西门子：工业人工智能——从人工智能工厂到人工智能运营工厂

European Capital Goods Siemens AG Nicholas Witting+44 20 7762 1411nicholas.witting@bernsteinsg.com Om Kela+44 20 7550 2192om.kela@bernsteinsg.com Price Target Specialist Sales 300.00 EUR SIE.GR Siemens: Industrial AI - from AI factories to AI-run factories The next phase of the AI trade could see the focus shift from AI capex to Physical AI, frombuilding AI factories to AI running factories. Siemens has been positioning for this transition foryears and should be in position to capitalise. In this report we examine Siemens’ Industrial AIportfolio, assessing its technology stack, AI offerings and strategic positioning. Close Date18 May 2026SIE.GR Close Price (EUR)261.10Price Target (EUR)300.00Upside/(Downside)15%52-Week Range276.45/196.50EDME1,514.18FYESepDiv Yield2.1%Market Cap (EUR) (M)200,309EV (EUR) (M)243,295 Physical AI is just one part of a bigger opportunity…Industrial AI.Siemens identifiessix key Industrial AI approaches – predictive, generative, agentic, physical, physics-informedand the Industrial Foundation Model (IFM). We believe Siemens is well-placed to benefit fromthe rise of agentic AI for autonomous automation, and physics-informed AI via digital twins.Ultimately, Siemens’ greatest competitive advantage may lie in developing IFMs, leveraging Industrial AI needs an integrated technology stack.Siemens already possesses theplatform required for Industrial AI in manufacturing, spanning strengths in hardware,automation (controlling every third machine worldwide) and software (top-3 rank globally inPLM, EDA and CAE). AI agents and copilots sit on top of this stack, with Siemens’ systemsproviding the real-time data and physics-based source of truth required for industrial Investment Implications Cyclical recovery meets Industrial AI acceleration.If AI becomes embedded acrossindustrial operations, investors may be catching Siemens Digital Industries (DI) at a rareintersection: near the trough of the automation cycle, with revenues still 10-15% belowtrend, just as Industrial AI begins to drive a new leg of secular growth. In a bull-case DIscenario, we see potential for a 2026-2030 organic sales CAGR of 11% (cons ~7%), 2030margins of 25% (cons 21%) and >30% upside to 2030 street EBITA. Valuation a coiled spring?Siemens trades at a c.20% discount to peers, held backby portfolio complexity and concerns on software. We see two rerating catalysts: theHealthineers spin in Feb’ 2027, and recognition of Siemens as a leader in Industrial AI,shifting software/AI sentiment from negative to positive. Siemens’ positioning in Industrial AI Table Of Contents Siemens - A play on both sides of the AI coin...............................................................................................................................................................3Industrial AI as the next major investment narrative................................................................................................................................................... 4What is Industrial AI?.............................................................................................................................................................................................................. 7Industrial AI requires a software, control and hardware stack............................................................................................................................. 10Siemens’ portfolio has depth in AI, hardware and software.................................................................................................................................. 13Siemens in the six areas of industrial AI....................................................................................................................................................................... 28 DETAILS INVESTMENT IMPLICATIONS (CONTINUED) We leave our FY26 EPS essentially unchanged as increases in adj. EBITA for DI and lower corporate items offset reductionsin EBITA for Healthineers and Mobility. We upgrade our FY27 EPS as we expect stronger Industrial Business organic revenuegrowth (8.7% vs 8.0% previously) driven by continued strength in DI and SI; and upward adj. EBITA margin revisions in DI(22.2% vs 22.0% previously) and SI (20.0% vs 19.7% previously) which is slightly offset by a downward revision in Mobility RELEVANT RESEARCH Company Model: SIE.GR / Siemens AG Siemens: Catalysts to flip value-trap narrative (27 Apr 2026)Future of Tech: AI Data Centers to unlock Solid-State Transformation (26 Mar 2026)European Capital Goods: Risks and opportunities for two war scenarios (19 Mar 2026)Siemens: Attractive with cycle turning & software on sale (5 Mar 2026) SIEMENS - A PLAY ON BOTH SIDES OF THE AI COIN Proforma Siemens (ex Healthineers) offers an attractive and unique set-up, providing exposure to both the AI capex theme inthe form of the electrical franchise Smart Infrastructure, ~45% of sales, and to the AI monetisation th