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）目前正在經歷一個延期階段，主要來自其主要電動汽車（EV）和汽車客戶。預計這些延遲將影響公司在2025財年上半年（1HFY25F）的業績。但是，管理層保證，這些是延期而不是取消，這在很大程度上受與即將舉行的美國總統大選相關的政策不確定性以及電動汽車採用放緩的影響。
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.
鑑於這些事態發展，CGS的分析師修改了預測。24財年的每股收益（EPS）預期下調了9.4％，而25財年和26財年的每股收益（EPS）預期分別大幅調整了50.2％和22.5％，這反映了由於這些訂單延遲和電池儲能系統（BESS）合同延遲授予而導致的預期收入減少。儘管遇到了這些挫折，但Genetec的長期前景仍然強勁。分析師重申了對該股的ADD看漲期權，但將目標價格（TP）修訂爲3.00令吉，低於先前的水平。
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.
管理層證實，訂單延期主要影響大型項目，這些項目約佔該公司目前23000萬令吉訂單簿的一半。這些延遲歸因於客戶專注於改善現有生產線，而不是立即啓動新項目。儘管存在這些短期挑戰，但Genetec預計，隨着選舉後出現更明確的行業政策以及電動汽車客戶增加新車型的產量，訂單流將從25財年下半年開始強勁反彈。
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.
該公司還延遲了BESS項目的授權，導致25財年BESS的產能銷售假設從120兆瓦時降至90兆瓦時。但是，Genetec 成功推出了幾種低於 1MWh 的容量解決方案，以及 UL9540 等最近獲得的認證，將鞏固其未來作爲公用事業規模 BESS 供應商的地位。
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.
該股在過去一個月中大幅下跌了48％，分析師認爲，這過分低估了短期的收益挑戰，同時忽視了收益大幅復甦的可能性。Genetec的股價目前的交易價格爲 FY25F 市盈率的16.4倍，明顯低於其3年平均水平的24倍和同行平均水平的27倍。分析師認爲當前的估值具有吸引力，並認爲潛在的重新評級催化劑可能來自電動汽車和汽車客戶的強勁未來訂單，以及對BESS解決方案的需求激增。