Investment Rating and Target Price - The report initiates coverage on the company with a "Buy" rating and a target price of RMB 18.65 [1][5] - The target price is based on a 2.5x PB multiple for 2025, higher than the industry average of 1.7x [1] Core Investment Thesis - The company is the global leader in tank container manufacturing with a 48% market share in 2023 [11] - The tank container industry is cyclical with growth potential, driven by global chemical logistics demand [2][3] - Short-term recovery is expected from overseas chemical restocking, with 20-foot container exports up 66% YoY in May 2024 [3] - Medium-term growth is supported by stable industry competition and optimized logistics patterns [11] - Long-term growth potential lies in increased penetration of tank containers, currently below 10% globally [3][11] Financial Performance and Projections - Revenue is projected to grow from RMB 3.58 billion in 2024E to RMB 4.8 billion in 2025E [4] - Net profit is expected to increase from RMB 302.2 million in 2024E to RMB 445.25 million in 2025E, with a 31% CAGR from 2024-2026 [1][4] - ROE is forecasted to recover from 6.82% in 2024E to 10.27% in 2025E [4] - The company maintains a high dividend payout, with a 7.4% yield in 2023 and a commitment to over 50% cash dividend ratio for 2024-2026 [2][27] Industry Overview - Global tank container fleet reached 848,400 units in 2024, with an 8.72% CAGR from 2013-2023 [35] - China dominates tank container manufacturing, accounting for 90% of global production [38] - The industry follows a 4-year cycle, with production volume showing an upward trend over cycles [3][38] - Tank container penetration in chemical logistics remains low at 8-10%, offering significant growth potential [3][46] Competitive Landscape - The company has maintained a 50% global market share for over a decade [47] - The industry has high barriers to entry due to technical requirements, certifications, and customer loyalty [49][50] - The top 3 manufacturers (including the company) account for 82% of global production [35] - Downstream operators are fragmented, with the top 10 operators controlling 51% of the market [53] Growth Drivers - Recovery in overseas chemical demand, particularly in the US and Europe [44][45] - Increasing adoption of multimodal transportation, with China's rail-water intermodal share reaching 6.8% in 2023 [3] - Stricter safety and environmental regulations driving substitution of traditional transport methods [3][11] - Expansion of chemical production capacity in Asia, particularly China [39][41] Product and Market Diversification - The company offers a wide range of tank containers for liquids, gases, and powders, with stainless steel liquid containers accounting for 55.22% of revenue [18] - Medical equipment components business reached RMB 200 million in revenue in 2023, growing 20.38% YoY [20] - Aftermarket services generated RMB 160 million in revenue in 2023, up 14.96% YoY [20] - International sales dominate, contributing 75.4% of revenue in 2024H1 [20]

证券代码：301559 证券简称：中集环科 公告编号：2024-040 董事会 1 2024 年 9 月 27 日 2 凌白桦先生担任公司副总裁职务原定任期至 2026 年 11 月 8 日。截至本公告 披露日，凌白桦先生不存在应当履行而未履行的承诺事项，通过珠海紫琅企业管 理中心（有限合伙）间接持有公司 101.8980 万股，占公司总股本 0.17%。凌白桦 先生将继续履行在公司《首次公开发行股票并在创业板上市招股说明书》中所做 的相关承诺，其所持有公司股份将继续严格按照《深圳证券交易所创业板股票上 市规则》《上市公司董事、监事和高级管理人员所持本公司股份及其变动管理规 则》《深圳证券交易所上市公司自律监管指引第 18 号——股东及董事、监事、 高级管理人员减持股份》等相关规定进行管理。 凌白桦先生在担任公司副总裁期间恪尽职守，勤勉尽责。公司及董事会对凌 白桦先生任职期间的辛勤工作及为公司发展做出的贡献表示衷心感谢！ 特此公告。 中集安瑞环科技股份有限公司 中集安瑞环科技股份有限公司 关于副总裁退休离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 ...

证券代码：301559 证券简称：中集环科 编号：2024-019 中集安瑞环科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |---------------------|--------------------------------------|-------------|--------| | | | | | | | ☑ 特定对象调研 | □分析师会议 | | | | □媒体采访 □业绩说明会 | | | | 投资者关系活动类 别 | □新闻发布会 □路演活动 | | | | | ☑ 现场参观 | | | | | ☑ 其他 _ 电话会议 | | | | | 一、9 月 24 日 现场调研 | | | | | 华福证券有限责任公司 曹钰涵 | | | | | 公司董事会办公室主任 王延民 | | | | | 二、 9 月 25 日 电话会议 | | | | | 华泰证券股份有限公司 | | 邵玉豪 | | | 泰康资产管理有限责任公司 刘志强 | | | | | 泰康资产管理有限责任公司 | | 李帛洋 | | 活动参与人员 | 公司董事、总裁 季国祥 | | ...

证券代码：301559 证券简称：中集环科 编号：2024-018 | --- | --- | --- | --- | |-------------------------|--------------------------------|----------------------------------------------------------|-------| | | | | | | | ☑ 特定对象调研 | □分析师会议 | | | | □媒体采访 □业绩说明会 | | | | 投资者关系活动类 别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □其他 _ | | | | | | 宁银理财有限责任公司 潘亚洲 | | | | | 公司董事、总裁 季国祥 | | | 活动参与人员 | | 公司副总裁、首席财务官兼董事会秘书 张 | 毅 | | | | 公司董事会办公室主任 王延民 | | | 时间 | 2024 年 9 月 9 日 | | | | 地点 | 中集环科公司 | | | | 形式 | ☑ 现场 □网上 | □电话会议 | | | | 公司基本情况介绍 ...

中信证券股份有限公司 关于中集安瑞环科技股份有限公司 2024年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：中集环科 | | --- | --- | | 保荐代表人姓名：施丹 | 联系电话：0755-23835888 | | 保荐代表人姓名：王杰 | 联系电话：021-20262308 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | | | 4.公司治理督导情况 ...

北京市金杜律师事务所上海分所 关于中集安瑞环科技股份有限公司 2024 年第二次临时股东大会之法律意见书 致：中集安瑞环科技股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受中集安瑞环科技股份 有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委 员会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等 中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国 香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政 法规、规章和规范性文件和现行有效的《中集安瑞环科技股份有限公司章程》（以 下简称《公司章程》）有关规定，指派律师出席了公司于 2024 年 9 月 6 日召开 的 2024 年第二次临时股东大会（以下简称本次股东大会），并就本次股东大会 相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2021 年第二次临时股东大会审议批准的《公司章程》； 2. 公司 2024 年 8 月 2 ...

证券代码：301559 证券简称：中集环科 编号：2024-017 中集安瑞环科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |------------------|--------------------------------------|----------------------------------------------------------|-------|--------| | | □特定对象调研 | □分析师会议 | | | | | □媒体采访 □业绩说明会 | | | | | 投资者关系活动类 | □新闻发布会 □路演活动 | | | | | 别 | □现场参观 | | | | | | ☑ 其他 _ 电话会议 | | | | | | | 博时基金管理有限公司 柴琪婉 | | | | | | 华泰证券股份有限公司 邵玉豪 | | | | | | 东北证券股份有限公司 刘俊奇 | | | | | | 东北证券股份有限公司 周兴武 | | | | | | 财通基金管理有限公司 翁嘉敏 | | | | 活动参与人员 | | 华夏基金管理有 ...

证券研究报告：机械设备 | 公司点评报告 2024 年 8 月 23 日 股票投资评级 增持|首次覆盖 个股表现 -38% -34% -30% -26% -22% -18% -14% -10% -6% -2% 2% 2023-10 2023-12 2024-02 2024-04 2024-06 2024-08 中集环科 机械设备 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 14.84 总股本/流通股本（亿股）6.00 / 0.90 | --- | |---------------------------| | | | | | 总市值 / 流通市值（亿元） | | 52 周内最高 / 最低价 | | 资产负债率 (%) | | 市盈率 | 第一大股东 WIN SCORE INVESTMENTS LIMITED 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 中集环科(301559) 上半年罐箱市场略有承压， ...

Group 1: Order and Revenue Insights - In the first half of 2024, the company signed new orders totaling 1.688 billion CNY, with a backlog of 1.522 billion CNY as of June 30, 2024 [3] - The global tank container market had a total inventory of 848,400 units as of January 2024, with an annual compound growth rate of 8.22% from 2013 to 2023 [3] Group 2: Regional Revenue Trends - Revenue in North America declined due to weak demand for standard tank containers, resulting in significant drops in both price and quantity [4] - In contrast, revenue in mainland China increased, driven by strong demand in the chemical industry, which is growing faster than in Europe and the U.S. [4] Group 3: Product Profitability - There are significant differences in gross margins among carbon steel tanks, standard stainless steel liquid tanks, and special stainless steel liquid tanks due to variations in materials, design, and production processes [4] - The overall gross margin decreased in the first half of the year due to a decline in demand for high-margin carbon steel tanks [5] Group 4: Market Applications and Trends - The company's tank products are primarily used in chemical logistics, with low penetration rates currently, but increasing demand for safe and efficient transport is expected to boost market share [4] - New product developments include electrolyte tanks and medical-grade containers, responding to the growing needs in high-tech industries and healthcare [4] Group 5: Pricing Factors - Tank prices are influenced by market raw material costs, customer customization demands, and exchange rate fluctuations [5] - The company employs a pricing strategy based on current market conditions and customer specifications, ensuring competitive pricing [5] Group 6: Aftermarket Services - The company is expanding its aftermarket services, including cleaning, refurbishment, and inspection of tank containers, with a growing service network in regions like the Netherlands and Jiaxing, China [5] - The future outlook for the aftermarket is positive, driven by an expanding tank inventory and stricter environmental regulations [5]