大行评级｜花旗：上调中集安瑞科目标价至12.5港元 维持“买入”评级

Core Viewpoint - Citigroup's research report indicates that strong demand for liquefied natural gas (LNG) bunkering vessels is driving significant growth in new offshore clean energy orders and backlog for the company, with projections for 2025 reaching 10 billion and 22 billion respectively [1] Group 1: Offshore Clean Energy - The company expects offshore clean energy revenue to increase by at least 1 billion in 2026, alongside an improvement in net profit margin by 1 to 2 percentage points [1] - The management has revealed that the total new orders and backlog for offshore clean energy in 2025 will be 10 billion and 22 billion respectively [1] Group 2: Aerospace Business - For the aerospace segment, revenue and orders are projected to exceed 100 million in 2025, with expectations of strong growth in 2026 driven by demand for low Earth orbit satellites and reusable rockets, as well as supportive national policies [1] Group 3: Financial Projections - The earnings forecasts for 2026 and 2027 have been raised by 1% and 2% respectively, reflecting the upward adjustment in clean energy revenue projections [1] - The target price for the company's stock has been increased from 9.5 HKD to 12.5 HKD, while maintaining a "buy" rating [1]