证券代码：301559 证券简称：中集环科 中集安瑞环科技股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 ____电话会议___ 活动参与人员 华泰证券 倪正洋 杨云逍 吕佩蕾 李 斐 光大永明资产管理股份有限公司 何博源 上海日胜隆私募基金管理有限公司 乔 玥 壹拾资产管理有限公司 钱纪廷 兴业证券 余小丽 中邮证券 虞洁攀 宁银理财 潘亚洲 国信证券 张苗苗 公司董事、总裁 季国祥 公司副总裁、首席财务官兼董事会秘书 张 毅 公司董事会办公室主任 王延民 公司证券事务代表 孟 阳 时间 2025 年 8 月 25 日 16:00-17:00 地点 中集环科会议室 形式 □现场 □网上 ☑电话会议 交流内容及具体问 答记录 公司基本情况介绍： 公司主要从事罐式集装箱的设计研发、生产制造和销售，是 全球领先的液体、液化气体（常温）集装箱化物流装备制造企业 和全生命周期服务商，并衍生出医疗设备部件业务。 2025 年上半年，受美国贸易政策不确定性以及全球地缘政治 紧张等因素影响 ...

聚焦相关多元化是公司实现可持续增长、增强抗风险能力的关键战略。目前,公司在罐箱制造领域已确 立稳固的市场地位和规模优势。为进一步提升竞争力，公司正着力打造第二增长曲线：通过促进规模效 应、业务广度与高精尖技术的深度协同，积极探寻高端装备等战略相关领域的新业务机遇。有效扩充营 收来源，培育规模化新兴业务板块，驱动公司实现优质增长。 中集环科半年报显示，公司医疗设备部件业务营收同比增长16.12%，且连续多个报告期保持两位数增 速。经过十余年的持续研发与改进，公司高端医疗影像设备关键零部件研发与制造能力逐渐提升、产品 范围逐步扩大，客户越来越多。基于此，公司在高端医疗影像设备行业的经营能力得到了提高，为未来 在该赛道进一步发展提供了坚实的基础。报告期内，公司高管团队受邀前往德国西门子医疗总部，参加 其全球供应商大会，并参观了西门子最新的自动化生产车间。西门子医疗高层与中集环科就未来合作展 开了深入探讨，达成了积极的共识与意向。 未来中集环科积极响应国家政策和号召，通过并购、投资等资本市场手段，坚持围绕重点领域做布局， 尤其是高端医疗设备、智能装备制造等领域。不断推进内生式发展与外延式拓展，通过未来三至五年的 努力 ...

Core Viewpoint - The company, CIMC Enric, is leading the global market in tank container production, with a focus on green and intelligent manufacturing practices, aiming for a strategic transition to a high-end equipment technology platform [3][4]. Group 1: Market Position and Financial Performance - In 2024, China is expected to produce 40,000 tank containers, accounting for 95% of global output, with CIMC Enric holding the largest market share [3]. - In the first quarter of this year, CIMC Enric signed new orders worth 444 million yuan, representing a year-on-year increase of 17.27% [3]. Group 2: Green and Intelligent Manufacturing - CIMC Enric is promoting a circular economy in tank container production, aiming for 100% recyclability of materials [4]. - The company has established the first fully automated powder coating line in the industry, significantly reducing pollution and achieving near-zero VOC emissions [4]. - A digital carbon management platform has been implemented to enhance carbon accounting efficiency and provide data for emissions verification [4]. Group 3: Technological Advancements - The company is investing in smart manufacturing, focusing on flexible green factories and advanced manufacturing centers [5]. - Advanced technologies such as 3D adjustment machines and digital twin technology are being utilized to optimize production processes and enhance safety and efficiency [6]. - CIMC Enric has developed several industry standards and numerous patents, including AI models for safety and production optimization [7]. Group 4: Growth in Medical Equipment Sector - The medical equipment components segment has shown steady growth, with revenue of approximately 54.41 million yuan in the first quarter, a year-on-year increase of 20.98% [8]. - The company aims to expand its high-end medical imaging business, which is expected to become a second growth curve alongside its core tank container business [8]. - As of the end of the first quarter, CIMC Enric reported a debt ratio of 14.05% and sufficient cash reserves, indicating a strong foundation for business expansion [8].

Group 1: Industry Outlook - The wind power industry is expected to enter an accelerated construction phase by 2025, driven by global consensus on renewable energy development [2] - The signing of a self-discipline agreement by 12 wind turbine manufacturers is anticipated to stabilize bidding prices, which may enhance profitability for component manufacturers [2] Group 2: Raw Material Cost Management - Raw material costs, primarily from pig iron, scrap steel, and aluminum ingots, significantly impact product costs [3] - The company plans to negotiate product prices with clients in response to long-term fluctuations in raw material prices [3] - Strategies to mitigate raw material price risks include tracking supply and price changes, establishing long-term relationships with competitive suppliers, and optimizing production processes [3] Group 3: Fixed Asset Depreciation - As of December 31, 2024, the company's fixed asset value reached 573.236 million, a 30.91% increase from the end of 2023, leading to higher depreciation costs [3] - The company aims to offset increased depreciation through revenue growth from market expansion [3] Group 4: Demand Fluctuation Risks - The company acknowledges potential challenges from macroeconomic factors and industry policies affecting demand in the wind power sector [4] - To address demand volatility, the company is enhancing R&D for new products and expanding its customer base to improve manufacturing capabilities [4] Group 5: Diversification Strategy - The company focuses on casting technology, with a dual emphasis on cast iron and cast aluminum, and aims to diversify applications across wind power, injection molding, power generation, and medical equipment [4] - Continuous development of new clients and products is essential to mitigate risks associated with reliance on single industries or customers [4]

Group 1: Company Overview - CIMC Enric is a subsidiary of CIMC Group, primarily engaged in the design, research and development, manufacturing, and sales of tank containers, making it a global leader in liquid and liquefied gas container logistics equipment manufacturing and lifecycle services [1] - In Q1 2025, the company achieved operating revenue of CNY 611.23 million, a decrease of 1.31% year-on-year [1] - Revenue from tank containers was CNY 480.76 million, down 2.57% year-on-year; medical device components revenue was CNY 54.41 million, up 20.98% year-on-year; aftermarket business revenue was CNY 36.08 million, up 0.15% year-on-year [1] Group 2: Business Performance - The tank container business maintained its market position, while the medical device components business continued to show double-digit growth [2] - The company reported a significant improvement in operating cash flow and a double-digit growth in new orders year-on-year [2] Group 3: Product and Market Insights - The main products include a full range of tank containers, such as standard stainless steel liquid tanks, special stainless steel liquid tanks, carbon steel gas tanks, and carbon steel powder tanks [2] - The standard stainless steel liquid tank is designed according to international standards and is primarily used for transporting bulk chemical products [2] - The company anticipates challenges in 2025 due to geopolitical uncertainties and new trade policies affecting global economic recovery [2][3] Group 4: Future Outlook - In Q1 2025, new orders increased by 17.27% year-on-year, indicating a positive market demand [3] - The medical device components business is expected to continue its growth trajectory, with plans for increased R&D and investment in this sector [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 611 million RMB, a year-over-year decrease of 1.31% and a quarter-over-quarter decrease of 38.57%. The net profit attributable to the parent company was 22 million RMB, down 56.99% year-over-year and 81.92% quarter-over-quarter. The company signed new orders worth 444 million RMB in Q1 2025, representing a year-over-year increase of 17.27% [1][2] - Despite short-term challenges in the tank container industry due to macroeconomic uncertainties, the company is expected to leverage its scale and brand advantages to enhance cost control and increase market share [1][4] - The company's gross margin in Q1 2025 was 14.56%, a decrease of 2.76 percentage points year-over-year and 1.84 percentage points quarter-over-quarter, primarily due to short-term demand pressure in the downstream chemical industry and intensified competition [3] Summary by Sections Financial Performance - In Q1 2025, the tank container business generated revenue of 481 million RMB, down 2.57% year-over-year, while the medical equipment components business saw revenue growth of 20.98% to 54 million RMB. The aftermarket business revenue was 36 million RMB, a slight increase of 0.15% year-over-year [2] - The company plans to increase product innovation in tank containers and strengthen manufacturing cost control to further enhance market share [4] Profitability and Costs - The company's expense ratio in Q1 2025 was 8.09%, an increase of 4.73 percentage points year-over-year and 8.72 percentage points quarter-over-quarter. The financial expense ratio was -1.00%, reflecting an increase of 5.11 percentage points year-over-year, mainly due to increased foreign exchange losses [3] Market Outlook - The long-term outlook for the tank container industry remains positive despite short-term challenges. The company, as a market leader with approximately 50% market share, is expected to benefit from the rapid development of multimodal transport and stricter environmental regulations [4] Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 445 million RMB, 543 million RMB, and 609 million RMB, respectively. The target price is set at 19.94 RMB, based on a 2.4 times price-to-book (PB) ratio for 2025 [5][9]

Group 1: Company Overview and Market Position - The company, CIMC Enric Holdings Limited, is a leading manufacturer of liquid and gas container logistics equipment and lifecycle service provider [4] - As of January 2025, the global tank container market has a total of 882,000 units, with a new build volume of 42,100 units in 2024, representing a year-on-year decline of 25.58% [5] - The company has a high market share in the tank container sector, with major competitors including Jiangsu Yatai and Sifang Technology [6] Group 2: Financial Performance - In 2024, the company signed new orders totaling CNY 2.994 billion, a year-on-year decrease of 9.38% [6] - As of December 31, 2024, the company's backlog of orders was CNY 937 million, down 17.66% year-on-year [6] - The gross margin for standard and carbon steel tank containers decreased by 6.04% and 14.54% respectively compared to 2023 [5] Group 3: Strategic Initiatives - The company is focused on high-quality development through smart manufacturing and digital upgrades to strengthen long-term competitiveness [4] - A three-year shareholder dividend plan (2024-2026) has been established, with a commitment to distribute at least 50% of the distributable profits as cash dividends each year [7] - The company plans to enhance its after-market services, which include cleaning, maintenance, and refurbishment of tank containers, to capture market share [8] Group 4: Environmental and Social Responsibility - The company has been recognized as a national-level green factory, with plans to further enhance energy-saving and emission-reduction technologies [11] - In 2024, the company engaged in various social responsibility initiatives, including community service and charitable donations [12] Group 5: Future Outlook and Challenges - The company anticipates a challenging external environment in 2025, with significant uncertainties affecting performance [5] - Strategies to enhance core competitiveness include lean innovation, digital transformation, and promoting tank container applications [9] - The company aims to expand its market share and profitability in the tank container business despite a decline in market demand [9]

创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公 司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经 营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出 投资决定。 中集安瑞环科技股份有限公司 CIMC Safeway Technologies Co., Ltd. （江苏省南通市城港路 159 号） 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 联席主承销商 （新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室） 中集安瑞环科技股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判 ...