Order Deferment Hiccup For Genetec
Order Deferment Hiccup For Genetec
Genetec Technology Bhd (Genetec) is currently navigating through a phase of order deferments, primarily from its key electric vehicle (EV) and automotive customers. These delays are expected to impact the company's performance in the first half of the fiscal year 2025 (1HFY25F). However, management has assured that these are deferments rather than cancellations, largely influenced by policy uncertainties related to the upcoming US presidential election and a slowdown in EV adoption.
Genetec Technology Bhd（Genetec）目前正在经历订单推迟阶段，主要来自其关键的电动汽车（EV）和汽车客户。预计这些延迟将影响公司在2025财年上半年（1HFY25F）的业绩。然而，管理层已经向外界保证，这些是推迟而不是取消，主要受到与即将到来的美国总统大选和EV采纳放缓相关的政策不确定性影响。
Analysts at CGS have revised their forecasts in light of these developments. The earnings per share (EPS) estimates for FY24 have been cut by 9.4%, while those for FY25 and FY26 have been adjusted more significantly by 50.2% and 22.5%, respectively, reflecting anticipated lower revenues due to these order delays and delays in the award of battery energy storage systems (BESS) contracts. Despite these setbacks, the long-term outlook for Genetec remains robust. Analysts have reiterated an ADD call on the stock, though with a revised target price (TP) of RM3.00, down from previous levels.
中国银河的分析师根据这些发展重新调整了他们的预测。2024财年的每股收益（EPS）预计下调了9.4％，而2025和2026财年的预计调整更为显著，分别下调了50.2％和22.5％，反映了由于订单延迟和电池能源存储系统（BESS）合同推迟而导致的预期收入下降。尽管遇到这些挫折，Genetec的长期前景仍然强劲。分析师重申了对该股票的看涨评级，尽管目标价（TP）已经调整为RM3.00，低于之前的水平。
Management confirmed that the order deferments are primarily affecting larger-sized projects, which make up about half of the company's current RM230 million order book. These delays are attributed to customers focusing on improving existing production lines rather than initiating new projects immediately. Despite these short-term challenges, Genetec expects a strong rebound in order flow starting from the second half of FY25, as clearer industry policies emerge post-election and as EV customers ramp up production for new models.
管理层确认，订单推迟主要影响较大规模的项目，这些项目约占公司目前RM23000万订单簿的一半。这些延迟归因于客户专注于改善现有生产线而不是立即启动新项目。尽管面临这些短期挑战，Genetec预计从2025财年下半年开始，订单流量将出现强劲反弹，因为更清晰的行业政策在大选后出台，同时EV客户加快新车型的生产。
The company has also seen delays in BESS project awards, leading to a reduction in the FY25 BESS capacity sale assumption from 120MWh to 90MWh. However, Genetec's successful rollout of several sub-1MWh capacity solutions and recent accreditations like the UL9540 should bolster its position as a utility-scale BESS supplier in the future.
该公司还在BESS项目获奖方面遇到延迟，导致2025财年BESS容量销售假设从120MWh减少到90MWh。然而，Genetec成功推出了几个低于1MWh容量的解决方案，并最近获得了UL9540等认证，这将加强其作为未来大规模BESS供应商的地位。
The stock has experienced a significant decline of 48% over the past month, which analysts believe has overly discounted the near-term earnings challenges while overlooking the potential for a substantial earnings recovery. Genetec's share price is currently trading at 16.4 times FY25F P/E, which is notably lower than its 3-year average of 24 times and its peers' average of 27 times. Analysts view the current valuation as attractive and see potential re-rating catalysts in the form of strong future order wins from EV and automotive customers, alongside a surge in demand for BESS solutions.
该股票在过去一个月内经历了重大下跌，下跌幅度为48%，分析师认为这在过度贴现近期收益挑战的同时，忽略了实现实质性收益恢复的潜力。Genetec的股价目前交易的2025财年预期市盈率为16.4倍，明显低于其过去3年的24倍平均水平和同行业平均的27倍。分析师认为当前估值具有吸引力，并认为未来来自EV和汽车客户的强劲订单赢得以及BESS解决方案需求激增将成为潜在的再评级催化剂。