CIMC ENRIC(03899) 交银国际·2025-03-27 10:23Investment Rating - The report assigns a "Buy" rating for the company, indicating an expectation of total returns exceeding the relevant industry over the next 12 months [2][21]. Core Insights - The company is expected to see stable growth in clean energy products, with significant contributions from hydrogen projects anticipated to increase profitability [2][6]. - The target price has been adjusted to HKD 8.12, reflecting a potential upside of 15.8% from the current closing price of HKD 7.01 [1][15]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 23,626 million - 2024: RMB 24,756 million (4.8% YoY growth) - 2025E: RMB 28,287 million (14.3% YoY growth) - 2026E: RMB 31,988 million - 2027E: RMB 36,066 million [5][18]. - Net profit estimates are: - 2023: RMB 1,114 million - 2024: RMB 1,095 million - 2025E: RMB 1,411 million (28.8% YoY growth) - 2026E: RMB 1,523 million - 2027E: RMB 1,670 million [5][18]. Segment Performance - The clean energy segment is projected to grow significantly, with revenues expected to reach RMB 20,036 million by 2025, reflecting a 16.6% growth rate [9]. - The chemical equipment segment is forecasted to stabilize, with a projected revenue of RMB 3,354 million in 2025, showing a 7.7% growth [9]. - Liquid food equipment revenue is expected to reach RMB 4,896 million by 2025, with a 10% growth rate [9]. Order Book and Growth - New orders in the clean energy equipment sector are expected to increase by 17% YoY in Q4 2024, with a total of RMB 21,790 million [8]. - The backlog of orders in the clean energy equipment sector is projected to grow by 39.5% YoY, reaching RMB 23,210 million by Q4 2024 [8]. Dividend Policy - The company plans to maintain a dividend of HKD 0.3 per share, consistent with previous distributions [6].