Raytheon Technologies(US:RTX) 智通财经网·2025-12-29 03:44Core Viewpoint - The trend of "International Rearmament" is expected to become a structural and multi-year global defense demand theme, with defense stocks projected to be a key driver of stock market growth over the next 2-3 years, particularly benefiting companies like Raytheon Technologies (RTX) due to its higher international revenue and order exposure compared to peers [1][4]. Group 1: Defense Sector Trends - The defense sector is increasingly viewed as an "alternative safe haven" amid rising geopolitical tensions, outperforming traditional defensive sectors like utilities and consumer staples [2][3]. - U.S. aerospace and defense stocks have recorded a 36% increase in 2025, while European defense stocks have surged by 55%, significantly outpacing the semiconductor sector's 45% rise [2]. - The current defense demand is characterized by record international backlogs and increased military spending targets from NATO and the EU, indicating a structural upward shift in defense budgets [4][5]. Group 2: Raytheon Technologies (RTX) Insights - Raytheon Technologies is highlighted as a key beneficiary in the defense sector due to its significant international business exposure, with 31% of its Q3 2025 revenue coming from international operations and 44% of its backlog being international orders [5][9]. - The company’s core defense offerings align well with the procurement priorities of allies, particularly in missile defense and advanced systems, making it a strong candidate for future growth [7][9]. - Citigroup has initiated coverage on Raytheon with a "buy" rating and a target price of $211, reflecting confidence in its ability to capitalize on the international rearmament trend [9].