2026年全球工业会议总结

Industry Multi-Industry andElectrical Equipment Multi Industry & Elec Equipment: DB 2026Global Industrials Conference Wrap Nicole DeBlaseResearch Analyst+1-212-250-5916 This week,wehostedDB’sGlobal Industrials & Materials Conference On August11thand12th,wehosted DeutscheBank’sChicagoIndustrialsSummit,during whichwe hostedsixfireside chats(withAME,BMI, HON,IR,LII, and NVT)and attended one-on-one meetings with10additional companies (CARR, CTOS,ETN,GEV,HUBB, OTIS, RRX,VLTO,VRT, and WTS).In this report, weshare ourthree key takeaways from each company we cover that attended; our unabridgednotescan be foundin the body of the report. Andrew Krill, CFAResearch Analyst+1-212-250-2997 Naim KaplanResearch Associate+1-212-250-5332 Jackson GlennResearch Associate+1-212-250-2500 AME:Multiple growth engines drivingsustained momentum across the portfolioThree key takeaways: 1)The acceleration to 25% organic order growthin 2Qreflecteda broad-based demand recovery, supported by easiercomps, improvingindustrial spending, and multiple secular growth drivers. Importantly,strengthisnowspanning both short-cycle and long-cycle businesses,reinforcingmanagement’sview that the recovery isnottied to any single end market. 2)EIGis beginning to follow EMG higher, consistent with management’s view thatEIGtypically lags EMG by 2-3 quarters.At the same time, EMGorder growthhasremained stronger thanexpected, supportingmomentumacross the portfoliointo 2H and thefull year. 3)With respect toacquisitions,FAROison track toexpand EBIT marginsfrom~15% to~30% over timeandAMEalso reiterated itsexpectationsto achieve10-12% cost synergies(as a % of revenue)from Indicorover the first three yearspost-close,excludingpotential revenue synergies.WecontinuetoseeMSD+% EPS accretion from Indicor in 2027; this is not currentlyin consensus forecasts. BMI:Confident tone on share gainsas company works through current “airpocket” against mostly unchanged fundamental backdrop Three key takeaways: 1)In our view, the company struck a confident tone ontaking market share with its leading cellular AMI technology and first-moveradvantage as peers begin to migrate towards cellular. We note that several peershave recently had management changes (Kamstrup, Xylem M&CS). Badger Meteralsoseems relatively better positioned to weather electronics supply andinflation headwinds. 2)Unchanged view that the current2026“air pocket” inactivity among the larger meter players is more a coincidence than an issue withfederalfunding waning.Not seeing a change in 2027 water utilitybudgets/planning and RFP activity is not moderating.3)Seems to be on trackwith qualitative 2026 guidancecommentsfor “flattish” organic sales Y/Y with anemphasis on the “ish” and there should not be an expectation for upside here.3Q26 revenues should expand Q/Q. 2H26 gross margins will face pressure from copper, electronics, tariffs, and mix (more turnkey projects), but EBIT/EBITDAmargins will benefit from better volume leverageto get back towards ~25-30%incrementals. CARR:Data center growthand residential/European stabilization driveperformance, while capital allocation prioritizes organicinvestment Three key takeaways:1)Whilea step-up indata centerrevenuewill dampennear-term margins—with $500m of incremental DC sales in 2H26 limiting3Qmarginsdue tounfavorablemix—it supports $2bntotal data center revenue in 2026($2.5bn 2026 annualized exit run-rate)that moderates the typical seasonalrevenue decline. This growth is backed by a $3–3.5bndata centerbacklog.2)AmericasandEU RLCmarkets are showing signs of stabilization,andUSRHVACsaleswill benefitfrom a 10ppt volume tailwind in3Q/4Q (driven by the absenceof last year’s inventory destocking). Concurrently, European RLC revenueis alsoimproving, asgrowing demand for air-to-water heat pumps and mini-splitsoffsetsongoingtraditional boilervolume declines.3)From a capital allocationperspective, management is prioritizing data center capacityexpansion overM&A, with management investing ~$100m of incremental capex to scale its CDUanddata center CHVACbusinessesorganically rather than acquiring high-pricedassets. Near-term margin headwindsassociated with this capacity expansionareviewed as acceptable trade-offs to achieve higher growth. CTOS:Utility transmission demand and a focus on deleveraging drive theoutlook, while healthy order growth confirms underlying demand Three key takeaways: 1)Strong utility transmission demand positions the rentalfleet in a "sweet spot" to capture upcoming high-voltage projects over the next12m. This multi-year pipeline is supported by broad-based power consumptionand robust quoting activity, helpingtooffset softer demand in non-utility lines.2)From a capital allocation perspective, CTOS continues to prioritize reducingbalance sheetleverage. Rather than pursuing unconstrained fleet expansion tocapturedemand, management is deliberately pacing growthandiscomfortableaging a historically young fleetto protect the capital structure.3)Healt