<p>广泛的市场抛售通常是开始长期投资的绝佳时机。事实上，这些时刻可以给投资者一个推动力，让他们购买在市场下跌之前已经看起来很有价值的股票。随着 <strong>纳斯达克综合指数</strong>(^IXIC -0.18%) 进入修正区间，我认为蓝筹工业集团 <strong>霍尼韦尔国际</strong>(HON -2.45%) 和先进材料公司 <strong>赫氏</strong>(HXL 0.35%) 是现在值得购买的优秀股票。</p>
<h2>霍尼韦尔国际</h2>
<p>霍尼韦尔管理层已经宣布计划剥离一个业务部门，上个月更进一步表示公司将拆分为三个独立的业务，所有这些业务都将公开交易。作为独立公司的它们都有可能在未来表现优于整体评估，而不是基于各部分的总和评估，因为霍尼韦尔的一些同行已经树立了盈利的榜样。</p>
<p>随着先进材料业务的剥离已经宣布，焦点转向另外两个业务，霍尼韦尔航空航天和霍尼韦尔自动化。管理层将 <strong>GE 航空航天</strong>、<strong>RTX</strong> 和 <strong>TransDigm</strong> 视为其同行，值得注意的是，这三家公司近年来都经历了重大企业活动。GE 航空航天去年成为一家独立公司，RTX 的商业航空航天业务是前联合技术航空航天业务、洛克威尔·柯林斯和雷神的商业航空航天业务合并的结果。TransDigm 的商业模式在很大程度上依赖于收购其他公司的战略。</p>
<p>作为一家独立公司，霍尼韦尔航空航天将拥有更大的灵活性来追求收购，以建立与其同行相似的规模。因此，它可以向其航空航天解决方案组合中添加互补的解决方案，包括航空电子、辅助动力单元、通信和推进系统。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3NDQvZ2V0dHlpbWFnZXMtMTA2MTc4NzY3MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3NDQvZ2V0dHlpbWFnZXMtMTA2MTc4NzY3MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>霍尼韦尔自动化的情况类似，它结合了工业自动化和建筑自动化。<strong>艾默生电气</strong>、纯自动化公司 <strong>洛克威尔自动化</strong> 和 <strong>约翰逊控制</strong> 被列为同行。艾默生近年来进行了根本性重组，专注于自动化及其在工业软件和自动化测试与测量中的相关市场。管理层出售了其气候技术业务，2023 年收购了 NI（测试和测量系统），并将在今年收购其在工业公司 <strong>AspenTech</strong> 中未持有的剩余股份。</p>
<p>在建筑自动化方面，约翰逊控制正在将其住宅和轻型商业 HVAC 业务出售给博世，以便专注于其核心商业 HVAC 和建筑控制业务。</p>
<p>这一模式很明显，霍尼韦尔的大规模拆分将为每个新公司创造机会，使其能够独立获取资本和管理资源，从而使其领导层能够以同行的方式创建更专注的公司，而不必作为一个综合体而受到束缚。股票的抛售为投资者提供了更好的机会，以投资于长期价值创造的机会。</p>
<h2>赫氏股票看起来是个好价值</h2>
<p>谈到霍尼韦尔航空航天和潜在的收购目标，我一直认为专注于航空航天的先进材料公司赫氏将是霍尼韦尔的理想选择。也就是说，这只股票本身就非常值得购买。</p>
<p>赫氏的先进石墨复合材料（比传统材料如铝更轻、更强）是航空航天行业的未来，这并不是什么秘密。每一代新飞机的开发，包括 <strong>波音</strong>、<strong>空客</strong> 和其他飞机制造商（包括商务喷气机），复合材料的含量都在增加。</p>
<p>因此，赫氏在新飞机生产数量增加和每架新飞机复合材料含量增加方面具有长期增长前景。这是一个引人注目的组合，这也是赫氏股票历史上往往能获得估值溢价的原因。</p>
<p>然而，过去几年对公司来说是艰难的，因为波音和空客都未能按计划生产。这在公司准备增加生产的关键时刻打击了赫氏的收入和利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3NDQvZ2V0dHlpbWFnZXMtMTQyMzc1MzczMi0xMjAweDc5OC0zNmI3YTJlLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3NDQvZ2V0dHlpbWFnZXMtMTQyMzc1MzczMi0xMjAweDc5OC0zNmI3YTJlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>正如首席执行官汤姆·詹蒂尔在最近的财报电话会议上指出的那样，&#34;2024 年的生产水平仅为 2018 年水平的 68%。&#34; 也就是说，这只是一个暂时的延迟，波音和空客将尽一切努力逐步提高生产。此外，估值的下降使得投资者可以以 2025 年预计自由现金流的 19 倍的价格购买这只股票——对于一家具有如此卓越长期增长前景的公司来说，这是一个极好的估值。</p>

霍尼韦尔

赫氏

<p>纳斯达克综合指数已进入调整区间，这为像霍尼韦尔和赫氏这样的股票提供了投资机会。霍尼韦尔计划拆分为三家上市公司，从而增强其在航空航天和自动化领域的增长和收购潜力。与此同时，赫氏作为航空航天先进材料的领导者，尽管最近受到波音和空客的生产延迟影响，但仍然具备长期增长的潜力。投资者现在可以以有利的估值收购赫氏，使其成为未来的一个有吸引力的投资选择</p>

<p>Broad-based market sell-offs are often great times to initiate long-term investing positions. In fact, they can give investors just the nudge they needed to buy stocks that already looked like great values before the market declined. With the <strong>Nasdaq Composite</strong>(^IXIC -0.18%) falling into correction territory, I think blue-chip industrial conglomerate <strong>Honeywell International</strong>(HON -2.45%) and advanced materials company <strong>Hexcel</strong>(HXL 0.35%) are terrific stocks to buy now.</p>
<div class="lb-trans"><p>广泛的市场抛售通常是开始长期投资的绝佳时机。事实上，这些时刻可以给投资者一个推动力，让他们购买在市场下跌之前已经看起来很有价值的股票。随着 <strong>纳斯达克综合指数</strong>(^IXIC -0.18%) 进入修正区间，我认为蓝筹工业集团 <strong>霍尼韦尔国际</strong>(HON -2.45%) 和先进材料公司 <strong>赫氏</strong>(HXL 0.35%) 是现在值得购买的优秀股票。</p>
</div><h2>Honeywell International</h2>
<div class="lb-trans"><h2>霍尼韦尔国际</h2>
</div><p>Having already announced plans to spin off one segment, Honeywell management went a step further last month and said the company would split into three separate businesses, all of which will be publicly traded. There's a case for all of them to outperform in the future as individual companies -- not based on a sum-of-the-parts evaluation, but because some of Honeywell's peers have already set a profitable example.</p>
<div class="lb-trans"><p>霍尼韦尔管理层已经宣布计划剥离一个业务部门，上个月更进一步表示公司将拆分为三个独立的业务，所有这些业务都将公开交易。作为独立公司的它们都有可能在未来表现优于整体评估，而不是基于各部分的总和评估，因为霍尼韦尔的一些同行已经树立了盈利的榜样。</p>
</div><p>With the advanced materials spinoff already announced, the focus is on the two other businesses, Honeywell Aerospace and Honeywell Automation. Management names <strong>GE Aerospace</strong>, <strong>RTX</strong>, and <strong>TransDigm</strong> as its peers, and it's noticeable that all three have undergone significant corporate activity in recent years. GE Aerospace became an independent company last year, and RTX's commercial aerospace businesses are the result of mergers of the former United Technologies aerospace business, Rockwell Collins, and the commercial aerospace businesses of Raytheon. TransDigm's business model relies heavily on its strategy of acquiring other companies.</p>
<div class="lb-trans"><p>随着先进材料业务的剥离已经宣布，焦点转向另外两个业务，霍尼韦尔航空航天和霍尼韦尔自动化。管理层将 <strong>GE 航空航天</strong>、<strong>RTX</strong> 和 <strong>TransDigm</strong> 视为其同行，值得注意的是，这三家公司近年来都经历了重大企业活动。GE 航空航天去年成为一家独立公司，RTX 的商业航空航天业务是前联合技术航空航天业务、洛克威尔·柯林斯和雷神的商业航空航天业务合并的结果。TransDigm 的商业模式在很大程度上依赖于收购其他公司的战略。</p>
</div><p>As a stand-alone company, Honeywell Aerospace will have much more flexibility to pursue acquisitions that will build scale like its peers. As such, it can add complementary solutions to its portfolio of aerospace solutions, including avionics, auxiliary power units, communications, and propulsion systems.</p>
<div class="lb-trans"><p>作为一家独立公司，霍尼韦尔航空航天将拥有更大的灵活性来追求收购，以建立与其同行相似的规模。因此，它可以向其航空航天解决方案组合中添加互补的解决方案，包括航空电子、辅助动力单元、通信和推进系统。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3NDQvZ2V0dHlpbWFnZXMtMTA2MTc4NzY3MC0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F810744%2Fgettyimages-1061787670-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>It's a similar story with Honeywell Automation, a combination of industrial automation and building automation. <strong>Emerson Electric</strong>, pure-play automation company <strong>Rockwell Automation</strong>, and <strong>Johnson Controls</strong> are cited as peers. Emerson has been fundamentally restructured in recent years to focus on automation and adjacent markets in industrial software and automated test and measurement. Management sold its climate technologies business, acquired NI (test and measurement systems) in 2023, and will acquire the remaining shares it doesn't own in industrial company <strong>AspenTech</strong> this year.</p>
<div class="lb-trans"><p>霍尼韦尔自动化的情况类似，它结合了工业自动化和建筑自动化。<strong>艾默生电气</strong>、纯自动化公司 <strong>洛克威尔自动化</strong> 和 <strong>约翰逊控制</strong> 被列为同行。艾默生近年来进行了根本性重组，专注于自动化及其在工业软件和自动化测试与测量中的相关市场。管理层出售了其气候技术业务，2023 年收购了 NI（测试和测量系统），并将在今年收购其在工业公司 <strong>AspenTech</strong> 中未持有的剩余股份。</p>
</div><p>In building automation, Johnson Controls is selling its residential and light commercial HVAC business to Bosch as it looks to focus on its core commercial HVAC and building controls business.</p>
<div class="lb-trans"><p>在建筑自动化方面，约翰逊控制正在将其住宅和轻型商业 HVAC 业务出售给博世，以便专注于其核心商业 HVAC 和建筑控制业务。</p>
</div><p>The pattern is clear, and Honeywell's big breakup will create an opportunity for each new company to have its own access to capital and management resources, so its leadership can create more focused companies in the manner of their peers without being encumbered as part of a conglomerate. The sell-off in the stock gives investors a better opportunity to buy into the long-term value creation opportunity.</p>
<div class="lb-trans"><p>这一模式很明显，霍尼韦尔的大规模拆分将为每个新公司创造机会，使其能够独立获取资本和管理资源，从而使其领导层能够以同行的方式创建更专注的公司，而不必作为一个综合体而受到束缚。股票的抛售为投资者提供了更好的机会，以投资于长期价值创造的机会。</p>
</div><h2>Hexcel stock looks like a great value</h2>
<div class="lb-trans"><h2>赫氏股票看起来是个好价值</h2>
</div><p>Speaking of Honeywell Aerospace and potential acquisition targets, I've long felt that the aerospace-focused advanced materials company Hexcel would be an ideal fit for Honeywell. That said, the stock is highly desirable to buy in its own right.</p>
<div class="lb-trans"><p>谈到霍尼韦尔航空航天和潜在的收购目标，我一直认为专注于航空航天的先进材料公司赫氏将是霍尼韦尔的理想选择。也就是说，这只股票本身就非常值得购买。</p>
</div><p>It's no secret that Hexcel's advanced graphite composites (lighter and stronger than traditional materials like aluminum) are the future of the aerospace industry. Each generation of new airplanes developed by <strong>Boeing</strong>, <strong>Airbus</strong>, and other airplane manufacturers (including business jets) has more composite content.</p>
<div class="lb-trans"><p>赫氏的先进石墨复合材料（比传统材料如铝更轻、更强）是航空航天行业的未来，这并不是什么秘密。每一代新飞机的开发，包括 <strong>波音</strong>、<strong>空客</strong> 和其他飞机制造商（包括商务喷气机），复合材料的含量都在增加。</p>
</div><p>Consequently, Hexcel has long-term growth prospects from an increase in the number of new airplanes produced <em>and</em> the increasing composite content on every newer plane. It's a compelling mix, and it's also why Hexcel stock has historically tended to command a valuation premium.</p>
<div class="lb-trans"><p>因此，赫氏在新飞机生产数量增加和每架新飞机复合材料含量增加方面具有长期增长前景。这是一个引人注目的组合，这也是赫氏股票历史上往往能获得估值溢价的原因。</p>
</div><p>However, it's been a difficult few years for the company as both Boeing and Airbus have fallen behind their intended production schedules. This has hit Hexcel's revenue and margin lines precisely at a time when the company was gearing up to increase production.</p>
<div class="lb-trans"><p>然而，过去几年对公司来说是艰难的，因为波音和空客都未能按计划生产。这在公司准备增加生产的关键时刻打击了赫氏的收入和利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTA3NDQvZ2V0dHlpbWFnZXMtMTQyMzc1MzczMi0xMjAweDc5OC0zNmI3YTJlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F810744%2Fgettyimages-1423753732-1200x798-36b7a2e.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>As CEO Tom Gentile noted on the recent earnings call, &#34;production levels in 2024 were only 68% of 2018 levels.&#34; That said, this is a temporary delay, and Boeing and Airbus will do everything they can to ramp up production over time. Moreover, the decline in the valuation is such that investors can buy into the stock at 19 times its estimated 2025 free cash flow -- an excellent valuation for a company with such superb long-term growth prospects.</p>
<div class="lb-trans"><p>正如首席执行官汤姆·詹蒂尔在最近的财报电话会议上指出的那样，&#34;2024 年的生产水平仅为 2018 年水平的 68%。&#34; 也就是说，这只是一个暂时的延迟，波音和空客将尽一切努力逐步提高生产。此外，估值的下降使得投资者可以以 2025 年预计自由现金流的 19 倍的价格购买这只股票——对于一家具有如此卓越长期增长前景的公司来说，这是一个极好的估值。</p>
</div>

纳斯达克刚刚进入修正区间：2 只回调股票值得买入并持有十年