小摩：升中集安瑞科目标价至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 [1] Group 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] Group 2: Business Segments - The company continues to demonstrate execution capability in green methanol, coke oven gas, and shipbuilding sectors, which are expected to contribute 32%, 40%, and 56% of net profit from 2025 to 2027 respectively [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] Group 3: Growth Outlook - Overall, these factors are projected to support a compound annual growth rate (CAGR) of 20% in profits from 2025 to 2028 [1]