Codan Limited CODAF 2026年四季度（FY26）财报及2027年展望会议纪要

发布时间：2026-08-20 一、AI总结内容 一、核心业绩要点 1. FY26营收同比增长30%至8.75亿澳元，远超15%-20%的核心通讯业务增长目标，净利润同比增长67%，每股分红48.5澳分，同比增长70%。2. 三大业务板块表现：通讯板块营收5.062亿澳元（同比22%）、利润率31%；检测设备板块营收3.62亿澳元（同比42%）、利润率45%；DTC防务系统板块营收2.15亿澳元，防务客户占通讯板块收入58%。 二、关键业务进展 1. 通讯板块：定位10%-15%年长期增速，FY26超额完成目标，通讯需求受无人机系统驱动，2027财年上半年业绩预计大幅超越2026财年同期。 2. 检测设备板块：2026年H2平均月运行率3200万澳元，同比增长15%，核心产品GPZ8000、Gold Monster 2000需求旺盛，2027财年开局延续良好势头，将加速非洲市场GPZ 1000推广。 3. 防务系统板块：在美取得首个主权项目订单，完成Adaptive Dynamics收购以强化抗干扰通信能力，美国和亚洲研发项目推进主权相关布局。三、FY27展望 1. 集团全年营收增速目标约20%，通讯板块维持20%左右增长，通讯板块利润率有望维持在低位30%区间，需持续投入产品研发与市场拓展。 2. 三大业务中，防务系统受地缘政治和国防开支驱动需求强劲，仍在观测电子供应链潜在约束，目前暂未对运营产生影响。 四、其他重要事项 1. CFO Michael Barton将于2026年8月底退休，任职超22年，副CFOKE将接任，无缝衔接过渡。 2. 净现金3600万澳元，较2025年12月的净债务8800万澳元大幅改善，拥有2.5亿澳元未动用信贷额度和1.5亿澳元备用额度，财务灵活性充足，支持战略并购。 3. 持续投入研发，FY26研发支出7800万澳元（占营收9%），通讯和检测设备板块各有核心研发方向，如通讯领域战术平台、检测设备领域产品更新。五、风险与关注 1. 全球电子供应链存在潜在约束，需持续关注其对运营的影响。2. 2027财年营收受项目落地时间影响，季节性特征不显著，部分市场订单能见度仅4-6个月，存在一定不确定性。 六、后续安排 1. 2026年10月20日年度股东大会将提供最新业务进展更新。 二、音频原文（转写） Market conditions remain positive across both co mps and metal detection. Elevated defense spending and ongoing geopolitical tensions globally continue to generate strong demand for unmanned systems, while mine lab benefits from demand for its market leading products and a favorable goldprice. Some constraints are emerging across certain parts of the global electronic supply chain,which we are monitoring for any impact to codanoperations. The Communications business targetslong term sales growth of between 10% to 15% per annum, and as demonstrated over FY 24 to 26, this target growth range can be exceeded. As a result of unprecedented levels of demand we are experiencing primarily in unmanned systems, we expect the first half of FY 27 to significantly exceed the first half of FY 26. Given the strong start to the 可以。 subject to related high take constraints resulting from ongoing order momentum. We are currentlytargeting full year FY 27 revenue growth in theorder of twenty cents. Minelab is well positioned fair point 27. with a full 12-month contribution on recently launched products. Early first half market conditions have been positive, with strong demand in particular for the new GPS 8000and Gold Monster 2000 detectors. As a result, byAfrica and the rest of the world are currentlytracking broadly in line with H2 of FY 26 revenue run rates. overall My lab's H2. 2026 average monthly run rate was approximately 32 million. fifteen percent higher than H1 FY 26. With a strong balance sheet and disciplined approach to capital allocation, the group remains well positioned to continue to invest in product innovation and capability. and to pursue future acquisitionsthat Our product and technology road maps. and enhance the quality, resilience and the diversification of our earnings. We look forward to providing a further update at the annual general meeting on 20 October 2026. And with that, this draw s us to the end of our formal presentation session. We can now move to Q&A session with Sam. Thank you very much. Great, thank you very much. house and thank you, michael. As a reminder, the audience may ask questions of the management team. There's a choice of 2 options. You can submita written question via the Q&A function. alternatively. Research analysts may raise their handsshould they wish to ask a verbal question of themanagement team. and Williams' evidence againstyou shortly, we also kindly ask that you limityourself to 9 more than 2 questions per analyst.Firstly, we'll start with a couple of pre submitted questions. On Unmanned Revenue Split, in the first half of 26, you stated that Unmanned Revenue was approximately 50-50. between conflict and non-conflict Can you just state what the split was for the full year of 2026? it thinks. Thanks Sam. and I think both parts ofthe business have grown really strongly. 不好意思。conflict non-conflict double over FY twenty six.Great, thank you. And just on supply constraints, you referenced a potential supply constraint.from ongoing order momentum. Can you elaborate here? Excuse me. Yes, sorry Sam. Yes. Oh, sorry. And are you witnessing this already?or what level ofgrowth could possibly constrain I guess when youlook at businesses like. my lab 啊。and GTC wherefundamentally making assumptions on forecasts six, twelve, eighteen months ago. So the demand we're seeing has really outpaced our original forecasts, which have been continually updated. Sothe outperformance in demand, really when we'relooking forward probably into H two, we're sortof seeing that we need just to continue to upgrade our forecasts. And that's always a lag in time. So we haven't seen any impact at the moment.All we're saying is by making strange supply, el ectronic supply chain environment globally, notreally specific to Coda. And we're just monitoring those forward forecasts and ensuring that we've got the right supply components. Thank you. Next live question comes from Josh Canarakis at Baron Joey. Josh, please unmute