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巴拉德动力系统：新订单减少，但下半年营收和利润率将扩大
BLDPBallard(BLDP) 海通国际·2024-08-13 00:40

Investment Rating - The report maintains an OUTPERFORM rating for Ballard Power Systems (BLDP US) with a target price of 6.50[42]CoreViews−ThemarketisexpectedtoreactslightlynegativelytoBallard′sQ22024resultsduetoanetlossof6.50 [42] Core Views - The market is expected to react slightly negatively to Ballard's Q2 2024 results due to a net loss of 31.5 million, higher than market expectations, driven by low revenue and fixed cost pressures [2] - Ballard reaffirmed its 2024 operating expense guidance of 145−165millionbutreduceditscapitalexpenditureguidancefrom145-165 million but reduced its capital expenditure guidance from 50-70 million to 25−40million[2]−Thecompanyexpectsrevenuetobeweightedtowardsthesecondhalfof2024,withcorrespondinggrossmarginexpansion[2]−BallarddidnotreiterateitsexpectationofachievingbreakevenbyFY2025,withEBITDAprofitabilityprojectedfor2027−2028andgrossmarginsinthelow2025-40 million [2] - The company expects revenue to be weighted towards the second half of 2024, with corresponding gross margin expansion [2] - Ballard did not reiterate its expectation of achieving breakeven by FY2025, with EBITDA profitability projected for 2027-2028 and gross margins in the low 20% range [2] - Q2 2024 revenue was 16 million, below the consensus estimate of 18.7million,withagrossmarginof−3218.7 million, with a gross margin of -32%, worse than the expected -15% [2] - Backlog decreased from 180.5 million in Q1 2024 to 169.5millioninQ22024,with12−monthordersdroppingfrom169.5 million in Q2 2024, with 12-month orders dropping from 79.7 million to 75.5million[2]FinancialPerformance−Q22024revenuegrew1175.5 million [2] Financial Performance - Q2 2024 revenue grew 11% quarter-over-quarter and 5% year-over-year, driven by the Power Products division [2] - Gross loss improved slightly to -5.1 million in Q2 2024 from -5.4millioninQ12024,duetoincreasedrevenueandcostreductioninitiatives[2]−EBITDAlosswas5.4 million in Q1 2024, due to increased revenue and cost reduction initiatives [2] - EBITDA loss was 37.5 million, slightly worse than the consensus estimate of 36.4million[4]−NetlossforQ22024was36.4 million [4] - Net loss for Q2 2024 was 31.5 million, a 24% improvement from Q1 2024 but 5% worse year-over-year [4] Strategic Outlook - Ballard's future capital expenditure guidance over the next five years is 300million[2]−Noupdateswereprovidedonthe300 million [2] - No updates were provided on the 130 million MEA factory in Shanghai, which is still under review [3]