特灵科技4Q24业绩强劲：2025关注点仍在商用暖通

中金公司02-01

4Q24 业绩超出我们的预期特灵科技公布4Q24 及2024 年业绩：1）4Q24 公司收入同比+10%至48.7亿美元；有机收入同比+10%；有机订单同比+2%。设备收入同比增长高个位数，利润率更高的服务收入同比增长低双位数。调整后归母净利润同比+19%至5.93 亿美元，利润率为12.2%。2）2024 年公司收入同比+12%至198.4 亿美元；有机收入同比+12%；有机订单同比+11%。...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2508948559?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-02-01 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2508948559","market":"us","top_or_hot":-1,"title":"特灵科技4Q24业绩强劲：2025关注点仍在商用暖通","media":"中金公司","content":"<div>\n<p>4Q24 业绩超出我们的预期特灵科技公布4Q24 及2024 年业绩：1）4Q24 公司收入同比+10%至48.7亿美元；有机收入同比+10%；有机订单同比+2%。设备收入同比增长高个位数，利润率更高的服务收入同比增长低双位数。调整后归母净利润同比+19%至5.93 亿美元，利润率为12.2%。2）2024 年公司收入同比+12%至198.4 亿美元；有机收入同比+12%；有机订单同比+11%。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250201112610abbebd04&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特灵科技4Q24业绩强劲：2025关注点仍在商用暖通</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特灵科技4Q24业绩强劲：2025关注点仍在商用暖通\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-02-01 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250201112610abbebd04&s=b><strong>中金公司</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>4Q24 业绩超出我们的预期特灵科技公布4Q24 及2024 年业绩：1）4Q24 公司收入同比+10%至48.7亿美元；有机收入同比+10%；有机订单同比+2%。设备收入同比增长高个位数，利润率更高的服务收入同比增长低双位数。调整后归母净利润同比+19%至5.93 亿美元，利润率为12.2%。2）2024 年公司收入同比+12%至198.4 亿美元；有机收入同比+12%；有机订单同比+11%。...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250201112610abbebd04&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00BGHQF417.EUR","symbol_name":"GUINNESS SUSTAINABLE ENERGY \"C\" (EUR) ACC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250201112610abbebd04&s=b","article_id":"2508948559","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250201112610abbebd04&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2508948559","pubTimestamp":1738339200,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"4Q24 业绩超出我们的预期特灵科技公布4Q24 及2024 年业绩：1）4Q24 公司收入同比+10%至48.7亿美元；有机收入同比+10%；有机订单同比+2%。特灵科技的业绩超出我们的预期，主要得益于商业暖通的强劲表现及亚太地区的环比改善。特灵预期2025 年美洲家用暖通实现中个位数增长。特灵预期2025 年商用暖通将继续保持强劲；而运输制冷行业较平稳，特灵有望跑赢行业。特灵预期2025 年亚太地区的业绩同比持平，2H25 同比基数压力更小。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE00BGHQF417.EUR":"GUINNESS SUSTAINABLE ENERGY \"C\" (EUR) ACC","TT":"Trane技术","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU2211814178.USD":"ALLIANZ CLEAN PLANET \"AT\" (USD) ACC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU2211817866.USD":"Allianz Food Security AT Acc USD","LU2089279066.USD":"ALLIANZ GLOBAL WATER \"AT\" (USD) ACC","BK4086":"建筑产品","BK4585":"ETF&股票定投概念","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2229751404.USD":"ALLIANZ GLOBAL WATER \"AT3\" (USD) ACC","LU0238689110.USD":"贝莱德环球动力股票基金","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0154245673.USD":"BNP PARIBAS US MID CAP \"C\" (USD) INC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","IE00B3CCJ633.GBP":"GUINNESS SUSTAINABLE ENERGY \"C\" (GBP) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","BK4504":"桥水持仓","LU0154245756.USD":"BNP PARIBAS US MID CAP \"C\" (USD) ACC","LU0323240290.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AD\" INC","IE00B2PGVK34.USD":"GUINNESS SUSTAINABLE ENERGY \"C\" (USD) ACC","BK4588":"碎股","LU0323239441.USD":"HSBC GIF GLOBAL EQUITY CLIMATE CHANGE \"AC\" ACC"},"translate_title":"Trane Technologies' 4Q24 performance is strong: 2025 focus is still on commercial HVAC","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TT":0.9},"content_text":"4Q24 业绩超出我们的预期特灵科技公布4Q24 及2024 年业绩：1）4Q24 公司收入同比+10%至48.7亿美元；有机收入同比+10%；有机订单同比+2%。设备收入同比增长高个位数，利润率更高的服务收入同比增长低双位数。调整后归母净利润同比+19%至5.93 亿美元，利润率为12.2%。2）2024 年公司收入同比+12%至198.4 亿美元；有机收入同比+12%；有机订单同比+11%。调整后归母净利润同比+23%至25.6 亿美元，利润率为12.9%。特灵科技的业绩超出我们的预期，主要得益于商业暖通的强劲表现及亚太地区的环比改善。美洲地区商用暖通业务仍是业绩亮点：1）4Q24 美洲收入同比+12%至38 亿美元；有机收入同比+11%；有机订单同比+1%。调整后EBITDA 利润率同比+1.4ppt 至19.5%。2）美洲商用暖通部门继续表现强劲，有机收入同比增长中双位数，有机订单同比增长高个位数。特灵追踪的14 个垂直市场中大多数都实现了增长，数据中心、教育和医疗等领域表现尤为突出。特灵预期美洲商用暖通2025 年将继续保持强劲表现。3) 美洲家用暖通和运输制冷业务仍面临挑战。家用暖通市场正经历制冷剂切换，公司估计2H24 有0.75-1 亿美元的提前出货，1Q25 业绩或受影响。特灵预期2025 年美洲家用暖通实现中个位数增长。美洲运输制冷市场仍然疲软，特灵预计行业1H25 触底。EMEA 地区商用暖通表现更好，亚太地区受中国信贷政策影响：1）4Q24EMEA 地区收入同比+5%至6.9 亿美元；有机收入同比+7%；有机订单同比+9%。特灵预期2025 年商用暖通将继续保持强劲；而运输制冷行业较平稳，特灵有望跑赢行业。2）3Q24 以来特灵在中国市场收紧了信贷政策，导致收入和订单大幅下滑。4Q24，亚太地区收入几乎持平，有机收入同比+1%；有机订单同比+8%。调整后EBITDA 利润率+2.8ppt 至26.5%。环比改善主要由于中国市场下滑收窄以及亚洲其他市场表现较好。特灵预期2025 年亚太地区的业绩同比持平，2H25 同比基数压力更小。发展趋势公司2025 业绩指引：收入同比+6.5-7%，有机增长7-8%。调整后EPS 12.70-12.90 美元（同比+13-15%）。特灵还计划分配25 亿至30 亿美元，包括8 亿美元的分红，1.5 亿美元偿还债务，15-20 亿美元M&A 与股票回购。盈利预测与估值鉴于公司强劲表现，上调2025 调整后归母净利润3.5%至28.9 亿美元，引入2026 年31.7 亿美元。维持“跑赢行业”评级和目标价403.38 美元，对应31.7/ 28.9x 25/26e PE，上行空间10.1%。当前股价对应28.8/26.2x 25/26ePE。风险全球商用暖通需求下行；美洲家用暖通和运输制冷市场复苏不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2508948559","isCrawlerRequest":true}