格隆汇2月25日丨英可瑞(300713.SZ)公布，控股子公司深圳市格睿德电气有限公司（简称"格睿德"）于 近日收到由深圳市工业和信息化局、深圳市财政局、国家税务总局深圳市税务局联合颁发的《高新技术 企业证书》，证书编号：GR202544203504，发证时间：2025年12月25日，有效期：三年。本次高新技 术企业的认定系原证书有效期满后的重新认定。 ...

February 13, 2026 05:30 AM GMT Capital Goods | Europe 800vDC Data center - First Inning: What we have heard so far from the Electrical suppliers Since we first wrote in September, investor interest around the shift to 800vDC data center architecture has clearly intensified. Post 4Q25, we assess the latest developments across cap goods suppliers. Delta and Eaton still lead globally, while there is more debate on positioning of EU suppliers We have been early on the 800vDC topic. first writing it in Sep-2025 ...

Core Viewpoint - nVent Electric plc has postponed its Investor Day originally scheduled for February 24, 2026, due to a state of emergency in the New York metropolitan area caused by an impending winter storm [1][2]. Company Overview - nVent is a global leader in electrical connection and protection solutions, focusing on enabling safer systems and ensuring a secure world through its innovative electrical solutions [3]. - The company designs, manufactures, markets, installs, and services high-performance products that protect sensitive equipment, buildings, and critical processes [3]. - nVent's product portfolio includes well-known brands such as nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF, and TRACHTE, with a history spanning over 100 years [4]. Investor Relations - The company is currently evaluating scheduling options for the postponed Investor Day and will issue a formal invitation once the new date and location are finalized [2]. - The postponement is strictly due to weather-related logistics and does not indicate any changes in the company's operations, financial performance, or outlook [2].

Core Insights - nVent Electric plc has appointed Mellinda Devese as Executive Vice President and Chief Supply Chain Officer, effective March 16, 2026, to enhance its global supply chain operations [1][2][3] Company Overview - nVent is a global leader in electrical connection and protection solutions, focusing on high-performance products that ensure safety and security in critical infrastructure [5][6] - The company has a robust portfolio of electrical product brands, including nVent CADDY, ERICO, HOFFMAN, ILSCO, SCHROFF, and TRACHTE, with a history spanning over 100 years [6] Leadership Appointment - Mellinda Devese brings extensive experience from GE HealthCare, where she was Senior Vice President of Global Integrated Supply Chain for a $10 billion segment, and has held leadership roles at Whirlpool and Eaton [3][4] - Devese's role will involve overseeing manufacturing operations, procurement, inventory management, distribution, global planning, logistics, and safety [1][2] Strategic Focus - The appointment aims to drive growth, transformation, and operational excellence within nVent's supply chain, enhancing customer and supplier experiences [2][3] - Devese is expected to implement best-in-class operational performance across the company's global supply chain [2]

Hubbell (NYSE:HUBB) FY Conference Summary Company Overview - **Company**: Hubbell (NYSE:HUBB) - **Date of Conference**: February 19, 2026 - **Speakers**: Gerben Bakker (President and CEO), Joe Capozzoli (CFO) Key Points Industry and Market Outlook - **Volume Growth**: Company-wide volume growth was in the mid-single digits exiting 2025, with an outlook for 5%-7% organic growth in 2026, supported by strong order intake [2][3] - **Electricity Demand**: There is an expected acceleration in U.S. electricity consumption, driven by data centers and utility business growth, particularly in transmission and substation sectors, which saw double-digit growth last year [3][4][7] - **Utility Spending**: Utilities are prioritizing transmission and substation investments, with a bias towards these areas over distribution, although both segments are expected to grow [8][9][10] Financial Performance and Projections - **Distribution Growth**: Long-term growth in the distribution segment is projected at mid-single digits, driven by the need for grid investment, with over 6 million miles of aged distribution infrastructure [16][19] - **Meter Business**: The meter segment has faced disruptions due to chip shortages and is now stabilizing, representing about 10% of the portfolio. Future growth is expected to be muted as utilities focus on load growth [22][27] - **Data Center Revenue**: Anticipated mid-teens growth in data center-related revenue, with a cautious outlook on short-cycle business due to limited visibility [30][31] Operational Insights - **Operating Margins**: Operating margins have improved significantly, with expectations for continued expansion across both electrical and utility segments. Inflation is projected at mid-single digits, but effective pricing and productivity programs are in place to manage costs [48][49][50] - **Capital Deployment**: M&A remains a core strategy, with a focus on building scale and breadth in the market. The pipeline includes both bolt-on acquisitions and larger deals, although valuations have increased [61][65][66] Strategic Initiatives - **Product Development**: Hubbell is adapting its product offerings to meet the evolving demands of data centers, including higher voltage requirements. The company is well-positioned to develop products for the 800-volt DC transition [39][40][41] - **Long-term Planning**: The company is focused on a multi-year margin expansion program, with ongoing restructuring and portfolio management to enhance profitability [50][54] Market Dynamics - **Industrial Demand**: Light industrial business has shown mid-single-digit growth, while non-residential and heavy industrial segments remain soft. The company is prepared to scale operations if demand accelerates [36][37] - **Seasonality**: A more typical seasonal pattern is expected in 2026, with the first quarter anticipated to be the lowest in revenue and profitability [55][56] Investor Sentiment - **Valuation and Growth Expectations**: Investor sentiment is positive to neutral, with expectations for EPS growth in line with or above multi-industry averages. The main valuation headwind identified is core growth [76] Additional Insights - **Technology Changes**: The transition to higher voltages in data centers is not expected to significantly impact Hubbell's portfolio, as the company already offers a range of products suitable for various voltage requirements [39][40] - **Balance Sheet Strength**: The company has a stronger balance sheet than in the past, allowing for disciplined capital deployment, including share buybacks when appropriate [71][72] This summary encapsulates the key insights and strategic outlook for Hubbell as discussed in the FY conference, highlighting the company's growth prospects, market dynamics, and operational strategies.

Core Insights - Harju Elekter achieved strong financial results in 2025, with revenue reaching 174.0 million euros, consistent with the previous year, and a significant increase in profitability, including a record operating profit of 12 million euros and net profit exceeding 10 million euros [4][6][22]. Revenue and Financial Results - In Q4 2025, revenue increased by 58.6% year-on-year, reaching 47.5 million euros, while annual revenue remained stable at 174.0 million euros, a slight decrease of 0.4% from 2024 [6][22]. - Gross profit for Q4 2025 was 5.3 million euros, nearly tripling from 1.8 million euros in Q4 2024, with an operating profit of 1.8 million euros compared to a loss of 1.7 million euros in the previous year [8][22]. - The company reported a net profit of 2.6 million euros in Q4 2025, a significant turnaround from a loss of 2.3 million euros in Q4 2024, with earnings per share increasing to 0.14 euros [9][22]. Market Performance - The Estonian market showed strong growth, with Q4 revenue of 9.2 million euros, a 73.0% increase year-on-year, and full-year revenue rising to 29.9 million euros [12]. - Norway experienced the most substantial growth in Q4, with revenue tripling to 11.1 million euros and a full-year increase of 49.1%, totaling 39.3 million euros [14]. - Finland remained the largest market despite a decline in full-year revenue to 54.7 million euros, attributed to lower sales volumes in project-based contracts [13]. Strategic Focus and Investments - The company focused on improving profitability through selective project management and enhancing operational efficiency, which contributed to the growth in profitability [2]. - Total investments during the reporting period amounted to 5.1 million euros, aimed at improving production efficiency and developing new products, including a new-generation electric vehicle charger [16][18]. Shareholder Returns - The Management Board proposed a dividend payment of 0.25 euros per share, reflecting the strong financial performance and increased order book [5].

Core Insights - DG Matrix has successfully closed a $60 million Series A funding round, positioning itself as a leader in solid-state transformer solutions [1][2] Funding Details - The Series A funding was led by Engine Ventures and was oversubscribed, indicating strong investor interest [2] - Other participants in the funding round include Helios Climate Ventures, Mitsubishi Heavy Industries, Fine Structure Ventures, MCJ, and Sabanci Climate Ventures [2] - Existing investors, including ABB, also committed new capital during this funding round [2]

Atkore (NYSE:ATKR) 2026 Conference Summary Company Overview - **Company**: Atkore - **Date**: February 18, 2026 - **Speakers**: Bill Waltz (President and CEO), John Deitzer (CFO) Key Points Strategic Review and Company Direction - Atkore is undergoing a strategic review, considering various alternatives including potential sale or divestitures to enhance shareholder value [1][2][4] - The board is focused on long-term strategic planning, particularly emphasizing the electrical industry [2][4] - Recent actions include selling the Tectron operation in Wisconsin and exploring alternatives for HDPE [4] Market Performance and Growth Indicators - Atkore anticipates mid-single-digit growth, with half of this expected to come from organic growth [6][18] - Strong performance is noted in data centers, healthcare, manufacturing, and multifamily housing, while single-family housing remains weak [6][18] - The company is experiencing favorable growth trends, supported by leading indicators such as DMI [6] Data Center Market Strategy - Atkore is focusing on direct sales to data centers and chip manufacturers, bypassing distributors in some cases [11][15] - The company has established off-site manufacturing locations to preassemble products for data centers, which has been successful in the U.S. and is expanding to international markets [15][17] Volume Growth and Market Outlook - The company reported low single-digit volume growth in Q1 but maintains a full-year outlook of mid-single-digit growth [18][20] - Anticipated growth in the solar business and construction services is expected to contribute positively to volume growth [20][21] Pricing and Cost Dynamics - Pricing for products has seen a moderation, with a 2.7% decrease in Q1 2026 compared to a 12% decrease in Q1 2025 [59] - The company is managing cost pressures from raw materials, particularly copper and aluminum, which have experienced significant volatility [40][41] Margin Improvement Initiatives - Atkore is closing three manufacturing facilities, which is expected to yield $10-$12 million in benefits, primarily in fiscal 2027 [54][56] - The company is also divesting underperforming businesses to improve margins and return on invested capital [56] Inventory and Channel Health - Channel inventories are reported as normal, with no significant destocking or overstocking observed [26] - Distributors are optimistic about market growth, indicating a healthy channel environment [26] Competitive Landscape and Pricing Strategy - Atkore's pricing strategy involves maintaining a premium for its products through strong relationships with distributors and bundling services [28][36] - The company is navigating the competitive landscape with a focus on differentiating its offerings despite market commoditization [28][36] Future Growth Areas - The company is optimistic about growth in the municipal water sector, with plans to expand its product offerings [91][96] - Atkore is also exploring opportunities in the residential market, although recovery has not yet materialized [101][107] Cash Management and Capital Allocation - Atkore has paused M&A activities and is focusing on internal initiatives, including maintaining its quarterly dividend [114][120] - The company is evaluating its capital allocation strategy, balancing dividends and potential share repurchases [114][120] Emerging Trends and Innovations - The strategic review emphasizes a focus on core electrical products and services, aligning with industry trends [132] Conclusion - Atkore is strategically positioning itself for growth in the electrical industry while managing market challenges and exploring new opportunities in data centers, solar, and municipal water sectors. The company is focused on improving margins through operational efficiencies and divestitures, while maintaining a healthy channel inventory and pricing strategy.

Vertiv (NYSE:VRT) FY Conference Summary Company Overview - **Company**: Vertiv - **Industry**: Data Center Infrastructure Key Points Financial Performance and Margins - Vertiv is guiding for a revenue of $28 billion in Q1 and $29 billion for the year, with expected incrementals in the low thirties, specifically 30-35% long term [2][4] - The company focuses on a price-cost equation to maintain margin neutrality, leveraging technology and differentiated offerings to drive pricing [2][4] - Operating leverage is achieved through efficient use of capacity, with some inefficiencies expected in the first quarter due to new capacity additions [3][4] Working Capital and Cash Flow - Deferred revenue has become a significant source of cash as project sizes increase, allowing Vertiv to maintain a cash-neutral to cash-positive position throughout project lifecycles [8][10] - Strong management of inventory and payables contributes to positive working capital, with an uplift from advanced payments and milestone payments [10] Order Backlog and Customer Behavior - The backlog is increasingly filled with longer-dated orders from data center customers, particularly in the back half of the 12-18 month execution window [12][15] - There is a noted shift towards a systems-level purchasing approach among customers, driven by the need for integrated solutions and reference designs [17][20] Product Demand and Growth Areas - High demand is observed for greenfield data centers, particularly in powertrain and thermal management solutions, with a notable interest in liquid cooling technologies [22][23] - Prefabricated solutions are gaining traction, allowing for faster deployment and addressing labor shortages in the industry [20][25] Competitive Landscape and Pricing - Vertiv maintains a strong competitive position in liquid cooling, emphasizing a system-level approach that integrates various components for effective deployment [49][55] - The company is confident in its pricing strategy, leveraging system-level thinking to hold prices and gain premiums, particularly in the Americas [59][60] M&A Strategy - Vertiv's M&A strategy focuses on strategic add-ons that fill portfolio gaps or enhance market presence, with a preference for investments that can be integrated and scaled [62][63] - The company is open to exploring technology paths that complement its existing portfolio and accelerate organic growth plans [64] Future Trends - The evolution towards higher voltage DC architectures is seen as critical for future data center designs, with Vertiv developing an 800-volt DC portfolio to support this transition [36][40] - Liquid cooling is expected to become a standard part of thermal management systems, although traditional heat rejection methods will remain relevant [42][47] Conclusion - Vertiv is positioned to capitalize on the growing demand for data center infrastructure, with a focus on integrated solutions, efficient operations, and strategic growth through both organic and inorganic means. The company is adapting to market trends and customer needs, ensuring a robust outlook for future performance.

Core Insights - Franklin Electric achieved record revenue and segment operating income in 2025 by effectively offsetting tariff-driven cost pressures through strategic price realization and productivity gains [5] - The company launched over 35 new products, expected to contribute approximately $160 million in revenue by the third year [5] - The Distribution segment saw a 210 basis point improvement in operating margin due to proprietary inventory technology and portal solutions [5] Strategic Performance Drivers - The establishment of the Value Acceleration Office (VAO) aims to institutionalize 80-20 principles, AI-driven process engineering, and portfolio streamlining for long-term margin resilience [5] - The Water segment's performance was attributed to strong groundwater and treatment demand, despite temporary Q4 headwinds in U.S. HVAC markets and regional softness in Mexico [5] - The Energy segment expanded its international footprint, particularly in Europe and India, while maintaining high-margin leadership through data-driven fueling solutions [5] 2026 Outlook and Guidance - Projected 2026 sales are estimated between $2.17 billion and $2.24 billion, assuming a balanced mix of volume growth and price realization across all segments [5] - Anticipated adjusted EPS for 2026 is between $4.40 and $4.60, reflecting a shift to non-GAAP reporting [5] - Guidance assumes normalization of the HVAC market and stabilization in Latin America, excluding potential upside from a U.S. housing market recovery [5] Operational Adjustments - Continued margin expansion in the Distribution segment is expected, approximately 70-plus basis points, driven by SKU rationalization and upstream supplier negotiations [5] - The company maintains a robust M&A pipeline focused on enhancing the portfolio in key geographic regions and filling specific product gaps [5] - A $41.5 million net-of-tax pension settlement charge in 2025 impacted GAAP diluted EPS by $0.91 [5] Risk Factors - Tariff exposure was identified as a primary driver for Energy segment margin compression in Q4, which was addressed through a price increase implemented in December [5] - The company is executing a multi-year effort to normalize part numbers and consolidate global manufacturing platforms in Turkey and India to reduce SKU proliferation [7] - Increased capital spending is being directed to support growth initiatives and infrastructure while maintaining a strong cash conversion rate of 126% [7]