中集安瑞科（3899 HK） | 2026 年 3 月 26 日 香港股市 | 工业 | 设备 中集安瑞科（3899 HK） 盈利稳增长 FY25 股东净利润同比上升 3.7% 公司 FY25 业绩大致令人满意。股东净利润同比上升 3.7%至 11.4 亿元(人民币，下同)，较 我们预测 12.3 亿元低 7.3%(见图表 1)，主因(一)总收入同比增长 6.3%至 263.3 亿元，较我 们预测 272.4 亿元低 3.3%；(二)汇兑亏损由 FY24 的 22.3 万元扩大至 FY25 的 1.7 亿元。清 洁能源板块依然是最主要的收入及盈利来源。FY25 分部收入分别同比上升 19.7%至 205.7 亿元，占总收入 78.1%。分部毛利率由 12.6%上升至 12.7%，分部毛利达到 26.1 亿元，占 总毛利 71.1%。 FY25 新签清洁能源板块订单金额同比上升 2.0% FY25 新签订单总额同比下跌 4.4%至 262.9 亿元，但是其中清洁能源板块金额则同比上升 2.0%至222.3亿元，按分类48.8%、47.9%、3.3%分别来自陆上清洁能源、水上清洁能源、 氢能。截至 2025 年底 ...

中集安瑞科（3899 HK） | 2026 年 3 月 26 日 香港股市 | 工业 | 设备 中集安瑞科（3899 HK） 盈利稳增长 FY25 股东净利润同比上升 3.7% 公司 FY25 业绩大致令人满意。股东净利润同比上升 3.7%至 11.4 亿元(人民币，下同)，较 我们预测 12.3 亿元低 7.3%(见图表 1)，主因(一)总收入同比增长 6.3%至 263.3 亿元，较我 们预测 272.4 亿元低 3.3%；(二)汇兑亏损由 FY24 的 22.3 万元扩大至 FY25 的 1.7 亿元。清 洁能源板块依然是最主要的收入及盈利来源。FY25 分部收入分别同比上升 19.7%至 205.7 亿元，占总收入 78.1%。分部毛利率由 12.6%上升至 12.7%，分部毛利达到 26.1 亿元，占 总毛利 71.1%。 FY25 新签清洁能源板块订单金额同比上升 2.0% FY25 新签订单总额同比下跌 4.4%至 262.9 亿元，但是其中清洁能源板块金额则同比上升 2.0%至222.3亿元，按分类48.8%、47.9%、3.3%分别来自陆上清洁能源、水上清洁能源、 氢能。截至 2025 年底 ...

Core Viewpoint - The article emphasizes the critical role of hydrogen energy, particularly green hydrogen, in achieving carbon neutrality and the urgent need for advancements in large-scale storage and transportation technologies to facilitate its widespread application [4][10]. Group 1: Industry Context - In 2023, global and Chinese carbon emissions reached historical highs, highlighting the urgency of energy transition. China, as the largest carbon emitter, has positioned hydrogen as a key component of its future energy system [4]. - By 2050, China's hydrogen demand is projected to approach 60 million tons, accounting for at least 10% of terminal energy consumption, with an industry chain annual output value potentially reaching 12 trillion yuan and a reduction of approximately 700 million tons of CO2 emissions [4]. Group 2: Storage and Transportation Challenges - The current annual hydrogen production in China is about 37 million tons, with a low penetration rate of green hydrogen. The key challenge lies in the safe, efficient, and economical storage and transportation of hydrogen [4]. - The report analyzes three main hydrogen storage methods: gaseous, liquid, and solid, indicating that high-pressure gaseous storage will remain dominant for a considerable time due to its mature technology and lower energy consumption [4][10]. Group 3: Company Capabilities - CIMC Hydrogen has established a comprehensive storage and transportation equipment matrix, leveraging its parent company CIMC Group's industrial platform to create a research and manufacturing network across major Chinese regions and extending its business to over ten countries globally [5]. - The company offers various storage solutions, including large-scale static storage for GW-level green hydrogen/ammonia projects and high-pressure gaseous storage equipment, enhancing hydrogen loading capacity and transportation efficiency [6][7]. Group 4: Commercialization and Market Presence - CIMC Hydrogen has participated in significant domestic green hydrogen projects, providing comprehensive services from hydrogen storage engineering to transportation and refueling systems [8]. - The company has successfully secured international orders by demonstrating superior delivery times and automation capabilities, showcasing its competitive strength beyond just pricing [8]. Group 5: Future Trends and Innovations - The article predicts that with evolving standards, large-scale centralized hydrogen storage will become mainstream, and the development of IV-type hydrogen transport vehicles will enhance transportation efficiency [9][10]. - CIMC Hydrogen aims to support the commercialization of hydrogen energy through a systematic approach, integrating decades of experience in high-pressure and low-temperature equipment manufacturing into the hydrogen sector [10][11].