2025-06-17-Bernstein-欧洲科技_IT服务_2025年巴黎航展反馈_14页_381kb

Summary

This report analyzes European technology/software companies focusing on the aerospace and defense sectors based on feedback from the Paris Air Show. Key points:

1. Sopra Steria:

   • Strong growth potential in Defense, driven by AI integration in C2 systems and anti-drone solutions. Notable success in securing contracts (Milad, Parade programs).
   • Positive outlook on its four key engineering trends: certifiable embedded AI, 3D PLM, generative AI, and quantum computing.
   • Collaboration in Air Traffic Management with Indra and Thales continues to yield results.
   • Valuation remains outperform with €230 PT.

2. Dassault Systèmes:

   • 3DExperience adoption lags in aerospace due to internal process transformation and cloud migration challenges.
   • Addressing adoption barriers internally, including on-premise-to-cloud transitions.

3. Aerospace Industry:

   • Production capacity constraints limit tangible growth. In-depth organizational/process transformations are needed for lasting gains.
   • Complicated discussions on sovereign cloud (EUCS) persist, mirroring earlier challenges.
   • Initiatives like Decade-X aim to enhance data sharing aligned with broader cloud trends.

4. Broader Software/Engineering Services:

   • OEMs seek design/engineering cost reductions via offshore/off-the-shelf delivery models.
   • Aerospace companies face obstacles in full outsourcing and AI implementation in design engineering.
   • OVHcloud benefits from secular trends like sovereign cloud and AI adoption.

Investment Implications:

• Sopra Steria (O): Strong buy recommendation.
• OVHcloud (O): Strong buy recommendation.
• Dassault Systèmes (O): Outperform rating with ongoing review of adoption issues.

Risks:

• Higher restructuring costs, GDP growth issues, hidden margins.
• Economic downturns in key regions, adoption barriers, competition, and market volatility.