The Zhitong Finance App learned that CICC released a research report saying that CIMC Enric (03899)'s revenue for the first half of the year increased 2.01% year on year to 12.867 billion yuan, and net profit to mother fell 8.11% year on year to 517 million yuan, slightly lower than the bank's forecast, mainly driven down by exchange rate losses. Due to temporary pressure on the exchange rate for the first half of the year and subsequent liquid food business, the 2026 and 2027 net profit forecasts were lowered by 18% and 7% to 1.23 billion yuan and 1.51 billion yuan, and the target price was lowered by 17% to HK$10, corresponding to the predicted price-earnings ratio of 14.8 times and 11.7 times for 2026 and 2027, maintaining the “outperforming industry” rating.

The bank pointed out that the company's overall gross margin for the first half of the year was about 14.2%, a slight decrease of 0.2 percentage points from the previous year; the net profit margin to mother was about 4.0%, down 0.4 percentage points from the previous year, which was also affected by exchange rate losses. However, by the end of June, on-hand orders reached RMB 31.77 billion, up 8.9% year on year, a record high; new orders of RMB 13.71 billion were signed in the first half of the year, up 27.7% year on year. Order side performance exceeded expectations, providing a strong guarantee for subsequent results.

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