2025财年指引维持不变；项目延期似乎已结束

Core Insights - RENOVA's Q1 FY2025 performance is viewed as neutral by the market, reporting a net income of 342 million JPY and EBITDA of 4.637 billion JPY, which fell short of expectations due to rising fuel and outsourcing costs [1][2] - The company reaffirmed its FY2025 guidance with projected revenue of 71.8 billion JPY, EBITDA of 20.8 billion JPY, and net income of 5.9 billion JPY, all below market expectations [2][3] - There are no new updates on project timelines, indicating that previous delays may have concluded [1][2] Financial Performance - RENOVA's net revenue for Q1 FY2025 was 15.157 billion JPY, a 1% increase quarter-over-quarter and a 39% increase year-over-year, but still 4% below market consensus [3] - Fuel and outsourcing costs rose significantly, with Q1 FY2025 costs at 7.927 billion JPY, reflecting a 118% increase year-over-year [3] - The company's EBITDA margin for the quarter was only 3.8%, significantly lower than the estimated 15.3% due to increased costs [2][3] Project Updates - The Himeji energy storage project is progressing well, with construction starting in August 2023 and expected completion by October 2025, featuring a generation capacity of 15 MW and storage capacity of 48 MWh [2][3] - The Omaezaki biomass project has been delayed from July 2024 to October 2024, but no further changes to project timelines have been announced [2][3] Market Expectations - The market had anticipated higher figures for RENOVA's FY2025 guidance, with expected revenue of 76.3 billion JPY, EBITDA of 26.2 billion JPY, and net income of 6.6 billion JPY, indicating a potential disconnect between company forecasts and market sentiment [2][3]