中集安瑞科（“公司”）营收低于我们的预期，但净利润维持了高速增长。公司2022年营收同比增长6.4%，低于我们的预期。但公司2022年毛利率增长2.7个百分点，达17.4%。在毛利率提升的促进下，公司净利润同比增长19.4%，好于我们的预期。当前我们对公司的目标价为11.19港元。我们认为公司未来的业务前景仍然乐观，积极的毛利率或将维持，因此我们将在下一份公司报告中调整我们对公司的盈利预测，增加2025年的盈利预测，并调整我们对公司的目标价。
　　公司清洁能源业务或将在2023年改善，氢能业务将继续快速增长。2022年中国国内需求波动较大，拖累了公司清洁能源业务的表现。我们预计2023年中国天然气消费将恢复增长，改善公司清洁能源业务表现。公司2022年氢能业务实现收入人民币4.4亿元，同比增长152.4%。我们预计公司氢能业务在2023年仍将取得快速发展，继续提升清洁能源业务的整体表现。
　　化工环境业务强势增长，毛利率显著提升。公司2022年化工环境业务同比增长38.2%，同时毛利率由2021年的14.4%大幅提升至2022年的22.8%。化工环境业务的强势表现改善了公司整体的毛利率。随着全球供应链的逐步恢复，罐箱市场需求量也逐步恢复至正常水平。标准罐箱及特种罐箱销量均实现大幅增长，盈利能力保持相对稳定，全球行业龙头的市场地位得到进一步巩固。
　　全球能源供应格局持续变化，海外需求持续增长。在俄乌冲突的影响下，欧洲加大对LNG的需求。未来欧洲对LNG接收站和LNG罐箱等储运设备的需求将继续加大。此外，欧洲天然气供需的再平衡也加大了其它海外地区对LNG基础设施的投入，公司海外业务发展将持续受益。
　　我们认为全球对清洁能源需求的长期提升将助力公司主要业务的持续增长。此外公司在细分行业的持续扩张将助力公司业务的进一步发展。我们对公司未来的业绩表现持乐观态度。
　　

研究报告全文：股票研究TableTitleFlashNoteCIMCEnric03899HKAlexBai白舸EquityResearch85225097202快讯中集安瑞科03899HKgebaigtjascomhk24March2023TheTableSummaryChemicalEnvironmentBusinessGrewStronglytheCompanysGrossProfitMarginIncreasedSignificantly化工环境业务强势增长公司毛利率显著提高快讯TherevenueofCIMCEnrictheCompanywaslowerthanourexpectationbutnetprofitmaintainedahighgrowthrateTheCompanys2022revenueincreasedby64YoYlowerthanourexpectationHowevertheFlashNoteCompanysgrossprofitmarginin2022increasedby27pptsto174DrivenbytheincreaseingrossprofitmargintheCompanysnetprofitincreasedby194YoYwhichwasbetterthanourexpectationOurcurrenttargetpricefortheCompanyisHK1119WebelievethattheCompanysbusinessprospectsarestilloptimisticandthepositivegrossprofitmargincanbemaintainedThereforewewilladjustourprofitforecastsandaddearningsforecastfor2025inthenextCompanyReportandadjusttargetpricefortheCompanyTheCompanyscleanenergybusinessmayimprovein2023andthehydrogenenergybusinesswillcontinuetogrowrapidlyIn2022domesticdemandinChinafluctuatedgreatlywhichdraggeddownperformanceoftheCompanyscleanenergybusinessWeexpectChinasnaturalgasconsumptiontoresumegrowthin2023improving证performanceoftheCompanyscleanenergybusinessTheCompanyshydrogenenergybusinessachievedrevenueofRMB440millionin2022anincreaseof1524YoYWeexpectthattheCompanyshydrogenenergybusiness券willstillachieverapidgrowthin2023andcontinuetoimproveoverallperformanceofthecleanenergybusiness研告究ThechemicalenvironmentbusinessgrewstronglyandgrossprofitmarginincreasedsignificantlyThe报报Companyschemicalenvironmentbusinessgrewby382YoYin2022anditsgrossprofitmarginincreasedsignificantlyfrom144in2021to228in2022Strongperformanceofthechemicalenvironmentbusiness告究improvedtheCompanysoverallgrossprofitmarginAstheglobalsupplychainhadgraduallyrecoveredthetankEquityResearchReport研containermarketreturnedtonormallevelsleadingtoasubstantialincreaseinsalesvolumeofstandardtankTable券containersandspecialtankcontainersandsteadyimprovementinprofitabilitywhilemaintainingthesegmentsInfo1证globalleadingpositionTheglobalenergysupplypatterncontinuestochangeandoverseasdemandcontinuestogrowUnderthe机impactfromtheRussia-UkraineconflictEuropehasincreaseditsdemandforLNGInthefutureEuropewillcontinue械SectortoincreasedemandforstorageandtransportationequipmentsuchasLNGreceivingstationsandLNGtank行containersInadditiontherebalancingofnaturalgassupplyanddemandinEuropehasalsoincreasedinvestmentin业LNGinfrastructureinotheroverseasregionsandtheCompanysoverseasbusinessdevelopmentwillcontinuetobenefitMachineryWebelievethatthelong-termincreaseinglobaldemandforcleanenergywillhelptheCompanysmainbusinesstocontinuetogrowInadditiontheCompanyscontinuousexpansioninsubdividedindustrieswillhelptheCompanysbusinesstofurtherdevelopWeareoptimisticabouttheCompanysfutureperformanceTableTable-1KeyfinancialdataRMBmnInfo220222021YoYRevenue19601818424864中Grossprofit3401427060257集安Operatingprofit17414727ppts瑞Shareholdersnetprofit108499084194科BasicEPSRMB05280447181SourcetheCompanyGuotaiJunanInternationalCIMCHKEnric03899SeethelastpagefordisclaimerPage1of3TablePageHeaderCIMCEnric03899HK中集安瑞科公司营收低于我们的预期但净利润维持了高速增长公司2022年营收同比增长64低于我们的预期但公司2022年毛利率增长27个百分点达174在毛利率提升的促进下公司净利润同比增长1941r好于我们的预期当前我们对公aMthgiRelbaT司的目标价为1119港元我们认为公司未来的业务前景仍然乐观积极的毛利率或将维持因此我们将在下一份公司报告中调整我们对公司的盈利预测增加2025年的盈利预测并调整我们对公司的目标价公司清洁能源业务或将在2023年改善氢能业务将继续快速增长2022年中国国内需求波动较大拖累了公司清洁能源业务的表现我们预计2023年中国天然气消费将恢复增长改善公司清洁能源业务表现公司2022年氢能业务实现收入人民币44亿元同比增长1524我们预计公司氢能业务在2023年仍将取得快速发展继续提升清洁能源业务的整体表现24March2023化工环境业务强势增长毛利率显著提升公司2022年化工环境业务同比增长382同时毛利率由2021年的144大幅提升至2022年的228化工环境业务的强势表现改善了公司整体的毛利率随着全球供应链的逐步恢复罐箱市场需求量也逐步恢复至正常水平标准罐箱及特种罐箱销量均实现大幅增长盈利能力保持相对稳定全球行业龙头的市场地位得到进一步巩固全球能源供应格局持续变化海外需求持续增长在俄乌冲突的影响下欧洲加大对LNG的需求未来欧洲对LNG接收站和LNG罐箱等储运设备的需求将继续加大此外欧洲天然气供需的再平衡也加大了其它海外地区对LNG基础设施的投入公司海外业务发展将持续受益2raMthgiRelbaT我们认为全球对清洁能源需求的长期提升将助力公司主要业务的持续增长此外公司在细分行业的持续扩张将助力公司业务的进一步发展我们对公司未来的业绩表现持乐观态度表-1关键财务指标人民币百万元20222021同比营收19601818424864毛利润3401427060257毛利率17414727个百分点归母净利润108499084194基本每股盈利人民币元05280447181资料来源公司国泰君安国际03899HK中集安瑞科CIMCEnricFlashNoteSeethelastpagefordisclaimerPage2of3TablePageHeaderCIMCEnric03899HKCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndex1raMthgiRelbaTTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutral24March2023Reduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorTableRatingIndustryDefinitionRatingDefinitionTheBenchmarkHongKongHangSengIndexTimeHorizon6to18monthsRatingDefinition2raMthgiRelbaTOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5OrthefundamentaloutlookofthesectorisunfavorableTableDISCLOSUREOFINTERESTSDISCLOSUREOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3GuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport03899HK4GuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththeissuermentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesarenotmakingamarketinthesecuritiesinrespectoftheissuermentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeroftheissuermentionedinthisResearch中集安瑞科ReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesCIMCEnricDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjacomhkFlashNoteSeethelastpagefordisclaimerPage3of3