CIMC ENRIC(3899.HK):INTERIM EARNINGS BEAT;RECORD ORDER BACKLOG
CIMC ENRIC(3899.HK):INTERIM EARNINGS BEAT;RECORD ORDER BACKLOG
Enric's earnings jumped 29% YoY to RMB569m in 1H23, 10% above our forecast. All three segments showed decent growth in operating profit.Its 34% YoY growth in value of new contracts and record order backlog will pave the way for further growth. We expect its net profit to grow 15% HoH in 2H23. The company will benefit from the weakness in steel price and the depreciation of RMB. We reiterate our BUY call with target price reduced to HK$10.04.
安瑞科的收益在23年上半年同比增長29％，至人民幣5.69億元，比我們的預期高出10％。這三個細分市場的營業利潤均顯示出不錯的增長。其新合同價值同比增長34％和創紀錄的積壓訂單將爲進一步增長鋪平道路。我們預計其淨利潤將在23年下半年增長15％。該公司將受益於鋼價疲軟和人民幣貶值。我們重申買入看漲期權，目標價降至10.04港元。
Key Factors for Rating
評級的關鍵因素
Enric's strong growth in 1H23 was mainly driven by the 20% YoY growth in turnover, mainly led by the 34% YoY growth in revenue of clean energy segment. Overall gross margin increased from 15.9% in 1H22 to 16.5% in 1H23, as the margin of all three segments improved.
安瑞科在23年上半年的強勁增長主要得益於營業額同比增長20％，這主要是清潔能源板塊收入同比增長34％。由於所有三個細分市場的利潤率均有所提高，整體毛利率從22年上半年的15.9％提高到23年上半年的16.5％。
The value of new orders signed grew 18% YoY to RMB12.7bn in 1H23. Clean energy segment was again the key growth driver with a 48% YoY growth in value of new orders, which more than offset the small declines of the other two segments. The value of order backlog rose 19% YoY to record high of RMB20.6bn. Again, clean energy segment was the key growth driver.
23年上半年，新簽訂單金額同比增長18％，達到127億元人民幣。清潔能源板塊再次成爲關鍵增長動力，新訂單額同比增長48％，這足以抵消其他兩個細分市場的小幅下降。積壓訂單金額同比增長19％，達到206億元人民幣的歷史新高。同樣，清潔能源領域是關鍵的增長動力。
Looking ahead, we expect Enric's net profit to grow 15% HoH in 2H23. The company usually has higher output and hence sales revenue in the 2H of a year.
展望未來，我們預計安瑞科的淨利潤將在23年下半年增長15％。該公司的產量通常更高，因此每年的下半年銷售收入也更高。
Its strong order backlog will provide solid foundation for further growth of the clean energy segment. The completion of more projects will also lead to stronger revenue for the liquid food segment.
其強勁的訂單積壓將爲清潔能源領域的進一步增長提供堅實的基礎。更多項目的完成也將爲液態食品領域帶來更高的收入。
The sales of its hydrogen energy products kept growing rapidly, with sales jumped 59% YoY to RMB270m in 1H23. Order backlog at end-1H23 jumped 1.2x YoY to RMB373m. Full-year sales revenue should exceed RMB700m.
其氫能產品的銷售保持快速增長，23年上半年的銷售額同比增長59％，至2.7億元人民幣。截至23年上半年底，積壓訂單同比增長1.2倍，至3.73億元人民幣。全年銷售收入應超過人民幣7億元。
We fine tune our 2023/24/2025 earnings forecasts by 1.3%/-0.8%/-0.8% after post-results adjustments. We reiterate our BUY call on the company. It will benefit from the decline in steel prices and the depreciation of RMB in the near term and the development of hydrogen energy over the longer term.
業績後調整後，我們將2023/24/2025年的收益預測微調了1.3％/-0.8％/-0.8％。我們重申對該公司的看漲期權。它將在短期內受益於鋼鐵價格的下跌和人民幣的貶值，以及長期內氫能的發展。
Key Risks for Rating
評級的主要風險
Weaker-than-expected sales for chemicals and environmental segment.
化工和環境領域的銷售額低於預期。
Lack of improvement in margin of clean energy segment.
清潔能源板塊的利潤率缺乏改善。
Valuation
估價
We lowered our target price from HK$10.89 to HK$10.04. Our target valuation remains at 1.1x PEG of the next two years with EPS CAGR now at 14.1% (down from 15.3% previously). This is equal to 14.1x 2023E P/E.
我們將目標價從10.89港元下調至10.04港元。我們的目標估值仍爲未來兩年的1.1倍PEG，目前每股收益複合年增長率爲14.1％（低於之前的15.3％）。這相當於2023年市盈率的14.1倍。
譯文內容由第三人軟體翻譯。