2025-06-16-Jefferies-RTX公司（RTX）_PAS技术演示_聚焦GTF升级_2026年下半年有GTF以及HS+_12页_175kb

RTX Equity Research Summary

Company Overview
Jefferies maintains a HOLD rating** on RTX with a 12-month price target of $155 (up 6%). The stock currently trades at $145.69. RTX provides defense systems (Raytheon segment) and commercial aerospace components (Collins & P&W segments). The firm highlighted its diversified portfolio with significant exposure to aircraft engines (GTF, GTFA), avionics, defense systems (Patriot, NASAMS, AMRAAM), and technologies.

Key Business Updates

• The GTF Engine Program is focused on aftermarket growth, with technologies like Hot Section Plus (HS+) offering improved time-on-wing and durability for the PW1100G engine.
• Integrated Air & Missile Defense capabilities are highlighted, including Patriot, NASAMS, and collaboration with European defense spend.
• Defense contracts like the >$70B F135 Engine Core Upgrade program are massive opportunities with significant long-term savings (>$38B).

Financial Highlights

• Jefferies projects 9% revenue growth through 2027, with ~4% in 2025.
• Op margins are expected to reach 13.1% in 2026 (+60bps vs. 2025E).
• SOTP (Sum of the Parts) valuation yields $184 per share.

Technology & Innovation

• GTF Advantage (GTF-A) exceeds previous sales, 3X the market opportunity of competitor engines like V2500.
• Powder metal issues with the P&W GTF are under management.
• Investment in Digital Twin technology for engine design, leading to improved efficiency and development cycles.

Valuation

• Jefferies employs three methods:
  1. EV/EBITDA (15.3x): Derives a PT of $158.
  2. P/E (20.0x): Derives a PT of $136.
  3. FCF Yield (3.8%): Derives a PT of $158.
     A blended average PT is $150, reflecting a 16% P/E discount relative to peers.

Outlook & Risks

• Short-term pressures include resolving supply chain issues affecting production rates.
• Energy costs and workforce sustainability remain key challenges.
• On the upside: Ongoing commercial engine demand, defense orders (EU spending growth), and AI technology integration could enhance margins and operational efficiency.

Conclusion
Jefferies views RTX as having strong market positions within aeronautics and defense. Valuation, supported by a $184 SOTP target, suggests upside potential, though execution risks in innovation and sustainability challenges are highlighted.