CIMC ENRIC(HK:03899)2024-09-03 07:12Investment Rating - The report does not specify an explicit investment rating for the company [5]. Core Views - The clean energy segment shows strong performance with a revenue increase of 25.1% year-on-year, reaching 7.88 billion RMB, and a gross margin improvement to 12.6% [2][3]. - The chemical segment is expected to improve in the second half of the year, with new orders showing a significant increase of 245.4% quarter-on-quarter [3]. - The liquid food segment is projected to maintain double-digit growth throughout the year, with a revenue increase of 14.7% year-on-year [3][4]. Summary by Relevant Sections Clean Energy Performance - The clean energy business continued its strong momentum, achieving a revenue of 7.88 billion RMB in the first half of 2024, a 25.1% increase year-on-year, with a gross margin of 12.6% [2][3]. - The waterborne clean energy segment saw a revenue growth of 48.96%, reaching 1.77 billion RMB [3]. - As of June 2024, the clean energy backlog reached 22.93 billion RMB, a significant increase of 70.7% year-on-year, with new orders totaling 12.92 billion RMB, up 63.3% [3]. Hydrogen Energy Business - The hydrogen energy segment reported a revenue of 450 million RMB, reflecting a year-on-year growth of 65.2% [3]. - New orders in this segment amounted to 450 million RMB, a 29.3% increase, with a backlog of 330 million RMB, slightly down by 11% [3]. Chemical Environment Segment - The chemical environment segment generated a revenue of 1.3 billion RMB, down 47.1% year-on-year, with a gross margin of 15.7% [3]. - New orders in Q2 2024 for the chemical segment were 1.21 billion RMB, showing a quarter-on-quarter increase of 245.4% and a year-on-year increase of 28.6% [3]. Liquid Food Segment - The liquid food segment achieved a revenue of 2.31 billion RMB, a 14.7% increase year-on-year, with a gross margin of 19.1% [3]. - As of June 2024, new orders in this segment totaled 1.79 billion RMB, with a backlog of 4.9 billion RMB [3].