中集安瑞科(3899.HK):清洁能源产品增长稳定 制氢项目的盈利贡献预期持续增长

交银国际
27 Mar

2024 年核心盈利合乎预期。公司2024 年核心盈利同比增长4%至13.4 亿元(人民币,下同),与我们预期相若。其中,整体毛利低于我们预期约10%,主要原因是我们对公司清洁能源的收入及毛利率预测偏高,但期内的管理费用及税费较预期低,使核心盈利仍合乎预期。期内,清洁能源收入同比增长15%,当中氢能产品的收入为8.5 亿元(同比增加21%),水上产品收入大增108%至46.6 亿元。化工板块回稳的...

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