NKT A/S卡尔斯克鲁纳工厂参观要点

Restricted - External NKT.CO/NKT DCOVERWEIGHTEuropean Capital GoodsNEUTRALPrice TargetDKK 686.00Price (02-Jun-25)DKK 554.00Potential Upside/Downside+23.8%Source: Bloomberg, Barclays ResearchEuropean Capital GoodsXin Wang+44 (0)20 7773 1380xin.wang@barclays.comBarclays, UKVlad Sergievskii+44 (0)20 7116 1117vlad.sergievskii@barclays.comBarclays, UKGeorge Featherstone, CFA+44 (0)20 3555 8585george.featherstone@barclays.comBarclays, UKTimothy Lee, CFA+44 (0)20 7773 6879timothy.lee@barclays.comBarclays, UKVaspaan Yazdi Avari+91 (0)22 6175 2382vaspaany.avari@barclays.comBarclays, UK two extrusion lines. NKT does not rule out the opportunity to add a third extrusion line insidethe same tower (23x23m inside the tower vs second tower of 18x20m with two extrusionlines) but has expressed little interest in building a fourth tower in the same campus.Installation competency to be further enhanced once the new vessel is delivered: NKTcurrentlyoffersturnkey solutions including installation in all its HV projects with theexception of Hornsea 3 (where the customer wants cables only) and Champlain HudsonPower Express (where installation is subcontracted). NKT views the installationofferingas akey advantage which will be further enhanced with the delivery of NKT Eleonora,offeringmore than twice the capacity of the existing NKT Victoria with additional capex set aside toenhance the vessel competency.Risk-adjusted pricing during tender phase, enabling focus on prioritizing projects withthe right risk/reward balance: NKT has established a standardized tender and risk reviewprocedure with negotiation guidelines including detailed contractual terms on pricingmechanism, escalation clauses, limited contractual liabilities/warranty period, etc.Execution is centred around risk control: Continuous risk management and regular projectreviews ensure close alignment with customer expectations and quick access to seniormanagement when needed.Asian competition: not all announced investments will proceed:Construction/certification/talent acquisition could be bottlenecks in a greenfield investment in NKT's view.When asked about whether NKT could be losing talent to competitors, NKT emphasized itsdeep roots in the (relatively remote) Karlskrona community and remain confident onretaining criticalstaff.2 •••••••• Analyst(s) Certification(s):We, Timothy Lee, CFA, Vlad Sergievskii, Xin Wang and George Featherstone, CFA, hereby certify (1) that the views expressed in this research reportaccurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of ourcompensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to acce