德意志银行：2024施耐德电气（Schneider Electric）公司研究内涵—保守预估利润率（英文版）（17页）

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报告摘要

1August2024SchneidersH1adjustedEBITAbeatconsensusby5%buttheoverallreleasewassomewhatmessygiven:1/the100bpsdifferencebetweentheadjustedmarginandthereportedmargin,2/the220mimpairmentcharge,and3/themissonFCF.Onamorepositivenote,theFYmarginoutlookimpliesa50-100bpssequentialdeteriorationinH2whichlooksveryconservative.Itseemsthatsupply-chainchallengeshaveincreasedintheUSandthatfuturebacklogexecutioncouldbemorechallenging,butwealsobelievethatmanagementerrsonthesideofcaution.Wenowassumeamarginof18.5%,30...