交银国际研究 公司更新 燃气 收盘价 目标价 潜在涨幅 2024年4月26日 港元7.63 港元9.04 +18.5% 中集安瑞科 (3899 HK) 在手订单再创历史新高，收入端等待化工板块拐点出现 个股评级  2024年1季度清洁能源收入增长一枝独秀。公司2024年1季度收入同比 下跌约7%至46.3亿元(人民币，下同) ，主要受化工/液态食品板块收入同 买入 比下跌59%/12%所影响。其中化工板块仍处于行业周期底部，环比已是连 续两季收入出现下降。化工板块则受美洲的两个项目延后所影响。唯清洁 1年股价表现 能源收入保持同比增21%的强劲势头，当中海外收入同比大增64%，主要 3899 HK 恒生指数 受海上产品所带动，另外氢能产品期内收入同比上升74%至1.7亿元。 20% 15% 10%  清洁能源订单保持高增。新签订单方面，1季度清洁能源订单同比翻倍至 5% 0% 62亿元，当中LNG车用瓶及水上清洁能源的新签订单增长较显着，氢能 -5% -10% 产品新签订单同比增长30%至2.2亿元。由于新签订单增长理想，1季度总 -15% -20% 体在手订单(269 亿元，同比+42%) 及清洁能源在 ...

Financial Performance - Total revenue for 2023 reached RMB 23,626,279 thousand, an increase of 20.5% compared to RMB 19,601,761 thousand in 2022[8]. - Operating profit for 2023 was RMB 1,524,827 thousand, slightly up from RMB 1,472,288 thousand in 2022, resulting in an operating margin of 6.4%[8]. - Net profit attributable to equity holders for 2023 was RMB 1,113,972 thousand, representing a growth of 5.5% from RMB 1,055,062 thousand in 2022[8]. - Revenue for 2023 reached RMB 23.63 billion, an increase of 20.5% compared to RMB 19.60 billion in 2022[10]. - Net profit attributable to equity holders rose to RMB 1.11 billion, reflecting a 5.6% increase from RMB 1.06 billion in the previous year[10]. - Basic earnings per share increased to RMB 0.554, up 4.9% from RMB 0.528 in 2022[10]. - The company maintained a return on equity (ROE) of 10.9% at year-end, down from 12.1% in the previous year[10]. - The overall gross profit margin decreased from 17.4% in 2022 to 15.7% in 2023, primarily due to a decline in the gross profit margins of the chemical environment and liquid food segments[95]. - The clean energy segment's gross profit margin slightly increased to 12.8% in 2023 from 12.5% in 2022, mainly due to increased revenue from overseas customers[95]. Assets and Liabilities - Total assets increased by 24.2% to RMB 27,587,424 thousand in 2023 from RMB 22,214,474 thousand in 2022[9]. - Net assets rose by 29.9% to RMB 12,373,644 thousand in 2023 compared to RMB 9,527,507 thousand in 2022[9]. - Cash and cash equivalents increased by 34.0% to RMB 6,998,191 thousand in 2023 from RMB 5,223,453 thousand in 2022[9]. - The company reported a leverage ratio of 21.2% in 2023, slightly up from 21.0% in 2022[9]. - The group recorded a net cash balance of RMB 4,371,256,000 as of December 31, 2023, up from RMB 3,222,583,000 in 2022[96]. - Total liabilities rose to RMB 15,213,780,000 from RMB 12,686,967,000[98]. Market and Business Strategy - The company is focusing on expanding its hydrogen energy industry chain and enhancing its technological capabilities[5]. - Future outlook includes continued investment in clean energy and chemical environment sectors, aiming for sustainable growth[5]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in key markets[5]. - The company is actively expanding into overseas markets, including the Americas, Africa, Europe, and Southeast Asia, to capitalize on market opportunities[12]. - The company is enhancing its clean energy multi-energy complementary business, leveraging its EQC intelligent energy system platform[39]. - The company aims to strengthen its overseas sales network and product matrix, actively expanding into markets in Asia-Pacific, Europe, North and South America, Africa, and the Middle East[51]. Research and Development - The number of high-tech enterprises under the company increased to 17, with nearly 120 new patent applications filed, of which 60.3% were invention patents[14]. - The company has over 1,400 domestic authorized patents, including more than 200 invention patents, and 805 patents related to clean energy[52]. - The company has established a research and development department focused on optimizing core products, including competitive brewing filtration systems and intelligent applications for sustainable process optimization[87]. - The company is committed to increasing investment in technology research and development, focusing on the application market for containerized assembly boxes[71]. Environmental, Social, and Governance (ESG) - The group achieved a significant improvement in ESG ratings, with MSCI ESG rating upgraded by two levels to AA, making it the top-rated company in China's industrial equipment sector[17]. - The company received an upgrade in its Environmental, Social, and Governance (ESG) rating from MSCI from BBB to AA in 2023[179]. - The company is committed to integrating ESG culture and strategy into daily operations, responding to capital market concerns[179]. - The company has established a dedicated committee for sustainable development, indicating a commitment to corporate social responsibility[148]. Corporate Governance - The company has been adhering to all provisions of the corporate governance code effective as of December 31, 2023[131]. - The company’s corporate governance principles emphasize effective board management, prudent risk management, and transparency[127]. - The board consists of nine members, including one executive director, four non-executive directors, and four independent non-executive directors, ensuring independent opinions represent over one-third of the board[139]. - The company has established policies for director appointments, remuneration, and responsibilities to enhance governance structure[129]. - The company has implemented a whistleblowing system and a code of conduct for integrity and compliance, adopted in August 2023[130]. Future Outlook - Future guidance indicates a positive outlook for revenue growth driven by increased demand for clean energy solutions and environmental products[112]. - The company plans to focus on multiple key areas to meet the rapid growth and changes in market demand, particularly in the new energy battery electrolyte and high-tech industries such as chips and semiconductors[71]. - The company aims to achieve profitability growth in 2024 and beyond by strengthening existing operations, enhancing product offerings, and exploring new market opportunities, particularly in solid fermentation and non-beer sectors[86].

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 ...

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is a leader in clean energy, chemicals, and food equipment industries, with continuous improvement in performance. The company has established a solid platform through stock incentives and spin-off listings, entering a harvest period with improving profitability [3][5]. - The LNG industry is experiencing significant expansion and structural resonance, with a projected 1-1.5 times growth in natural gas demand over the next 10-15 years. The global low-cost natural gas production capacity is expected to expand significantly in the next 2-3 years, driving high growth in related storage, liquefaction, and receiving equipment [3][5]. - The company has a comprehensive equipment layout in the LNG sector and is seeing high growth in new orders. The hydrogen energy market has vast development potential, with a 56% year-on-year increase in hydrogen energy orders as of Q3 2023 [3][5]. - The chemical environment and liquid food sectors are stable cash cows, with a strong market share in chemical tanks and sufficient orders in the liquid food business, indicating steady growth [3][5]. - The company is expected to achieve net profits of 1.114 billion, 1.317 billion, and 1.672 billion RMB for 2023-2025, respectively. Based on comparable company valuations, a PE ratio of 15x for 2024 is suggested, leading to a reasonable value of 8.57 HKD per share [3][5]. Summary by Sections Company Overview - The company has become a leader in clean energy, chemicals, and liquid food equipment after 20 years of steady development. It ranks first in China for low-temperature and high-pressure gas transportation equipment and has a leading position in the global small and medium-sized liquefied gas ship market [13][15]. - The management team is experienced, with a stable shareholding structure and effective incentive systems in place, including stock options for key personnel [17][19]. LNG Industry - The natural gas sector is poised for significant growth, with structural changes in supply and a surge in maritime LNG demand due to geopolitical factors [3][5]. - The company is well-positioned to benefit from the expansion of LNG production capacity and the increasing demand for related equipment [3][5]. Clean Energy - The company has a comprehensive layout in LNG and is actively developing hydrogen energy solutions, with a notable increase in orders for hydrogen-related products [3][5]. - The company is a leader in the LNG refueling ship segment and is seeing robust growth in land-based equipment [3][5]. Chemical Environment & Liquid Food - The chemical environment and liquid food sectors are expected to maintain stable growth, with the company holding a significant market share in chemical tanks and a strong order book in the liquid food sector [3][5]. Profit Forecast and Investment Recommendations - The company is projected to see a steady increase in net profits over the next few years, supported by its strong market position and growth in key sectors [3][5].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.04, indicating a potential upside of 26.3% from the current price of HKD 7.16 [3][12]. Core Insights - The company's core profit for 2023 increased by 4.4% year-on-year to RMB 1.28 billion, surpassing market expectations by 5-8%. The clean energy segment was a significant growth driver, with revenues and gross profits rising by 41% and 44%, respectively [1][2]. - The report highlights that the clean energy segment is expected to maintain a robust growth trajectory, with a projected compound annual growth rate (CAGR) of 19% from 2023 to 2026. The order backlog for clean energy products has increased by 54% year-on-year to RMB 16.6 billion, covering 90% of the forecasted revenue for 2024 [1][2]. - The hydrogen energy segment is anticipated to grow by 42% in 2024, reaching approximately RMB 1 billion in revenue. However, the chemical segment is expected to see a slight decline of around 4% in revenue due to a high base effect from 2022 [1][2]. Financial Summary - Revenue for 2023 is reported at RMB 23.63 billion, reflecting a year-on-year growth of 20.5%. The net profit for the same period is RMB 1.11 billion, with earnings per share (EPS) of RMB 0.63, marking a 21.5% increase [3][6]. - The company’s projected revenue for 2024 is RMB 27.55 billion, with a net profit forecast of RMB 1.37 billion and an EPS of RMB 0.67. The report indicates a slight adjustment in EPS forecasts for 2024 and 2025, reflecting conservative gross margin expectations for the chemical and liquid food segments [2][3]. - The dividend payout ratio has increased from 41% in 2022 to 49% in 2023, with a 25% increase in the final dividend [1][2]. Segment Performance - The clean energy equipment segment is projected to generate revenues of RMB 14.91 billion in 2023, with a growth rate of 40.8%. The chemical equipment segment is expected to decline by 15.8% to RMB 4.41 billion [8][9]. - The liquid food equipment segment is forecasted to grow by 18.6% to RMB 4.29 billion in 2023 [8][9]. - The gross margin for the clean energy segment is expected to remain stable, while the chemical segment's gross margin is projected to decline slightly [8][9].

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]

Financial Performance - Total revenue for the year ended December 31, 2023, reached RMB 23,626,279 thousand, representing a 20.5% increase from RMB 19,601,761 thousand in 2022[2] - Net profit for the year was RMB 1,163,561 thousand, up 7.2% from RMB 1,084,938 thousand in the previous year[3] - Earnings attributable to equity holders increased by 5.6% to RMB 1,113,972 thousand, compared to RMB 1,055,062 thousand in 2022[3] - Core profit, excluding share-based payment expenses and convertible bond-related interest, rose by 4.4% to RMB 1,281,381 thousand from RMB 1,227,963 thousand[2] - Basic earnings per share increased by 4.9% to RMB 0.554, compared to RMB 0.528 in 2022[3] - The proposed final dividend per ordinary share is HKD 0.30, a 25.0% increase from HKD 0.24 in the previous year[2] - The company reported a total comprehensive income of RMB 1,164,305,000 for the year ended December 31, 2023, compared to RMB 1,113,972,000 in the previous year, representing a growth of approximately 4.5%[8] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 27,587,424 thousand, compared to RMB 22,214,474 thousand in 2022[5] - Cash and cash equivalents increased to RMB 6,998,191 thousand from RMB 5,223,453 thousand in the previous year[5] - Non-current liabilities decreased significantly to RMB 1,196,519 thousand from RMB 2,151,231 thousand in 2022[5] - Total current liabilities increased to RMB 14,017,261 thousand in 2023, up from RMB 10,535,736 thousand in 2022, representing a growth of 32.3%[6] - Total liabilities rose to RMB 15,213,780 thousand in 2023, compared to RMB 12,686,967 thousand in 2022, marking an increase of 19.9%[6] - Net assets increased significantly to RMB 12,373,644 thousand in 2023, up from RMB 9,527,507 thousand in 2022, reflecting a growth of 30.7%[6] - The company's equity attributable to shareholders reached RMB 11,232,252 thousand in 2023, compared to RMB 9,141,767 thousand in 2022, indicating a rise of 23.0%[6] Revenue Breakdown - Total revenue from external customers for the clean energy segment reached RMB 14,907,121 thousand in 2023, up from RMB 10,591,120 thousand in 2022, marking an increase of 40.5%[31] - Sales of goods contributed RMB 14,752,277 thousand, up from RMB 12,832,262 thousand, reflecting a growth of 14.9%[14] - Engineering project contract revenue increased to RMB 8,874,002 thousand, compared to RMB 6,769,499 thousand, marking a growth of 31.1%[14] - The clean energy segment's revenue rose by 40.8% to RMB 14,907,121,000, accounting for 63.1% of total revenue, up from 54.0% in 2022[50] - The chemical environment segment's revenue decreased by 15.8% to RMB 4,414,336,000, representing 18.7% of total revenue, down from 26.7% in 2022[51] - The liquid food segment's revenue increased by 18.6% to RMB 4,292,702,000, making up 18.2% of total revenue, slightly down from 18.5% in 2022[51] Expenses and Costs - Employee costs rose to RMB 2,168,545 thousand, up from RMB 2,051,266 thousand, representing a 5.7% increase[17] - Research and development expenses increased to RMB 690,440 thousand from RMB 557,968 thousand, a rise of 23.6%[18] - Financing costs increased by 16.2% to RMB 93,536,000 in 2023, up from RMB 80,470,000 in 2022, mainly due to an increase in loan amounts[54] - The company’s annual depreciation and amortization expenses were RMB 375,322 thousand in 2023, compared to RMB 349,601 thousand in 2022, an increase of 7.3%[31] Shareholder Information - The board recommends increasing the dividend payout ratio to approximately 50% for the year ending December 31, 2023, up from 40% in 2022[90] - The proposed final dividend for 2023 is HKD 0.30 per share, compared to HKD 0.24 per share in 2022, subject to shareholder approval at the annual general meeting[90] - A 10% corporate income tax will be withheld for non-resident corporate shareholders receiving the 2023 final dividend[93] Corporate Governance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange listing rules for the year ending December 31, 2023[95] - The audit committee reviewed the group's annual performance and consolidated financial statements for the year ending December 31, 2023[96] - The independent auditor confirmed that the figures listed in the performance announcement for the year ending December 31, 2023, are consistent with the audited consolidated financial statements[97] - The company is committed to transparency and timely communication with shareholders regarding financial performance and governance matters[106] Strategic Initiatives - The company plans to adopt several revised accounting standards effective January 1, 2024, which are not expected to have a significant impact on the financial statements[10] - The company is focusing on geographic expansion opportunities through both organic growth and acquisitions[89] - The group aims to enhance capabilities in clean energy equipment manufacturing, engineering services, and integrated solutions related to hydrogen, green methanol, and green ammonia[85] - The group plans to actively expand projects for clean alternative fuel production, including hydrogen, LNG, and green methanol[86]

Financial Performance - Total revenue for the first half of 2023 reached RMB 10,756,489 thousand, representing a 20.2% increase compared to RMB 8,948,693 thousand in the same period of 2022[20]. - Gross profit increased by 24.5% to RMB 1,771,166 thousand, up from RMB 1,423,118 thousand year-on-year[20]. - EBITDA for the first half of 2023 was RMB 977,029 thousand, reflecting a growth of 21.9% from RMB 801,814 thousand in the previous year[20]. - Core profit rose by 17.7% to RMB 625,944 thousand, compared to RMB 531,831 thousand in the first half of 2022[20]. - The company reported a net profit attributable to equity holders of RMB 568,673 thousand, a significant increase of 29.4% from RMB 439,315 thousand year-on-year[20]. - Net profit for the period was RMB 570,032 thousand, a rise of 25.7% compared to RMB 453,619 thousand in the prior year[26]. - Basic earnings per share increased to RMB 0.283, up from RMB 0.219, reflecting a growth of 29.3%[25]. - The company reported a total comprehensive income of RMB 626,288 thousand for the period, compared to RMB 427,412 thousand in the previous year, an increase of 46.6%[26]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 23,584,562 thousand, up 6.2% from RMB 22,214,474 thousand at the end of 2022[19]. - Total liabilities increased to RMB 13,776,258 thousand from RMB 12,686,967 thousand, marking an increase of 8.6%[29]. - Net assets rose to RMB 9,808,304 thousand, up from RMB 9,527,507 thousand, reflecting a growth of 2.9%[29]. - The company's cash and cash equivalents decreased by 4.4% to RMB 4,993,951 thousand from RMB 5,223,453 thousand[19]. - The leverage ratio increased to 26.5%, up 5.5 percentage points from 21.0% at the end of 2022[19]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 568,123 thousand, a decrease from RMB 1,580,454 thousand in the same period of 2022, representing a decline of approximately 64.0%[32]. - The net cash used in investing activities amounted to RMB 902,390 thousand, compared to RMB 215,241 thousand in the previous year, indicating a significant increase in investment outflows[32]. - The net cash generated from financing activities was RMB 100,927 thousand, a recovery from a net cash outflow of RMB 162,533 thousand in the same period of 2022[32]. Market and Growth Outlook - The company has set a future revenue guidance of RMB 1 billion for the second half of 2023, indicating a strong growth outlook[30]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2024[30]. - New product development initiatives are underway, with an investment of RMB 32,949 thousand allocated for R&D in the first half of 2023[30]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[50]. Segment Performance - The clean energy segment saw a revenue increase of 34.4% to RMB 6,293,551,000, contributing 58.5% of total revenue[102]. - The liquefied food segment's revenue increased by 17.3% to RMB 2,012,106,000, compared to RMB 1,714,941,000 in 2022[99]. - The chemical environment segment experienced a revenue decline of 3.9% to RMB 2,450,832,000 from RMB 2,550,409,000[99]. Research and Development - Research and development costs for the first half of 2023 were RMB 318,820,000, compared to RMB 217,949,000 in the same period of 2022, reflecting a 46% increase[57]. - Significant R&D achievements include the completion of the second-generation liquid helium tank, which has reached international leading standards and commenced mass sales[138]. - Ongoing R&D efforts focus on improving resource efficiency and developing sustainable solutions, including advanced distillation systems and automated brewing lines[149]. Corporate Governance - The financial report was approved for publication on August 23, 2023, and has been reviewed but not audited, ensuring transparency in financial reporting[33]. - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange regulations during the reporting period[169]. - The board of directors consists of a mix of executive and independent non-executive directors, ensuring diverse governance[173].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 10,756,489 thousand, representing a 20.2% increase from RMB 8,948,693 thousand in the same period of 2022[2] - Net profit for the same period was RMB 570,032 thousand, up 25.7% from RMB 453,619 thousand year-on-year[2] - Earnings attributable to equity holders increased by 29.4% to RMB 568,673 thousand compared to RMB 439,315 thousand in the previous year[2] - Core profit reached RMB 625,944 thousand, reflecting a 17.7% growth from RMB 531,831 thousand in the prior period[2] - Basic earnings per share rose to RMB 0.283, a 29.2% increase from RMB 0.219 in the same period last year[2] - Gross profit margin improved to 16.5%, up 0.6 percentage points from 15.9% in the previous year[2] - The company reported a total comprehensive income of RMB 626,288 thousand for the period, compared to RMB 427,412 thousand in the same period of 2022[5] - Adjusted operating profit for the reportable segments was RMB 832,800 thousand, up 26% from RMB 660,527 thousand in the previous year[21] - The consolidated profit before tax for the six months ended June 30, 2023, was RMB 730,318 thousand, an increase of 24.8% from RMB 585,026 thousand in the previous year[22] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 23,584,562 thousand, compared to RMB 22,214,474 thousand at the end of 2022[6] - Total liabilities increased to RMB 13,776,258 thousand from RMB 12,686,967 thousand at the end of 2022[7] - Net assets grew to RMB 9,808,304 thousand, up from RMB 9,527,507 thousand at the end of the previous year[7] - Reportable segment assets increased to RMB 22,270,654 thousand as of June 30, 2023, compared to RMB 20,817,892 thousand as of December 31, 2022, reflecting a growth of 7%[24] - Reportable segment liabilities rose to RMB 11,154,060 thousand as of June 30, 2023, from RMB 10,389,208 thousand at the end of 2022, indicating an increase of 7.4%[25] Revenue Breakdown - Sales of goods amounted to RMB 7,446,467 thousand, up from RMB 6,704,100 thousand, reflecting a growth of 11.1% year-on-year[15] - Revenue from engineering project contracts was RMB 3,310,022 thousand, compared to RMB 2,244,593 thousand, representing a significant increase of 47.4%[15] - The clean energy segment reported a revenue increase of 34.4% to RMB 6,293,551,000, while the chemical environment segment saw a decline of 3.9% to RMB 2,450,832,000[41] - The liquid food segment's revenue rose by 17.3% to RMB 2,012,106,000 in H1 2023, compared to RMB 1,714,941,000 in H1 2022, making up 18.7% of total revenue[45] Costs and Expenses - Research and development costs for the six months ended June 30, 2023, were RMB 318,820 thousand, compared to RMB 217,949 thousand for the same period in 2022, representing a 46.3% increase[27] - Financing costs for the six months ended June 30, 2023, amounted to RMB 38,425 thousand, up from RMB 32,977 thousand in the same period of 2022, reflecting an increase of 16.7%[26] - The income tax expense for the six months ended June 30, 2023, was RMB 160,286 thousand, compared to RMB 131,407 thousand for the same period in 2022, indicating an increase of 22%[28] Market and Strategic Developments - The group is committed to expanding its market presence through strategic investments in clean energy and chemical environments, aligning with global sustainability trends[16] - The clean energy division aims to strengthen its international business and optimize the combination of key energy equipment and product operations[75] - The company is positioned to benefit from the growing demand for LNG and other clean energy equipment due to geopolitical influences and market changes[72] - The company anticipates a 5.5% to 7% year-on-year increase in China's natural gas consumption, projected to reach 385 billion to 390 billion cubic meters in 2023[72] Employee and Operational Metrics - As of June 30, 2023, the total number of employees was approximately 10,600, an increase from about 9,500 in the same period of 2022, with total employee costs reaching RMB 1,189,933,000, up from RMB 1,057,931,000 in 2022[62] - The group recorded cash inflow from operating activities of RMB 568,123,000, down from RMB 1,580,454,000 in the same period last year[56] - The group invested RMB 322,732,000 in capital expenditures in the first half of 2023, up from RMB 231,361,000 in the same period of 2022, aimed at enhancing capacity and new business development[61] Corporate Governance - As of June 30, 2023, the company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange regulations[89] - The company’s audit committee has reviewed and discussed the unaudited financial reports for the period with management[89] - The mid-year report for 2023 will be sent to shareholders and published on the company's and the exchange's websites[90]

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]