2025-06-13-Jefferies-牛津仪器（OXIG）_初步观点_2025财年业绩符合预期；前景似乎较为稳固_7页_107kb

Summary of Oxford Instruments Equity Research Report

Key Financial Highlights

• FY25 Results: Revenue was £500.6m, up 6.5% organically, and EBITA reached £82.2m, growing 10.8% year-over-year. Book-to-bill ratio was 0.93x (down from previous periods), indicating moderate demand for FY26.
• Business Segments: Imaging & Analysis: Stable revenue but lower EBITA growth; Advanced Technologies: Strong growth in revenue and EBITA, up 21% yoy in constant currency.
• Operational Metrics: Margins dipped to 16.4%, cash conversion improved to 89%, supported by inventory management. Net cash position remained healthy at £84.4m.

Analyst Outlook

• Rating and Target: Holds rating with a price target of 2,230p, reflecting expectations for attractive profitable growth driven by strategic initiatives.
• Management Guidance: Revenue growth for FY26 exceeds consensus (+3-4%), supported by momentum in compound semiconductors and share buyback of £50m.

Risks and Valuation

• Risks: Negative factors include US Academia revenue exposure (~12% of group revenue), potential delays in order book processing, and higher FX headwinds estimated at £4.4m in EBITA.
• Valuation: Based on SOTP methodology using multiples like EV/Sales and EV/EBITA, emphasizing solid fundamentals despite softness noted.

Conclusion

The report maintains a cautious Hold stance, highlighting solid performance but cautioning on visibility and macro risks like China's export challenges.