CIMC ENRIC(HK:03899) 智通财经网·2026-01-12 03:03Core Viewpoint - Huayuan Securities initiates coverage on CIMC Enric (03899) with a "Buy" rating, highlighting the company's alignment with the clean energy transition and a record high order backlog, indicating stable growth and high visibility in performance [1] Group 1: Business Overview - CIMC Enric operates under CIMC Group, focusing on three main business segments: clean energy, chemical environment, and liquid food, providing key equipment, engineering services, and system solutions [2] - Revenue projections for 2024 are estimated at 17.18 billion for clean energy, 3.12 billion for chemical environment, and 4.45 billion for liquid food, with operating profits of 0.96 billion, 0.35 billion, and 0.35 billion respectively [2] - As of September 2025, the company has an order backlog of approximately 30.76 billion, a year-on-year increase of 10.9%, marking a new high [2] Group 2: Clean Energy Segment - The clean energy segment has seen significant new orders, with a total of 16.99 billion signed in the first three quarters of 2025, a year-on-year increase of 5.14%, accounting for about 86.5% of total new orders [3] - The waterborne clean energy equipment segment alone secured 8.65 billion in new orders, a year-on-year increase of 16.2%, with a backlog of around 20 billion, scheduled for production until 2028 [3] - Factors driving growth include increased domestic natural gas consumption and the commissioning of new LNG receiving stations, as well as the low-carbon transition in the global shipping industry [3] Group 3: Comprehensive Services - Key projects such as the coke oven gas hydrogen co-production LNG project and biomass-based green methanol project are set to contribute to performance through equipment, processes, and operations [4] - The coke oven gas hydrogen co-production projects in Yingkou and Lingang are expected to commence production in September 2024 and July 2025, respectively, with additional projects planned for 2026 [4] - The green methanol project in Zhanjiang is expected to start production in December 2025, with further expansions planned for 2027 [4] Group 4: Aerospace and Chemical Environment - CIMC Enric's equipment manufacturing has expanded into the commercial aerospace sector, with expected revenues and order backlogs nearing 100 million by 2025 [5] - The chemical environment segment, led by CIMC HuanKe, holds a leading position globally, with approximately 79% of its revenue coming from overseas markets [6] - CIMC HuanKe maintains about 50% market share in the tank container industry, while CIMC ChunKe has a strong presence in the bio-fermentation equipment sector, with 89% of its revenue from international markets [6]