CIMC Enric (3899 HK, Not rated)

Research evidence excerpt

CIMC Enric (3899 HK, Not rated)

Flashnote

20 May 2026

Capital Goods

CIMC Enric (3899 HK, Not rated) Hong Kong

Macquarie Asia Conference 2026

Albert Richard

Miao Feng

What's new

• We hosted management of CIMC Enric (3899 HK, Not rated) at the Peter

Macquarie Asia Conference 2026 on 18 May. Key discussion points included Li

strong marine backlog visibility, LNG supply as a demand tailwind, progress

in integrated services, and early-stage optionality from new businesses.

Key takeaways

• Clean energy remains main contributor to earnings, order growth.

In 2025, clean energy generated Rmb20.6bn of revenue, while adjusted

operating profit rose 16% YoY to Rmb1.12bn. New clean energy orders

reached Rmb22.2bn, and year-end backlog increased 13% YoY to

Rmb26.3bn, which management believes should support earnings.

• Positioned for growth of marine clean energy. CIMC Enric delivered 16

vessels in 2025 and expects deliveries to rise to 21 in 2026. Shipbuilding

and marine fuel tank orders have exceeded Rmb10bn for two consecutive

years. Management believes the company remains well positioned in LNG

bunkering vessels and marine fuel tanks, with its share of the global LNG

bunkering vessel orderbook approaching half by end-2025.

• Management sees improving LNG supply supporting broader

downstream demand. Management expects global gas supply to improve

from 2026 as new liquefaction capacity comes online in Canada, Qatar,

the US, and Australia. Management believes this should support LNG

applications in marine transport, road transport, storage, and refuelling

infrastructure. Middle East tensions remain a timing risk, but management

believes the medium-term demand outlook appears supported by better

supply availability.

• Looking to integrated services for growth.