-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：HWM公布第一季度营收为23.13亿美元（同比增长19%），超出市场预期7200万美元；调整后每股收益为1.22美元（同比增长42%），超出预期0.11美元。调整后EBITDA利润率同比增长320个基点至32.0%，反映出商用航空航天、国防和燃气轮机等业务的强劲需求。发动机产品业务表现突出，营收增长29%，利润率提升400个基点至36.6%；燃气轮机业务同比增长39%。管理层大幅上调了2026年业绩预期，预计营收将增加5.5亿美元至96.5亿美元，EBITDA将增加3亿美元至30.6亿美元，每股收益将增加0.49美元至4.94美元。4月份完成的18亿美元CAM收购案增强了公司的航空航天紧固能力，同时3.59亿美元的自由现金流（同比增长168%）支持了3亿美元的股票回购。我们认为，此次业绩预期上调反映了航空航天领域的持续增长势头，预计未来三到五年内，受数据中心需求的推动，燃气轮机市场规模将从10亿美元翻一番至20亿美元，这进一步印证了我们此前的观点，即HWM受益于创纪录的OEM订单积压和市场结构性利好因素。
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