Zheng Quan Shi Bao Wang·2025-09-09 09:29Group 1 - CICC has initiated coverage on CIMC with an "outperform" rating, setting a target price of 10.00 CNY / 11.00 HKD, indicating a potential upside of 27% / 36% from current stock prices [1] - The WTO forecasts a 3% growth in global merchandise trade volume by 2025, which will benefit CIMC's container business due to stable replacement demand as containers typically have a lifespan of 12-15 years [1] - CIMC's market share in the container business is steadily increasing, supported by trends of "re-globalization" and replacement demand [1] Group 2 - The offshore oil and gas investment is recovering, with Rystad Energy projecting a CAGR of 10% for global offshore oil and gas capital expenditure from 2024 to 2027 [1] - Clarkson anticipates that the average annual orders for FPSOs will rise to 12 vessels from 2025 to 2027, a 100% increase compared to the 6 vessels expected from 2022 to 2024 [1] - CIMC is one of the few domestic companies with full-chain design and construction capabilities for FPSO/FLNG, with a backlog of offshore engineering orders amounting to 6.92 billion USD, reflecting a 27% year-on-year growth [1]