雅各布斯解决方案：生物制药工厂参观及AI如何增强其竞争优势

Chad Dillard+1 917 344 8469chad.dillard@bernsteinsg.com Miguel Marques, CFA+1 917 344 8432miguel.marques@bernsteinsg.com Specialist Sales Steve Song+1 917 344 8401steve.song@bernsteinsg.com Price Target Jacobs Solutions: Biotech Construction Site Tour and Why AI IsEnhancing Their Right to Win Yesterday, we visited a biotech manufacturing construction jobsite where J designed thefacility and is the construction manager. Shares have underperformed massively on AI-disintermediation concerns, but our visit brought to light why these concerns are misguided.Not only is J a massive beneficiary of the advanced manufacturing build-out, but also AI isenhancing its operating model and the market misunderstands this. The advanced manufacturing capital cycle is accelerating, driven by life sciences,semiconductors and data centers, all of which account for ~20% of J’s sales. Life Sciences isgrowing 10% Y/Y, driven by accelerating drug discovery/development, aging demographics,and reshoring. Growth is broadening beyond GLP-1s (fill-finish, ADC mfg). Data centersare now a MSD % of sales and are growing by 70% Y/Y, as J’s scope increases with therising project complexity. Semis are growing by 11% Y/Y driven by high bandwidth memory,tooling, and advanced packaging. AI is enhancing J’s right to win.Using their own proprietary data to train and deploy AI atscale and via a platform – J gave several examples, including their partnership with NVDA todeploy digital twins into the data center ecosystem, which accelerates design time and givesJ a first look at upcoming data center design work, using AI to accelerate RFP throughputfor their sales force, and deploying agents to manage change orders, which frees up staffto do higher value add tasks. J currently has +2K software/AI engineers working to broadenthe in-house AI platform. This technology is helping expand J’s TAM – compressing designtime allows J’s customers to start more projects than they otherwise would have. It alsohelps address the industry talent shortage. Also it is hard for a native AI company to dislodgethem: building standards/codes/regulations would need to change and the importance ofbeing embedded with the customer would need to decline. Over the long term, the revenuemodel of this industry will shift further towards incentive-based outcomes. But for now, J’sdeployment of AI is resulting in billable hours going up, and revenue accelerating at a fasterrate than headcount, also known as operating leverage. Investment Implications DETAILS Our tour of the Fujifilm biotech mfg facility tour brought the above points to life.J is the construction manager for the$1.2B phase 2 expansion of this facility, which will be complete in March ’27 (phase 1 was $2B and started construction in2021). With phase 2, J deployed AI-enabled digital delivery, resulting in a more efficient build. The share of modular constructionincreased by 15%, the amount of on-site craft labor hours fell by ~15% and the construction time was cut by months vs. phase1. Since these tools give J more cost certainty, they opted for a fixed price contract structure vs. cost reimbursable, which theytook in phase one. The result is more profitable phase 2 than 1. APPENDIX - FINANCIAL FORECASTS BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References 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,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Jacobs Solutions Inc Our $163 target price assumes a 20x multiple on our 2027 EPS. We see this as appropriate due to idiosyncratic and secularfactors favoring the strength and resilience of J’s long-term earnings algorithm. RISKS Jacobs Solutions Inc Downside risks include: 1) worsening backlog growth or backlog gross profit dollars, 2) slower organic growth in its core endmarkets within P&PS and PA Consulting, 3) slower-than-anticipated margin expansion gains, 4) more aggressive deployment ofbalance sheet particularly through large M&A, and 5) a worse-than-expected projects win rate. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEF