billion in 2025, and HKD 34.88 billion in 2026, with net profit expected to reach HKD 10.9 billion, HKD 13 billion, and HKD 15.4 billion respectively [55]. Dividend Policy - The company has progressively increased its dividend payout ratio, reaching 50% in 2023, with a dividend of HKD 0.3 per share [51][53]. Business Segments - The clean energy segment accounted for 63.1% of total revenue in 2023, with significant contributions from both waterborne and land-based clean energy solutions. The chemical environment segment saw a decline, while the liquid food segment remained stable [12][40].

[Table_StockInfo] 2025 年 02 月 25 日 证券研究报告•公司研究报告 中集安瑞科（3899.HK）交通运输 目标价：8.33 港元 买入 （首次） 当前价：6.88 港元 清洁能源需求旺盛，造船利润加速释放 | 指标/年度 | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 23626.28 | 26445.84 | 30653.34 | 34878.05 | | 增长率 | 20.53% | 11.93% | 15.91% | 13.78% | | 归属母公司净利润(百万元) | 1113.97 | 1091.79 | 1303.51 | 1541.18 | | 增长率 | 5.58% | -1.99% | 19.39% | 18.23% | | 每股收益 EPS（元） | 0.55 | 0.54 | 0.64 | 0.76 | | 净资产收益率 | 9.92% | 9.16% | 10.23% | 11.24% | | PE | 11.56 | 11.80 | 9.88 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 9/8/7 for 2024-2026 [7] Core Views - The company's clean energy segment is the primary driver of revenue growth, accounting for 70.1% of total revenue in Q1-Q3 2024 [1] - The company's overseas revenue grew by 52% YoY in the clean energy segment, outpacing domestic growth [2] - The company's total revenue for Q1-Q3 2024 reached 17.97 billion yuan, up 8% YoY, with Q3 revenue increasing by 10.4% YoY [1] - The company's new orders for Q1-Q3 2024 reached 20.76 billion yuan, up 5.1% YoY, with clean energy orders growing by 22.1% [1] Clean Energy Segment - The clean energy segment generated 12.6 billion yuan in revenue for Q1-Q3 2024, up 26.2% YoY, with Q3 revenue increasing by 28% YoY [2] - New orders for the clean energy segment reached 16.16 billion yuan, up 22.1% YoY, with transportation equipment orders growing by 49.3% [2] - The waterborne clean energy segment saw revenue growth of 58% YoY, with new orders increasing by 57.9% [2] - The hydrogen energy segment secured new orders worth 660 million yuan, up 13.3% YoY, despite a 23.7% decline in backlog orders [2] Chemical Environment Segment - The chemical environment segment revenue declined by 39.9% YoY in Q1-Q3 2024, with Q3 revenue down 25% YoY but up 21.5% QoQ [3] - New orders for the chemical environment segment fell by 25.6% YoY, with backlog orders down 22.9% [3] Liquid Food Segment - The liquid food segment revenue grew by 5.5% YoY in Q1-Q3 2024, but Q3 revenue declined by 12.9% YoY due to delayed deliveries [7] - New orders for the liquid food segment fell by 32.9% YoY, with backlog orders down 13.6% [7] Financial Projections - The company's revenue is projected to grow from 27.07 billion yuan in 2024 to 35.43 billion yuan in 2026, with a CAGR of 14.57% [8] - Net profit attributable to shareholders is expected to increase from 1.36 billion yuan in 2024 to 1.81 billion yuan in 2026 [8] - The company's ROE is forecasted to improve from 11.29% in 2024 to 12.73% in 2026 [8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.41 per share, based on a 15x PE for 2024 [1][2]. Core Insights - The company is entering a growth phase, benefiting from both LNG and hydrogen equipment as key areas. The energy transition presents dual opportunities in natural gas and hydrogen equipment, with LNG capturing current demand and hydrogen positioning for future growth [1]. - The LNG industry is in a continuous expansion phase, with the company positioned as a leading provider of storage and transportation equipment, benefiting from rising global LNG trade, which grew by 2.1% in 2023 [1]. - The hydrogen business is expected to unlock significant growth potential, driven by policy support and economic viability, with the company holding over 40% market share in high-pressure hydrogen transport and storage [1]. - The chemical equipment and liquid food sectors are also experiencing steady growth, with the company maintaining a leading global market share in tank containers [1]. Summary by Sections 1. Clean Energy Equipment Leadership - The company is a leader in clean energy, chemical tank containers, and liquid food sectors, leveraging acquisitions to build an integrated business model [9]. - The clean energy segment shows strong momentum, with significant cash dividends [12]. 2. LNG Industry Expansion - The LNG industry is in an expansion cycle, increasing demand for storage, transportation, and usage equipment [22]. - Geopolitical conflicts have shifted trade structures, boosting demand for LNG shipping and related equipment [1]. - The company is a leader in multiple LNG storage and transportation segments, benefiting from the industry's upward cycle [1]. 3. Hydrogen Business Outlook - The hydrogen sector is poised for rapid growth, with increasing policy support and cost reductions driving demand for hydrogen storage and transportation solutions [1]. - The company is well-positioned in the hydrogen market, with a robust order book and significant market share [1]. 4. Chemical Equipment and Liquid Food - The chemical equipment and liquid food sectors are experiencing stable growth, with the company holding the top global market share in tank containers [1]. - The liquid food segment is expanding steadily, supported by a strong brand presence and strategic diversification [1]. 5. Financial Projections - The company is projected to achieve net profits of 1.17 billion, 1.46 billion, and 1.74 billion HKD for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10.85, 8.72, and 7.29 [3].

Key Points Industry/Company Involved - **Company**: Ultimate Energy Corporation (UEC) - **Industry**: Clean Energy, LNG, Industrial Gas, and Equipment Manufacturing Core Views and Arguments - **UEC's Business Performance**: - **Clean Energy**: Strong performance with continuous revenue and profit margin improvement. - **LNG**: Continued growth in orders and expected to contribute significantly to revenue. - **Industrial Gas**: Steady development with new projects and expansion plans. - **Equipment Manufacturing**: Steady growth with new orders and projects. - **Market Outlook**: - **Overall**: Positive outlook with industry trends indicating upward momentum. - **Clean Energy**: Expected to see continued growth due to increasing demand for sustainable energy solutions. - **LNG**: Expected to see sustained growth due to increasing demand for natural gas as a transition fuel. - **Industrial Gas**: Expected to see steady growth due to increasing demand for industrial gases in various industries. Other Important Points - **Order Book**: - **Clean Energy**: Expected to reach 150 billion RMB by the end of the year. - **LNG**: Expected to reach 100 billion RMB in new orders. - **Revenue Growth**: - **Overall**: Expected to achieve double-digit revenue growth. - **Clean Energy**: Expected to contribute around 40 billion RMB in revenue. - **LNG**: Expected to contribute around 40 billion RMB in revenue. - **Profitability**: - **Overall**: Expected to achieve high single-digit profit growth. - **Clean Energy**: Expected to see improvement in profit margins due to increased efficiency and new projects. - **LNG**: Expected to see improvement in profit margins due to increased demand and efficient operations. - **Investment Plans**: - **Clean Energy**: Expansion plans for new projects and capacity increases. - **LNG**: Expansion plans for new projects and capacity increases. - **Market Risks**: - **Macroeconomic Factors**: Potential impact from global economic conditions and geopolitical events. - **Competition**: Intense competition in the clean energy and LNG markets. References - [doc id='1'] - [doc id='2'] - [doc id='3'] - [doc id='4'] - [doc id='5'] - [doc id='6'] - [doc id='7'] - [doc id='8'] - [doc id='9']

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" from "Buy" [2][4]. Core Views - The company's revenue for Q3 2024 increased by 10.4% year-on-year, driven primarily by a 28.1% increase in the clean energy segment, which reached 4.72 billion RMB [1]. - New order intake for Q3 2024 decreased by 38.5% year-on-year to 4.36 billion RMB, with the clean energy segment seeing a 39.1% decline [2]. - Despite the decline in new orders, the total order backlog increased by 25.2% year-on-year to 27.73 billion RMB, indicating strong future business support [2]. Summary by Sections Revenue Performance - Q3 2024 revenue reached 6.49 billion RMB, up 10.4% year-on-year, with the clean energy segment contributing significantly [1]. - For the first three quarters of 2024, total revenue grew by 8.0% year-on-year to 17.97 billion RMB, while clean energy revenue rose by 26.2% to 12.60 billion RMB [1]. Order Intake and Backlog - New orders for Q3 2024 fell to 4.36 billion RMB, a 38.5% decrease year-on-year, with clean energy orders down 39.1% [2]. - The total new order intake for the first three quarters of 2024 increased by 5.1% year-on-year to 20.76 billion RMB, supported by a 22.1% rise in clean energy orders [2]. Profit Forecast Adjustments - The net profit forecasts for FY24-26 have been reduced by 2.9%, 4.5%, and 10.8% respectively, with projected net profits of 1.12 billion RMB, 1.34 billion RMB, and 1.52 billion RMB [2]. - The target price has been adjusted from 7.90 HKD to 7.55 HKD, reflecting a potential upside of 10.8% based on the FY25 target P/E ratio of 10.5x [2].

Investment Rating - The report maintains a **Buy** rating for CIMC Enric (3899 HK) with a target price of **HKD 8.45**, representing a potential upside of **24.1%** [6] Core Views - CIMC Enric's Q3 2024 revenue increased by **10% YoY to RMB 6.49 billion**, driven by strong growth in the clean energy segment, which saw a **28% YoY increase to RMB 4.72 billion** [1] - The company's total revenue for the first nine months of 2024 grew by **8% YoY**, with the clean energy segment contributing a **26% YoY increase** [1] - The clean energy segment's growth was primarily fueled by the delivery of **3 vessels (1 LNG bunkering vessel + 2 LEG carriers)** in Q3, bringing the total deliveries to **7 vessels** by the end of October 2024 [1] - Despite a **14% YoY decline in hydrogen product revenue** in Q3, the clean energy segment's backlog increased by **43% YoY**, although the growth rate slowed compared to the **70-71% YoY increase** in Q1-Q2 2024 [1] Segment Performance Clean Energy - Q3 2024 clean energy revenue reached **RMB 4.72 billion**, up **28% YoY**, with offshore clean energy revenue surging **74.6% YoY** [1] - Hydrogen product revenue declined by **14% YoY** in Q3, with the backlog for hydrogen products dropping **24% YoY to RMB 320 million** [1] - The clean energy backlog stood at **RMB 15.51 billion** in Q3, up **43% YoY** [1] Chemical & Liquid Food - Chemical equipment revenue in Q3 2024 fell **25% YoY**, with new orders growing **31% QoQ** but still down **26% YoY** [2] - Liquid food equipment revenue declined **13% YoY** in Q3, with the backlog down **14% YoY** [2] - Management cited cautious capital expenditure from overseas clients and uncertain global consumption growth as key challenges for these segments [2] Order Backlog - Total backlog at the end of Q3 2024 was **RMB 27.7 billion**, up **25% YoY** but down **6% QoQ** [1] - Clean energy equipment backlog reached **RMB 15.51 billion**, while chemical and liquid food equipment backlogs stood at **RMB 1.44 billion** and **RMB 5.21 billion**, respectively [4] Management Guidance - Management maintained its 2024 full-year revenue growth guidance of **>10% YoY** and core profit growth in the **single-digit range** [2] - The hydrogen product revenue target for 2024 remains unchanged at **RMB 900 million** [2] - A delayed South American liquid food project is expected to be delivered in **2025** [2]

Corporate Governance - The board of directors includes non-executive directors Gao Xiang (Chairman), executive director Yang Xiaohu (President), non-executive directors Yu Yuqun, Zeng Han, and Wang Yu, as well as independent non-executive directors Xu Qipeng, Wang Caiyong, Yang Lei, and Huang Li[166] Headquarters Location - The company's headquarters in China is located at the CIMC R&D Center, No. 2 Gangwan Avenue, Shekou Industrial Zone, Shenzhen, Guangdong[168] Financial Reporting and Compliance - The company confirms that there are no significant changes in the information disclosed in the 2023 annual report regarding the matters listed in Appendix D2, Paragraph 32 of the Listing Rules[165]

Investment Rating - The report does not specify an explicit investment rating for the company [5]. Core Views - The clean energy segment shows strong performance with a revenue increase of 25.1% year-on-year, reaching 7.88 billion RMB, and a gross margin improvement to 12.6% [2][3]. - The chemical segment is expected to improve in the second half of the year, with new orders showing a significant increase of 245.4% quarter-on-quarter [3]. - The liquid food segment is projected to maintain double-digit growth throughout the year, with a revenue increase of 14.7% year-on-year [3][4]. Summary by Relevant Sections Clean Energy Performance - The clean energy business continued its strong momentum, achieving a revenue of 7.88 billion RMB in the first half of 2024, a 25.1% increase year-on-year, with a gross margin of 12.6% [2][3]. - The waterborne clean energy segment saw a revenue growth of 48.96%, reaching 1.77 billion RMB [3]. - As of June 2024, the clean energy backlog reached 22.93 billion RMB, a significant increase of 70.7% year-on-year, with new orders totaling 12.92 billion RMB, up 63.3% [3]. Hydrogen Energy Business - The hydrogen energy segment reported a revenue of 450 million RMB, reflecting a year-on-year growth of 65.2% [3]. - New orders in this segment amounted to 450 million RMB, a 29.3% increase, with a backlog of 330 million RMB, slightly down by 11% [3]. Chemical Environment Segment - The chemical environment segment generated a revenue of 1.3 billion RMB, down 47.1% year-on-year, with a gross margin of 15.7% [3]. - New orders in Q2 2024 for the chemical segment were 1.21 billion RMB, showing a quarter-on-quarter increase of 245.4% and a year-on-year increase of 28.6% [3]. Liquid Food Segment - The liquid food segment achieved a revenue of 2.31 billion RMB, a 14.7% increase year-on-year, with a gross margin of 19.1% [3]. - As of June 2024, new orders in this segment totaled 1.79 billion RMB, with a backlog of 4.9 billion RMB [3].