CIMC ENRIC(HK:03899) Zhi Tong Cai Jing·2026-01-16 08:40Core Viewpoint - Citigroup has raised the target price for CIMC Enric (03899) from HKD 9.5 to HKD 12.5, maintaining a "Buy" rating, due to strong performance in the offshore clean energy sector [1] Group 1: Financial Forecasts - Earnings forecasts for CIMC Enric for 2026 and 2027 have been increased by 1% and 2% respectively, reflecting an upward adjustment in clean energy revenue projections [1] - The target price increase is based on the anticipated growth in offshore clean energy revenue, which is expected to rise by at least RMB 1 billion in 2026 [1] Group 2: Business Performance - The management indicated that strong demand for liquefied natural gas (LNG) bunkering vessels has led to new orders and backlog in offshore clean energy reaching RMB 10 billion and RMB 22 billion respectively for 2025 [1] - The net profit margin is expected to improve by 1 to 2 percentage points due to the increase in offshore clean energy revenue [1] Group 3: Other Business Segments - Revenue and orders for the aerospace business are projected to exceed RMB 100 million in 2025, with strong growth anticipated in 2026 driven by demand for low Earth orbit satellites and reusable rockets, as well as supportive national policies [1] - The chemical business has shown positive year-on-year growth in orders as of Q4 2025, indicating a potential turnaround after three consecutive years of revenue decline [1]