日本日挥株式会社 JGC Holdings：营收超预期，但汇兑损失拖累净利润；成本管控良好；重申2025财年指引

Investment Rating - The report maintains a positive outlook on JGC Holdings, indicating that the first quarter performance is likely to be viewed favorably by the market despite net income being below consensus due to foreign exchange losses [1][2]. Core Insights - JGC Holdings reported a net income of 5.6 billion yen for the first quarter of 2025, which was below the consensus estimate of approximately 7 billion yen, primarily impacted by foreign exchange losses of 3.7 billion yen. However, revenue exceeded market expectations with a gross margin of 8%, surpassing the consensus estimate of about 7% [2][3]. - The company reaffirmed its guidance for the fiscal year 2025, projecting revenue of 690 billion yen, gross profit of 52 billion yen (gross margin of 7.5%), operating income of 21 billion yen, and net income of 15 billion yen, while maintaining a dividend target of 40 yen per share [2][3]. - New order intake has significantly lagged behind guidance, with a target of 650 billion yen for the fiscal year 2025, but only 47 billion yen in orders secured in the first quarter, achieving just 7% of the target. However, the company secured significant contracts in July, which are expected to support the achievement of its order targets for the fiscal year [3]. Summary by Sections Financial Performance - For the first quarter of 2025, JGC Holdings reported net revenue of 19 billion yen, a decrease of 25% quarter-on-quarter but a 5% increase year-on-year. The operating cost was 17.4 billion yen, down 27% quarter-on-quarter and down 7% year-on-year. The gross profit was 15.4 billion yen, reflecting a gross margin of 8% [5]. Guidance and Orders - The company reiterated its fiscal year 2025 guidance, forecasting revenue of 690 billion yen, gross profit of 52 billion yen, operating income of 21 billion yen, and net income of 15 billion yen. The dividend target remains at 40 yen per share [2][3]. - The new order guidance for fiscal year 2025 is set at 650 billion yen, with 500 billion yen expected from overseas markets and 150 billion yen from domestic markets. The first quarter saw only 47 billion yen in new orders, but recent contract wins are expected to bolster future order intake [3].