2025-06-05-Jefferies-Burckhardt_Compression（BCHN）_初步观点_预计下半年有所提升但指引平淡_8页_107kb

报告摘要

Burckhardt Compression (BCHN SW) Equity Research Summary

Date: June 5, 2025

Company Overview

Burckhardt Compression Holding AG provides reciprocating compressor solutions, focusing on modular systems for biogas, hydrogen, oil and gas, and chemical sectors. Based in Switzerland with operations in India and China, it reported sales of CHF982.0m for FY23.

Financial Highlights

Rating: BUY, with CHF629.00 price per share and a target of CHF804.00 (+28% upside).
Guidance: FY24 sales at CHF1.1bn (flat YoY), EBIT margin of 12.9% (vs. consensus).
Second Half Performance: FY24 revenue for 2H reached CHF659m (+15% YoY). Systems segment drove growth (+21% YoY to CHF478m), while Services saw weaker performance (+1% YoY). EBIT margin improved to 13.5% in 2H, driven by delivery phasing.

Valuation and Risks

Valuation: DCF-based target price CHF804 per share, corresponding to 19x EV/EBIT or 25x P/E (FY25e).
Risks: Operational, regulatory, cybersecurity, FX, and macro uncertainties.

Analyst Certification

Martin Comtesse & Fabian Piasta: Certified views reflect personal opinions; no compensation tied to recommendations.

Analyst Distribution

Rating Distribution: 60.53% Buy, 35.08% Hold, 4.39% Underperform among relevant coverage.
Historical Performance: Current rating initiated as BUY, with prior price targets (e.g., CHF804 abs.) previously set on 12/04/2024.