小摩：升中集安瑞科(03899)目标价至12港元 料新业务开始贡献盈利

Core Viewpoint - Morgan Stanley has raised the target price for CIMC Enric (03899) from HKD 9 to HKD 12, maintaining an "Overweight" rating based on increased profit forecasts for fiscal years 2025 to 2028 and an elevated target valuation multiple [1] Financial Projections - Profit forecasts for fiscal years 2025, 2026, 2027, and 2028 have been adjusted upwards by 3%, 10%, 14%, and 16% respectively [1] - The target valuation multiple has been increased from 11 times to 13.5 times [1] Business Segments Performance - The company is expected to demonstrate strong execution in the green methanol, coke oven gas, and shipbuilding sectors, which are projected to contribute 32%, 40%, and 56% of net profit respectively from 2025 to 2027 [1] - The drag from traditional non-clean energy businesses on 2026 performance is expected to decrease, leading to an improved revenue structure and enhanced gross margins [1] Growth Outlook - Overall, these factors are anticipated to support a compound annual growth rate (CAGR) of 20% in profits from 2025 to 2028 [1]