贝克休斯四季度业绩超预期，战略转型电力市场

Financial Performance - Baker Hughes reported strong financial performance for Q4 2025, with adjusted earnings per share of $0.78, exceeding market expectations of $0.67 [2] - Adjusted EBITDA reached $1.337 billion, also above expectations, driven by the industrial and energy technology segment, which generated revenues of $3.814 billion and an EBITDA margin of 20.0% [2] - The company achieved a record order intake of $14.9 billion for the full year 2025, leading to a 2.37% increase in stock price to $60.55 on February 11, 2026 [2] Strategic Initiatives - The company is accelerating its transition towards power systems and data centers to capitalize on the growing global electricity demand [3] - CEO Lorenzo Simonelli highlighted that this strategy aims to address long-term trends driven by electrification, the rise of electric vehicles, and the development of data centers [3] Corporate Developments - On January 7, 2026, Baker Hughes completed the formation of a joint venture with Cactus, integrating its surface pressure control product line [4] - Baker Hughes holds a 35% stake in the joint venture and received approximately $344.5 million in cash, aimed at enhancing capital efficiency and market competitiveness [4] Industry Context - The oil and gas equipment and services sector is supported by a supply risk premium due to geopolitical tensions in the Middle East, with the sector rising by 1.12% on February 11, 2026 [5] - The company's oilfield services and equipment segment maintained resilience through cost optimization, achieving an EBITDA of $647 million, which exceeded expectations [5]