2025-06-11-Jefferies-庄信万丰（JMAT）_提醒_与庄信万丰首席执行官的炉边谈话_7页_102kb

报告摘要

Fireside Chat with CEO Liam Condon on June 23, 2025, 13:00 BST and other times.
Rating: BUY with price target of 2,200p (+26% from current price of 1,747p).
Key discussion topics include defense of profitability in Clean Air business amid uncertain end-market conditions, outlook for Catalyst Technologies growth with FID project evolutions, cost management in Hydrogen business for break-even by FY25/26, and improved cash conversion efficiency aiming for >80% FCF/EBIT by FY26/27.

Johnson Matthey provides specialty chemicals, catalysts for emissions reduction, and materials for battery and hydrogen technologies, with a focus on new energy sectors.
Valuation supports a buy recommendation, with risks including slowing automotive demand, faster EV adoption, and delays in Hydrogen projects due to macro uncertainty.

Defense Strategy: Management addresses end-market uncertainties in the automotive and chemical sectors through cost-saving initiatives.
Energy Transition Focus: Projects in Catalyst Technologies show potential for growth, but FID delays and cancellations pose risks.
Financial Health: Target to improve cash conversion efficiency significantly; capital allocation may prioritize shareholder returns or strategic M&A.
Downside Risks: Slowdown in auto demand, EV shift, project failures in Hydrogen could impact performance and thesis.

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