Otis Worldwide (NYSE:OTIS) FY Conference Summary Company Overview - **Company**: Otis Worldwide - **Industry**: Elevators and Escalators - **Date of Conference**: September 12, 2025 Key Points Industry and Market Performance - **Global Operations**: Otis operates globally, which mitigates volatility from construction cycles [2][3] - **Order Growth**: Orders in the second quarter were up 11% excluding China, with a backlog increase of 8% [3] - **Regional Highlights**: - **North America**: Four consecutive quarters of double-digit growth in new equipment [3] - **Asia Pacific**: Sustained growth in India, Southeast Asia, and Japan; Korea remains weak [4] - **Europe**: Strong performance in South Europe; mixed results in North Europe due to regional issues [5] - **China**: Represents only 12% of revenue; market has declined 40% over four years but shows signs of stabilization [6][5] Service Business Insights - **Service Growth**: Organic growth in the service segment softened in the first half of the year due to operational changes [8][9] - **Repair Business**: Experienced a 1% increase in Q1 but rebounded to 6% in Q2; expected to return to high single-digit growth [9][10] - **Modernization Growth**: Backlog for modernization orders increased by 22%, with expectations for over 10% revenue growth by year-end [13][14] Financial Performance - **Service Margins**: Service operating margins reached 24.9%, the highest since the spin-off [20] - **Retention Rate**: Retention rate fell to 92.4% from a peak of 94%; efforts are underway to improve service quality and customer satisfaction [30][31] - **Cost Savings Initiatives**: Uplift program expected to yield $200 million in savings; China transformation program on track for $40 million in savings [67][66] Growth Opportunities - **Modernization Market**: 8 million units over 20 years old present a significant opportunity; modernization margins have surpassed new equipment margins [49][48] - **M&A Potential**: Otis is actively pursuing bolt-on acquisitions, with a target of $50 million but has already approached $100 million due to market conditions [69][70] - **Capital Allocation**: Increased dividends by 110% since the spin-off; share buyback program completed at $800 million [71][72] Future Outlook - **Guidance for Back Half of 2025**: Confidence in service growth and margin expansion; backlog growth in new equipment (8%) and modernization (16%) supports this outlook [75][76] - **Long-term Strategy**: Focus on service as the core business, with a resilient and predictable revenue model driven by repair and modernization [78][80] Additional Insights - **Competitive Landscape**: Independent service providers (ISPs) service 55% of units; Otis aims to differentiate through quality service and technology [34][35] - **Digital Initiatives**: Otis One platform enhances productivity and predictive maintenance capabilities, improving service delivery [38][39] This summary encapsulates the key insights and data points from the Otis Worldwide FY Conference, highlighting the company's performance, market dynamics, and strategic initiatives.

此外，该公司指出，其大部分服务品类环比增速加快，发达市场和新兴市场均实现两位数增长。苹果预 计2025年9月季度服务业务的同比增速将与6月季度相近，并预计汇率将形成轻微利好。因此，该行估计 9月季度服务业务增长约13.5%。 考虑到AppStore过去两年约12%的年化增速，且该行估计其占服务收入的约25%，该行认为AppStore对9 月季度服务业务的上涨贡献有限。 智通财经APP获悉，瑞银近日发布点评苹果公司(AAPL.US)近日动态研究报告，苹果报告显示，7月 AppStore收入增长约13%，汇率对此形成了一定的利好支撑，在汇率中性（FXN）基础上业务本身增长 约12%。该行维持对该股"中性"评级，目标价220美元。 该行对SensorTower数据的分析表明，全球AppStore收入在汇率中性基础上增长约12%，比6月快约 1.7%。尽管7月的汇率中性增长较2025年6月季度约10.4%的增速略有加快，但该行注意到这与过去两年 约12%的年化增速基本一致。 在报告层面，AppStore增长约13%，比6月快0.07%，但基数降低了约1.4%。展望未来，由于去年8月和9 月App Store收入已分别 ...

智通财经APP获悉，为何当下应买入苹果(AAPL.US)？对此，美银证券等三大投行在研报中阐明了各自 的逻辑。美银证券认为，苹果目前的预期市盈率接近25-27倍，处于2020年后估值区间的较低水平；与 多数公司相比，苹果的风险特征更优，理应获得更高估值。市场尚未完全反映其服务业务的增长潜力。 高盛则认为，市场对产品收入增长放缓的关注掩盖了苹果生态系统的实力以及相关收入的持久性和可见 性；未来5年，大部分毛利增长应来自服务业务，这将标志着服务投资叙事的转折点，并支持苹果的高 市盈率。此外，大摩表示，美国应用商店增长仍在加速，但调查显示长期外链风险仍存。 一、美银证券：苹果公司多空博弈深度分析 维持评级：买入 | 目标价：235.00美元 | 当前股价：200.85美元 苹果虽然称不上"便宜"，但仍是具备多重收入和利润率增长途径的投资标的，且公司将继续拥有强劲的 自由现金流和股东回报。苹果股价年初至今下跌20%，而标普500指数上涨1%，美银认为这一背离差距 终将缩小。 对于一家拥有350亿美元净现金及短期投资、年自由现金流达1000亿美元的公司，多数基金对其持仓仍 不足。美银认为，苹果的生态系统和品牌是核心竞争 ...