Neway Valve (Suzhou): CEO call takeaway: order outlook intact; LNG, FPSO, actuator to drive margin-accretive growth

研报英文原文证据摘录

Neway Valve (Suzhou): CEO call takeaway: order outlook intact; LNG, FPSO, actuator to drive margin-accretive growth

estimates (36% in 12/26E 2.26 2.44

Q225; we expect 36% in Q226E). For 2026, mgmt targets to achieve broadly 12/27E 2.98 2.98

stable GPM YoY, via product mix improvement, cost pass-through for high-end 12/28E 3.64 3.57

valves, despite greater margin pressures from low-ends (c40% of sales). Gus Huang, CFA

Analyst

Shipbuilding, LNG and actuator integration drive mix upgrade

S1460522090006

Mgmt aims to achieve a c60% mix for its mid to high end products, which split almost gus.huang@ubs.com

evenly by severe-service manual valves, targeting high corrosive/low temperature +86-21-3866 8541

environments, and actuated valves, both margin-accretive. Neway performs in-house Sky Hong

valve & actuator integration for 90%/40% of its China/export actuated valves, with Analyst

more upsides overseas, as EU/US integrated actuator suppliers face longer delivery S1460520010001

periods. By downstreams: 1) FPSO still is the key driver for shipbuilding segment. Mgmt sky.hong@ubs.com

now expects global FPSO upcycle to last 8-10 years, on more robust deepwater oil & gas +86-21-3866 8856

investments and strong project pipelines across expanding clients groups (eg, Hanwha Mandy Liu

Ocean). 2) LNG could provide next leg of growth, with 5 projects progressing well in NA. Analyst

Valves takes up 3-5% of total LNG terminal CAPEX, in which Neway could acquire S1460521110001

>30% wallet share, as its applications expand from gas-treatment to more demanding mandy.liu@ubs.com

liquefaction section (more ultra low temperature valves), with readily certified products. +86-21-3866 8831

Valuation: reiterate Buy with unchanged PT of Rmb63