报告中称，公司1H24新增订单达5.14亿欧元(相较1H23的5.74亿欧元同比下滑10.4%)，主要受欧洲地区业务，尤其是集成游艇业务的拖累，系同比基数高及需求减弱导致(客户通常会出于即时使用目的购买集成游艇，而天气更冷会对客户需求造成不利影响)。而中东及非洲地区新增订单得益于当地基础设施完善和集团的在当地的强劲优势，在1H24有60.9%的同比增长。1H24美洲地区新增订单(同比增长28.1%)同比增速转正，得益于2Q24(同比增长145.9%)需求强劲反弹。据公司披露，截至2024年6月30日，集团拥有在手订单14.96亿欧元，同比增长6.0%，净在手订单(总订单减去已经确认收入的部分)7.86亿欧元，其中35%将进入2024年收入，其余65%将覆盖2024年之后的收入。CICC reminds investors to pay attention to Ferretti's performance in September, when there will be many boat shows and a potential decision by the Federal Reserve to cut interest rates.
The Zhitong Finance App learned that CICC released a research report stating that maintaining Ferretti's (09638) “outperforming the industry” rating, revenue and EBITDA forecasts for 2024 and 2025 remain basically unchanged, with a target price of HK$36. The bank believes that changes in the Group's management are a normal phenomenon and should not have a significant impact on Ferretti's business. The bank reminds investors to pay attention to Ferretti's performance in September, when there will be many boat shows and a potential decision by the Federal Reserve to cut interest rates.
Incident: Ferretti Group released 1H24 results update: net revenue (excluding second-hand business) increased 7.7% year over year to 0.611 billion euros, and adjusted EBITDA increased 15.9% year over year to 96.7 million euros, corresponding to 15.8% profit margin (14.7% vs. 1H23 and 15.2% for the full year of 2023).
According to the report, the company's new orders for 1H24 reached 0.514 billion euros (down 10.4% year on year from 0.574 billion euro in 1H23), which was mainly dragged down by European business, especially the integrated yacht business, due to a high year-on-year base and weakening demand (customers usually buy integrated yachts for immediate use, and colder weather will adversely affect customer demand). New orders from the Middle East and Africa region grew 60.9% year-on-year in 1H24, thanks to improved local infrastructure and the Group's strong local advantage. The year-on-year growth rate of new orders in the 1H24 American region (up 28.1% year on year) was positive, thanks to a strong rebound in demand in 2Q24 (up 145.9% year over year). According to the company's disclosure, as of June 30, 2024, the Group had on-hand orders of 1.496 billion euros, an increase of 6.0% over the previous year, and net on-hand orders (total orders minus confirmed revenue) of 0.786 billion euros. Of these, 35% will enter revenue in 2024, and the remaining 65% will cover revenue after 2024.
The bank mentioned that on August 29, 2024, Jiang Kui was appointed as the new chairman of the board of directors of Ferretti Group after Tan Xuguang stepped down due to age, and the new composition of the group's internal board committee was also approved by the board of directors. On September 3, 2024, Ferretti Group announced that Stefano de Vivo has decided to step down as Group Chief Commercial Officer and Managing Director for personal reasons (focusing entirely on his family business since November 1, 2024) after joining the Group for more than 10 years.
