Half Year 2024 CIMC Enric Holdings Ltd Earnings Call (Chinese, English) Transcript
Key Points
- CIMC Enric Holdings Ltd (CIMEF) reported a consolidated revenue of RMB11.48 billion for the first half of 2024, marking a 6.7% year-on-year increase.
- The clean energy segment experienced significant growth, with revenue increasing by 25% to RMB7.88 billion.
- The hydrogen business saw a remarkable 65% increase in revenue, reaching RMB450 million.
- The company improved its internal management efficiency, reducing cash turnover days from 45 to 36 days and optimizing accounts payable days by 20 days year-on-year.
- CIMC Enric Holdings Ltd (CIMEF) achieved a historical high in order backlog, reaching RMB29.3 billion, a 43% year-on-year increase.
- The chemical business experienced a significant decline due to industry downturns, impacting overall performance.
- The liquid food segment faced project delays, affecting gross margins and resulting in a decrease in newly signed orders.
- The company issued a RMB100 million panda bond, slightly increasing its leverage ratio.
- The GP margin for clean energy improved but was lower than expected, partly due to a shift towards EPC projects with lower margins.
- The liquid food segment's GP margin was impacted by project delays, dropping to 13% from a previous 40%.
Investors and analysts, good morning. Welcome to the 2024 in the results presentation for CIMC Enric. The call will be conducted in hybrid mobiles online, offline and telephone conferencing with English translation. Let me introduce you to the management today. They are the Executive Director and President of CIMC Enric, Mr. Yang Xiaohu, Ms. Zhong Yingxin, Secretary of the Board, Mr. Lai Zeqiao, CFO.
Today's presentation will be done in two parts. First of all, we're going to have management to take you through the financial performance distribution performance highlights in 2024 interim and also future outlook followed by Q&A. And I give the floor to Mr. Lai, to give us the financial performance 2024 interim.
Thank you to the investors and analysts. Again, I will be presenting the financial performance in the first half 2024. Consolidated revenue for Enric was RMB11.48 billion revenue, which is up by 6.7% year-on-year. The greatest highlight is the contribution from clean energy. The
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