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]

0 20 40 60 80 100 120 140 160 180 2024 年 9 月 2 日 中集安瑞科（3899.HK） 清洁能源业绩高增亮眼，期待化工持续改善 事件：中集安瑞科公布 2024 年中期业绩，上半年公司实现营收 114.8 亿元， 同比增加 6.7%；实现归母净利润 5.04 亿元，同比下降 11.6%，逊于市场预 期。其中清洁能源业绩表现强势，实现营收 78.8 亿元，同比增加 25.1%，毛 利率提升 0.4%至 12.6%，新签在手订单充裕，带动公司业绩整体上行。下半 年清洁能源板块强势表现预计将延续，化工板块业绩持续改善，液态食品预 计保持稳健增长，公司全年整体业绩预计向好，推荐关注。 报告摘要 海内外天然气供需两旺，清洁能源业务业绩强劲增长 清洁能源业务延续一 季度强劲势头以及随着天然气市场供需两旺，业绩表现亮眼，上半年实现营 收 78.8 亿元，同比增加 25.1%，毛利率提升 0.4%至 12.6%；其中水上清洁能 源业务收入增长 48.96%至 17.7 亿元。截止 2024 年 6 月，清洁能源在手订单 达 229.3 亿元，同比大幅增加 70.7%，新签订单 129.2 ...

Investment Rating - The report maintains a "Buy" rating for CIMC Enric (3899 HK) [1] Core Views - CIMC Enric's clean energy business significantly boosted revenue growth, with new orders growing rapidly and stable operations [1] - The company achieved revenue of RMB 11 48 billion in H1 2024, up 6 7% YoY, while net profit attributable to shareholders was RMB 490 million, down 14 5% YoY [1] - Clean energy revenue increased by 25 1% YoY, with overseas business growing faster than domestic, particularly in waterborne clean energy and hydrogen energy [1] - The company's cumulative new orders reached RMB 16 4 billion in H1 2024, up 29 5% YoY, with clean energy new orders showing significant growth [1] Business Segments Clean Energy - Revenue from clean energy reached RMB 7 876 billion in H1 2024, up 25 1% YoY, with domestic revenue at RMB 5 71 billion, up 17 8% YoY, and overseas revenue at RMB 2 17 billion, up 49 6% YoY [1] - New orders for clean energy totaled RMB 12 92 billion in H1 2024, up 63 3% YoY, with outstanding orders at RMB 22 93 billion, up 70 7% YoY [1] - LNG vehicle cylinder revenue surged 711% YoY to RMB 720 million, with new orders for LNG vehicle cylinders reaching RMB 790 million, up 168 8% YoY [1] - Waterborne clean energy revenue grew 48 9% YoY to RMB 1 77 billion, with overseas revenue up 153 6% YoY [1] - Hydrogen energy revenue increased by 65 2% YoY to RMB 450 million, with new orders up 29 3% YoY [2] Chemical Environment - Chemical environment revenue declined 47 1% YoY to RMB 1 3 billion in H1 2024, with Q2 revenue improving 30 8% QoQ [2] - New orders for chemical environment totaled RMB 1 69 billion in H1 2024, down 26 8% YoY, but Q2 new orders surged 245 4% QoQ [2] Liquid Food - Liquid food revenue grew 14 7% YoY to RMB 2 31 billion in H1 2024, with domestic revenue up 113 9% YoY [3] - Beer revenue increased by 9 5% YoY to RMB 1 71 billion, while non-beer revenue grew 32 7% YoY [3] Financial Data and Valuation - The company's revenue is expected to grow from RMB 27 068 billion in 2024E to RMB 35 425 billion in 2026E, with net profit attributable to shareholders projected to increase from RMB 1 364 billion in 2024E to RMB 1 815 billion in 2026E [5] - The PE ratio is expected to decline from 8 72x in 2024E to 6 56x in 2026E, indicating potential undervaluation [5] Industry Trends - The global LNG bunkering market is expected to grow from 1 million tons in 2023 to 3 000-4 000 million tons by 2030, with significant opportunities in LNG-powered vessels and bunkering stations [2] - The domestic market for LNG-powered inland vessels is projected to reach RMB 30 5 billion, driven by policy support for equipment upgrades [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 7.90, down from HKD 9.20 [2][3][8]. Core Insights - The company's net profit for the first half of 2024 decreased by 14.5% year-on-year to RMB 490 million, primarily due to a 47.1% decline in revenue from the chemical and environmental protection segment and a 25.1% increase in financial expenses [2][6]. - Despite the overall decline, the clean energy segment saw a revenue increase of 25.1% year-on-year to RMB 7.88 billion, benefiting from rising natural gas consumption and imports in China [2][6]. - New orders in the clean energy segment surged by 63.3% year-on-year to RMB 12.92 billion, with significant growth in both offshore and onshore clean energy orders [2][6]. Summary by Sections Financial Performance - In 1H24, total revenue was RMB 11.48 billion, reflecting a 6.7% increase year-on-year [6]. - The gross profit margin for the clean energy segment improved by 0.4 percentage points to 12.6%, while the chemical and environmental protection segment's margin fell by 7.0 percentage points to 15.7% [2][6]. - The company reported a total of RMB 16.4 billion in new orders for 1H24, a 29.5% increase year-on-year, with the clean energy segment contributing significantly to this growth [2][6]. Order Backlog - As of June 30, 2024, the company's order backlog reached RMB 29.35 billion, a 42.5% increase year-on-year, with the clean energy segment accounting for 78.1% of this backlog [2][6]. Strategic Direction - The company reiterated its goal to transform from a traditional equipment manufacturer to a comprehensive service provider for low-carbon smart energy solutions, expanding its business into upstream and downstream segments of the energy value chain [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The chemical sector shows signs of recovery, while clean energy growth exceeds expectations. The company's core profit for the first half of 2024 decreased by 3.5% year-on-year to 600 million RMB. The clean energy segment continued its strong growth from Q1, with overseas revenue increasing by 72% year-on-year, driven by offshore products. Hydrogen energy product revenue rose by 74% to 170 million RMB. However, the chemical and liquid food segments underperformed, with the chemical sector's gross profit declining by 63% due to low industry demand [1][2] - The second half of 2024 is expected to see a slight rebound in the chemical sector, with continued strong growth in clean energy. Despite weak performance in the first half, the likelihood of a bottoming out is high, especially in the chemical sector, which saw a 32% quarter-on-quarter revenue increase in Q2. New orders for standard containers have also rebounded significantly [1][2] - The company expects the liquid food segment to achieve over 10% revenue growth and over 20% gross profit growth year-on-year in 2024. The total gross profit for the chemical and liquid food segments in the second half of the year is estimated to be 810 million RMB, with a year-on-year decline narrowing to 4% [1][2] Financial Summary - The company’s revenue is projected to grow from 19,602 million RMB in 2022 to 37,267 million RMB in 2026, with a compound annual growth rate (CAGR) of 11% from 2024 to 2026. Net profit is expected to increase from 1,055 million RMB in 2022 to 1,604 million RMB in 2026, with a recovery to double-digit growth in 2025 [5][11] - The estimated earnings per share (EPS) for 2024 is 0.64 RMB, with a projected P/E ratio of 9.1 times. The report adjusts the target price to 8.45 HKD, reflecting a 31.8% potential upside from the current price of 6.41 HKD [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company has shown revenue growth in the first half of 2024, with a 6.7% year-on-year increase in revenue to 11.48 billion RMB, although net profit decreased by 14.5% to 490 million RMB [2]. - The clean energy segment has performed exceptionally well, with a 25.1% increase in revenue to 7.88 billion RMB, driven by the recovery in natural gas consumption and supportive government policies [2]. - The hydrogen energy business has seen significant growth, with a 65.2% increase in revenue to 450 million RMB, supported by national policies promoting the hydrogen industry [3]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 19.60 billion RMB in 2022 to 34.64 billion RMB in 2026, with a compound annual growth rate (CAGR) of approximately 13.5% [11]. - Net profit is expected to increase from 1.06 billion RMB in 2022 to 1.90 billion RMB in 2026, with a CAGR of about 24.9% [11]. - Earnings Per Share (EPS) is forecasted to rise from 0.52 RMB in 2022 to 0.94 RMB in 2026 [11]. - The company's Price-to-Earnings (P/E) ratio is projected to decrease from 11.4 in 2022 to 6.3 in 2026, indicating a potentially undervalued stock [11]. Order Backlog and Future Growth - The company has a strong order backlog, with total orders increasing by 42.5% year-on-year to 29.35 billion RMB as of June 30, 2024 [2]. - New orders signed in the first half of 2024 reached 16.4 billion RMB, a 29.5% increase compared to the previous year [2].