Investment Rating - The report maintains a "Buy" rating for the company [4][5] Core Insights - The company achieved a stable revenue growth of 4.8% year-on-year, reaching RMB 24.76 billion in 2024, while the net profit attributable to shareholders slightly decreased by 1.7% to RMB 1.09 billion [1][4] - The clean energy segment saw significant growth, with revenues increasing by 15.3% to RMB 17.18 billion, driven by rising demand for LNG and industrial gases due to environmental policies [2][3] - The hydrogen energy business reported a revenue increase of 21.7% to RMB 0.85 billion, and the shipbuilding segment secured over RMB 10 billion in new orders [3][4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of RMB 24.76 billion, with a gross margin of 14.4%, down 1.4 percentage points from the previous year [1] - The net profit margin was 4.6%, reflecting a decrease of 0.3 percentage points year-on-year [1] Order Book and Growth - The company signed new orders totaling RMB 27.49 billion in 2024, marking a historical high, with a year-on-year growth of 3.2% [2] - The backlog of orders at the end of 2024 reached RMB 28.3 billion, up 23.8% from the previous year [2] Business Segments - The clean energy segment's revenue growth was primarily due to favorable policies and increased demand, while the chemical environment segment experienced a decline of 29.4% [2] - The liquid food segment achieved a revenue increase of 3.7% to RMB 4.45 billion, benefiting from project completions [2] Future Projections - The report projects a decline in net profit for 2025 and 2026, with estimates of RMB 1.29 billion and RMB 1.51 billion respectively, but anticipates a recovery in 2027 with a projected net profit of RMB 1.75 billion [4][9]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][21]. Core Insights - The company is expected to see stable growth in clean energy products, with significant contributions from hydrogen projects anticipated to increase profitability [2][6]. - The target price has been adjusted to HKD 8.12, reflecting a potential upside of 15.8% from the current closing price of HKD 7.01 [1][15]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 23,626 million - 2024: RMB 24,756 million (4.8% YoY growth) - 2025E: RMB 28,287 million (14.3% YoY growth) - 2026E: RMB 31,988 million - 2027E: RMB 36,066 million [5][18]. - Net profit estimates are: - 2023: RMB 1,114 million - 2024: RMB 1,095 million - 2025E: RMB 1,411 million (28.8% YoY growth) - 2026E: RMB 1,523 million - 2027E: RMB 1,670 million [5][18]. Segment Performance - The clean energy segment is projected to grow significantly, with revenues expected to reach RMB 20,036 million by 2025, reflecting a 16.6% growth rate [9]. - The chemical equipment segment is forecasted to stabilize, with a projected revenue of RMB 3,354 million in 2025, showing a 7.7% growth [9]. - Liquid food equipment revenue is expected to reach RMB 4,896 million by 2025, with a 10% growth rate [9]. Order Book and Growth - New orders in the clean energy equipment sector are expected to increase by 17% YoY in Q4 2024, with a total of RMB 21,790 million [8]. - The backlog of orders in the clean energy equipment sector is projected to grow by 39.5% YoY, reaching RMB 23,210 million by Q4 2024 [8]. Dividend Policy - The company plans to maintain a dividend of HKD 0.3 per share, consistent with previous distributions [6].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 8.12, indicating a potential upside of 15.8% from the current price of HKD 7.01 [2][15][21]. Core Insights - The company is experiencing stable growth in clean energy products, with significant contributions expected from hydrogen projects. The revenue from clean energy is projected to grow by 15% year-on-year, with hydrogen product revenue expected to reach RMB 1 billion in 2025, reflecting a growth of approximately 15% [6][9]. - The company maintains a consistent dividend of HKD 0.3 per share, indicating a stable return to shareholders amidst growth initiatives [6]. - The overall revenue for the company is forecasted to increase from RMB 23.626 billion in 2023 to RMB 36.066 billion by 2027, representing a compound annual growth rate (CAGR) of approximately 8% [5][18]. Financial Overview - Revenue projections for the upcoming years are as follows: RMB 24.756 billion in 2024, RMB 28.287 billion in 2025, RMB 31.988 billion in 2026, and RMB 36.066 billion in 2027, with respective year-on-year growth rates of 4.8%, 14.3%, 13.1%, and 12.7% [5][18]. - Net profit is expected to grow from RMB 1.114 billion in 2023 to RMB 1.670 billion in 2027, with a projected CAGR of approximately 8% [5][18]. - The company’s earnings per share (EPS) is forecasted to increase from RMB 0.63 in 2023 to RMB 0.82 in 2027, reflecting a steady growth trajectory [5][18]. Order and Backlog Analysis - New orders in the clean energy segment are expected to grow, with a 17% year-on-year increase in new signed orders for Q4 2024 [8]. - The backlog of orders in the clean energy segment is projected to increase significantly, with a 39.5% year-on-year growth expected by Q4 2024 [8]. Segment Performance - The clean energy equipment segment is anticipated to see substantial revenue growth, from RMB 14.907 billion in 2023 to RMB 26.392 billion by 2027, with a CAGR of 14.5% [9]. - The chemical equipment segment is expected to stabilize, with revenue projected to recover from RMB 4.414 billion in 2023 to RMB 3.749 billion in 2027 [9].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company achieved a total revenue of 24.755 billion RMB in 2024, representing a year-on-year growth of 4.8%. The fourth quarter revenue was 6.489 billion RMB, up 10.4% year-on-year. However, the net profit attributable to shareholders was 1.144 billion RMB, down 1.7% year-on-year [2][4]. - The clean energy segment remains a key growth driver, with revenues of 17.183 billion RMB, a 15.3% increase year-on-year, driven by rising demand for LNG and industrial gases [2]. - The onshore business continues to lead in its niche, generating 11.67 billion RMB in revenue with new orders of 10.08 billion RMB, supported by strong natural gas market dynamics [2]. - The offshore business is entering a performance realization phase, with revenues of 4.66 billion RMB, a significant increase of 108.4% year-on-year, and new orders exceeding 10.86 billion RMB [3]. - Hydrogen energy business is steadily acquiring new contracts, with revenues of 850 million RMB, up 21.7% year-on-year, and new orders also at 850 million RMB [3]. - The chemical segment faced challenges, with revenues declining by 29.4% to 3.116 billion RMB, while the liquid food segment grew by 3.7% to 4.451 billion RMB [4]. Summary by Sections Performance Overview - In 2024, the company reported total revenue of 24.755 billion RMB, a 4.8% increase from the previous year, with a net profit of 1.144 billion RMB, down 1.7% [2][4]. Business Analysis - Clean Energy: Revenue of 17.183 billion RMB, up 15.3% year-on-year, driven by increased demand for LNG and industrial gases [2]. - Onshore Business: Revenue of 11.67 billion RMB with new orders of 10.08 billion RMB, supported by strong market demand [2]. - Offshore Business: Revenue of 4.66 billion RMB, up 108.4% year-on-year, with new orders exceeding 10.86 billion RMB [3]. - Hydrogen Energy: Revenue of 850 million RMB, up 21.7% year-on-year, with new orders also at 850 million RMB [3]. - Chemical Segment: Revenue of 3.116 billion RMB, down 29.4% year-on-year [4]. - Liquid Food Segment: Revenue of 4.451 billion RMB, up 3.7% year-on-year [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.38 billion RMB, 1.67 billion RMB, and 1.97 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.5, 7.8, and 6.6 [4].

Core Insights - The company reported a revenue of RMB 24.756 billion for the year ending December 31, 2024, representing a year-on-year increase of 4.8% [1] - The profit attributable to equity holders decreased by 1.7% to RMB 1.095 billion, with basic earnings per share at RMB 0.542 and a proposed final dividend of HKD 0.3 per share [1] Revenue Breakdown - The clean energy segment saw a revenue increase of 15.3% to RMB 17.183 billion in 2024, up from RMB 14.907 billion in 2023, driven by rising demand for LNG and industrial gases [1] - Hydrogen-related business revenue grew by 21.7% to RMB 0.852 billion [1] - The clean energy segment accounted for 69.4% of total revenue, up from 63.1% in 2023 [1] Order Book Performance - The company achieved a record high in new orders for 2024, totaling RMB 27.49 billion, with a backlog of RMB 28.298 billion at the end of the year [2] - The clean energy segment's new orders reached RMB 21.793 billion, with a backlog of RMB 23.213 billion [2] - Hydrogen business new orders and backlog were RMB 0.085 billion and RMB 0.0251 billion, respectively [2] Profitability Analysis - Overall gross margin decreased from 15.7% in 2023 to 14.4% in 2024 [3] - The clean energy segment's gross margin slightly decreased to 12.6% from 12.8% in 2023 [3] - The chemical environment segment's gross margin fell to 16.4% from 21.0% in 2023, attributed to a balanced supply-demand configuration for standard containers [3] - The liquid food segment's gross margin increased to 21.4% from 20.7% in 2023, benefiting from smooth project progress [3]

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].