BOE VARITRONIX(710.HK):NDR TAKEAWAY:CHENGDU PLANT SYSTEM BIZ AND OVERSEAS MARKET TO DRIVE GROWTH
BOE VARITRONIX(710.HK):NDR TAKEAWAY:CHENGDU PLANT SYSTEM BIZ AND OVERSEAS MARKET TO DRIVE GROWTH
OLED, flexible and foldable display) and effective cost controls will allow BOEVx to outperform peers despite intense competition. In addition, mgmt. expected system biz to stay fast growth and sales mix to reach 7-8% in FY24E, which will enable BOEVx to cope with fierce competition in auto display market.We hosted BOEVx at 4Q outlook investor call this week. Mgmt. is positive on demand recovery in both domestic and overseas markets as well as rapid growth in system business in 2H24E. As for Chengdu plant, mgmt. guided UTR to improve to 70-80% in the near term (vs. 60-70% now) given larger orders and better sales in 2H24E. As for overseas markets, mgmt. stated Japan/Korea/ Europe project wins are on track in FY25-26E and reiterated 50% overseas sales mix guidance in FY27E. Trading at 9.7x/7.7x FY24/25E P/E (1-sd below hist. avg), the stock is attractive given margin recovery and rapid overseas expansion in 2H24E/2025, in our view. Reiterate BUY.
本週我們在4Q展望投資者電話會議上舉辦了BOEVx。管理層對國內外需求恢復和系統業務在2H24E的快速增長持樂觀態度。至於成都工廠，管理層指導UTR在短期內提高至70-80%（目前爲60-70%），鑑於更大的訂單和2H24E更好的銷售。至於境外市場，管理層表示日本/韓國/歐洲的項目訂單在FY25-26E進展順利，並重申在FY27E的境外銷售佔比指引爲50%。根據9.7倍/7.7倍FY24/25E市盈率交易（低於歷史平均1個標準差），我們認爲該股票具有吸引力，因爲利潤恢復和2H24E/2025年快速境外擴張。重申買入。
Domestic/overseas demand recovery on track; system biz fast growth.
國內/境外需求恢復進展順利；系統業務快速增長。
Mgmt. stated that while domestic auto market recovery stayed at slow pace, overseas' demand remains encouraging after the US rate cuts. Mgmt. remains positive on overseas project wins and order stability to drive capacity ramp-up and better yield. While market competition may weigh on ASP, mgmt. reiterated that strong partnership with major customers, BOEVx's global No.1 market position, new products' breakthrough (e.g.
管理層表示，儘管國內汽車市場復甦步伐緩慢，但在美國減息後，境外需求仍然令人鼓舞。管理層對境外項目訂單的獲得和訂單穩定性保持樂觀態度，以推動產能提升和更好的產出。雖然市場競爭可能會對ASP造成影響，但管理層重申，與主要客戶的強大合作關係，BOEVx全球第一市場地位，新產品的突破（例如
OLED, flexible and foldable display) and effective cost controls will allow BOEVx to outperform peers despite intense competition. In addition, mgmt. expected system biz to stay fast growth and sales mix to reach 7-8% in FY24E, which will enable BOEVx to cope with fierce competition in auto display market.
oled概念、柔性和可摺疊顯示屏）以及有效的成本控制將使BOEVx在激烈競爭中勝出。此外，管理層預計系統業務將保持快速增長，並且銷售組合在FY24E將達到7-8%，這將使BOEVx能夠應對汽車顯示市場激烈競爭。
Chengdu capacity ramp-up and better UTR in 2H24E. As global largestand most advanced auto display module plant, BOEVx Chengdu factory's UTR now reached 60-70% and target 70-80% in the near term, thanks to more complex and larger orders from major customers. Mgmt. commented that Chengdu plant showed improving inventory days, reduction in inventory and better sales growth in 2H24E. Overall, mgmt. expected a better 2H24E thanks to Chengdu's plant ramp-up and improving inventory level.
成都產能提升和2H24E較高的UTR。作爲全球最大、最先進的汽車顯示模組工廠，BOEVx成都工廠的UTR現已達到60-70%，目標在短期內達到70-80%，這得益於來自主要客戶的更復雜、更大的訂單。管理層評論稱，成都工廠的庫存天數正在改善，存貨減少，並且在2H24E也有更好的銷售增長。總體而言，管理層預計由於成都工廠的產能增長和庫存水平改善，2H24E將更爲良好。
Overseas sales mix to reach 50% in FY27E; limited impact from the USnew tariff plan. For overseas markets, mgmt. reiterated 50% overseas sales mix target in FY27E, backed by project wins in Japan/Korea/Europe in FY25-26E. In addition, mgmt. expected limited impact from the US new tariff plan given that its US orders are manufactured in Vietnam plant, and BOEVx will closely monitor the dynamics and adjust strategy with suppliers.
境外銷售組合在FY27E將達到50%；美新關稅計劃影響有限。對於境外市場，管理層重申FY27E的境外銷售佔比目標爲50%，並得到FY25-26E日本/韓國/歐洲項目訂單的支持。此外，管理層預計美國的新關稅計劃對其影響有限，因爲其美國訂單是在越南工廠生產的，BOEVx將密切監視市場動態並與供應商調整策略。
譯文內容由第三人軟體翻譯。
