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.
我們維持“買入”及之前的交易總額為港幣10.95元。我們維持對中集集團(“本公司”)2023-2025年股東純利的預測，分別為人民幣122800萬元/人民幣1498百萬元/人民幣17.61億元。我們維持對公司2023/2024/2025年每股收益的預測，分別為0.605元、0.738元和0.867元。我們的TP代表15.9x/13.1x/11.1x 2023-2025年本益比和2.0x 2023PB比率。
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.
公司收入在23財年第三季度保持穩健增長。公司於2003年第三季度的收入為人民幣58.8億元，同比增長11.6%。本公司於2023年首9個月的收入為人民幣166.4億元，同比增長17.0%。受化工及環保業務和液體食品業務表現疲弱拖累，本公司於23季度整體增長率下滑。不過，我們認為，隨著23年第四季度訂單的交付，全年業績可能仍將保持較快增長。
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.
來自國內外市場的需求推動了公司清潔能源業務的增長。2023年前9個月，公司清潔能源業務實現收入99.8億元，同比增長33.9%。而本公司於23季度的清潔能源業務收入為人民幣36.9億元，同比增長33.2%。隨著中國經濟復甦和天然氣價格下跌，中國市場對液化天然氣的需求明顯復甦，這提振了公司液化天然氣儲罐和CNG拖車等儲運設備的銷售。清潔能源部門仍然是收入最高的部門，佔公司23季度總收入的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.
公司繼續在氫能行業實施中長期規劃，氫能業務保持快速增長。2023年前9個月，公司氫能業務實現收入人民幣4.36億元，同比增長62.7%。公司2023年氫能業務收入目標為7億元。由於本公司氫能業務有人民幣4.19億元的積壓訂單，其中大部分將於2023年第四季度交付，2023年其氫能業務總收入極有可能超過人民幣7億元。
Catalysts: Changes in the overseas energy landscape could bring development opportunities; the hydrogen energy business has huge development potential; LNG price may decrease.
催化劑：海外能源格局的變化可能帶來發展機會；氫能業務具有巨大的發展潛力；液化天然氣價格可能會下降。
Risk factors: Demand for clean energy may be lower than expected; raw material prices may rise.
風險因素：清潔能源需求可能低於預期；原材料價格可能上漲。
譯文內容由第三人軟體翻譯。