Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The chemical sector shows signs of recovery, while clean energy growth exceeds expectations. The company's core profit for the first half of 2024 decreased by 3.5% year-on-year to 600 million RMB. The clean energy segment continued its strong growth from Q1, with overseas revenue increasing by 72% year-on-year, driven by offshore products. Hydrogen energy product revenue rose by 74% to 170 million RMB. However, the chemical and liquid food segments underperformed, with the chemical sector's gross profit declining by 63% due to low industry demand [1][2] - The second half of 2024 is expected to see a slight rebound in the chemical sector, with continued strong growth in clean energy. Despite weak performance in the first half, the likelihood of a bottoming out is high, especially in the chemical sector, which saw a 32% quarter-on-quarter revenue increase in Q2. New orders for standard containers have also rebounded significantly [1][2] - The company expects the liquid food segment to achieve over 10% revenue growth and over 20% gross profit growth year-on-year in 2024. The total gross profit for the chemical and liquid food segments in the second half of the year is estimated to be 810 million RMB, with a year-on-year decline narrowing to 4% [1][2] Financial Summary - The company’s revenue is projected to grow from 19,602 million RMB in 2022 to 37,267 million RMB in 2026, with a compound annual growth rate (CAGR) of 11% from 2024 to 2026. Net profit is expected to increase from 1,055 million RMB in 2022 to 1,604 million RMB in 2026, with a recovery to double-digit growth in 2025 [5][11] - The estimated earnings per share (EPS) for 2024 is 0.64 RMB, with a projected P/E ratio of 9.1 times. The report adjusts the target price to 8.45 HKD, reflecting a 31.8% potential upside from the current price of 6.41 HKD [2][5]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company has shown revenue growth in the first half of 2024, with a 6.7% year-on-year increase in revenue to 11.48 billion RMB, although net profit decreased by 14.5% to 490 million RMB [2]. - The clean energy segment has performed exceptionally well, with a 25.1% increase in revenue to 7.88 billion RMB, driven by the recovery in natural gas consumption and supportive government policies [2]. - The hydrogen energy business has seen significant growth, with a 65.2% increase in revenue to 450 million RMB, supported by national policies promoting the hydrogen industry [3]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue is projected to grow from 19.60 billion RMB in 2022 to 34.64 billion RMB in 2026, with a compound annual growth rate (CAGR) of approximately 13.5% [11]. - Net profit is expected to increase from 1.06 billion RMB in 2022 to 1.90 billion RMB in 2026, with a CAGR of about 24.9% [11]. - Earnings Per Share (EPS) is forecasted to rise from 0.52 RMB in 2022 to 0.94 RMB in 2026 [11]. - The company's Price-to-Earnings (P/E) ratio is projected to decrease from 11.4 in 2022 to 6.3 in 2026, indicating a potentially undervalued stock [11]. Order Backlog and Future Growth - The company has a strong order backlog, with total orders increasing by 42.5% year-on-year to 29.35 billion RMB as of June 30, 2024 [2]. - New orders signed in the first half of 2024 reached 16.4 billion RMB, a 29.5% increase compared to the previous year [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 財務摘要 截 至6月30日止六個月 2024年 2023年 （未經審核） （未經審核） 變 動 收 益（人民幣千元） 11,479,938 10,756,489 6.7% 淨溢利（人民幣千元） 503,829 570,032 (11.6%) 股權持有人應佔溢利（人民幣千元） 486,141 568,673 (14.5%) 核心溢利*（人民幣千元） 604,208 625,944 (3.5%) 每股基本盈利（人民幣元） 0.241 0.283 (14.8%) 毛利率 14.3% 16.5% (2.2)個百分點 CIMC Enric Holdings Limited 中集安瑞科控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3899） 截 至2024年6月30日止六個月之 中期業績公告 * 核心溢利 – 截 至6月30日止六個月溢利，剔除股票激勵計劃費用及可換股債券相關推算 利息開支 中 集 安 ...

Investment Rating - The report indicates a positive outlook for the company, highlighting it as a quality red-chip stock with high dividend potential and favorable industry conditions [4][44]. Core Insights - The company, CIMC Anrui (03899.HK), is positioned in the energy, chemical, and liquid food equipment sector, contributing significantly to its parent group, CIMC [12][19]. - The energy sector has shown strong performance, with a 26% annualized return over the past three years, outperforming the Hang Seng Index [2][3]. - The company has experienced substantial revenue growth, with a 21% increase in revenue from 2021 to 2023, reaching 236 billion yuan [18][19]. - The clean energy segment is the core business, accounting for over 63% of revenue, with significant growth in hydrogen energy [21][24]. - The company has a strong dividend payout ratio of 49% in 2023, the highest in its history, reflecting its robust financial performance [39][40]. Summary by Sections Company Overview - CIMC Anrui was established in 2004 and is a member of CIMC Group, which is a leading logistics and energy equipment supplier [6][8]. - The company has diversified operations, including container manufacturing, energy equipment, and logistics services [10][11]. Financial Performance - In 2023, the company reported a net profit of 11.6 billion yuan, with a net profit margin of 4.9% [37][40]. - The company has maintained a stable ROE of 9.4%, which is significantly higher than its peers in the LNG storage and terminal application sector [41][42]. Business Segments - The clean energy segment has shown resilience and growth, with a revenue increase of 59% in the hydrogen energy business [21][24]. - The chemical environment segment has faced challenges, with a 16% decline in revenue in 2023, attributed to cyclical industry factors [28][29]. - The liquid food equipment segment has been stable, with a 19% revenue increase in 2023, supported by strategic acquisitions [33]. Market Conditions - The energy sector is currently experiencing a high demand due to favorable policies and recovering natural gas consumption post-pandemic [22][25]. - The company is well-positioned to benefit from potential tax reductions on dividends for red-chip stocks, enhancing its attractiveness to investors [3][4].

也可以随时交流 谢谢好的 感谢各位投资人的参会我是公司的投资者关系总裁首先我给各位投资人介绍一下咱们公司的一些最新的一些情况那么我以这个材料的方案来给各位来过一下我们公司最近的一些亮点和一些重点 好 那我们中天瑞科就是整个中子电台旗下的一个能源化工视频板块并且我们的主要业务就是分三个大的部分一个是清洁能源第二就是化工环境然后第三是电台视频那么从去年的年报的情况来看的话我们的清洁能源占比超过63%然后化工环境和电台视频分别占比18%左右那么我们去年实现了236.26亿元的一个营收 从三大业务板块看来 我们已经实现了一体两义的业务布局我们是以清洁能源为一个主管道里面就包括了路上清洁能源 水上清洁能源以及新能业务 而划风环境以及液态饰品业务中间分别包含的就是像比如说划风管箱以及环保业务以及液态饰品中的一些啤酒与非啤酒与做一些校药工程业务那么我们正在以这个关键装备然后核心工艺以及作风服务能力去打造一下科技性低碳智慧性能解决方案的一个作风工程 那首先从我们的这个核心业务也就是清洁能源业务开始给各位投资者过一下 从我们经济能源的业务情况来看的话我们经济能源已经布局了水上物上以及氢能的一个上中下游的一个全台链布局我们也是受 ...

也可以随时交流好 谢谢好的 感谢各位投资人的参会我是公司的投资者关系总裁首先我给各位投资人介绍一下咱们公司的一些最新的一些基本情况那么我以这个材料的方案来给各位来过一下我们公司最近的一些亮点和一些重点 我们中天瑞科就是整个中影电台旗下的一个能源化工视频板块并且我们的主要业务就是分三个大的部分一个是清洁能源第二就是化工环境然后第三是电台视频那么从去年的年报的情况来看的话我们的清洁能源占比超过63%然后化工环境和电台视频分别占比18%左右那么我们去年实现了236.26亿元的一个营收 那从这个三大业务板块看来呢我们已经实现了我们已经实现了一个一体两义的一个业务布局那么我们是以这个清洁能源为一个主行道那么里面就包括了路上清洁能源水上清洁能源以及清能业务 而化工环境以及液态饰品业务中间分别的包含的就是像比如说化工管箱以及环保业务以及液态饰品中的一些啤酒与非啤酒业的一些交易工程业务那么我们正在以这个关键装备然后核心工艺以及作风服务能力去打造一下科技性低碳智慧性能解决方案的一个总统商 那首先从我们的这个核心业务也就是清洁能源业务开始给各位投资者过一下 从我们经济能源的业务情况来看的话我们经济能源已经布局了水上、雾上以及氢能 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 一、业务概览 公司以清洁能源为主航道，实现上中下游布局，2023年天然气消费量同比增幅为7.7%，一 季度消费量同比增速为12.2%。 液态食品业务和化工环境业务持续发展，公司正打造科技型低碳社会性能解决方案的综合供 应商。 清洁能源业务得益于全球绿色行业升级和国家政策推进，LNG试用品销售情况良好。 公司陆上海外市场去年收入超20亿元，同比增长3%，并在美洲、欧洲、非洲、东南亚设立 百分数，积极开拓中东市场。 二、订单与销售情况 公司订新签和交付订单实现大幅增长，一季度燃油汽车用品销售达到2.5亿元，同比增长5 倍；新天地3.5亿元，同比增长超过9倍。 新灯塔产线已投产，LED车用品年产能达20万吨。 水上绿色行业升级，船舶业务迎来高增速增长，造材业全年新签近20艘主力产品，3月底 订单达到123.5亿元。 三、合作项目及产能规划 鞍钢项目标志公司由装备制造销售转型为综合服务提供商，计划年产1.5万吨氢气和10万 吨LNG。 预计到2027年构建20万吨氢气和10万吨LNG产能，通过工业废气制氢实现节能减排。 绿色甲醛市场需求持续增长，首个5万吨产能 ...

Investment Rating - The report assigns a "Buy" rating to the company, CIMC Enric (3899.HK) [1]. Core Insights - CIMC Enric is a leading player in clean energy and chemical tank equipment, with a well-established global presence and a combination of growth and dividend value [1]. - The company's revenue for 2023 reached 23.63 billion yuan, a year-on-year increase of 20.5%, with a net profit attributable to shareholders of 1.11 billion yuan, up 5.6% year-on-year [1][10]. - The clean energy segment contributed over 60% of the company's revenue in 2023, covering natural gas, petroleum gas, and hydrogen industries [1][10]. - The company has a balanced revenue contribution from domestic and overseas markets, with 51.5% from domestic and 48.5% from overseas in 2023 [1]. Summary by Sections Clean Energy - The clean energy segment is expected to benefit from the rising demand in the global natural gas industry, with a projected revenue of 14.91 billion yuan in 2023, reflecting a year-on-year growth of 40.8% and a gross margin of 12.8% [1][18]. - The company has established a comprehensive industrial chain for onshore clean energy, with major products including LNG, LPG, and CNG equipment, leading the domestic market in production and sales [1][20]. - The offshore clean energy business saw a revenue increase of 74% in 2023, reaching 2.2 billion yuan, driven by the growing demand for clean energy vessels [1][18]. Chemical Environment - The chemical environment segment generated 4.41 billion yuan in revenue in 2023, a decrease of approximately 17% due to market conditions [2]. - The company is focusing on expanding its after-market services and medical equipment sectors, which have shown promising growth [2]. Liquid Food - The liquid food segment achieved a revenue of 4.29 billion yuan in 2023, up 18.6% year-on-year, with significant progress in overseas beer projects and new business areas such as spirits and biopharmaceuticals [2][10]. - The company has a strong global customer base and has completed its capacity layout, positioning itself well to benefit from the beverage industry's growth [2]. Financial Forecast - The company is expected to see a steady increase in net profit, with projections of 1.36 billion yuan, 1.63 billion yuan, and 1.81 billion yuan for 2024, 2025, and 2026 respectively [3][4]. - The current stock price corresponds to a PE ratio of 11, 9, and 8 for the years 2024 to 2026, indicating a favorable valuation [3][4]. Dividend Policy - The company has maintained a dividend payout ratio above 38% since 2019, reaching a new high of approximately 49% in 2023, with a dividend yield of 3.7% [12][10].

证券研究报告 ＃industryId＃ 制造业 ＃03899.HK ＃dy中Com集pa安ny＃瑞科 港股 增持 （维持） ＃title＃ 化工板块短期拖累，能源装备带来长期增长确定性 ＃createTime1＃ 市场数据 2024年5月 22 日 日期 2024.5.21 收盘价（港元） 8.23 投资要点 总股本（百万股） 2,028 ＃sum化ma工ry板＃块短期拖累：2023年公司实现收入236.3亿元，同比增长20.5%，净利润同比 流通股本（百万股） 2,028 增长7.2%至11.6亿元，核心溢利同比增长4.4%至12.8亿元，公司综合毛利率同比下 净资产（百万元） 12,374 降1.7个百分点至15.7%。2024Q1公司收入同比下降6.8%至46.35亿元，其中清洁能 源分部同比增长21.2%至32.55亿元，化工环境分部同比下降58.6%至5.62亿元，液 总资产（百万元） 27,587 态食品分部同比下降11.7%至8.18亿元，主要受化工板块拖累比较明显，我们预计二 每股净资产（元） 5.54 季度化工板块客户提货开始加速，2季度化工板块环比实现增长，3季度开始实现同 比增长。 数 ...

[Table_Page] 公告点评|能源Ⅱ 证券研究报告 [【Table_T广itle] 发 机械&海外】中集安瑞科 [公Tab司le_I评nves级t] 买入 当前价格 7.64港元 （03899.HK） 合理价值 8.97港元 前次评级 买入 清洁能源订单高增，罐箱业绩+库存双触底 报告日期 2024-04-27 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 清洁能源收入快速增长，罐箱&食品业务拖累。公司发布一季度自愿披 20% 12% 露公告，24Q1实现收入46.35亿元，同比-6.8%；其中清洁能源、化 3% 工罐箱、液态食品收入分别32.55/5.62/8.18亿元，同比增速+21.2%/ -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -58.6%/-11.7%。细分板块来看，水上清洁能源、氢能、LNG车用瓶在 -14% 一季度实现了高速增长，根据公司 24Q1 业绩推介材料，水上清洁能 -22% 中集安瑞科 恒生指数 源板块增速亮眼，收入7.3亿元，同比+48.6%；氢能业务收入1.69亿 元， ...