日立、摩根大通欧盟工业会议要点及对中国汽车的影响

Specialist SalesAPAC Specialist Sales12 June 2025JPMORGANHitachi, JPM EU Industrial Conf takeaways & Implication, China Auto Joann Kim+852 2800 8016joann.kim@jpmorgan.comAt our EU Industrial Conference, the CEO of Rheinmetall attended and expects the company’s 2030 revenue to be EUR 40-50bn by 2030 vs JPMe of EUR 33bn. Investors left the presentation feeling pretty confident that consensus forecasts are too low with limited risk to its growth and execution. A similar conversation is going on in Asia regarding Hyundai Rotem with its second batch of Poland orders that could add a 75% revenue upside on 2026 revenue and more than double OP when it comes through, bringing down its valuation to mid-teens level from the current 24X 12M FW P/E.Key Highlights Today:•Hitachi (6501): HMAX as the core engine for Lumada’s growth - Junya Ayada (Link)•JPM EU Industrials Conference Key Takeaways on Defense & Electrification & Implication to Asian names (Sales commentary) •China Auto: May above trend,