Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $8.2 billion, a decrease of 3% compared to Q1 2024 [11] - EBITDA was $1.5 billion, or 17.9% of sales, compared to $2.6 billion, or 30.6% of sales a year ago [21] - Gross margin improved to $2.2 billion, or 26.4% of sales, up from $2.1 billion, or 24.5% last year [22] - Net earnings for the quarter were $824 million, or $5.96 per diluted share, compared to $2 billion, or $14.3 per diluted share a year ago [24] Business Line Data and Key Metrics Changes - Engine segment revenues decreased by 5% to $2.8 billion, but EBITDA increased to 16.5% from 14.1% [25] - Components segment revenue decreased by 20%, with EBITDA excluding costs related to the separation of Atmos decreasing to 14.3% from 14.8% [26] - Distribution segment revenues increased by 15% to $2.9 billion, with EBITDA also increasing to 12.9% of sales [26] - Power Systems segment revenues increased by 19% to $1.6 billion, with EBITDA rising from 17.1% to 23.6% of sales [26] - Accelera revenues increased by 11% to $103 million, with an EBITDA loss of $86 million compared to a loss of $101 million a year ago [26] Market Data and Key Metrics Changes - North America revenues decreased by 1% compared to 2024, with heavy-duty truck industry production down 18% [12] - International revenues decreased by 5%, with revenues in China increasing by 9% to $1.8 billion [13] - Industry demand for medium and heavy-duty trucks in China decreased by 4%, while excavator demand increased by 23% [14] Company Strategy and Development Direction - The company is focused on executing its Destination Zero strategy and has introduced new engine platforms to enhance performance and efficiency [7][9] - The acquisition of First Mode aims to advance decarbonization solutions in mining and rail operations [10] - The company is investing over $1 billion in U.S. manufacturing operations to strengthen its position amid tariff uncertainties [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed heightened uncertainty regarding the global economy due to trade tariffs, impacting demand for capital goods [15] - The company is well-positioned to navigate through uncertainty, with a strong financial position and experienced leadership [19] - Future guidance will be reinstated when there is more clarity regarding economic conditions and tariff impacts [28] Other Important Information - The company is actively working on mitigating tariff impacts through inventory strategies and dual sourcing [91] - There is ongoing uncertainty regarding North America emissions regulations for 2027, which could affect product launches and customer contracts [18][46] Q&A Session Summary Question: Can you quantify the gross or net tariff cost impacting your business? - Management stated that it is uncertain to quantify the tariff costs at this time due to the evolving nature of tariffs [35] Question: Which businesses have the most visibility regarding backlog? - Management indicated that the power generation business has a multi-year order board, allowing for reallocation of orders if needed [37] Question: What are the expectations for margins in the Power Systems business moving forward? - Management noted that the strong performance in Q1 was driven by high aftermarket sales, and margins are expected to remain strong if demand trends continue [44] Question: What is the impact of tariffs on financial results in Q1? - Management reported that the impact of tariffs in Q1 was immaterial, but they expect changes in the second half of the year [52] Question: What tariff mitigation actions have been taken? - Management mentioned inventory strategies and dual sourcing as part of their mitigation efforts [91]

Financial Data and Key Metrics Changes - Revenues for Q1 2025 were $8.2 billion, a decrease of 3% compared to Q1 2024 [12][21] - EBITDA was $1.5 billion or 17.9% of sales, down from $2.6 billion or 30.6% a year ago, which included a one-time gain from the Atmos divestiture [12][22] - Excluding one-time gains and restructuring costs, adjusted EBITDA improved to $1.3 billion or 15.5% of sales from the previous year [22][23] - Gross margin for the quarter was $2.2 billion or 26.4% of sales, up from $2.1 billion or 24.5% last year [24] Business Line Data and Key Metrics Changes - Engine segment revenues decreased by 5% to $2.8 billion, but EBITDA increased to 16.5% from 14.1% due to pricing and aftermarket volume [26] - Components segment revenue fell by 20% to $2.7 billion, with EBITDA decreasing to 14.3% from 14.8% [27] - Distribution segment revenues increased by 15% to $2.9 billion, with EBITDA rising to 12.9% from 11.6% [27] - Power Systems segment revenues rose by 19% to $1.6 billion, with EBITDA reaching a record 23.6% [27] Market Data and Key Metrics Changes - North America revenues decreased by 1%, with heavy-duty truck production down 18% and medium-duty truck production down 21% [13][14] - International revenues decreased by 5%, with China revenues increasing by 9% to $1.8 billion due to strong domestic demand [14][15] - In India, revenues fell by 14% to $725 million, with power generation revenues down by 11% [15] Company Strategy and Development Direction - The company is focused on its Destination Zero strategy, emphasizing decarbonization and innovative solutions [9][11] - The introduction of new engine platforms, including the X10 and B7.2, is aimed at enhancing performance and efficiency [10] - The acquisition of First Mode for hybrid solutions in mining and rail operations aligns with the company's commitment to decarbonization [11] Management's Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding future performance due to trade tariffs and their impact on demand [6][7] - The company is strategically positioned to navigate through uncertainty, with a strong leadership team and ongoing investments in manufacturing [8][17] - Management indicated that guidance would be reinstated once there is more clarity in the economic outlook [20][29] Other Important Information - The company is investing over $1 billion in U.S. manufacturing operations over the next few years [17] - The impact of tariffs on financial results in Q1 was minimal, but future quarters may see more significant effects [54][56] Q&A Session Summary Question: Can you quantify the gross or net tariff cost impacting your business? - Management stated that due to the evolving nature of tariffs, they are not quantifying the impact at this time, focusing instead on broader economic implications [36] Question: What businesses have the most visibility regarding backlog? - Management noted that the power generation business has a multi-year order board, allowing for reallocation of orders if needed [38] Question: What are the expectations for margins in the Power Systems business moving forward? - Management indicated that the strong performance in Q1 was driven by high aftermarket sales, and they expect continued improvement in margins as demand trends stabilize [46] Question: How is the company handling tariff mitigation? - Management mentioned inventory strategies and dual sourcing as part of their mitigation efforts, with ongoing assessments as tariff clarity improves [96] Question: What is the impact of tariffs on Q2 financial results? - Management indicated that the impact of tariffs in Q1 was immaterial, but they expect a more significant effect in the second half of the year [54][56]

Core Insights - The Pratt & Whitney GTF engine defect incident is not merely a product quality issue but has sparked profound reflections on technological ethics, supplier responsibility, and industry development models [1][11] - The incident highlights the critical position of major suppliers in the aviation industry and the potential risks associated with heavy reliance on them [4][11] Summary by Sections Engine Defect Overview - The Pratt & Whitney GTF engine is a new generation of efficient aircraft engines favored for its fuel efficiency and environmental performance, primarily used in Airbus A320NEO series, Airbus A220 series, and Embraer E-Jets E2 series [2] - As of February 2025, there are 3,818 A320NEO series aircraft in service globally, with over 1,700 of them equipped with the GTF engine [2] - In July 2023, Raytheon Technologies, the parent company of Pratt & Whitney, announced that rare conditions in the powder metallurgy materials used for certain GTF engine parts could lead to accelerated wear and engine failures, posing flight safety risks [2] - Following the incident, Pratt & Whitney mandated inspections and repairs for the affected engines worldwide, with an estimated 350 A320NEO series aircraft expected to be grounded between 2024 and 2026 [2] Regulatory Response and Operational Impact - The FAA has issued multiple airworthiness directives (AD) regarding the PW1100G series engines, with the latest directive effective April 11, 2024, requiring ultrasonic inspections of specific components due to metal powder contamination issues [3] - As of mid-October 2024, 584 aircraft equipped with PW1100G engines have been grounded, leading to significant operational disruptions and financial pressures on airlines [3] Supplier's Critical Role - Pratt & Whitney is a major player in the global aircraft engine market, and the GTF engine defect incident underscores the industry's heavy reliance on key suppliers, revealing potential risks associated with this dependency [4][5] - The compensation provided by Pratt & Whitney for direct costs related to the engine defects does not cover the broader financial losses incurred by airlines, creating a complex dynamic where airlines must continue using Pratt & Whitney products to maintain operational stability [4][6] Industry Dynamics and Challenges - The aviation engine industry is characterized by high technical barriers, long R&D cycles, and significant capital investment, resulting in an oligopolistic market dominated by a few companies [5] - Airlines face limited options when selecting engine suppliers, making it challenging to switch from Pratt & Whitney to other manufacturers, especially given the scale of affected fleets [5][6] Ethical Considerations and Regulatory Recommendations - The incident raises questions about the pursuit of "absolute safety" in complex systems, emphasizing that while strict safety standards exist, inherent risks remain due to manufacturing complexities and material defects [7] - To prevent the misuse of the "too big to fail" phenomenon, regulatory bodies should enhance oversight of major suppliers, ensuring compliance with safety standards and encouraging suppliers to disclose potential risks [8] Implications for Chinese Aviation Industry - The GTF engine incident offers valuable lessons for China's aviation sector, emphasizing the importance of safety and reliability in technology development and the need for robust supply chain management [9][11] - Chinese airlines should increase their trust and willingness to use domestically produced aircraft, such as ARJ21 and C919, to foster the growth of the national aviation industry [9][10]

天风证券指出，2025Q1主动型基金前十大军工股持有流入总市值绝对值的前十中，军工电子板块标的 占80%。 过去三年军工电子板块较其他军工子板块超跌较多，在长尾效应下周期反弹锐度或将凸显，板块景气度 修复时或成为先选，军工电子持仓占比有望持续提升。2025Q1航空发动机产业相关标的在主动型基金 前十大军工股持有流出总市值占公司总市值前十中占比30%，我们认为，航发产业或受制于2025年周期 相对底部的影响，伴随国产商发持续加速，新型号装备型号持续成熟，航发子板块有望企稳修复。 军工板块相关企业港股： 中航科工（02357）、中船防务（00317） 智通财经APP获悉，据知情政府官员透露，美国总统特朗普将为10月1日开始的下一财年申请创纪录的 1.01万亿美元国家安全支出，比当前财年的数字高出13%以上。 美国国防预算将为金穹导弹防御项目、造船和核现代化、边境安全提供资金。其中包括3.8%的军人加 薪。其中一位要求不具名的官员说，13%的增幅与里根总统领导下的国防建设相呼应。作为埃隆·马斯 克削减成本努力的一部分，特朗普政府试图削减五角大楼的一些开支，但表示希望提高总体国防预算。 中国银河证券研报表示，新质筑基 ...

潘森宏观的Claus Vistesen在报告中写道，关税的不确定性将限制法国经济的任何重大反弹。法国截至3 月的三个月里经济增长了0.1%，扭转了去年年底的收缩，但几乎没有显示出强劲势头的迹象。根据潘 森宏观的估计，由于国内需求疲软，加上美国贸易关税造成了破坏性的不确定性，法国经济将在第二季 度保持这种蹒跚的增长速度，然后在今年剩余时间里陷入停滞。然而，关税政策的变化可能会改变这种 前景。 国外 1. 高盛：大幅下调美国一季度GDP增速至-0.8% 高盛最新研报表示，美国3月份商品贸易逆差扩大幅度超过预期。三月份货物进出口双双增长。贸易逆 差扩大的主要原因是消费品进口增加，这可能反映了在关税上调之前进口的"抢跑"。先行经济指标报告 的细节显示，与我们之前的GDP追踪假设相比，进口增长明显强劲，但出口增长温和走强，库存积累速 度加快。总体而言，我们将美国第一季度GDP跟踪预测下调了0.6个百分点至-0.8%（季度环比年化）。 美国GDP数据将于30日晚间公布。 2. 大摩：关税政策的不确定性，叠加美联储独立性受到质疑，或导致外资削减对美投资 摩根士丹利报告指出，美国政府关税政策的不确定性，尤其是多次政策反复，叠 ...

Core Viewpoint - Analysts project that Cummins (CMI) will report quarterly earnings of $4.82 per share, reflecting a 5.5% decline year over year, with revenues expected to reach $8.07 billion, down 4% from the same quarter last year [1]. Earnings Estimates - Over the past 30 days, the consensus EPS estimate has been revised downward by 7.1%, indicating a collective reassessment by covering analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Forecast - Analysts estimate 'Net Sales- Distribution' at $2.66 billion, representing a 5.1% increase year over year [5]. - 'Net Sales- Accelera' is projected to reach $97.47 million, indicating a 4.8% increase from the prior year [5]. - 'Net Sales- Engine- Off-highway' is expected to be $432.45 million, reflecting a 0.8% decline year over year [5]. Additional Sales Estimates - The consensus for 'Net Sales- Engine- Medium-duty truck and bus' is $956.99 million, suggesting a 3.8% decrease year over year [6]. - 'Net Sales- Engine- Light-duty automotive' is forecasted at $425.95 million, indicating a 2.8% decline [6]. - 'Net Sales- Engine- Heavy-duty truck' is expected to be $1.01 billion, reflecting a 4.3% decrease [6]. Power System and Components Sales - Analysts project 'Net Sales- Power System' at $1.50 billion, indicating an 8% increase year over year [7]. - 'Net Sales- Components' is expected to reach $2.85 billion, reflecting a 14.3% decline [7]. - The combined estimate for 'Net Sales- Engine' is $2.74 billion, indicating a 6.3% decrease from the prior year [7]. Automated Transmissions and Power Generation - 'Net Sales- Components- Automated transmissions' is projected at $146.75 million, reflecting an 11.1% decline [8]. - 'Net Sales- Power System- Industrial' is expected to be $428.73 million, indicating a 2.1% increase year over year [8]. - 'Net Sales- Power System- Power generation' is forecasted to reach $960.32 million, reflecting a 12.6% increase year over year [9]. Stock Performance - Cummins shares have returned -7% over the past month, compared to a -0.2% change in the Zacks S&P 500 composite [9].

天风证券（601162）指出，2025Q1主动型基金前十大军工股持有流入总市值绝对值的前十中，军工电 子板块标的占80%。过去三年军工电子板块较其他军工子板块超跌较多，在长尾效应下周期反弹锐度或 将凸显，板块景气度修复时或成为先选，军工电子持仓占比有望持续提升。2025Q1航空发动机产业相 关标的在主动型基金前十大军工股持有流出总市值占公司总市值前十中占比30%，我们认为，航发产业 或受制于2025年周期相对底部的影响，伴随国产商发持续加速，新型号装备型号持续成熟，航发子板块 有望企稳修复。(第一财经) ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年4月28日，昆明云内动力（维权）股份有限公司召开第七届董事会第十次会议及第七届监事会第 七次会议，审议通过《关于2022年限制性股票激励计划首次授予部分第二个解除限售期解除限售条件未 成就暨回购注销部分限制性股票的议案》，该事项已经公司董事会薪酬与考核委员会议审议通过。本次 回购注销尚需提交股东大会审议批准，并按照相关法律法规及公司章程的规定及时公告。 回购注销原因及数量公司层面业绩考核不达标：依据《2022年限制性股票激励计划（草案）》及《2022 年限制性股票激励计划实施考核管理办法》，2022年限制性股票激励计划首次授予部分第二个解除限售 期公司层面业绩考核需满足多项条件，包括以2021年度营业收入为基准的增长要求、2024年度净资产收 益率不低于对标企业50分位值、2024年度总资产周转率不低于0.66次等。若业绩考核目标未达成，所有 激励对象当期限制性股票不可解除限售，由公司按授予价格与回购时公司股票市价（审议回购的董事会 决议公告前1个交易日公司标的股票交易均价）的孰低值回购注销。因公司2024年度净资产收益率未达 规定目标，应对361名 ...

潍柴动力：拟5亿元-10亿元回购公司股份用于注销 智通财经4月29日电，潍柴动力(000338.SZ)公告称，公司拟使用自有资金和自筹资金以集中竞价交易方 式回购公司部分A股股份，回购股份的价格为不超过人民币23.57元/股，预计用于回购的资金总额不低 于人民币5亿元，不超过人民币10亿元。回购期限为自公司股东大会审议通过回购股份方案之日起12个 月内。 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0700 | 0.0600 | 16.67 | 0.0700 | | 每股净资产（元） | 0 | 7.31 | -100 | 7.19 | | 每股公积金(元) | 3.94 | 3.94 | 0 | 3.94 | | 每股未分配利润(元) | 1.99 | 1.88 | 5.85 | 1.78 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.93 | 12.22 | 5.81 | 16.34 | | 净利润(亿元) | 0.3 | 0.25 | 20 | 0.32 | | 净资产收益率(%) | 0.92 | 0.80 | 15 | 1.03 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 17050.52万股，累计占流通股比： 39.16%，较上期变化： 139.14万 ...