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CIMC Group nine-month revenue up 8.3% on higher container sales volumes

By Reuters News


Overview

  • China logistics equipment maker's nine-month revenue rose 8.3% yr/yr

  • Net profit attributable to shareholders fell 7.5% yr/yr for the first nine months

  • Lower container prices and exchange rates weighed on profit despite higher sales volumes


Outlook

  • Company expects rapid industry demand growth in fire safety and rescue equipment business

  • Company reports order backlog in energy segment up 8.5% year-on-year as of September

  • Company sees improving conditions and upward cycle in offshore engineering market


Result Drivers

  • CONTAINER PRICES & FX - Higher container sales volumes drove revenue, but lower prices and exchange rates reduced profit

  • ROAD VEHICLE SALES - Increased global sales of road transportation vehicles contributed to revenue growth

  • CLEAN ENERGY SEGMENT - Higher demand for clean energy equipment and LNG projects boosted segment revenue and profit


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

9M Revenue

RMB 126.81 bln

9M Net Income Attributable

RMB 1.45 bln


Analyst Coverage

  • The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 8 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the heavy machinery & vehicles peer group is "buy."

  • Wall Street's median 12-month price target for China International Marine Containers Group Co Ltd is CNY13.55, about 55.7% above its October 29 closing price of CNY8.70

  • The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 10 three months ago


Reuters Recommended Reads

  • Oct 27 - China's industrial profit growth picks up amid deepening economic divergence

  • Oct 27 - Guangdong Investment 9M revenue rises on water resources strength

  • Oct 28 - Logwin 9M revenue rises on higher volumes, freight rates; raises outlook


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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