Table_BaseInfo 2024 年 4 月 9 日 公司动态分析 中集安瑞科（3899.HK） 证券研究报告 能源设备与服务 清洁能源表现亮眼，订单新高助力今年增长 投资评级： x 未有 事件：中集安瑞科公布 2023 年财报，公司实现营收 236.3 亿元，同比增加 20.5%，归母净利润11.1亿元，同比增加5.6%，公司整体业绩基本符合市场 目标价格： 未有 预期。天然气需求释放，清洁能源板块继续保持强劲增长，氢能业务延续高 速增长势头不变；液态食品业绩保持增长。综合以上，预计公司全年业绩保 现价(2024-4-8)： 7.70港元 持稳健增速，推荐关注。 报告摘要 总市值(百万港元) 13,406.93 流通市值(百万港元) 13,406.93 收入同比增长20.5%，派息率提升至50% 公司发布全年业绩，2023年实现营 总股本(百万股) 2,028.28 收236.3亿元，同比增加20.5%；实现归母净利润11.1亿元，同比增加5.6%； 流通股本(百万股) 2,028.28 每股净收益0.554元，同比增加4.4%。公司营收与利润增长良好，受全球罐 12个月低/高(港元) 6/8.3 箱 ...

[Table_Page] 公司深度研究|能源Ⅱ 证券研究报告 [中Table_集Title] 安瑞科（03899.HK） [公Tab司le_I评nves级t] 买入 当前价格 7.27港元 清洁能源越两岸，“氢舟”已过万重山 合理价值 8.57港元 报告日期 2024-03-24 [ 核Tabl 心e_Su 观mm 点ary] ： 基[Ta本ble数_B据ase Info] ⚫ 清洁能源、化工、食品装备行业龙头，业绩持续改善。公司在清洁能 总股本/流通股本（百万股） 2028/2028 源（LNG+氢能）、化工及食品行业深耕多年，股权激励+分拆上市搭建 总市值/流通市值（百万港元） 14746/14746 良好平台，布局进入收获期，盈利能力持续改善。 一年内最高/最低（港元） 7.84/6.03 ⚫ LNG 行业：大扩张+新结构共振，新一轮周期启航。天然气需求长坡 30日日均成交量/成交额（百万） 4.7/31.5 厚雪。参考Rystad情景测算，未来10-15年天然气行业具有1-1.5倍 近3个月/6个月涨跌幅（%） 4.15/5.98 的增量空间。随着未来 2-3 年全球低成本天然气产能大扩张，产业链 装 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong growth potential in LNG and hydrogen energy sectors, supported by favorable policies [2][4] Core Views - The company achieved steady revenue growth in 2023, with total revenue reaching RMB 23.63 billion, a 20.5% YoY increase, and net profit attributable to shareholders growing 5.6% YoY to RMB 1.11 billion [2] - Despite a slight decline in gross margin to 15.7% (down 1.7 percentage points YoY), the company's operating cash flow remained strong at RMB 1.78 billion [2] - The company's new orders and backlog reached record highs, with new orders increasing 31.5% YoY to RMB 26.64 billion and backlog growing 29.8% YoY to RMB 22.8 billion [2] - The hydrogen energy business showed robust growth, with revenue surging 59.0% YoY to RMB 700 million, and backlog increasing 18.7% YoY to RMB 335 million [2] Financial Performance - The company's revenue is expected to grow steadily, with forecasts of RMB 27.65 billion, RMB 31.18 billion, and RMB 34.51 billion for 2024E, 2025E, and 2026E, respectively [3] - Net profit is projected to increase to RMB 1.42 billion, RMB 1.74 billion, and RMB 1.97 billion for 2024E, 2025E, and 2026E, respectively, with EPS of RMB 0.70, RMB 0.86, and RMB 0.97 [3] - ROE is expected to improve from 9.9% in 2023 to 11.6%, 13.0%, and 13.5% in 2024E, 2025E, and 2026E, respectively [3] Business Segments - The clean energy segment saw significant growth, with revenue increasing 40.8% YoY to RMB 14.91 billion, driven by strong demand for LNG and industrial gases [2] - The chemical environment segment revenue declined 15.8% YoY to RMB 4.41 billion due to a slowdown in global tank container demand [2] - The liquid food segment revenue grew 18.6% YoY to RMB 4.29 billion, supported by increased new orders [2] Hydrogen Energy Developments - The company made breakthroughs in hydrogen energy, including the successful launch of a coke oven gas-to-hydrogen and LNG co-production project [2] - It developed the first 40 cubic meter commercial liquid hydrogen tanker and a 40-foot liquid hydrogen tank, marking a milestone in national R&D projects [2] - The company completed the construction of a hydrogen cylinder and supply system production base and delivered Hong Kong's first skid-mounted hydrogen refueling station [2] Valuation Metrics - The company's P/E ratio is projected to decrease from 12.0 in 2023 to 9.5, 7.7, and 6.8 in 2024E, 2025E, and 2026E, respectively [3] - The P/B ratio is expected to decline from 1.2 in 2023 to 1.1, 1.0, and 0.9 in 2024E, 2025E, and 2026E, respectively [3]

交银国际研究 公司更新 燃气 收盘价 目标价 潜在涨幅 2024年3月27日 港元7.16 港元9.04↓ +26.3% 中集安瑞科 (3899 HK) 2023 年派息比率有惊喜，今年增长点仍在清洁能源板块  2023 年清洁能源板块支撑公司整体增长，派息比率有所提高。安瑞科 个股评级 2023年核心盈利同比增长4.4%至12.8亿元（人民币，下同），高于我们/ 买入 市场预期5/8%。唯整体毛利较我们预期低3%，主要因为化工板块收入/毛 利率低于我们预期13%/2.2个百分点，同时液态食品的毛利率亦低于我们 预期约3个百分点。清洁能源板块支撑公司整体增长，收入/毛利分别大增 1年股价表现 41%/44%（高于我们预期13%/15%），抵消另外两个板块不如预期的部分 影响。氢能产品销售继续高增，2023 年收入增长59%至7 亿元，合乎预 3899 HK 恒生指数 5% 期。公司同比提高末期息25%，全年分红比例由2022年41%增至49%。 0% -5%  海上清洁能源产品支持板块增长，化工板块收入有待回稳。我们预期清洁 -10% 能源板块仍处于较快的增长期（2023-26收入复合增长19%），当中海 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIMC Enric Holdings Limited 中集安瑞科控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3899） 截 至2023年12月31日止年度 全年業績公告、 2023年末期股息、 暫停辦理股份過戶登記手續、 就派發2023年末期股息代扣代繳 境外非居民企業所得稅、 建議更換核數師及 建議採納新組織章程細則 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------|-------------------------|----------------------------|----------------| | | | | | | 財務摘要 | 2023 年 ...

CIMC ENRIC CIMC Enric Holdings Limited 中集安瑞科控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) Stock Code 股份代號：3899 清潔能源 Clean Energy 氫・新 未來「能」聯世界 H2 • RENEWABLE ENERGY fostering the future, CONNECTING the world Interim Report 2023 中 期 報 告 願 景 成 為 清 潔 能 源、化 工 環 境 及 液 態 食 品 領 域 的 行業領先的科技型企業。 使 命 以 科 技 進 步、產 品 創 新，讓 能 源 更 清 潔，使 環 境 可 持 續，為 生 活 添 美 好！為 客 戶 提 供 高 品 質、可 信 賴 的 裝 備 和 專 業 化 綜 合 增 值 服 務，為 員 工 和 股 東 提 供 良 好 的 回 報，為 社 會 創 造 可 持 續價值！ 關於我們 中集安瑞科控股有限公司於2004年 成 立，自2005年 在 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIMC Enric Holdings Limited 中集安瑞科控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3899） 截 至2023年6月30日止六個月之 中期業績公告 | --- | --- | --- | --- | |--------------------------------------------|----------------------------------|----------------------------------------------------------|----------| | 財務摘要 | 截 至 \n2023 年 \n（未經審核） | 6 月 30 日止六個月 \n2022 年 \n（未經審核） | 變 動 | | | | | | | 收 益 （人民幣千元） | 10,756,489 | 8,948,693 | 20.2% | | 淨 ...

Financial Performance - Total revenue for 2022 reached RMB 19,601,761, an increase of 6.4% compared to RMB 18,424,763 in 2021[11] - Operating profit for 2022 was RMB 1,472,288, reflecting a growth of 21.4% from RMB 1,212,559 in 2021[13] - Net profit attributable to equity holders was RMB 1,055,062, up 19.4% from RMB 883,581 in the previous year[13] - Total assets increased by 16.8% to RMB 22,214,474 from RMB 19,024,673 in 2021[11] - Cash and cash equivalents rose significantly by 64.6% to RMB 5,223,453 compared to RMB 3,173,351 in 2021[11] - The company achieved a gross profit margin of 17.4%, an increase of 2.7 percentage points from 14.7% in 2021[13] - The EBITDA margin improved to 9.5%, up 1.1 percentage points from 8.4% in the previous year[13] - Basic earnings per share increased by 18.1% to RMB 0.528 from RMB 0.447 in 2021[13] - The company maintained a leverage ratio of 21.0%, slightly down from 21.7% in 2021[11] - The net current assets grew by 20.7% to RMB 6,119,401 from RMB 5,071,926 in 2021[11] Clean Energy Initiatives - The company successfully developed the first domestic 40-foot liquid helium tank container, filling a gap in the domestic market[18] - The company delivered 78 ships converted from oil to gas, contributing to green upgrades in inland river shipping[18] - The company completed the development of a 45MPa diaphragm hydrogen compressor, becoming the only domestic supplier capable of producing all core equipment for hydrogen refueling stations[18] - The company established a hydrogen energy business center, focusing on the implementation of hydrogen energy strategies and value-added operations[21] - The company acquired key assets in the shipbuilding industry to seize opportunities in the clean energy sector[21] - The company launched a strategic supply intention for green methanol production with a global shipping giant[18] - The clean energy business demonstrated resilience amid global challenges, focusing on hydrogen, methanol, and ammonia as future green energy sources[26] - The clean energy division supported energy infrastructure development in Southeast Asia and Africa, with hydrogen equipment exported to Europe, Southeast Asia, and Australia[28] - The company achieved ISO14001 environmental management certification for 13 subsidiaries, representing over 70% of its member enterprises[33] - The group received an upgraded ESG rating to BBB from MSCI and an A rating from Wind, ranking 7th in the machinery industry[33] Market Trends and Developments - In 2022, China's apparent natural gas consumption decreased by 1.7% to 366.3 billion cubic meters, with domestic LNG supply share expanding[39] - Total natural gas imports in China for 2022 amounted to 109.248 million tons, a decrease of 9.9% year-on-year, with imported LNG down 19.5% to 63.442 million tons, marking the first decline in seven years[39] - The global number of operational hydrogen refueling stations reached 727 by the end of 2022, a year-on-year increase of 22.4%, with China having built 358 stations, ranking first globally[41] - The shipment volume of hydrogen long tube trailers increased by 40% year-on-year, reflecting growth in the hydrogen production and storage sector[41] - In 2022, the number of new orders for LNG-powered vessels reached 222, accounting for 81% of the total new ship orders globally, driven by strong demand for LNG shipping[40] Corporate Governance and Compliance - The company has maintained compliance with all provisions of the Corporate Governance Code as of December 31, 2022[179] - The board of directors has conducted regular meetings to closely monitor the group's business and operational performance throughout 2022[183] - The company adopted an anti-corruption and anti-fraud policy in October 2022, applicable to all employees and business partners[181] - The company aims to become a leading technology enterprise in clean energy, chemical environment, and liquid food sectors, emphasizing environmental protection and employee care[175] - The board has reviewed and approved the financial statements for the years ended December 31, 2021, and December 31, 2022, as well as the six months ended June 30, 2022[183] Research and Development - The company is investing heavily in R&D, with a budget increase of 25% to 150 million for new technologies[157] - The division's R&D team is exploring advanced material handling systems and automation technology to enhance production efficiency and sustainability[113] - The company plans to focus on breakthroughs in hydrogen production technologies, including blue and green hydrogen, and aims to establish production bases in Jiangsu and Hebei[69] Sustainability and Environmental Impact - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability goals[165] - The company is committed to enhancing smart energy equipment and exploring integrated business service capabilities for clean energy[34] - The group reported a decrease of 8% in carbon dioxide emissions per billion RMB of revenue in 2022[122] - The company has invested significantly in environmental improvements, focusing on energy-saving technologies and achieving the title of "2022 Jiangsu Province Green Factory"[91] Employee and Operational Insights - The total employee count increased to approximately 10,500 in 2022 from about 9,900 in 2021, with total employee costs rising to RMB 2,051,266,000 from RMB 1,845,566,000[150] - The group has no significant investments or capital asset acquisitions planned as of December 31, 2022[146] - The company is focusing on integrating after-sales service resources and enhancing service efficiency through a comprehensive service network[78]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 財務摘要 2022年 2021年 收 益（人民幣千元） 19,601,761 18,424,763 6.4% 淨溢利（人民幣千元） 1,084,938 908,392 19.4% 股權持有人應佔溢利（人民幣千元） 1,055,062 883,581 19.4% 核心溢利*（人民幣千元） 1,227,963 948,846 29.4% 每股基本盈利（人民幣元） 0.528 0.447 18.1% 毛利率 17.4% 14.7% 2.7個百分點 每股普通股之建議末期股息（港元） 0.24 0.21 14.3% CIMC Enric Holdings Limited 中集安瑞科控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3899） 截 至2022年12月31日止年度 全年業績公告， 2022年末期股息、 暫停辦理股份過戶登記手續、 就派發2022年末期股息代扣代繳 境外非居民企業所得稅，及 更 ...

願 景 成 為 清 潔 能 源、化 工 環 境 及 液 態 食 品 領 域 的行業 領先的科技型企業。 使 命 以 科 技 進 步、產 品 創 新，讓 能 源 更 清 潔，使 環 境 可 持 續，為 生活添美好！為客戶提供高品質、可信賴的裝備和專業化綜 合增值服務，為員工和股東提供良好的回報，為社會創造可 持續價值！ 關於我們 中集安瑞科控股有限公司於2004年成立，自2005年在香港聯交所上市，為中集集團成員之一。公司立足清 潔能源、化工環境、液態食品行業，為客戶提供運輸、儲存、加工的關鍵裝備、工程服務及系統解決方案， 現 已 成 為 業 內 具 有 領 先 地 位 的 集 成 業 務 服 務 商 與 關 鍵 設 備 製 造 商；ISO液 體 罐 箱 產 銷 量、高 壓 運 輸 車 產 銷量居世界前列；低溫運輸車及低溫儲罐市場佔有率國內領先，LNG接收站大型儲罐、LNG加氣站模塊化 產品及CNG加 氣 站 在 國 內 市 場 佔 有 率 均 排 名 前 三，同 時 全 方 位 佈 局 氫 能 產 業 鏈。公 司 旗 下 有 國 內 外 成 員 企 業20餘家，在中國、荷蘭、德國、比利時、英國及加拿大等國家擁 ...