2025-05-22-Bernstein-OP移动（OPM）_OPmobility尼斯会议-谨慎的运营商_10页_388kb

OPmobility was rated Underperform with a price target of €8.60. Key points from the 2025 Nice Conference:

• The company disclosed three types of tariff exposure: finished products with low risk, purchased components handled by OEMs, and indirect impacts on demand and production. OPmobility is actively negotiating with OEMs to pass through tariff burdens and sourcing components locally.

• Cost-cutting measures are underway, with SG&A managed down and capital expenditures expected 5-10% lower than FY24 to protect cash. Analysts highlighted acceleration of these efforts.

• Future opportunities include its Lighting business, expected to grow in 2026 with revenue inflection after decline, and integrated product offerings, like those with lighting and bumpers, exemplified by the new Renault 4.

• The company benefited from its plant in Austin, Texas, and strong performance with Volkswagen and Skoda suppliers. High single-digit growth is possible in 2025.

• Despite proactive strategies, the market faces challenges from tariffs and consumer price increases in 2025. Analysts noted the rating reflects underperformance due to these risks.

In summary, OPmobility maintains a cautious outlook with Underperform rating, driven by tariff uncertainties and competition, while focusing on cost savings and new opportunities for growth.