| 南方亚太房托(03447) | 8.310 | 8.300 | 0.73% | | --- | --- | --- | --- | | 中国国家文化产业 | 0.280 | 0.280 | 0.72% | | (00745) | | | | | 太古股份公司Ｂ(00087) | 11.560 | 11.560 | 0.70% | | 香港电讯－ＳＳ(06823) | 11.900 | 11.900 | 0.68% | | 极兔速递－Ｗ(01519) | 7.290 | 7.500 | 0.67% | | ＡＧＸ ＡＩ科技 | 100.950 | 100.950 | 0.65% | | (03006) | | | | | 万洲国际(00288) | 7.690 | 7.800 | 0.65% | | 康哲药业(00867) | 12.380 | 12.540 | 0.64% | | ＧＸ恒生高股息率 | 28.700 | 28.760 | 0.63% | | (03110) | | | | | 法拉帝(09638) | 25.750 | 25.800 | 0.58% | | 优品３６０(02360) | 1 ...

Group 1 - A total of 130 stocks reached a 52-week high as of June 11, with notable performers including Derin International (01126), Republic HC (08357), and Linkong Biotechnology Group (00690) achieving high rates of 44.71%, 37.50%, and 35.79% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Derin International at 9.000 and 9.580, Republic HC at 0.190 and 0.220, and Linkong Biotechnology Group at 0.126 and 0.129 [1] - Other significant stocks that reached new highs include China San San Media (08087) with a high rate of 31.82% and Dekang Agriculture (02419) with a high rate of 15.32% [1] Group 2 - The report also lists stocks that reached new lows, with the lowest performer being Caixin Media Equity (02986) at a low rate of -28.57% [4] - Other notable stocks that reached new lows include New Qian An (02573) at -19.64% and METALIGHT (02605) at -14.71% [4] - The closing prices for the lowest performing stocks include Caixin Media Equity at 0.014, New Qian An at 17.760, and METALIGHT at 6.370 [4]

智通财经APP获悉，中金发布研报称，基于宏观经济逆风导致游艇需求常态化的预期，将法拉帝 (09638)2025年营收预测下调3%至12.9亿欧元，相应地将调整后EBITDA预测下调4%至2.03亿欧元。同时 首次引入2026年营收预测13.7亿欧元及调整后EBITDA预测2.21亿欧元。鉴于其高端定位和市场领导地 位支撑的盈利改善与业务韧性，该行维持跑赢行业评级及36港元目标价(对应5.8倍2025年 EV/EBITDA)。 报告称，法拉帝集团在2025年威尼斯游艇展(5月29日至6月2日举办)成功展出七艘重要游艇，其中包含 两款全球首发船型：Pershing GTX70(3月发布)，这款为纪念Pershing品牌成立40周年打造的紧凑型运动 多功能游艇拥有卓越的运动性能与出色的海陆连接体验;以及Ferretti Yachts 940(1月发布)，作为该品牌 目前最大的宽体船型，以其精心设计和优异的舒适性著称。同时展出的还有五款船型，包括Dolceriva、 Riva 68' Diable、Itama 45RS、Pershing 8X和wallywhy100。该行相信此次展示彰显了法拉帝集团在创新 工程、多品 ...

Ferretti (09638) Q1 2025 Earnings Call May 16, 2025 08:00 AM ET Company Participants Margherita Sacerdoti - Investor RelationsAlberto Galassi - CEOMarco Zammarchi - Chief Financial OfficerAdrien Duverger - Equity Research Associate Conference Call Participants Emanuele Gallazzi - Equity AnalystNiccolò Guido Storer - Equity Research Analyst Margherita Sacerdoti Good afternoon, everyone, and welcome to the Ferretti Group First Quarter twenty twenty five Results Webinar. Thank you all for joining us. We apprec ...

Ferretti (09638) Q1 2025 Earnings Call May 16, 2025 08:00 AM ET Company Participants Margherita Sacerdoti - Investor RelationsAlberto Galassi - CEOMarco Zammarchi - Chief Financial OfficerAdrien Duverger - Equity Research Associate Conference Call Participants Emanuele Gallazzi - Equity AnalystNiccolò Guido Storer - Equity Research Analyst Margherita Sacerdoti Good afternoon, everyone, and welcome to the Ferretti Group First Quarter twenty twenty five Results Webinar. Thank you all for joining us. We apprec ...

Financial Data and Key Metrics Changes - The company reported a record high order backlog of €1,800,000,000, an increase of 7.6% compared to €1,769,000,000 in the first quarter of the previous year [4] - Order intake grew by 1.5% to €271,000,000 from €267,000,000 in the previous year [4] - Marginality increased from 15.4% in Q1 2024 to 16% in Q1 2025 [5] - Revenues grew by 5% from €313,000,000 to €329,000,000, exceeding market growth expectations of 4.2% [5][29] - EBITDA reached €53,000,000 with a margin of 16% compared to 15.4% in the previous year [23] Business Line Data and Key Metrics Changes - The made-to-measure yacht segment saw a significant increase, now representing 49% of order intake, up from 37% last year [16] - The composite yacht segment remained flat, reflecting a softer U.S. season due to economic uncertainties [15] - The superyacht segment is performing well, with new orders filling slots until 2029 [17] Market Data and Key Metrics Changes - The U.S. market showed strong demand for made-to-measure yachts, while the composite yacht segment faced challenges [15][36] - Europe experienced a decline due to a one-off order in Q1 2024, but would have shown a 33% increase without that [18] - The Americas reported a 150% increase in the made-to-measure segment [19] Company Strategy and Development Direction - The company is focusing on expanding its made-to-measure segment and investing in new models, including revamping the Itama brand [10][11] - The strategy includes maintaining a balanced presence across 71 countries to mitigate risks associated with market fluctuations [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the U.S. market recovering after a period of uncertainty due to elections and tariffs [40] - The company expects sustainable mid-range single-digit growth for 2025, with revenues projected between €1,220,000,000 and €1,240,000,000 [29] Other Important Information - The company plans to complete its CapEx plan with investments expected to be below €90,000,000 for 2025 [25] - The net financial position remains positive with €55,000,000 in net cash [26] Q&A Session Summary Question: Current U.S. Market Environment - Management noted a strong demand for made-to-measure yachts, while the composite segment is facing challenges due to economic uncertainties [36][40] Question: Guidance on Order Intake for 2025 - The company expects order inflow to be slightly better than the previous year across all segments, with a conservative outlook for superyachts due to production capacity [44] Question: Net Working Capital Expectations - Management anticipates normalization of working capital in the second quarter, expecting to end the year with a high single-digit ratio, below 10% [45][72] Question: Current Trading in April and Early May - April was impacted by tariff news, but May showed a return to normal trading conditions across all regions [64] Question: Progress on Ravenna Facility - The CapEx plan for the Ravenna facility is nearly complete, with a utilization rate over 90% [66] Question: M&A Pipeline - The company is entering a due diligence process for a potential acquisition [67]

Core Insights - The company reported a strong financial performance for Q1 2025, with a record order volume of €1.7686 billion, reflecting a growth of 7.6% compared to March 31, 2024, and 6.3% compared to December 31, 2024 [2] Group 1: New Orders - New orders for Q1 2025 amounted to €270.6 million, representing an increase of approximately 1.5% from €266.6 million in Q1 2024, driven by strong performance in the custom yacht segment [1] - Cumulative orders as of March 31, 2025, reached €1.7686 billion, up 6.3% from €1.6639 billion on December 31, 2024, and up 7.6% from €1.6434 billion on March 31, 2024, supported by larger vessel orders received in the previous quarter [1] Group 2: Net Orders - The net cumulative orders as of March 31, 2025, stood at €839.6 million, a slight decrease of about 1.3% from €900 million on December 31, 2024, but an increase of 7.6% from €828.7 million on March 31, 2024 [1] Group 3: New Yacht Revenue - New yacht net revenue for Q1 2025 was €328.5 million, an increase of approximately 5.0% from €313 million in Q1 2024, attributed to a significant backlog of orders from 2023 and 2024, with a continued rise in the share of large yachts, custom yachts, and superyachts [1]

TODAY'S PRESENTERS Q1 2025 BUSINESS UPDATE unaudited data CHIEF FINANCIAL OFFICER MARCO ZAMMARCHI ALBERTO GALASSI MARGHERITA SACERDOTI CHIEF EXECUTIVE OFFICER TBD INVESTOR RELATIONS 2 TODAY'S AGENDA | 1 | Key Highlights | | --- | --- | | 2 | Business Dynamics | | 3 | Financial Results | | 4 | Final Remarks | | Q&A | | 3 Key Highlights 01 01 Key Highlights SOUND PERFORMANCE IN MAIN KPIs ORDER BACKLOG1 (€mln) ADJ EBITDA margin3 (%) Q1'24 16.0% Q1'25 +60bps 15.4% 1,643 1,769 Q1'24 Q1'25 +7.6% New- record high ...

Financial Performance - Revenue for 2024 reached €1,183,676 thousand, an increase of 5.4% compared to €1,123,483 thousand in 2023[27]. - Net income for 2024 was €63,193 thousand, down 26.8% from €86,355 thousand in 2023[28]. - Total assets increased to €1,844,847 thousand in 2024 from €1,791,099 thousand in 2023, reflecting a growth of 3.0%[32]. - Cash and cash equivalents decreased significantly to €115,809 thousand in 2024 from €290,057 thousand in 2023, a decline of 60.0%[30]. - Inventory rose to €412,794 thousand in 2024, up 36.7% from €301,927 thousand in 2023[30]. - Total liabilities increased to €915,485 thousand in 2024 from €892,325 thousand in 2023, representing a growth of 2.0%[32]. - The company reported a decrease in financial income to €15,711 thousand in 2024 from €21,120 thousand in 2023, a decline of 25.7%[27]. - The company’s operating expenses, including personnel costs, increased to €120,986 thousand in 2024 from €109,559 thousand in 2023, an increase of 10.5%[27]. - The company’s equity totalled €929,362 thousand in 2024, up from €898,774 thousand in 2023, indicating a growth of 3.4%[32]. - The company’s other income increased to €28,295 thousand in 2024 from €19,678 thousand in 2023, a rise of 43.9%[27]. - The company's pre-tax profit for 2024 was €100,688, a decrease of 4.5% compared to €105,262 in 2023[34]. - Operating cash flow for 2024 was negative at €(15,399), a significant decline from €66,621 in 2023[34]. - The company paid dividends of €32,833 in 2024, an increase of 64.8% compared to €19,903 in 2023[35]. Audit and Governance - The company’s financial statements have been audited in accordance with International Auditing Standards, reflecting a true and fair view of its financial position as of December 31, 2024[4]. - The audit identified key audit matters, including revenue recognition for shipbuilding and the recoverability of intangible assets[6]. - The company’s governance is responsible for overseeing the financial reporting process[21]. - The audit opinion does not cover other information included in the annual report, which is the responsibility of the management[18]. Revenue Recognition - The company recognized significant revenue from shipbuilding, with revenue being confirmed based on the percentage of completion method[9]. - Revenue from contract assets is recognized based on the percentage of completion method, reflecting the proportion of costs incurred to total estimated contract costs[47]. - Revenue from the sale of second-hand vessels and services is recognized at the point of transfer of control to the customer, aligning with the timing of ownership transfer[48]. - Government grants are recognized at fair value when it is reasonably assured that the grant will be received and all attached conditions will be complied with[50]. Cash Flow and Liquidity - The company experienced a net cash outflow from financing activities of €(65,718) in 2024, contrasting with an inflow of €33,454 in 2023[35]. - Total cash and cash equivalents at the end of 2024 decreased to €115,809 from €290,057 in 2023, reflecting a reduction of 60%[35]. - The company has a liquidity risk management strategy that includes weekly cash flow planning and monitoring, considering seasonal business factors[126]. Assets and Liabilities - The company’s financial assets totalled $363.1 million as of December 31, 2024, compared to $322.0 million in the previous year, representing a 12.5% increase[119]. - Trade receivables increased to $243.8 million in 2024 from $229.8 million in 2023, reflecting a growth of 6.5%[119]. - The total financial liabilities increased from €442,802 thousand in 2023 to €509,791 thousand in 2024, representing a growth of approximately 15.1%[122]. - The total future financial outflows for 2024 are projected to be €512,503 thousand, compared to €445,637 thousand in 2023, indicating an increase of approximately 15.0%[128]. Inventory Management - Inventory total as of December 31, 2024, reached €429,538,000, up from €301,927,000 in 2023, representing a significant increase of approximately 42.3%[200]. - The allowance for inventory write-downs for raw materials and components was adjusted to €6,491,000 as of December 31, 2024, indicating concerns over slow-moving and potentially aging inventory items[200]. Taxation - The total income tax expense for the year ended December 31, 2024, was 37,496,000 EUR, significantly higher than 18,907,000 EUR in 2023, indicating an increase of 97.3%[174]. - The effective tax rate for 2024 was impacted by higher taxable income and the absence of deferred tax assets recognized in 2023[175]. - The company expects no significant impact from potential top-up taxes related to the OECD's Pillar Two rules for the fiscal year 2024[180]. Risk Management - The company faces market and interest rate risks, particularly related to fluctuations in foreign exchange rates and market prices[129]. - The company has a limited credit risk associated with cash and cash equivalents, primarily held in euros with major national and international banks[120]. - The company’s financial risk management policies are in place to mitigate risks associated with financial instruments, enhancing overall financial stability[116]. Sustainability and Future Outlook - The company has committed to addressing climate-related risks and enhancing sustainability in its operations, as indicated in its recent disclosures[41]. - The acquisition of additional land for the Sant'Apollonia shipyard is expected to increase production capacity by 10%[194].

Financial Performance - The company reported a net revenue of €1,240,346 thousand for the year ending December 31, 2024, representing a 9.3% increase compared to €1,134,484 thousand in 2023[12]. - Adjusted EBITDA reached €190.0 million, up approximately 12.3% from €169.2 million for the year ending December 31, 2023[17]. - The net profit for the year was €88,160 thousand, an increase of about 5.6% from €83,503 thousand in the previous year[12]. - The group's total net revenue for the reporting period was €1,240.3 million, a 9.3% increase from €1,134.5 million for the year ending December 31, 2023[27]. - The group's pure profit increased by approximately 5.6% to €88.2 million, up from €83.5 million for the year ending December 31, 2023[27]. - The group's net revenue increased by approximately 9.3% from €1,134.5 million in 2023 to €1,240.3 million in 2024[44]. - The net revenue from composite yachts reached €558.7 million, a year-on-year increase of 13.6%, accounting for approximately 47.6% of the new yacht net revenue[47]. - The net revenue from custom yachts decreased by 7.5% to €407.2 million, representing about 34.7% of the new yacht net revenue[49]. - The net revenue from superyachts increased by 26.4% to €148.6 million, contributing approximately 12.7% to the new yacht net revenue[50]. Order Backlog and New Orders - The company has a backlog of orders amounting to approximately €1.7 billion as of December 31, 2024, which is an increase of about 11.6% compared to the previous year[17]. - New order volume for 2024 reached €1,139.3 million, a growth of 1.7% compared to €1,120.4 million in 2023, primarily due to strong performance in Europe and the Middle East[29]. - Cumulative orders reached a record high of €1,663.9 million as of December 31, 2024, an increase of approximately 11.6% from €1,491.27 million at the end of 2023[34]. - Cumulative order backlog, defined as total undelivered orders minus recognized revenue, reached a historical high of €900.0 million as of December 31, 2024, up 15.4% from €780.0 million on September 30, 2024[37]. - The new order volume for superyachts surged by 97.3% to €294.9 million in 2024, representing 25.9% of total new orders, compared to €149.5 million (13.3%) in 2023[30]. Product Development and Innovation - The company is focusing on R&D to innovate and expand its product offerings in the yacht manufacturing sector[18]. - New models of composite and custom yachts have been launched to attract new customers while retaining existing ones[20]. - The group plans to expand its product offerings and focus on high-growth segments to strengthen its market leadership in composite and custom yachts[25]. - The group plans to expand its custom product offerings to larger alloy yachts and develop new superyacht models under the Riva, Pershing, and Custom Line brands[43]. Sustainability and Governance - The group is committed to investing in innovation and sustainable materials to reduce environmental impact and enhance the yachting experience[25]. - The group has established a commitment to environmental, social, and governance (ESG) practices, becoming the first in the yacht industry to publish a sustainability report in 2019[24]. - The company is committed to ensuring that all strategic decisions are guided by a strict and purposeful framework regarding sustainability matters[136]. - The sustainability committee plays a strategic role in assisting the board in developing and implementing policies related to environmental, social, and governance issues[135]. - The company is required to prepare a sustainability report in accordance with the provisions of the Italian law on corporate sustainability reporting[134]. Financial Position and Assets - Total assets increased to €1,661,444 thousand in 2024 from €1,602,248 thousand in 2023[13]. - Current assets increased to €912.3 million, while current liabilities decreased to €701.7 million, resulting in a slight increase in net current assets to €210.6 million[75]. - The company's equity return rate decreased from 10.3% in 2023 to 10.2% in 2024, primarily due to an increase in average equity[95]. - The debt-to-equity ratio improved to 3.7% as of December 31, 2024, from 4.0% in 2023, indicating a strong financial position with low debt levels[99]. Employee and Operational Changes - As of December 31, 2024, the company had 2,118 employees, an increase from 1,971 employees as of December 31, 2023[117]. - Personnel costs rose by €14.2 million or 10.9% from €130.7 million to €144.9 million, attributed to an increase in average employee numbers to support business growth[65]. Corporate Governance - The board is responsible for leading the company towards sustainable success, aiming to create long-term value for shareholders while considering the interests of other stakeholders[131]. - The company has adopted a business plan for 2023-2027, which is aimed at achieving sustainable success[131]. - The board has approved the rules for the board and individual committees to ensure compliance with corporate governance codes[128]. - The board consists of 7 to 11 members, including a chairman and one or more vice-chairmen, as per the company's articles of association[174]. Shareholder Information - A dividend of €32,832,817.44 (equivalent to €0.097 per share) was paid to shareholders[113]. - The major shareholders include Shandong State-owned Assets Supervision and Administration Commission holding 37.541% and Valea Foundation holding 13.292% of the ordinary shares[147]. - The company has no restrictions on the transfer of shares, and there are no existing agreements among shareholders regarding the company's shares[145][152].