FLS Read-Across: Power/Nuclear Strong, ME Deferred, NA MRO Generally Solid

研报英文原文证据摘录

FLS Read-Across: Power/Nuclear Strong, ME Deferred, NA MRO Generally Solid

6% on the same

dynamic, with Mgmt. citing improving momentum into end of 1Q and confirming FY guidance on

a stronger 2Q/2H. KSB pump orders grew 31%, driven almost entirely by a single nuclear reactor

coolant pump order. Excluding this, Standard Markets fell 11% with Petrochem/chem down sharply.

KSB SupremeServ AM orders fell 5.6% on ME disruption and FX. All three flagged ME as the 1Q

headwind, with Sulzer and KSB premising guidance on a NT resolution and a sequential restart/

rebuild tailwind in 2H.

FCD Competitors. Valve peers pointed to a mixed demand backdrop with strength in power, nuclear,

and LNG offsetting weakness in chem. and ME O&G. EMR's power vertical grew 23% in 2Q, led

by NA. Chem. is the clear weak spot, with EMR calling out China chemical down ~9% and Europe

down 4%, while core energy/refining/petchem markets were stable to muted by geography. MRO

held up with no negative signal outside the ME. IMI Process Automation reported that conventional

power new construction orders doubled in 1Q on data center-led gas gen., with a strong nuclear

pipeline and solid LNG start. AM ex-ME and nuclear comp tracked MSD. Rotork posted strong CPI

and Water & Power growth with service resilience, but O&G orders declined in EMEA on ME project

delays slipping into 2H. Curtiss-Wright raised commercial nuclear guidance to +13-15% on AM and

license extensions (23 US reactors approved vs. 9 at start of 2025), with SMR at 12% of commercial Stephen Volkmann, CFA * | Equity Analyst

nuclear revenue as X-energy moves into prototype mfg. All peers characterized ME disruption as (212) 284-2031 | svolkmann@jefferies.com

deferred rather than lost. Chirag Patel * | Equity Associate