Summary of Key Takeaways from the 2025 AHR Expo Industry Overview - The report focuses on the HVAC (Heating, Ventilation, and Air Conditioning) industry, particularly the transition to A2L refrigerants and the impact on major players in the market, including Lennox International Inc. (LII) [1][2]. Core Insights 1. **Pricing Discipline During A2L Transition**: Pricing is expected to remain disciplined as the industry transitions to A2L refrigerants, which are more environmentally friendly [1]. 2. **OEM Performance Variability**: Original Equipment Manufacturers (OEMs) and suppliers have varied capabilities in managing the A2L transition, with some performing better than others [1]. 3. **Positioning of US HVAC OEMs**: Large US HVAC OEMs are well-positioned to benefit from upcoming Mega project investments in the US [1]. Company-Specific Insights: Lennox International Inc. (LII) 1. **Market Positioning**: LII is recovering from past challenges and is strategically positioned to expand its market share, particularly in national accounts and emergency replacement markets [2]. 2. **Product Showcase**: Key products highlighted include: - **Model L Series**: A 20-ton unit with the lowest cost of ownership in the industry, popular among K-12 institutions. - **Enlight Rooftop Series**: A 10-ton unit with dual fuel options experiencing over 50% growth last year. - **Xion**: A product aimed at reclaiming market share in the emergency replacement market [2][5]. 3. **Transition to New Refrigerants**: LII plans to phase out 410A units by Q1 2025 and transition to 454B in Q2, which is expected to positively impact pricing and product mix [5]. 4. **National Accounts and Capacity Constraints**: Only two national accounts have secured the new A2L Model L product due to capacity constraints, but this is expected to ramp up in the second half of the year [5]. 5. **Emergency Replacement Market**: LII currently holds less than 5% of the emergency replacement market, with ambitions to grow to mid to high-teens percentage over the next three years [5]. Financial Outlook - **Price Target**: The 12-month price target for LII is set at $716, reflecting a 23% implied upside based on a valuation of 20.5 times projected EBITDA [2][5]. Key Risks 1. **Residential Replacement Demand**: A potential slowdown in residential replacement demand could impact growth [6]. 2. **Commercial Market Softness**: Tighter credit conditions may lead to softness in the commercial market [6]. 3. **Refrigerant Pricing Realization**: There is a risk that pricing realization on the refrigerant change may not fully materialize [6]. Additional Considerations - The report emphasizes the importance of logistics in the emergency replacement market, noting that fast quoting and quick delivery are critical for success [5]. This summary encapsulates the key points from the conference call, focusing on the HVAC industry dynamics and Lennox International's strategic positioning and outlook.

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V i e w p o i n t | 06 Feb 2025 12:06:57 ET │ 20 pages Emerging Markets Economics EM Under "America First Trade Policy": What's Next, Who's Exposed? wei.zheng.kit@citi.com CITI'S TAKE Early weeks of Trump's 2nd administration show greater uncertainty, bolder (and less targeted) tariff threats, a US foreign policy that appears more assertive, and China showing signs it wants to negotiate. What's next? We assess impact of targeted tariffs on semiconductors, pharmaceuticals, and steel & aluminum. We also asses ...

V i e w p o i n t | 06 Feb 2025 09:40:02 ET │ 11 pages China Economics Gauging US Business Exposure to China Amid Trade Dispute CITI'S TAKE China has announced an anti-trust probe into Google. This comes in the wake of US imposing 10% additional tariffs on imports from China. We note that Google has a limited business presence in China. However, business activities of US multinational enterprises (MNEs) in China are likely to be of greater importance to the US than its exports to China – US MNEs generated > ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 ab 8 January 2025 Global Research Americas Sustainability January 2025 Marketing Deck Equities Shneur Z. Gershuni, CFA Analyst shneur.gershuni@ubs.com +1-212-713 3974 Patrick J Hussey Associate Analyst patrick.hussey@ubs.com +1-212-713 3974 ESG Environmental Social M Governance Global This report has been prepared by UBS Securities LLC. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on ...

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更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 1 January 2025 | 9:50PM EST Americas Technology: Security 2025 Repositioning: NET to Buy, CHKP to Neutral Security stock performance in 2024 can almost entirely be explained by one factor: to what extent the market believed each company is a platform vs. a point product. The best mid-to-large cap performers in our coverage were FTNT (+63%), CRWD (+37%) and NET (+31%); the worst performers were OKTA (-12%), ZS (-17%) and S (-18%). PANW (+25%), and CHKP (+23%) each performed more ...

Figure 41: MP Days to Cover vs Share Price 10 12 14 16 18 20 22 24 3.0 5.0 7.0 9.0 11.0 13.0 15.0 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 MP Days to cover - last = 5.3 1yr Avg. = 8.2 Share Px ($/sh - RHS) Source: Bloomberg Finance L.P. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|------------------|-----------------------|----------|-------|------------|--------------------------------|--------|----------------|--------|-------------- ...

19 December 2024 6 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 Goldman Sachs Americas Media | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|--------|----------------|------------------------|--------|-----------------------------|-------|------------------------------------------------------------------------------------------|-------|---------------|-------|---------------------------------------|-------|-------------------------------------|---- ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 12 December 2024 | 3:13AM EST shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： Americas Transportation 2025 Outlook: Manufacturing Output Key to Unlocking Better Mix and Operational Torque shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： For Transport Outlook 2025, we primarily remain focused on more asset intensive names to reflect the most potential for operational leve ...