CIMC ENRIC(3899.HK):DECENT GROWTH IN TURNOVER;STRONG GROWTH IN NEW ORDERS IN 3Q23
CIMC ENRIC(3899.HK):DECENT GROWTH IN TURNOVER;STRONG GROWTH IN NEW ORDERS IN 3Q23
In 3Q23, Enric's turnover grew 12% YoY as the strong growth at clean energy segment was partly offset by declines at two other segments. The value of new orders jumped 53% YoY over the same period on the impressive growth at clean energy segment. We expect the company's turnover to grow 15% QoQ in 4Q23 as the conclusion of a few projects should lead to strong turnover for liquid food segment. We trim our 2023-25 earnings forecasts by 1-6% mainly to reflect the weak earnings of the chemicals segment and the dilution from its recent spin-off. We reiterate our BUY call with target price reduced to HK$8.64.
在23年第三季度，安瑞克的營業額同比增長12％，原因是清潔能源板塊的強勁增長被另外兩個板塊的下降部分抵消。由於清潔能源板塊的強勁增長，新訂單的價值同比增長了53％。我們預計，該公司的營業額將在23年第四季度同比增長15％，因爲一些項目的完成將帶來液態食品板塊的強勁營業額。我們將2023-25年收益預期下調了1-6％，這主要是爲了反映化工板塊的疲軟收益以及其最近分拆帶來的稀釋。我們重申買入看漲期權，目標價下調至8.64港元。
Key Factors for Rating
評級的關鍵因素
Enric's turnover grew 12% YoY to RMB5.88bn in 3Q23. The decent growth was mainly driven by the 33% YoY growth at the clean energy segment. This was partly offset by the declines at the other two segments. For 9M23, the company's turnover grew 17% YoY to RMB16.6bn.
安瑞克的營業額在23年第三季度同比增長12％，達到58.8億元人民幣。可觀的增長主要是由清潔能源領域33％的同比增長推動的。其他兩個細分市場的下跌部分抵消了這一點。在9M23，該公司的營業額同比增長17％，達到166億元人民幣。
More importantly, the value of the company's new orders surged 53% YoY to RMB7.1bn in 3Q23. This was mainly driven by the impressive 88% YoY growth at the clean energy segment and the 69% YoY growth at the liquid food segment. In particular, the company secured new order of about RMB400m for LNG cylinders for trucks in August and September, up more than 80x YoY.
更重要的是，該公司新訂單的價值在23年第三季度同比激增53％，至71億元人民幣。這主要是由清潔能源板塊令人印象深刻的88％同比增長和液態食品板塊69％的同比增長所推動的。特別是，該公司在8月和9月獲得了約4億元人民幣的卡車液化天然氣瓶新訂單，同比增長80倍以上。
For 9M23, the value of new orders grew 28% YoY to RMB19.8bn. The order backlog by the end of 9M23 also grew 28% YoY to a record high of RMB22.2bn.
在9M23，新訂單價值同比增長28％，達到198億元人民幣。截至2023年9月底，積壓的訂單也同比增長28％，達到222億元人民幣的歷史新高。
In particular, the sales of hydrogen energy products surged 63% YoY to RMB436m in 9M23. The value of new orders of hydrogen products surged 34% YoY to RMB582m over the same period. We believe the company can meet its target sales of RMB700m for such products for the full-year.
特別是，氫能產品的銷售額在9M23年同比增長63％，達到4.36億元人民幣。同期，氫產品新訂單的價值同比增長34％至人民幣5.82億元。我們相信，該公司可以實現全年此類產品7億元人民幣的銷售目標。
Despite the cuts in our earnings forecasts, we still expect the company to post decent growth in the next two years given the strong order backlog of its clean energy segment.
儘管我們的收益預期有所下調，但鑑於其清潔能源板塊大量積壓訂單，我們仍預計該公司將在未來兩年內實現可觀的增長。
Key Risks for Rating
評級的主要風險
Further sharp fall in earnings of its chemicals segment.
其化工板塊的收益進一步急劇下降。
Lack of margin improvement for the clean energy segment.
清潔能源板塊的利潤率缺乏改善。
Valuation
估價
We lower our target price from HK$10.04 to HK$8.64 mainly to reflect the cuts in our earnings forecasts. Our target valuation remains at 1.1x PEG of the next two years with EPS CAGR now at 12.4% (down from 14.1% previously).
我們將目標價從10.04港元下調至8.64港元，主要是爲了反映收益預期的下調。未來兩年，我們的目標估值仍爲PEG的1.1倍，目前每股收益複合年增長率爲12.4％（低於之前的14.1％）。
譯文內容由第三人軟體翻譯。