CIMC ENRIC(HK:03899) Hua Yuan Zheng Quan·2026-01-10 13:20Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company is expected to experience new growth drivers from its clean energy, LNG, and aerospace equipment sectors, with a record high backlog of orders [5][10] - The company operates under the CIMC Group, focusing on clean energy, chemical environment, and liquid food sectors, providing key equipment, engineering services, and system solutions [6] - The company anticipates revenue of 171.8 billion, 31.2 billion, and 44.5 billion from its three main business segments in 2024, with respective operating profits of 9.6 billion, 3.5 billion, and 3.5 billion [6] Summary by Relevant Sections Market Performance - The clean energy sector has seen a significant increase in new orders, with a total of 169.9 billion in new orders for the first three quarters of 2025, representing a year-on-year increase of 5.14% [7] - The backlog of orders in the clean energy sector is approximately 200 billion, with production scheduled until 2028 [7] - The company is positioned to benefit from the rising domestic natural gas consumption and the global shipping industry's transition to low-carbon alternatives [7] Clean Energy Projects - Key projects include the coke oven gas hydrogen co-production LNG project and biomass-based green methanol projects, which are expected to contribute significantly to revenue [8] - The company has ongoing projects with capacities of 100,000 tons of LNG and 15,000 tons of hydrogen, with expected production dates in 2024 and 2025 [8] Financial Forecasts - The company forecasts net profits of 12.2 billion, 14.6 billion, and 17.4 billion for 2025-2027, with respective growth rates of 11.5%, 19.6%, and 19.2% [10] - The current stock price corresponds to a price-to-earnings ratio of 15.3, 12.8, and 10.8 for the years 2025-2027 [10]