Investment Rating - The report indicates a positive outlook for the company, highlighting it as a quality red-chip stock with high dividend potential and favorable industry conditions [4][44]. Core Insights - The company, CIMC Anrui (03899.HK), is positioned in the energy, chemical, and liquid food equipment sector, contributing significantly to its parent group, CIMC [12][19]. - The energy sector has shown strong performance, with a 26% annualized return over the past three years, outperforming the Hang Seng Index [2][3]. - The company has experienced substantial revenue growth, with a 21% increase in revenue from 2021 to 2023, reaching 236 billion yuan [18][19]. - The clean energy segment is the core business, accounting for over 63% of revenue, with significant growth in hydrogen energy [21][24]. - The company has a strong dividend payout ratio of 49% in 2023, the highest in its history, reflecting its robust financial performance [39][40]. Summary by Sections Company Overview - CIMC Anrui was established in 2004 and is a member of CIMC Group, which is a leading logistics and energy equipment supplier [6][8]. - The company has diversified operations, including container manufacturing, energy equipment, and logistics services [10][11]. Financial Performance - In 2023, the company reported a net profit of 11.6 billion yuan, with a net profit margin of 4.9% [37][40]. - The company has maintained a stable ROE of 9.4%, which is significantly higher than its peers in the LNG storage and terminal application sector [41][42]. Business Segments - The clean energy segment has shown resilience and growth, with a revenue increase of 59% in the hydrogen energy business [21][24]. - The chemical environment segment has faced challenges, with a 16% decline in revenue in 2023, attributed to cyclical industry factors [28][29]. - The liquid food equipment segment has been stable, with a 19% revenue increase in 2023, supported by strategic acquisitions [33]. Market Conditions - The energy sector is currently experiencing a high demand due to favorable policies and recovering natural gas consumption post-pandemic [22][25]. - The company is well-positioned to benefit from potential tax reductions on dividends for red-chip stocks, enhancing its attractiveness to investors [3][4].

Company and Industry Summary Company Overview - The company is actively engaging with investors and has a dedicated Investor Relations President to communicate recent developments and highlights [1] Key Points and Arguments - The company is presenting its latest updates and key highlights to investors, indicating a proactive approach in investor relations [1] Other Important Content - The communication emphasizes the importance of investor engagement and transparency regarding the company's performance and strategic direction [1]

Company and Industry Summary Company Overview - The company is introducing its latest developments and highlights to investors during the conference call [1] Key Points - The Investor Relations President is leading the discussion and expressing gratitude to the investors for their participation [1] Additional Important Content - The company emphasizes the importance of communication with investors and is open to discussions at any time [1]

Financial Data and Key Metrics Changes - The company achieved record high revenue and net profit last year, with a revenue growth of 20.5% and a net profit compound annual growth rate of 27% [1][2] - The payout ratio increased to 50%, with operating cash flow exceeding net profit at 1.78 billion [1][2] - Inventory turnover days improved year-on-year, enhancing operational efficiency, while the debt-to-asset ratio was further optimized [1] Business Line Data and Key Metrics Changes - The clean energy business saw a 7.7% year-on-year increase in natural gas consumption, with a 12.2% growth in the first quarter [1] - The liquid food business accounted for 89-90% of revenue, primarily driven by overseas markets, with significant growth in industrial beer in Latin America and Southeast Asia [2] - The shipbuilding business experienced high growth, with nearly 20 new vessels signed and orders reaching 12.35 billion by the end of March [1][3] Market Data and Key Metrics Changes - New orders for clean energy increased by 100% year-on-year, with overseas land clean energy orders growing by 61% [2][3] - The company established a presence in the Americas, Europe, Africa, and Southeast Asia, with over 2 billion in revenue from overseas markets last year, a 3% increase [1] Company Strategy and Development Direction - The company is transitioning from equipment manufacturing to a comprehensive service provider, with plans to produce 15,000 tons of hydrogen and 100,000 tons of LNG annually by 2027 [1][2] - The focus is on developing low-carbon solutions and expanding capacity in green formaldehyde and hydrogen production [1][2] Management Comments on Operating Environment and Future Outlook - Management noted that the significant growth in clean energy orders is due to strong performance across all business lines, particularly in maritime clean energy [3] - The company expects double-digit revenue growth this year, with the clean energy segment projected to grow by no less than 20% [5] Other Important Information - The company is advancing its direct listing process on the Beijing Stock Exchange [4] - The green methanol market is expected to grow, with ongoing projects to enhance production efficiency and reduce costs [4] Q&A Session Summary Question: Will the domestic white liquor sales slowdown affect future collaborations in domestic distilleries? - The company has undertaken white liquor technology upgrades and sees it as an important business direction, with a higher contribution from beer in the revenue structure [2] Question: Will the company maintain a 50% payout ratio or consider increasing dividends? - The payout ratio was previously 40% and has been raised to 50%. Future capital expenditures are expected to remain around 10 billion, maintaining the current dividend ratio [2] Question: What are the reasons for the significant growth in clean energy orders this year? - The growth is attributed to strong performance in various business lines, especially maritime clean energy, with a 100% increase in new clean energy orders [3] Question: What is the expected scale of ship deliveries this year? - The company has a full production schedule and is negotiating potential projects, focusing on improving existing capacity efficiency [3] Question: What is the status of the green methanol project as a future shipping fuel? - Green methanol is gaining attention in shipping due to its storage and transportation characteristics, with ongoing projects to enhance production [4] Question: How is the order distribution for green methanol, liquid ammonia, and liquid hydrogen? - The company has signed orders for vessels capable of transporting liquefied petroleum gas and liquid ammonia, with LNG being the primary business focus [4] Question: What is the revenue and gross margin guidance for each segment this year? - The company expects double-digit revenue growth across segments, with clean energy growth projected at no less than 20% [5] Question: Are there any orders for hydrogen electrolyzers? - Yes, orders in the chemical environment segment are growing, with production expected to resume in June [5] Question: How is the shipbuilding business's order situation? - The shipbuilding business is set to deliver old orders, with full capacity and expected margin improvements [6] Question: What is the profitability outlook for upstream gas-to-hydrogen projects? - The profitability is expected to be good, with production capacity gradually increasing and contributing to profits next year [7]

Investment Rating - The report assigns a "Buy" rating to the company, CIMC Enric (3899.HK) [1]. Core Insights - CIMC Enric is a leading player in clean energy and chemical tank equipment, with a well-established global presence and a combination of growth and dividend value [1]. - The company's revenue for 2023 reached 23.63 billion yuan, a year-on-year increase of 20.5%, with a net profit attributable to shareholders of 1.11 billion yuan, up 5.6% year-on-year [1][10]. - The clean energy segment contributed over 60% of the company's revenue in 2023, covering natural gas, petroleum gas, and hydrogen industries [1][10]. - The company has a balanced revenue contribution from domestic and overseas markets, with 51.5% from domestic and 48.5% from overseas in 2023 [1]. Summary by Sections Clean Energy - The clean energy segment is expected to benefit from the rising demand in the global natural gas industry, with a projected revenue of 14.91 billion yuan in 2023, reflecting a year-on-year growth of 40.8% and a gross margin of 12.8% [1][18]. - The company has established a comprehensive industrial chain for onshore clean energy, with major products including LNG, LPG, and CNG equipment, leading the domestic market in production and sales [1][20]. - The offshore clean energy business saw a revenue increase of 74% in 2023, reaching 2.2 billion yuan, driven by the growing demand for clean energy vessels [1][18]. Chemical Environment - The chemical environment segment generated 4.41 billion yuan in revenue in 2023, a decrease of approximately 17% due to market conditions [2]. - The company is focusing on expanding its after-market services and medical equipment sectors, which have shown promising growth [2]. Liquid Food - The liquid food segment achieved a revenue of 4.29 billion yuan in 2023, up 18.6% year-on-year, with significant progress in overseas beer projects and new business areas such as spirits and biopharmaceuticals [2][10]. - The company has a strong global customer base and has completed its capacity layout, positioning itself well to benefit from the beverage industry's growth [2]. Financial Forecast - The company is expected to see a steady increase in net profit, with projections of 1.36 billion yuan, 1.63 billion yuan, and 1.81 billion yuan for 2024, 2025, and 2026 respectively [3][4]. - The current stock price corresponds to a PE ratio of 11, 9, and 8 for the years 2024 to 2026, indicating a favorable valuation [3][4]. Dividend Policy - The company has maintained a dividend payout ratio above 38% since 2019, reaching a new high of approximately 49% in 2023, with a dividend yield of 3.7% [12][10].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The chemical sector is expected to have a short-term drag, while the energy equipment sector is projected to bring long-term growth certainty [1] - Strong orders in the energy sector ensure robust growth for the company in the coming years, with multiple collaborative projects in clean energy expected to enhance revenue [1][2] - The company achieved a revenue of 23.63 billion RMB in 2023, a year-on-year increase of 20.5%, with net profit rising by 7.2% to 1.16 billion RMB [2][4] Financial Performance Summary - Revenue for Q1 2024 decreased by 6.8% to 4.635 billion RMB, with the clean energy segment growing by 21.2% to 3.255 billion RMB, while the chemical environment segment fell by 58.6% to 562 million RMB [2] - New orders in the clean energy segment surged from 3.101 billion RMB to 6.208 billion RMB year-on-year, while total new orders increased from 5.509 billion RMB to 7.478 billion RMB [2] - As of March 31, 2024, the backlog of orders in the clean energy segment rose from 11.712 billion RMB to 20.011 billion RMB [2] Future Projections - Revenue projections for 2024-2026 are 27.84 billion RMB, 31.62 billion RMB, and 37.34 billion RMB, with expected growth rates of 17.8%, 13.6%, and 18.1% respectively [3][4] - The net profit attributable to shareholders is projected to be 1.233 billion RMB, 1.488 billion RMB, and 1.938 billion RMB for the same period, with growth rates of 10.7%, 20.7%, and 30.2% respectively [3][4]

[Table_Page] 公告点评|能源Ⅱ 证券研究报告 [【Table_T广itle] 发 机械&海外】中集安瑞科 [公Tab司le_I评nves级t] 买入 当前价格 7.64港元 （03899.HK） 合理价值 8.97港元 前次评级 买入 清洁能源订单高增，罐箱业绩+库存双触底 报告日期 2024-04-27 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 清洁能源收入快速增长，罐箱&食品业务拖累。公司发布一季度自愿披 20% 12% 露公告，24Q1实现收入46.35亿元，同比-6.8%；其中清洁能源、化 3% 工罐箱、液态食品收入分别32.55/5.62/8.18亿元，同比增速+21.2%/ -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -58.6%/-11.7%。细分板块来看，水上清洁能源、氢能、LNG车用瓶在 -14% 一季度实现了高速增长，根据公司 24Q1 业绩推介材料，水上清洁能 -22% 中集安瑞科 恒生指数 源板块增速亮眼，收入7.3亿元，同比+48.6%；氢能业务收入1.69亿 元， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.04, indicating a potential upside of 18.5% from the current price of HKD 7.63 [1][2][8]. Core Insights - The company has achieved a record high in backlog orders, with total backlog reaching RMB 26.9 billion, a year-on-year increase of 42%. The clean energy segment's backlog alone is RMB 20 billion, up 71% year-on-year [1]. - In Q1 2024, the company's total revenue decreased by approximately 7% year-on-year to RMB 4.63 billion, primarily due to a significant decline in the chemical and liquid food segments, which saw revenue drops of 59% and 12% respectively. However, the clean energy segment showed strong growth, with revenue increasing by 21% year-on-year, driven by a 64% increase in overseas revenue [1][2]. - The clean energy segment continues to show robust order growth, with new orders in Q1 2024 doubling to RMB 6.2 billion. Notably, new orders for hydrogen products increased by 30% year-on-year to RMB 220 million [1][5]. Summary by Sections Financial Performance - Revenue projections for the company are as follows: RMB 23.63 billion in 2023, RMB 27.55 billion in 2024 (up 16.6% year-on-year), and RMB 31.79 billion in 2025 (up 15.4% year-on-year) [2][9]. - Net profit is expected to grow from RMB 1.11 billion in 2023 to RMB 1.36 billion in 2024, reflecting a year-on-year increase of 6.5% [2][9]. - The company’s earnings per share (EPS) is projected to be RMB 0.63 in 2023 and RMB 0.67 in 2024, with a growth rate of 6.5% [2][9]. Market Position - The report indicates that the market's concerns regarding the chemical and liquid food segments are largely reflected in current valuations, suggesting limited downside risk. The clean energy segment's outlook is more favorable than previously anticipated [1][2]. - The company is expected to deliver eight vessels in the clean energy segment this year, with some orders extending into 2027, providing a solid growth outlook for the next three years [1][2].

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].

Investment Rating - The report recommends关注中集安瑞科 (3899.HK) due to its strong performance and growth potential in the clean energy sector [2][3]. Core Insights - 中集安瑞科 reported a revenue of 23.63 billion yuan in 2023, a year-on-year increase of 20.5%, and a net profit of 1.11 billion yuan, up 5.6% year-on-year, aligning with market expectations [2]. - The clean energy segment, particularly the hydrogen energy business, continues to show robust growth, with new orders increasing by 31.5% to 26.64 billion yuan [2][3]. - The company has a strong order backlog of 22.85 billion yuan, reflecting a 29.8% year-on-year increase, indicating future revenue stability [2][3]. Summary by Sections Financial Performance - Revenue reached 23.63 billion yuan, up 20.5% year-on-year; net profit was 1.11 billion yuan, a 5.6% increase; earnings per share rose to 0.554 yuan, a 4.4% increase [2]. - The gross margin slightly decreased by 1.7% to 15.7% due to a decline in global container demand [2]. Clean Energy Segment - The clean energy segment's revenue was 1.49 billion yuan, a significant increase of 40.8% year-on-year, driven by the recovery in natural gas consumption [2][3]. - The waterborne business generated 2.2 billion yuan, a 74.1% increase, while the overseas land business achieved 2 billion yuan, a 30% increase [2][3]. Hydrogen Energy Business - The hydrogen energy sub-segment achieved a revenue of 700 million yuan, a 59% increase year-on-year, with new orders of 830 million yuan, up 36.7% [3]. - The company is actively involved in large-scale hydrogen energy projects and is a leader in hydrogen storage and transportation equipment [3]. Other Segments - 中集环科 successfully spun off and listed on the STAR Market, reporting a revenue of 4.41 billion yuan, down 15.8% due to normalized demand for standard containers [3]. - The liquid food segment reported a revenue of 4.29 billion yuan, an 18.6% increase, although its gross margin faced slight pressure [3].