2Q26 Review: The Crème de la Crème of Interconnect Suppliers; Reiterate OW

研报英文原文证据摘录

2Q26 Review: The Crème de la Crème of Interconnect Suppliers; Reiterate OW

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

30 July 2026

Amphenol Overweight

APH, APH US

2Q26 Review: The Crème de la Crème of Interconnect Price (29 Jul 26):$150.31

Suppliers; Reiterate OW Price Target (Dec-27):$215.00

Amphenol delivered yet another robust beat-and-raise, with growth cylinders IT Hardware/ Telecom & Networking

firing across most of its end-markets, led by a robust 60%+ organic growth in IT Equipment

& Datacom with an implied acceleration to 65%+ into 3Q, with accelerating Joseph Cardoso AC

growth in other key end-markets such as Industrial, which expanded +18% y/y in (1-212) 622-9036

2Q and is guided to further expansion of ~30% y/y in 3Q. Additionally, orders joseph.cardoso@jpmchase.com

(including inorganic) grew +94% y/y to $10.7 bn, driving a book-to-bill of 1.23x, Manmohanpreet Singh

with IT & Datacom running even higher than 1.23x and Defense, Commercial (1-212) 622-4527

Aerospace, and Industrial at ~1.23x, in our view. This broad-based growth also manmohanpreet.singh@jpmchase.com

supported incremental operating margins of over 35% on a y/y basis, even after Marc Vitenzon

(1-212) 622-3342

adjusting for the positive impact of tariff-related refunds, and all while the marc.vitenzon@jpmchase.com

company digests its largest-ever acquisition (CCS), highlighting best-in-class

Akanksh Chauhan

execution. To top it all off, management announced revised guidance for the (1-212) 622-0045

recently acquired CCS business, including revenue of $4.6 bn and EPS accretion akanksh.chauhan@jpmorgan.com

of $0.30 in 2026 vs. guide of $4.1 bn and $0.15 just six months ago, along with J.P. Morgan Securities LLC

operating margins expanding from an estimated ~18% to over 20%, underscoring