中集安瑞科：3季度清洁能源收入保持高增

Investment Rating - The report maintains a Buy rating for CIMC Enric (3899 HK) with a target price of HKD 8.45, representing a potential upside of 24.1% [6] Core Views - CIMC Enric's Q3 2024 revenue increased by 10% YoY to RMB 6.49 billion, driven by strong growth in the clean energy segment, which saw a 28% YoY increase to RMB 4.72 billion [1] - The company's total revenue for the first nine months of 2024 grew by 8% YoY, with the clean energy segment contributing a 26% YoY increase [1] - The clean energy segment's growth was primarily fueled by the delivery of 3 vessels (1 LNG bunkering vessel + 2 LEG carriers) in Q3, bringing the total deliveries to 7 vessels by the end of October 2024 [1] - Despite a 14% YoY decline in hydrogen product revenue in Q3, the clean energy segment's backlog increased by 43% YoY, although the growth rate slowed compared to the 70-71% YoY increase in Q1-Q2 2024 [1] Segment Performance Clean Energy - Q3 2024 clean energy revenue reached RMB 4.72 billion, up 28% YoY, with offshore clean energy revenue surging 74.6% YoY [1] - Hydrogen product revenue declined by 14% YoY in Q3, with the backlog for hydrogen products dropping 24% YoY to RMB 320 million [1] - The clean energy backlog stood at RMB 15.51 billion in Q3, up 43% YoY [1] Chemical & Liquid Food - Chemical equipment revenue in Q3 2024 fell 25% YoY, with new orders growing 31% QoQ but still down 26% YoY [2] - Liquid food equipment revenue declined 13% YoY in Q3, with the backlog down 14% YoY [2] - Management cited cautious capital expenditure from overseas clients and uncertain global consumption growth as key challenges for these segments [2] Order Backlog - Total backlog at the end of Q3 2024 was RMB 27.7 billion, up 25% YoY but down 6% QoQ [1] - Clean energy equipment backlog reached RMB 15.51 billion, while chemical and liquid food equipment backlogs stood at RMB 1.44 billion and RMB 5.21 billion, respectively [4] Management Guidance - Management maintained its 2024 full-year revenue growth guidance of >10% YoY and core profit growth in the single-digit range [2] - The hydrogen product revenue target for 2024 remains unchanged at RMB 900 million [2] - A delayed South American liquid food project is expected to be delivered in 2025 [2]