CIMC ENRIC(HK:03899) 智通财经网·2025-10-31 07:54Core Viewpoint - The report from Zhongtai International indicates an upward revision of the company's net profit forecasts for FY25-27 by 1.9%, 1.2%, and 2.1% respectively, and raises the target price from HKD 7.40 to HKD 8.60, reflecting a 10.4% upside potential and a PE ratio of 11.5 times for FY26, while upgrading the rating from "Neutral" to "Buy" [1] Financial Performance - For the first three quarters of FY25, the company's net profit increased by 12.2% year-on-year, with total revenue and net profit reaching RMB 19.35 billion and RMB 770 million respectively, representing year-on-year growth of 7.7% and 12.9% [1] - Despite declines in revenue from the chemical environmental protection and liquid food sectors by 28.2% and 13.9% to RMB 1.57 billion and RMB 2.74 billion respectively, the clean energy sector saw a revenue increase of 19.4% to RMB 15.04 billion, with the offshore clean energy segment growing by 64.4% to RMB 4.81 billion [1] New Orders - In Q3 FY25, the company experienced a significant increase in new orders, with a total amount of RMB 8.91 billion, representing a year-on-year growth of 104.1%, and the clean energy sector alone saw a 147.7% increase to RMB 8.03 billion [2] - Notable contracts include the construction of 2+2 ammonia dual-fuel medium LPG/ammonia transport vessels with Norway's Amon Gas, and 2 LNG bunkering vessels with Singapore's Purus [2] - As of September 30, the total backlog of orders reached RMB 30.76 billion, a year-on-year increase of 10.9%, with the clean energy sector accounting for RMB 27.34 billion, up 23.6% [2] Project Developments - The Guangdong Zhanjiang green methanol project, with an annual capacity of 50,000 tons, is set to commence production in Q4 FY25 to meet the demand for green fuel in shipping [3] - Despite a delay in the International Maritime Organization's decision on the net-zero emissions framework, the trend towards green fuel usage remains unchanged, with global demand for marine methanol projected between 1 million to 2 million tons, exceeding the current global production capacity of 720,000 tons [3]