L3Harris：首席执行官克里斯·库巴西克在伯恩斯坦战略决策会议2025上的发言

•Growth outlook.At least MSD% top line. Plus some margin expansion. With more international business (twice as profitable), morecommercial contracts and a growing business, the margin outlook is positive. There will be a positive mix impact.Space & Airborne Systems•SDA contracts. The contracts are about a $1bn each, annually. L3Harris is outperforming, and delivering on time. So they are pushingthe DoD to award them more, or all contracts. The lifetime of these constellations is single digit number of years (around five years),and therefore need renewing. CEO believes they will become a leader in tracking and transport, which should lead to market shareconsolidation over time. This suggests there is room for higher margins in the business.•Fixed price contracts. They had technical challenges on classified programs. Hence negative EACs. They believe it is manageable andthe impact was limited. Transitioning from cost+ to fixed prices requires a behavioral change. The changes from the government are whatmakes it difficult to execute on these contracts, adding costs and creating delays.Integrated Mission Systems•Growth drivers / International. 30% of the business is International. Usually lumpy orders. There are many opportunities internationally,specifically in the ISR business.Aerojet Rocketdyne•Turnaround. The business wasn’t as invested in as it needed to be, according to the CFO. L3Harris did the required investments. Whenthe facilities come in, in late 2025 or 2026, performance should pick up. And there is “absolutely an opportunity” for sustained marginsabove 12%.GLOBAL AEROSPACE & DEFENSE 2 BERNSTEIN TICKER TABLETickerRatingLHXSPXO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedSource: Bloomberg, Bernstein estimates and analysis.GLOBAL AEROSPACE & DEFENSE I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates.VALUATION METHODOLOGYL3Harris Technologies IncWe value all of our aerospace and defense companies by using a terminal EV/EBITDAP multiple four years forward, adjusted forpension. We discount the valuation back and add-in discounted cash returned to shareholders over that time period to reach ourone-year target. For L3Harris, we use a relative EV/EBITDAP multiple of 92% on a 15.1x market multiple, which leads to our targetprice of $273.RISKSL3Harris Technologies IncFor L3Harris specifically, there are downside risks related to supply chain with fixed-price contracts, the integration of AerojetRocketdyne post-acquisition, and potential downsides to the defense budget.RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categories of ratings:•Outperform: Stock will outpace the market index by more than 15 pp•Market-Perform: Stock will perform in line with the market index to within +/-15 pp•Underperform: Stock will trail the performance of the market index by more than 15 ppCoverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon.Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance