CIMC ENRIC(HK:03899) Zhi Tong Cai Jing·2026-01-12 03:06Core 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 strong and visible growth prospects [1] Group 1: Business Overview - CIMC Enric operates under CIMC Group (000039) and focuses 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, 3.12 billion, and 4.45 billion for the clean energy, chemical environment, and liquid food segments respectively, with operating profits of 0.96 billion, 0.35 billion, and 0.35 billion, accounting for 57.6%, 21.2%, and 21.1% of total profits [2] - The company expects to achieve net profits of 1.095 billion and 0.767 billion for the full year 2024 and the first three quarters of 2025 respectively, with a backlog of orders amounting to approximately 30.76 billion, a year-on-year increase of 10.9% [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, representing a year-on-year increase of 5.14% and accounting for approximately 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 demand include increased domestic natural gas consumption and the commissioning of new LNG receiving stations, as well as the global shipping industry's transition to low-carbon fuels [3] Group 3: Project Developments - Key projects include the coking gas hydrogen production and LNG co-production projects, with significant capacities planned for 2024 and 2025, contributing to the company's growth in key equipment and operational services [4] - The company is also advancing its green methanol initiatives, with a biomass-based green methanol project in Zhanjiang expected to commence production in December 2025, and further expansions planned for 2027 [4] Group 4: Aerospace and Chemical Environment - CIMC Enric is expanding into the commercial aerospace sector, with expected revenues and order backlogs nearing 100 million by 2025, driven by high-frequency launches [4] - The chemical environment segment, led by CIMC HuanKe (301559), holds a leading position in the market, with approximately 79% of its revenue coming from overseas [4] - The liquid food segment, primarily operated by CIMC ChunKe (872914), has a strong international presence, with 89% of its revenue derived from foreign markets [4]