【券商聚焦】中泰国际上调中集安瑞科(03899)评级至 “增持指其Q3提速新签订单

金吾财讯

Oct 31, 2025

金吾财讯 | 中泰国际研报指，中集安瑞科(03899)Q1-3总收入及股东净利润分别同比增长7.7%及12.9%至193.5亿及7.7亿元(人民币，下同)。虽然其中化工环保及液体食品板块收入分别同比下跌28.2%及13.9%至15.7亿及27.4亿元，但是清洁能源板块收入同比上涨19.4%至150.4亿元，当中水上清洁能源板块(包含造船及船用燃料罐业务)收入更同比增长64.4%至48.1亿元。25Q3新签订单金额同比大幅增长104.1%至89.1亿元，其中清洁能源板块同比上涨147.7%至80.3亿元。该机构提到，广东湛江绿色甲醇项目一期(年产能5万吨)计划25Q4投产，满足船舶绿色燃料需求。虽然近日国际海事组织(IMO)就采纳净零排放框架的商议，决定延迟一年才进行，但是绿色燃料使用的大方向没有改变。根据公司提供的行业预测，今年全球船用甲醇需求为100万至200 万吨，已高于72吨全球产能。综合上述，该机构分别调升FY25-27股东净利润预测1.9%、1.2%、2.1%，并相应将目标价由7.40港元提高至8.60港元，对应11.5倍FY26市盈率和10.4%上升空间，以同时反映资本市场风险下降。该机构将评级由“中性”上调至 “增持”。

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