CIMC ENRIC(03899.HK):SOLID GROWTH IN 3Q23 REITERATE "BUY"
CIMC ENRIC(03899.HK):SOLID GROWTH IN 3Q23 REITERATE "BUY"
We maintain "Buy" and previous TP of HK$10.95. We maintain our forecasts for CIMC Enric's (the "Company") 2023-2025 shareholders' net profit at RMB1,228 mn / RMB1,498 mn / RMB 1,761 mn, respectively. We maintain our forecasts for the Company's earnings per share in 2023/ 2024/ 2025 at RMB0.605, RMB0.738, and RMB0.867, respectively. Our TP represents 15.9x/ 13.1x/ 11.1x 2023-2025 PE ratio and 2.0x 2023 PB ratio.
我们维持 “买入” 和之前的目标价为10.95港元。我们维持对中集安瑞科（“公司”）2023-2025年股东净利润的预测，分别为12.28亿元人民币/14.98亿元人民币/17.61亿元人民币。我们维持对公司2023年/2024/2025年每股收益的预测，分别为人民币0.605元、0.738元和0.867元人民币。我们的市盈率代表2023-2025年市盈率为15.9x/ 13.1x/ 11.1x，2023年市盈率为2.0倍。
The Company's revenue remained solid growth in 3Q23. The Company's revenue in 3Q23 was RMB5.88 billion, an increase of 11.6% YoY. The Company's revenue in the first nine months of 2023 was RMB16.64 billion, an increase of 17.0% YoY. Dragged down by the weak performance of chemical and environmental segment and liquid food segment, the Company's overall growth rate declined in 3Q23. However, we believe that with the delivery of orders in 4Q23, the full-year performance may still maintain rapid growth.
该公司的收入在23年第三季度保持稳健增长。该公司在23年第三季度的收入为人民币58.8亿元，同比增长11.6％。该公司在2023年前九个月的收入为人民币166.4亿元，同比增长17.0％。受化工和环境板块以及液态食品板块表现疲软的拖累，该公司的整体增长率在23年第三季度有所下降。但是，我们认为，随着23年第四季度订单的交付，全年业绩仍可能保持快速增长。
Demand from both the domestic and overseas markets boosts the growth of the Company's clean energy business. The Company's clean energy business achieved revenue of RMB 9.98 billion in the first nine months of 2023, an increase of 33.9% YoY. While the Company's clean energy business revenue was RMB3.69 billion in 3Q23, increased by 33.2% YoY. With the recovery of the Chinese economy and the drop in natural gas prices, the demand for LNG in the Chinese market has recovered significantly, which boosted the sales of the Company's storage and transportation equipment such as LNG storage tanks and CNG trailers. The clean energy segment remained the top grossing segment and contributed 62.8% of the Company's total revenue during 3Q23.
来自国内和海外市场的需求推动了公司清洁能源业务的增长。该公司的清洁能源业务在2023年前九个月实现收入99.8亿元人民币，同比增长33.9％。而该公司的清洁能源业务在23年第三季度的收入为人民币36.9亿元，同比增长33.2％。随着中国经济的复苏和天然气价格的下跌，中国市场对液化天然气的需求已显著恢复，这促进了该公司液化天然气储罐和压缩天然气拖车等储运设备的销售。清洁能源板块仍然是收入最高的板块，在23年第三季度贡献了公司总收入的62.8％。
The Company continues to implement its long-term plan in the hydrogen energy industry, and its hydrogen energy business maintains rapid growth. In the first nine months of 2023, the Company's hydrogen energy business achieved revenue of RMB436 million, an increase of 62.7% YoY. The Company's hydrogen energy business revenue target for 2023 is RMB700 million. Since the Company has RMB419 million of backlog orders in hydrogen energy business, and most of them will be delivered in 4Q23, total revenue of its hydrogen energy business is highly likely to exceed RMB700 million in 2023.
该公司继续在氢能行业实施其长期计划，其氢能业务保持快速增长。在2023年的前九个月中，该公司的氢能业务实现了 RMB436 百万美元的收入，同比增长62.7％。该公司2023年的氢能业务收入目标为 RMB700 百万美元。由于该公司在氢能业务中有 RMB419 百万份积压订单，其中大部分将在2023年第四季度交付，因此其氢能业务的总收入极有可能在2023年超过 RMB700 百万。
Catalysts: Changes in the overseas energy landscape could bring development opportunities; the hydrogen energy business has huge development potential; LNG price may decrease.
催化剂：海外能源格局的变化可能带来发展机遇；氢能业务具有巨大的发展潜力；液化天然气价格可能会下跌。
Risk factors: Demand for clean energy may be lower than expected; raw material prices may rise.
风险因素：对清洁能源的需求可能低于预期；原材料价格可能上涨。
译文内容由第三方软件翻译。