ECA Expects Gradual Recovery in 2H24 Despite Challenging Start
ECA Expects Gradual Recovery in 2H24 Despite Challenging Start
DAMPENED by a weak demand in semiconductor industry, ECA Integrated Solution Bhd reported paltry earnings of RM0.2m for the 1Q24. This is in contrast to RM4.1m a year ago. The weaker than expected results only made up 2% of our full-year expectation.
受半導體行業需求疲軟的抑制，ECA綜合解決方案有限公司公佈的24年第一季度收益微不足道的0.2萬令吉。這與一年前的410萬令吉形成鮮明對比。低於預期的業績僅佔我們全年預期的2％。
Consequently, we cut our FY24- FY26F earnings forecasts by 20%- 39% by imputing a lower margin for standalone automation equipment (SAE) segment and lower sales from integrated production system (IPS) segment. Despite the challenging start, management anticipates a robust and gradual recovery in the 2H24 as it sees signs of recovery.
因此，我們將獨立自動化設備（SAE）板塊的利潤率降低以及綜合生產系統（IPS）板塊的銷售額減少，將24財年 FY26F 財年的收益預期下調了20％至39％。儘管開局艱難，但管理層預計，由於看到了復甦的跡象，下半年將逐步強勁復甦。
Downgrade to 'Neutral' with a lower TP of RM0.41 (previously RM0.58). We think the poor financial performance has been fully reflected in the current share price. No dividend was declared for the final quarter.
降級至 “中性”，目標價較低，爲0.41令吉（之前爲0.58令吉）。我們認爲，糟糕的財務表現已充分反映在當前的股價中。最後一個季度沒有宣佈分紅。
1Q24 sales halved to RM5.6m. During the first quarter, revenue fell from RM10.6m to RM5.6m, dragged by weaker sales from both IPS and SAE segments as a result of weaker demand from the semiconductor sector.
24年第一季度的銷售額減半至560萬令吉。在第一季度，由於半導體行業需求疲軟，IPS和SAE板塊的銷售均疲軟，收入從1,060萬令吉下降至560萬令吉。
Meanwhile, the group made only a small profit of RM165k compared to RM4.1m for the same period a year ago. Gross margin fell from 38.7% to 2.9%.
同時，該集團僅獲得了16.5萬令吉的小額利潤，而去年同期爲410萬令吉。毛利率從38.7％下降到2.9％。
Update on IPO proceeds. Of the RM1.2m raised from the special Bumiputera allocation, majority of the proceeds has been earmarked for working capital purposes.
首次公開募股收益的最新情況。在從Bumiputera特別撥款中籌集的120萬令吉中，大部分收益已指定用於營運資金用途。
Remains upbeat. Despite the tepid earnings in 1H24, management expects a robust and gradual recovery towards 2H24. To minimise the earnings risks, it diversifies its core products, securing new projects, expanding customer base, and developing a long-term growth plan. It also aims to acce- lerate time-to-market for pro- ducts and introduce new revenue streams for existing products.
保持樂觀。儘管24年上半年的收益不溫不火，但管理層預計下半年將逐步強勁復甦。爲了最大限度地降低盈利風險，它實現了核心產品的多元化，保護了新項目，擴大了客戶群，並制定了長期增長計劃。它還旨在縮短產品的上市時間，爲現有產品引入新的收入來源。
譯文內容由第三人軟體翻譯。