Lincoln Electric (LECO) FY Conference May 07, 2025 02:15 PM ET Speaker0 Good afternoon, everyone. Welcome to the twentieth annual Oppenheimer Industrial Growth Conference. Next up and and the last in the fireside chat lineup today, but certainly not least, we have the Lincoln Electric team represented by, CFO, Gabe Bruno. Gabe, thanks for joining us. Speaker1 Thanks for having us, Brian. Speaker0 Of course. Of course. To start things off, I guess, for for those a little newer to the WICO story, I think Linc ...

高盛：由于与电气化相关行业的铜需求相对韧性以及矿山供应增长有限，铜价有望从2025年10月的每吨 9000美元低点反弹，至2026年第四季度超过每吨10500美元。 ...

5月7日，沃尔沃汽车发布全新混动架构SMA(Scalable Modular Architecture)。该架构将与沃尔沃纯电架 构SPA2并进，以双动力模式推动沃尔沃向电气化转型。SMA架构车型尺寸覆盖中型至大型车，动力组 合覆盖两驱和四驱。基于SMA架构的首款混动车型XC70将在9月上市，定位中大型SUV，CLTC标准工 况下纯电续航达到200公里以上，价格预计为40至50万元。(智通财经) ...

Financial Data and Key Metrics Changes - Consolidated revenues increased by 5.2% year-over-year, with organic growth of 7.6% [6][15] - Adjusted EBITDA grew by 22.9% year-over-year, with an adjusted EBITDA margin of 22.8%, up 320 basis points [7][16] - Adjusted net income for Q1 was $80 million, a 31.1% increase from $61 million in the same quarter last year [16] Business Line Data and Key Metrics Changes - Industrial segment revenues rose by 8.1% organically, driven by ongoing certification services and certification testing [7][17] - Consumer segment revenues increased by 7.7% organically, with strong demand across consumer technology and retail products [7][19] - Software and Advisory segment revenues grew by 5.6% organically, with a 9.3% increase in the software service line [20] Market Data and Key Metrics Changes - Growth was observed across all geographic regions, with North America showing particular strength in both industrial and consumer segments [6][62] - The automotive electromagnetic compatibility laboratory in Japan is expected to address a growing market projected to reach $2.7 billion by 2030 [10] Company Strategy and Development Direction - The company is focusing on capacity expansions in HVAC testing facilities and developing a global fire science center to enhance market position [8][9] - Strategic M&A opportunities are being pursued to strengthen market position and drive margin and earnings improvement [26] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment presents both risks and opportunities, but they reaffirmed their full-year 2025 outlook [13][25] - The company is monitoring key performance indicators closely to understand potential impacts from tariffs and macroeconomic conditions [12][13] Other Important Information - The effective tax rate for 2025 is expected to be approximately 26%, up from 16.9% in 2024 due to the implementation of OECD's Pillar Two [26] - The company generated over $100 million in free cash flow and paid down $90 million of debt [7][22] Q&A Session Summary Question: Impact of tariffs on product redesign and manufacturing locations - Management indicated that customers have been making decisions regarding tariffs for several years, and while some adjustments are expected, no material impact has been observed currently [34] Question: M&A strategy in the current macro backdrop - The company continues to engage in conversations about various acquisition opportunities and remains active in pursuing growth through M&A [36] Question: Anticipated impact of tariffs on guidance - Management affirmed their guidance, indicating that they have accounted for increased uncertainty while maintaining confidence in their core business [41] Question: Moderation in new product launches - There has been no meaningful impact on innovation, and management remains close to customers regarding their new product development plans [42] Question: Context on margin expansion in Q1 - Strong operational execution and revenue growth contributed to significant margin improvement, particularly in the Industrial segment [46][48] Question: Growth by geography - North America, especially in industrial sectors, continues to show strong demand, with notable growth also in Asia [62]

Financial Data and Key Metrics Changes - Consolidated revenues increased by 5.2% year-over-year, with organic growth of 7.6% [7][16] - Adjusted EBITDA grew by 22.9% year-over-year, with an adjusted EBITDA margin of 22.8%, up 320 basis points [8][17] - Adjusted net income for Q1 was $80 million, a 31.1% increase from $61 million in the same quarter last year [17] Business Line Data and Key Metrics Changes - Industrial segment revenues rose by 4.4% to $308 million, or 8.1% on an organic basis, driven by ongoing certification services and certification testing [18] - Consumer segment revenues were $304 million, up 6.3% year-over-year, or 7.7% on an organic basis, with strong demand across all service offerings [19] - Software and Advisory segment revenues increased by 4.5% year-over-year to $93 million, with organic growth of 5.6% [21] Market Data and Key Metrics Changes - Growth was observed across all geographic regions, with North America showing particular strength in both industrial and consumer segments [61] - The automotive electromagnetic compatibility laboratory in Japan is expected to address a growing market projected to reach $2.7 billion by 2030 [11] Company Strategy and Development Direction - The company is focusing on capacity expansions in HVAC testing facilities and developing a global fire science center of excellence [9][10] - Strategic investments are being made to align with megatrends such as global energy transition and digitalization [6][30] - The company aims to pursue strategic M&A opportunities to enhance margins and earnings [27] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed the full-year 2025 outlook despite increased macroeconomic uncertainties, expecting mid-single-digit organic revenue growth [25][26] - The company is monitoring key performance indicators closely to navigate potential risks and opportunities [14] Other Important Information - The effective tax rate for 2025 is expected to be approximately 26%, up from 16.9% in 2024 due to new tax regulations [27] - Free cash flow for Q1 was $103 million, up from $84 million in the prior year [24] Q&A Session Summary Question: Impact of tariffs on product redesign and manufacturing - Management noted that customers have been making decisions regarding tariffs for several years, with some already shifting manufacturing locations [34] Question: M&A strategy in uncertain macro backdrop - The company continues to engage in conversations about various acquisition opportunities globally, emphasizing the importance of CapEx as a growth accelerator [36] Question: Anticipated impact of tariffs on guidance - Management affirmed guidance, indicating confidence based on current business visibility and order book [41] Question: Moderation in new product launches - There has been no meaningful impact on innovation, with management maintaining close relationships with customers regarding their product development plans [42] Question: Margin expansion context - Strong operational execution across segments contributed to significant margin improvement, particularly in the Industrial segment [46] Question: Growth by geography - North America, especially in industrial sectors, continues to show strong demand, with notable growth also in Asia [61]

美国挑起的关税战，原本是其试图遏制中国崛起的一场"豪赌"，但结果却让美国自己搬起石头砸了自己的脚。 中国在这场贸易战中的表现，不仅让世界刮目相看，也让那些低估中国的美国人彻底改变了看法。 中国的真实实力，远超美国的想象，而这场关税战，也成了中美力量对比变化的一个重要转折点。 美国高估了自己的影响力，低估了中国的韧性。 美国以为通过加征关税，就能让中国经济"低头"，但结果却是自己陷入了供应链危机和通货膨胀的泥沼。 中国不仅没有被打垮，反而通过调整出口结构、开拓新市场等方式，成功化解了压力。 比如，中国加大了对东南亚、非洲和欧洲市场的出口力度，2024年1-7月，中国与东盟双边贸易额达5520亿美元，同比增长7.7%。 这说明，中国在全球经济中的地位，已经不是美国能够轻易撼动的了。 中国在多个领域的崛起速度，也超出了美国的预期。 从钢铁产量来看，中国的钢铁产量已经突破10亿吨，占据全球钢铁产量的半壁江山，比西方七个工业化国家钢铁产量的总和还要多，是美国钢铁产量的12倍 以上。 这不仅仅是数字上的胜利，更是中国工业化实力的体现。 当然，钢铁产量只是工业化的指标之一，不能完全代表中国的力量超越了美国，但这是一个重要的 ...

Hubbell (HUBB) Q1 2025 Earnings Call May 01, 2025 10:00 AM ET Speaker0 Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dan Imerov. You may begin. Speaker1 Thanks, operator. Good morning, everyone, and thank you for joining us. Earlier this morning, we issued a press release announcing our results for the first quarter of twenty twenty five. The press release and slides are posted to the Investors section of our website at hubbell.co ...

此间官方表示，"尚界"整车生产和电池配套项目落地临港，有望打造又一个在中国乃至全球范围内具有 影响力的新能源汽车引领典范项目。 中新社上海4月29日电(记者李姝徵)中国(上海)自由贸易试验区临港新片区(以下简称临港新片区)再迎新 能源汽车龙头项目落地。临港新片区管理委员会29日与上海汽车集团股份有限公司(以下简称"上汽集 团")围绕"尚界"项目举办签约仪式，"尚界"整车生产和电池配套项目落户临港新片区。 2025年2月，上汽集团与华为签订深度合作协议，联合推出新品牌"尚界"。该品牌将搭载华为的智慧出 行解决方案，首款车型将于2025年秋季上市。 "尚界"整车生产项目首期投入约60亿元(人民币，下同)，与此同时，为整车生产项目配套的上汽时代动 力电池项目也同步落地。 临港新片区官方表示，该项目投产后，上汽临港基地整车年产量将提升至28万辆，预计直接和间接带动 临港新片区汽车产业链产值每年增加500亿元，并通过供应链协同效应辐射长三角乃至全中国。 2019年，特斯拉上海超级工厂在临港跑出了"当年动工、当年投产、当年交付"的"特斯拉"速度。2024 年，该工厂年产量达91万辆，带动特斯拉电动车2024年在中国内地销 ...

每经记者 董天意 实习生 周卓孜 每经编辑 孙磊 | 2025年4月28日 星期一 | NO.1 宝马中国宣布接入DeepSeek 4月27日，继与阿里巴巴达成AI大语言模型战略合作后，宝马再度深化本土AI生态布局，宝马中国宣布 接入DeepSeek。未来，DeepSeek功能也将应用于国产宝马新世代车型。今年三季度开始，将率先应用 于多款搭载第9代（BMW）操作系统的中国在售新车，通过深度思考能力赋能以BMW智能个人助理为 中心的人机交互体验。 点评：宝马中国宣布接入DeepSeek，进一步加深了其在AI领域的本土生态布局，展现出对智能驾驶与 人机交互优化的决心。通过与阿里巴巴的合作，宝马不仅提升了产品竞争力，也为消费者提供更加强大 的智能体验。这一举措可能激发市场对高端汽车智能化趋势的关注，推动整个汽车行业在技术与用户体 验上的创新与升级。 2025年4月25日，博世商用车集团与远程新能源商用车集团签署战略合作协议，合作从单一项目升级为 全方位战略伙伴。双方将围绕醇氢电动技术等深度合作，构建醇氢电动生态体系。以博世多款产品匹配 远程多动力构型商用车平台，推进新能源及代用燃料技术规模化应用。此前双方已有技术 ...

点击招商研究小程序查看PDF报告原文 事件： 意法半导体（STM）近日发布2025Q1财报，收25.2亿美元，同比-27.3%/环比-24.2%，毛利率 33.4%，同比-8.3pcts/环比-4.3pcts。综合财报及交流会议信息，总结要点如下： 评论： 1、25Q1营收符合指引预期，库存周转天数环比大幅提高。 公司25Q1营收25.2亿美元，同比-27.3%/环比-24.2%，超指引中值（25.1亿美元），个人电子 产品收入增加，但汽车和工业收入低于预期；毛利率33.4%，同比-8.3pcts/环比-4.3pcts，位于 指引中值（33.8%±2pcts），毛利率下降主要系产品组合影响。25Q1存货为30.1亿美元，环比+ 3.2亿美元，库存周转天数167天，环比+45天。 2、各业务部门同环比均下降，汽车和工业订单环比增长。 1）分业务部门： ①AM&S：营收10.7亿美元，同比-23.9%/环比-20.7%，占比42%，主要系模 拟拖累；②P&D：营收4.0亿美元，同比-37.1%/环比-34.1%，占比16%；③MCU：营收7.4亿 美元，同比-29.1%/环比-26.0%，占比30%，主要系通用及 ...