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joined discussion · Mar 1, 2022 21:07

Ferretti: Orders Hit Record High as Luxury Yacht Giant Sets Sail for IPO

In recent years, driven by the pandemic, consumer demand for yachts has continued to surge.
According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009.
In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment.
According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people;
According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities.
Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes.
Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million, representing a year-on-year increase of 28%, while the 2022 guidance projects growth of 23%.
Notably, Ferretti Group, which currently ranks ahead of Sanlorenzo, is preparing to launch an IPO in Hong Kong.
As one of Italy's oldest luxury yacht manufacturers, Ferretti consistently outperforms its peers and is a rare high-end luxury stock listed on the Hong Kong Stock Exchange, making it undoubtedly worthy of attention.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
I. World-class design and exquisite craftsmanship forge globally recognized brand strength.
Since its founding in 1968, Ferretti has consistently acquired and integrated other leading yacht brands and manufacturing facilities, thereby expanding its brand portfolio and reinforcing its market leadership.
It currently operates seven brands: Riva, Wally, Ferretti Yachts, Pershing, Itama, CRN, and Custom Line.Our product portfolio encompasses luxury composite yachts ranging from 8 to 95 meters, custom-built yachts, and superyachts, complemented by a comprehensive suite of ancillary services designed to meet clients' individual tastes and requirements.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Like many global luxury groups, Ferretti has pursued an M&A strategy; the most prominent example is LVMH, the world's largest luxury conglomerate, which boasts 75 renowned brands under its umbrella.
The reason is simple: luxury goods are non-essential items, characterized by their scarcity and exclusivity—and this holds especially true for high-end luxury yachts, which also demand sophisticated design, superior performance, impeccable quality, and unwavering reliability.
It is precisely for this reason that Ferretti's competitiveness has been established.
According to the prospectus, in terms of the production value of inboard composite and custom-built yachts exceeding 30 feet in length,Ferretti has consistently ranked among the global leaders, with its market share increasing from approximately 10% in 2018 to 13% in 2021.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
In fact, following a brand acquisition, the ability to operate it effectively is a significant test of management's capabilities, andFerretti has also successfully leveraged the unique attributes of each brand, creating a complementary brand portfolio that better serves its customer base.
For example, Riva boasts a storied 180-year history as one of the yachting world's oldest and most prestigious brands, renowned for its meticulous attention to detail and timeless elegance; Wally, a pioneer and leader in innovation across both motor and sailing yachts, is particularly beloved by the younger generation; while Custom Line and CRN are dedicated to fulfilling clients' demands for highly bespoke or fully personalized vessels.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Looking further,Ferretti boasts world-class design, exquisite craftsmanship, and state-of-the-art intelligent manufacturing facilities.Thereby ensuring product quality and competitiveness.
Typically, companies outsource style research to internationally renowned star shipbuilders, such as Antonio Citterio—Italy's national treasure and the exclusive designer for Bulgari Hotels.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Since 2015, the company has garnered more than 80 awards from renowned and prestigious luxury lifestyle publications. For instance, in 2021, its Pershing 140 was honored with the "Design and Innovation Award" in the "Best Shipbuilding Category" at the International Yacht Design Awards.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
In addition, the production of luxury yachts involves extensive manual processes; the company aims to enhance manufacturing efficiency by streamlining production workflows and digitizing logistics.
As of the end of the third quarter of 2021, the company employed a total of 1,628 people, including 1,004 blue-collar workers. The company's yachts are built at six state-of-the-art shipyards, all located in the heart of Italy's nautical region.
Italy is a powerhouse of fashion brands, with its industry leading global high-end fashion trends through creative design, premium positioning, and a luxurious image. Ferretti has beautifully inherited this cultural legacy, which is why it is now universally recognized as a symbol of luxury, distinctive Italian design, superior quality, exquisite craftsmanship, innovation, and outstanding performance.
The important thing is,This high level of recognition fosters customer loyalty.
Between 2018 and 2020, approximately 42% of the company's net revenue was generated by repeat customers, compared with about 36% from 2015 to 2017.The increase in market share is primarily attributable to continuous product iteration and the integration of a comprehensive ecosystem of support systems, which have enhanced customer loyalty.
During its previous operating period, the company developed and launched 28 new models. As of the end of the third quarter of 2021, the company's product portfolio comprised 46 models, with more than 60% having been on the market for less than four years.
In addition, the company has invested substantial resources in product innovation to drive technological upgrades and swiftly adapt to evolving customer preferences.
From 2018 through the first three quarters of 2021, the company's R&D expenditures amounted to €24.6 million, €33.6 million, €35.4 million, and €20.7 million, respectively.
From the perspective of its target customer base, Ferretti's luxury yachts are aimed at ultra-high-net-worth and very high-net-worth individuals.
According to data from Zhiyan Consulting, as of 2020 there were an estimated 6.8 million ultra-high-net-worth individuals and approximately 200,000 very high-net-worth individuals worldwide, representing a large client base.
This meansHigh customer loyalty not only strengthens Ferretti's long-term growth foundation but also helps drive the development of its ancillary businesses.
In addition to yacht sales, the Company engages in ancillary businesses that create synergies with its core operations and offer a comprehensive portfolio, including: (i) yacht brokerage, chartering, and management services; (ii) after-sales and refit services; (iii) brand-extension initiatives, such as lifestyle-inspired product lines; and (iv) the manufacture and installation of wooden furnishings for nautical-style interiors.
Supporting businesses are one of the company's key growth priorities.In addition to further enhancing customer loyalty, the anticipated increase in yacht demand will also drive profit growth in ancillary businesses and strengthen the overall resilience of the business.
One of the intended uses of the company's current fundraising is to strengthen its unique portfolio of ancillary services and expand the range of offerings in its most promising vertical segments, such as yacht brokerage, charter and management services, as well as after-sales and refit services.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
II. Rising Industry Sentiment, with Both Performance and Orders Reaching New Highs
Driven by the pandemic, 2021 is set to be the year with the highest order intake in Ferretti's history.
As of the first nine months of 2021, the company's total yacht order value reached €822 million, with cumulative orders for the same period totaling €984 million—compared with €325 million and €586 million, respectively, in the corresponding period of 2020.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
As reflected in the company's performance, the companyNet profit reached €669 million, up 67.49% year on year, already surpassing the full-year level of 2019.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
As can be seen, the 2020 shock was only temporary; consumer demand for yachts was merely delayed, not reduced.The pandemic has reshaped the lifestyles of the ultra-wealthy, while global yacht production and consumption have steadily increased, continuously boosting industry prosperity.
The global yachting market is projected to grow steadily from 2020 to 2025, reaching €26.8 billion by 2025, with a compound annual growth rate of 7.3% over the period.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
The following chart, sourced from BOAT International, shows the order volume for superyachts across different size categories from 2007 to 2022, with global orders in 2022 already surpassing the historical record set in 2009.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Specifically,Ferretti Yachts offers three main categories of yachts: composite-material yachts, custom-built yachts, and superyachts.
Among them, composite-material yachts are relatively affordable, with prices starting as low as €300,000; custom-built yachts, by contrast, have a base price of €9 million, and their interior layout, furnishings, and fittings can generally be tailored entirely to the client's specifications; superyachts, in addition to being significantly larger, are all one-of-a-kind creations, with both their design and construction meticulously aligned with the client's requirements for exterior appearance and interior styling.
During the track record period, sales revenue from composite-material yachts and custom-built yachts consistently accounted for approximately 80% of total revenue.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
By region, nearly half of Ferretti's revenue is generated in Europe, the Middle East, and Africa.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
At present, the Asia-Pacific region accounts for a relatively small share, but this very fact underscores its substantial growth potential—particularly given the growing number of affluent individuals in the region, despite the still-low penetration rate of yachts.
In 2020, the Asia-Pacific region was home to 2.1 million ultra-high-net-worth individuals and 60,000 very high-net-worth individuals, with the absolute size of both groups surpassing the combined totals for Europe and the Middle East and second only to the Americas.
Based on the number of yachts per 1,000 people, in 2020 the Americas had approximately 15.3 yachts per 1,000 residents, Europe had 13.4, while the Asia-Pacific region had only 0.3—a disparity of roughly 50-fold.
In China in particular, in recent years the central and local governments have continuously introduced policies to progressively increase support for the development of the yachting industry.
For example, in 2017, the Guangdong Free Trade Zone approved a pilot scheme for "free travel" of Hong Kong–Zhuhai–Macao yachts, gradually allowing yachts registered in Hong Kong and Macao to navigate and berth in the Pearl River Delta region through a streamlined approval process. In 2019, Hainan Province established a leading group for promoting the development of the cruise and yacht industry, tasked with coordinating the province's efforts in this sector.
At the national level, in 2020 the CPC Central Committee and the State Council issued the "Overall Plan for the Development of the Hainan Free Trade Port," which mentions the establishment of a pilot zone for the reform, development, and innovation of the yacht industry.In January 2022, the State Council issued the "14th Five-Year Plan for Tourism Development," which states that it will support coastal cities such as Dalian, Qingdao, Weihai, Zhuhai, Xiamen, and Sanya in innovating and developing the yachting industry.
It can be expected that policy support will accelerate the realization of the yacht market's potential.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Therefore, as a long-established European brand, Ferretti's decision to list in Hong Kong is driven not only by the fact that its controlling shareholder is a Chinese state-owned enterprise—prior to the listing, Shandong Heavy Industry Group held approximately 86% of the shares—but also by its strategic ambition to expand into the Asian market.
Leveraging Ferretti's market-leading position, its rich heritage, and its diverse brand portfolio, we are confident that further expanding into the Asia-Pacific market will not be difficult—especially given the industry's robust overall growth.
Just in February, Sanlorenzo released its latest guidance, projecting revenue growth of approximately 23% for 2022 (with current orders already accounting for 80% of full-year volume), adjusted EBITDA growth of about 32%, and a substantial improvement in profit margins.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Currently, Ferretti and Sanlorenzo maintain broadly comparable profit margins; however, sustained business growth in the future is expected to drive cost reductions, thereby enhancing profitability.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
Based on the total order value,As of the end of the third quarter of 2021, Ferretti's order backlog had reached €822 million.
Driven by its outstanding peer performance, Sanlorenzo's share price has doubled over the past year, lending strong confidence in Ferretti's outlook as well.
In recent years, driven by the pandemic, consumer demand for yachts has continued to surge. According to a report by Boat International, global orders for semi-custom and fully custom yachts over 24 meters reached 1,024 in 2022—up 24.7% from last year's 821 and surpassing the previous record set in 2009. In fact, the pandemic is only a short-term factor,Driven by supportive government policies and favorable factors such as economic growth, demand for yachts is expected to remain on an upward trajectory.In particular, from the perspective of overseas countries, the yachting industry makes a certain contribution to the economy and employment. According to data from the Italian National Association of the Nautical Industry (UCINA), in 2018 the yachting industry accounted for more than 2% of the country's GDP and provided direct employment for over 22,300 people; According to data from the U.S. Bureau of Economic Analysis (BEA), recreational boating and fishing were the top contributors to the outdoor recreation economy in 2021, with a combined value of $689 billion—surpassing the RV industry, hiking, and several other outdoor recreational activities. Therefore, with government support and rising consumer demand, considerable optimism can be placed on the industry's development—and the primary beneficiaries will naturally be the yacht manufacturers behind the scenes. Listed in ItalySanlorenzo's stock price has doubled over the past year.According to the company's preliminary budget, 2021 revenue is expected to be approximately €586 million...
III. Conclusion
To put it without exaggeration,In an environment characterized by widespread uncertainty, industries that serve the wealthy are arguably the most defensive.
On the one hand, leading yacht companies are relatively insulated from inflationary pressures and typically enjoy a strong negotiating position with both suppliers and customers. On the other hand, yacht manufacturers are sitting on a robust order backlog, which significantly enhances the certainty of translating these orders into revenue growth—especially given the unprecedented pace at which ultra-high-net-worth individuals are seeing their wealth expand, a trend that will continue to fuel industry prosperity.
Looking ahead, driven by favorable factors such as government support, economic considerations, and the catalytic effect of the pandemic, the yachting market holds substantial long-term potential.
For Ferretti, Asia is one of its key strategic markets, and a Hong Kong listing will help it further penetrate the market.Furthermore, by raising capital, the company will further expand its product portfolio, increase market share and geographic coverage, and, amid the current industry-wide boom, truly set sail in a favorable wind.

$FERRETTI (09638.HK)$​​​​
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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