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欧洲军费激增提振,法国防务巨头泰雷兹上调全年销售指引
Hua Er Jie Jian Wen· 2025-07-23 06:48
Core Viewpoint - The surge in European defense spending presents new growth opportunities for Thales, leading to an upward revision of its sales growth forecast for 2025 from 5%-6% to 6%-7% [1] Group 1: Financial Performance - Thales reported a 12.7% year-on-year increase in adjusted operating profit to €1.25 billion, slightly above market expectations, driven by the aerospace and defense sectors [1] - The company's sales for the first half of the year grew by 8.1% year-on-year to €10.27 billion [1] - Thales expects its revenue for the year to exceed new orders, with an adjusted operating profit margin projected to reach 12.2%-12.4% [1] Group 2: Impact of European Military Spending - The increase in military spending in Europe, particularly following the Russia-Ukraine conflict, has significantly boosted Thales's stock price, which has risen approximately 78% this year [2] - French President Macron has committed to doubling defense spending by 2027, three years earlier than the original target of 2030, which is expected to support Thales's business growth momentum [4][5] Group 3: Trade and Tariff Considerations - Thales's CFO, Pascal Bouchiat, indicated that the impact of potential U.S. tariffs on the company's operations would be limited, estimating a "tens of millions of euros" impact if a 10% reciprocal tariff is implemented [1] - The company benefits from a diversified domestic structure that mitigates cross-border trade flow risks, with most revenue coming from defense activities exempt from such tariffs [6] - Thales has flexible production capabilities, allowing it to shift operations, such as moving card production from Mexico to Singapore, to adapt to changing tariff conditions [6]