Raytheon Technologies(US:RTX) 美股IPO·2025-12-29 23:26Core Viewpoint - The article emphasizes that the trend of "International Rearmament" is set to become a structural and multi-year global demand driver for the defense industry, with defense stocks expected to be a key contributor to stock market growth over the next 2-3 years, particularly highlighting Raytheon Technologies (RTX.US) as a core beneficiary due to its higher international revenue and order exposure compared to peers [1][5]. Group 1: Defense Industry Trends - The defense industry is experiencing a significant investment surge, with U.S. aerospace and defense stocks recording a 36% increase in 2025, while European defense stocks have surged by 55%, outperforming the semiconductor sector's 45% rise [3]. - The article notes that traditional defensive sectors like utilities and consumer staples are not the best investment choices in times of geopolitical uncertainty; instead, the defense sector is positioned as an "alternative safe haven" due to its direct correlation with geopolitical events [4][6]. Group 2: Raytheon Technologies (RTX) - Raytheon is highlighted for its strong international business exposure, with approximately 31% of its revenue coming from international operations and 44% of its international backlog, indicating a higher visibility for future deliveries and revenue recognition [6][9]. - The article mentions that Raytheon's core defense business aligns well with the procurement trends of allies, particularly in missile defense and advanced systems, making it a prime candidate for benefiting from increased defense budgets in Europe [8][9]. - Citigroup has initiated coverage on Raytheon with a "Buy" rating and a target price of $211, noting its market capitalization of approximately $250 billion as of the last trading session [9].