面对供应过剩、价格战以及欧盟、印度、巴基斯坦和巴西等主要出口市场日益增长的保护主义威胁，中国领先的光伏出口商——包括天合光能、隆基绿能和通威股份——承诺停止在海外市场的价格下调竞争。这一举措旨在稳定出口市场，推动行业可持续发展。 主要动态 行业协作： 由 中国机电产品进出口商会 牵头成立了由 22家光伏企业 组成的“自律”委员会，致力于促进健康竞争，稳定出口价格。 政策调整： 自 12月1日 起，硅片、电池片和组件的出口退税率将从 13% 降至 9% ，旨在鼓励出口高附加值产品，减少反倾销调查风险。 产能过剩危机： 过度生产导致价格下滑，造成大量亏损、裁员，甚至企业破产，给中国光伏企业带来沉重压力。 全球影响： 中国在光伏出口市场的主导地位受到越来越多的关注，外国市场可能采取反补贴措施，这为行业增加了更多的不确定性。 专家观点 大和证券分析师Dennis Ip： 退税率下调可能对光伏组件公司的短期财务状况产生负面影响，但从长期来看影响有限。 隆基绿能的观点： 行业领导者认为，这一举措是中国光伏行业的“转折点”，强调合作对于维持全球竞争力的重要性。 展望 随着中国光伏企业努力实现市场稳定，向高附加值产品和合作战略的转型有望改善行业的全球形象和长期韧性。然而， 产能过剩 和 退税减少 的直接挑战依然严峻。在国际市场压力下，如何平衡短期财务影响与长期发展需求，将成为行业关键议题
Market Performance
- IJM Corp (3336.MY), focused on construction, infrastructure, and real estate, saw its stock surge 100% to RM3.76 this year before retracing to a 64% gain, trading around its 20-day moving average.
- Consensus target price: RM3.68, offering a potential 20.3% upside, with 7 Buy and 2 Neutral ratings from analysts.
Key Business Updates
Strategic Acquisitions:
- Acquiring 50% stake in UK-based JRL for RM283 million, boosting its order book by £1.5 billion, ensuring earnings predictability for three years.
Major Projects:
- Potential beneficiary of the proposed RM6 billion underground flood tunnel system in Malaysia.
- Successfully secured RM1.9 billion in contracts in FY2025, including:
- A data center in Johor.
- An industrial facility in Penang.
- Total order book: RM7.9 billion, including uncompleted orders worth RM6 billion as of March 31, 2024.
Strong Industry Momentum:
- Malaysia’s construction sector completed projects worth RM41.1 billion in Q3 2024, up 22.9% year-on-year, benefiting key players like IJM, Gamuda, and Sunway.
Performance Review
- Q1 FY2025 (ending June 30, 2024):
- Net profit: RM86.88 million, down 13.68% YoY.
- Operating revenue: RM1.4 billion, up 14.56% YoY.
- Despite the profit dip, core profit exceeded expectations, with analysts maintaining Buy ratings and projecting better results for FY2025.
Valuation Insights
- Current P/E ratio: 18.02, below the industry average of 20.56, signaling undervaluation.
- Lowest P/B ratio among peers at 0.96, below 1.0, considered attractive for long-term investors.
Industry Outlook
- MIDF Research expects ongoing infrastructure projects and data center developments to drive growth into Q4 2024.
- Construction sector’s positive spillover effects are likely to stimulate broader economic growth.
Conclusion
With a robust order pipeline, strategic acquisitions, and undervalued metrics, IJM Corp stands poised for a strong recovery. Analysts remain optimistic about its growth prospects, making it a top pick in Malaysia’s thriving construction sector
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