CIMC ENRIC(HK:03899)2024-04-08 16:00Investment Rating - The report recommends关注中集安瑞科 (3899.HK) due to its strong performance and growth potential in the clean energy sector [2][3]. Core Insights - 中集安瑞科 reported a revenue of 23.63 billion yuan in 2023, a year-on-year increase of 20.5%, and a net profit of 1.11 billion yuan, up 5.6% year-on-year, aligning with market expectations [2]. - The clean energy segment, particularly the hydrogen energy business, continues to show robust growth, with new orders increasing by 31.5% to 26.64 billion yuan [2][3]. - The company has a strong order backlog of 22.85 billion yuan, reflecting a 29.8% year-on-year increase, indicating future revenue stability [2][3]. Summary by Sections Financial Performance - Revenue reached 23.63 billion yuan, up 20.5% year-on-year; net profit was 1.11 billion yuan, a 5.6% increase; earnings per share rose to 0.554 yuan, a 4.4% increase [2]. - The gross margin slightly decreased by 1.7% to 15.7% due to a decline in global container demand [2]. Clean Energy Segment - The clean energy segment's revenue was 1.49 billion yuan, a significant increase of 40.8% year-on-year, driven by the recovery in natural gas consumption [2][3]. - The waterborne business generated 2.2 billion yuan, a 74.1% increase, while the overseas land business achieved 2 billion yuan, a 30% increase [2][3]. Hydrogen Energy Business - The hydrogen energy sub-segment achieved a revenue of 700 million yuan, a 59% increase year-on-year, with new orders of 830 million yuan, up 36.7% [3]. - The company is actively involved in large-scale hydrogen energy projects and is a leader in hydrogen storage and transportation equipment [3]. Other Segments - 中集环科 successfully spun off and listed on the STAR Market, reporting a revenue of 4.41 billion yuan, down 15.8% due to normalized demand for standard containers [3]. - The liquid food segment reported a revenue of 4.29 billion yuan, an 18.6% increase, although its gross margin faced slight pressure [3].