航空航天、航天和国防工业先进制造报告——2024年7月

Defense Industry Report 2024 ATLANTAAUSTINLOS ANGELESMINNEAPOLISNASHVILLENEW YORKSEATTLE Disclaimer ThispresentationisbeingfurnishedbyCascadiaCapital,LLC(“Cascadia”)totherecipientandisintendedasanoutlineofmattersforinformationalanddiscussionpurposesonly.Theinformationcontainedinthispresentation,includinganymarketdataandindustryinformation,hasbeenderivedentirelyfrommaterialsuppliedbypublicsources,whichCascadiabelievestobeaccurate;however,noindependentverificationofsuchmaterialhasbeenmadeandanyestimatesmadebyCascadiabasedonmaterialfromsuchsourcesarebytheirnatureinherentlyinexact.Accordingly,Cascadiadoesnotmakeanyrepresentationorwarranty,norisanysuchrepresentationorwarrantyimplied,astotheaccuracyorcompletenessoftheinformationcontainedherein,andCascadiaisnotresponsibleforanymisstatementsoromissionsinthispresentation.Cascadiahasnoobligationtoupdatetheinformationcontainedherein. Thispresentationmayincludecertainstatements,estimatesandprojectionswithrespecttoacompany,orindustry,includingcertainforward-lookingstatements.Anysuchstatements,estimatesandprojectionsreflectvariousassumptions,whichmayormaynotprovetobeaccurateorcorrect,concerninganticipatedresultsandaresubjecttosignificantbusiness,economicandcompetitiveuncertaintiesandcontingencies,allofwhicharebeyondthecontrolofCascadia.Accordingly,therecanbenoassurancethatsuchstatements,estimatesandprojectionswillberealized.Suchstatements,estimatesandprojectionsarelikelytovaryfromactualresultsandthosevariationsmaybematerial.Nosuchstatements,estimatesorprojectionsconstituteaguarantee,promise,forecastor prediction of the future and Cascadia does notrepresentor warrantthat anyestimates orprojectionswill be achieved.Cascadianeither:(i)acceptsresponsibilityforormakesrepresentationsastotheaccuracyorcompletenessofanyforward-lookingstatements,estimatesorprojectionscontainedinthispresentation,nor(ii)undertakesanyobligationtoupdateorreviseanyforward-lookingstatements,estimatesorprojectionsforanyreasonafterthedateofthispresentation.Allfinancialdatainthispresentationisprovidedforinformationalanddiscussionpurposesonly. Pastperformanceisnotnecessarilyindicative,oraguarantee,offutureresults.TherecanbenoassurancethatanyCascadiaprojectwillachievecomparableresultsasthosepresentedherein. Theinformationcontainedinthispresentationisstrictlyconfidentialandmaynotbereproduced,distributed,disclosedordisseminated,inwholeorinpart,toanythirdpartywithoutthepriorwrittenconsentofCascadia. Cascadia Capital Overview •Cascadia is a national firm ranked as the second largest independent advisory only investment bank in thecountry. With this scale and a wide variety of backgrounds and perspectives, we work together as a teamin each deal for the common success of our client stakeholders Table of Contents •Leveraging deep sub-vertical industry knowledge, a unique process orientation that marries creativestorytelling, modularity and traditional process rigor, and a long-term partnership approach, we aim todeliver optimal value for our clients. We are not rooted in traditional methods and reliant on a one-size-fits-all methodology. Rather, we create a custom deal strategy designed to leverage your attributes andovercome impediments that, when effectively deployed, drives outcomes outside the norm on valuation,terms and other qualitative aspects of your transaction Industry Insights andLandscape Overview Advanced Manufacturing–Industry Coverage with emphasis on Aerospace,Space & Defense End Market M&A and PublicMarket Update The Advanced Manufacturing practice has over 25 years of experience working with companies using thelatest technology and best practices in areas that manufacture and assemble parts, produce and use newadvanced materials as well as perform related support and engineering services. The Aerospace, Space &Defense end market in particular has demanding needs of precision and high reliability which requires exactingstandards for manufacturing Cascadia IndustryTeam Overview •Focus areas of the practice include ‒Engineered Components‒Engineering & Support Services‒Factory Technology‒Maintenance, Repair & Operations ‒Advanced Materials‒Contract Manufacturing & Assembly‒Digital & Specialty Manufacturing‒Electronic Manufacturing Cascadia Firm Overview Kevin Frisch Appendix Managing Director, AdvancedManufacturing(917) 584-7803kfrisch@cascadiacapital.com Executive Summary ▪TheIndustrial Production Index for Aerospace Parts has rebounded from the lows experienced during the COVID-19pandemic,yetremainsbelowthelevelsseeninearly2018,primarilyduetopersistentsupplychainissues▪Despitethesechallenges,supplierscapableofmeetingdemandhaveleveragedtheirpositiontocommandpremiumpricing,asevidencedbythesignificantriseinthePriceIndexforAerospaceparts▪Thissurgehas,however,ledtosignificantorderbacklogs.Thecurrentbacklogfornewaircrafthasreachedafive-yearhigh,presentingchallengesformajormanufacturerslikeAirbusandBoeingastheystruggletomeetescalatingdemand–Asof2023,AirbusandBoeingfaceorderbacklogso