EE/MI: Sunday Workaholics Weekly. Sun Jul 19 2026

研报英文原文证据摘录

EE/MI: Sunday Workaholics Weekly. Sun Jul 19 2026

J P M O R G A N North America Equity Research

19 July 2026

EE/MI

Sunday Workaholics Weekly

This weekly product is meant to streamline investors’ weekend work by providing the Electrical Equipment & Multi-

tools/dashboard to help prepare for the week ahead and any related Sunday meetings/ Industry

conference calls. In short, we hope this helps improve quality of life for those working Chigusa Katoku AC

on Sunday. (1-212) 622-0855

chigusa.katoku@jpmchase.com

• Data point of the week. In this week’s data point, we highlight a read through Piyush Khaitan

on datacenter demand with Munters' 2Q26 results. Total order intake was up (1-212) 622-0605

144% y/y organically, 30% ahead of consensus, with a B2B of 2.3x. This was piyush.khaitan@jpmchase.com

mainly driven by Datacenter Technologies (DCT), with orders up 264% y/y J.P. Morgan Securities LLC

organically, or up 111% q/q, with a B2B of 3.6x. Order backlog in 2Q increased

151% y/y, or up 49% q/q - primarily driven by DCT orders to be delivered

The authors wish to thank Chandreyee mainly in '26 and '27. 76% of the order intake came from Americas, followed

by EMEA (17%) and APAC (7%). Within DCT, order intake on a LTM basis is Sengupta, of the J.P. Morgan Global

dominated by chillers and CRAHs, with an uptick in CDUs from the prior Research Center, for contributions to this

quarter, in total making up ~90% of total orders. DCT quarterly orders also report.

included a SEK 2 B order, or ~40% of all orders, setting up the segment for

accelerated revenue growth starting in 3Q, accelerating in 4Q, and carrying

through '27 and '28. New factory ramp-up in US is on track, doubling production

output with 60% more floor space, though profitability inflection is ~one