Schäffler AG Post Pre-Close Call Feedback

研报英文原文证据摘录

Schäffler AG Post Pre-Close Call Feedback

J P M O R G A N Europe Equity Research

14 July 2026

Schaeffler AG Neutral

SHA0.DE, SHA0 GR

Post Pre-Close Call Feedback Price (13 Jul 26):€8.49

Price Target (Dec-27):€10.00

Schaeffler is guiding for Q2 sales to be broadly flat yoy at €5.9bn, as global car European Autos & Auto Parts

ACproduction is expected to be lower than initially estimated. Despite this, EBIT Jose M Asumendi

margin is forecast to improve to 4.7% (+3% vs. BBG Cons.), approaching the (44-20) 7742-5315

midpoint of full-year guidance, supported by solid execution and self-help jose.m.asumendi@jpmorgan.com

measures, particularly in Bearings & Industrial Solutions. FCF is expected to be J.P. Morgan Securities plc

moderately negative, impacted by restructuring and integration cash-outs. Piyush Singla

Divisional performance is anticipated to be mixed: E-Mobility is expected to (91-22) 6157-3324

piyush.singla@jpmorgan.com

deliver higher sales and improving gross margins, though the US market remains J.P. Morgan India Private Limited

challenging and China is still soft; Powertrain & Chassis faces headwinds from

China and phase-out businesses but is guided to deliver higher margins; Vehicle Specialist Sales contact details:

Lifetime Solutions is expected to see stable demand but lost business in Q2, with Sam Edmunds - Specialist Sales -

recovery measures planned for the second half; Bearings & Industrial Solutions is European Industrials

expected to deliver flattish sales and margins at the upper end of guidance. (44-20) 7742-8733

sam.edmunds@jpmorgan.com

Management highlighted ongoing price recoveries from OEMs, continued interest Style Exposure

in humanoid products, and a focus on ramping up new business lines in humanoids.