CIMC ENRIC(03899) 国金证券·2025-03-26 12:11Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company achieved a total revenue of 24.755 billion RMB in 2024, representing a year-on-year growth of 4.8%. The fourth quarter revenue was 6.489 billion RMB, up 10.4% year-on-year. However, the net profit attributable to shareholders was 1.144 billion RMB, down 1.7% year-on-year [2][4]. - The clean energy segment remains a key growth driver, with revenues of 17.183 billion RMB, a 15.3% increase year-on-year, driven by rising demand for LNG and industrial gases [2]. - The onshore business continues to lead in its niche, generating 11.67 billion RMB in revenue with new orders of 10.08 billion RMB, supported by strong natural gas market dynamics [2]. - The offshore business is entering a performance realization phase, with revenues of 4.66 billion RMB, a significant increase of 108.4% year-on-year, and new orders exceeding 10.86 billion RMB [3]. - Hydrogen energy business is steadily acquiring new contracts, with revenues of 850 million RMB, up 21.7% year-on-year, and new orders also at 850 million RMB [3]. - The chemical segment faced challenges, with revenues declining by 29.4% to 3.116 billion RMB, while the liquid food segment grew by 3.7% to 4.451 billion RMB [4]. Summary by Sections Performance Overview - In 2024, the company reported total revenue of 24.755 billion RMB, a 4.8% increase from the previous year, with a net profit of 1.144 billion RMB, down 1.7% [2][4]. Business Analysis - Clean Energy: Revenue of 17.183 billion RMB, up 15.3% year-on-year, driven by increased demand for LNG and industrial gases [2]. - Onshore Business: Revenue of 11.67 billion RMB with new orders of 10.08 billion RMB, supported by strong market demand [2]. - Offshore Business: Revenue of 4.66 billion RMB, up 108.4% year-on-year, with new orders exceeding 10.86 billion RMB [3]. - Hydrogen Energy: Revenue of 850 million RMB, up 21.7% year-on-year, with new orders also at 850 million RMB [3]. - Chemical Segment: Revenue of 3.116 billion RMB, down 29.4% year-on-year [4]. - Liquid Food Segment: Revenue of 4.451 billion RMB, up 3.7% year-on-year [4]. Profit Forecast and Valuation - The company is expected to achieve net profits of 1.38 billion RMB, 1.67 billion RMB, and 1.97 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.5, 7.8, and 6.6 [4].