<p>JOST Werke ETR: JST 报告了 2026 年第一季度创纪录的业绩，管理层指出强劲的有机增长、Hyva 整合的早期收益以及尽管全球市场条件复杂但盈利能力改善。</p>
<p>首席执行官 Joachim Dürr 表示，公司在年初有一个 “非常强劲的开局”，季度销售额达到 4.17 亿欧元，比去年增长 12%。有机销售增长 9%，所有地区和业务线均对增长做出了贡献。</p>
<p>调整后的 EBIT 增长 23%，达到 4400 万欧元，也是该集团的季度记录。调整后的 EBIT 利润率提高至 10.6%，使 JOST 比管理层最初预期的更早回到了其战略盈利区间 10% 至 12%。</p>
<p>调整后的净收入增长 17%，达到 2800 万欧元，而调整后的每股收益增长 12%，达到 1.81 欧元，尽管在季度内完成了 10% 的增资，导致股份数量增加。JOST 发行了 149 万股，每股价格为 62.13 欧元，筹集了约 9300 万欧元的总收入。</p>
<h2>Hyva 整合支持利润恢复</h2>
<p>Dürr 表示，Hyva 的整合 “按计划进行”，协同效应正在加速。管理层表示，这些协同效应，加上更高的销量和产品组合，支持了公司回到其目标利润率区间。</p>
<p>在电话会议上介绍财务细节的 Oliver 表示，EMEA 地区受益于整合，因为 JOST 和 Hyva 都在该地区设有总部职能，包括研发、IT 和人力资源。他表示，这些职能的成本杠杆现在正在转化为 EBIT。</p>
<p>公司在季度内还在巴西新开了一家液压工厂，Dürr 表示这增强了 JOST 的区域布局，并扩大了在美洲计划增长的产能。</p>
<h2>区域表现混合但总体积极</h2>
<p>在 EMEA，有机销售增长 8.4%。管理层表示，卡车和拖车市场提供了一些支持，而拖拉机、建筑和液压需求也略有改善。Oliver 表示，农业是该地区最强的业务线，增长达到两位数，而运输和液压依然强劲。</p>
<p>EMEA 的调整后 EBIT 利润率从一年前的 6.1% 增加至 7.7%，得益于产品组合、起重机剥离、整合协同效应和更好的产能利用率。Oliver 指出，该地区的利润率仍低于其他地区，因为其总部成本负担。</p>
<p>在美洲，有机销售增长 5.2%，达到 1.04 亿欧元，尽管北美的卡车和拖车市场以及拖拉机市场依然疲软。Dürr 将该地区的超常表现主要归因于农业市场份额的增长，包括巴西工厂的新客户，以及北美的额外拖车业务。</p>
<p>美洲的调整后 EBIT 利润率基本稳定在 10.6%，与一年前的 10.8% 相比略有下降。Oliver 表示，该地区销售受到负面外汇影响，主要是由于美元对欧元的疲软，以及轻微的关税影响。</p>
<p>亚太地区实现了最强劲的区域增长，报告销售增长 26%，有机增长接近 15%。Oliver 表示，中国在运输方面开局强劲，得益于中国客户的出口销售，而印度的运输增长也表现强劲。亚太地区的调整后 EBIT 从 1280 万欧元增长至 1660 万欧元，利润率从 14.6% 增加至 15.1%。</p>
<p>管理层表示，印度尼西亚的矿业在亚太地区是一个 “黄灯”，形容该细分市场仍然健康，但弱于该地区的其他部分。</p>
<h2>现金流因库存增加而承压</h2>
<p>JOST 在本季度的自由现金流接近零，Oliver 表示这与运营表现疲软无关。相反，他指出与 11 月和 12 月的季节性低点相比，业务量急剧增加，以及在中东冲突加剧后选择性增加库存。</p>
<p>Oliver 表示，公司成立了一个物流工作组，并在一些地区建立了安全库存，以保护交付，重点关注东亚和印度。他将库存增加描述为中个位数的数量，并表示销售的营运资本占比为 17.5%，仍在公司的目标范围内。</p>
<p>本季度的资本支出为 1000 万欧元，占销售的 2.3%，管理层表示这符合其严格的投资范围。</p>
<h2>资本增加后资产负债表增强</h2>
<p>JOST 将净杠杆降低至过去 12 个月 EBITDA 的 1.75 倍，使其处于 1 至 2 倍的战略目标范围内。Dürr 表示，这为公司在追求并购方面提供了更多的空间。</p>
<p>Oliver 表示，过去 12 个月的 EBITDA 达到 2.04 亿欧元，这是 JOST 首次在该指标上超过 2 亿欧元。净债务接近 3.6 亿欧元，而股权比率上升至 27.4%，得益于增资、报告的收益和积极的股权效应。</p>
<p>在回应投资者关于增资是否稀释或破坏价值的问题时，Dürr 表示他不同意这种说法，指出尽管股份数量增加，但调整后的每股收益仍在增长。他表示，增资帮助 JOST 回到追求战略交易的位置。</p>
<h2>2026 年展望确认</h2>
<p>JOST 确认了其 2026 年的展望。公司预计从 2025 年的 15.34 亿欧元基数上实现个位数的销售增长。调整后的 EBIT 预计将以中到高个位数的速度增长，超过销售增长，调整后的 EBIT 利润率将较去年改善。</p>
<p>Dürr 表示，公司预计 EMEA 地区的卡车、拖车、拖拉机和液压需求将略有恢复，尽管基于低水平且受地缘政治条件影响。在美洲，他提到由于排放法规变更，8 级卡车需求可能受益于提前购买效应，而如果车队优先考虑卡车采购，拖车需求可能会减弱。亚太地区预计卡车需求将略有增长，拖车需求将更强劲增长，中国对全球南方的出口将提供支持。</p>
<p>在问答环节中，Dürr 表示，公司目前未看到中东冲突对 OEM 召回或经销商订单产生负面影响，尽管他承认更高的能源和运输成本最终可能会对行业销量造成压力。他还表示，管理层基于强劲的第一季度将 JOST 的预期维持在指导范围的上限，同时因地缘政治和贸易不确定性保持谨慎。</p>
<p>Oliver 表示，JOST 在 2026 年整体上保持超过 10% 的调整后 EBIT 利润率 “绝对可能”，这取决于销售增长与利润率发展的关系。管理层还预计全年营运资本占销售额的 17.5% 至 18.5%，资本支出约占销售额的 2.8%。</p>
<h2>关于 JOST Werke ETR: JST</h2>
<p>JOST Werke SE 为商用车行业制造和供应安全关键系统。该公司提供卡车和拖车组件，包括传感器系统和润滑系统、第五轮联结器和安装板、双高度第五轮系统、滑块、王销、球轴承转盘和回转环、起落架、轮毂计和轴盖；集装箱设备，如用于多式联运的组件、旋转锁、支撑架、气囊升降装置和备胎支架；以及轴系统及其备件。</p>
<p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
<h2>你现在应该投资 1,000 美元在 JOST Werke 吗？</h2>
<p>在考虑 JOST Werke 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 JOST Werke 并不在名单上。</p>
<p>虽然 JOST Werke 目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>查看这五只股票</p>

宝马

<p>JOST Werke (ETR:JST) 报告称，2026 年第一季度创下纪录，销售额达到 4.17 亿欧元，同比增长 12%。有机销售增长 9%，调整后的息税前利润（EBIT）攀升 23%，达到 4400 万欧元。Hyva 的整合进展顺利，支持了利润率的恢复。欧洲、中东和非洲（EMEA）地区的有机销售增长了 8.4%，而美洲增长了 5.2%。亚太地区（APAC）报告了 26% 的强劲增长。由于库存增加，自由现金流接近零，但净杠杆率改善至 1.75 倍 EBITDA，为潜在的并购活动提供了可能性</p>

<p>JOST Werke ETR: JST reported a record first quarter for 2026, with management citing strong organic growth, early benefits from the Hyva integration and improving profitability despite mixed global market conditions.</p>
<div class="lb-trans"><p>JOST Werke ETR: JST 报告了 2026 年第一季度创纪录的业绩，管理层指出强劲的有机增长、Hyva 整合的早期收益以及尽管全球市场条件复杂但盈利能力改善。</p>
</div><p>Chief Executive Officer Joachim Dürr said the company had a “very strong start” to the year, with quarterly sales reaching EUR 417 million, up 12% from the prior year. Organic sales rose 9%, with all regions and business lines contributing to the increase.</p>
<div class="lb-trans"><p>首席执行官 Joachim Dürr 表示，公司在年初有一个 “非常强劲的开局”，季度销售额达到 4.17 亿欧元，比去年增长 12%。有机销售增长 9%，所有地区和业务线均对增长做出了贡献。</p>
</div><p>Adjusted EBIT climbed 23% to EUR 44 million, also a quarterly record for the group. The adjusted EBIT margin improved to 10.6%, bringing JOST back into its strategic profitability corridor of 10% to 12% earlier than management had initially expected under its integration plan.</p>
<div class="lb-trans"><p>调整后的 EBIT 增长 23%，达到 4400 万欧元，也是该集团的季度记录。调整后的 EBIT 利润率提高至 10.6%，使 JOST 比管理层最初预期的更早回到了其战略盈利区间 10% 至 12%。</p>
</div><p>Adjusted net income rose 17% to EUR 28 million, while adjusted earnings per share increased 12% to EUR 1.81 despite a higher share count following a 10% capital increase completed in the quarter. JOST issued 1.49 million shares at EUR 62.13 each, generating gross proceeds of about EUR 93 million.</p>
<div class="lb-trans"><p>调整后的净收入增长 17%，达到 2800 万欧元，而调整后的每股收益增长 12%，达到 1.81 欧元，尽管在季度内完成了 10% 的增资，导致股份数量增加。JOST 发行了 149 万股，每股价格为 62.13 欧元，筹集了约 9300 万欧元的总收入。</p>
</div><h2>Hyva Integration Supports Margin Recovery</h2>
<div class="lb-trans"><h2>Hyva 整合支持利润恢复</h2>
</div><p>Dürr said the integration of Hyva is “on track” and that synergies are ramping up. Management said those synergies, along with higher volumes and product mix, supported the company’s return to its target margin range.</p>
<div class="lb-trans"><p>Dürr 表示，Hyva 的整合 “按计划进行”，协同效应正在加速。管理层表示，这些协同效应，加上更高的销量和产品组合，支持了公司回到其目标利润率区间。</p>
</div><p>Oliver, who presented the financial details during the call, said the EMEA region benefited from the integration because both JOST and Hyva have headquarter functions in the region, including research and development, IT and human resources. Cost leverage from those functions is now flowing through to EBIT, he said.</p>
<div class="lb-trans"><p>在电话会议上介绍财务细节的 Oliver 表示，EMEA 地区受益于整合，因为 JOST 和 Hyva 都在该地区设有总部职能，包括研发、IT 和人力资源。他表示，这些职能的成本杠杆现在正在转化为 EBIT。</p>
</div><p>The company also inaugurated a new hydraulics plant in Brazil during the quarter, which Dürr said strengthens JOST’s regional footprint and expands capacity for planned growth in the Americas.</p>
<div class="lb-trans"><p>公司在季度内还在巴西新开了一家液压工厂，Dürr 表示这增强了 JOST 的区域布局，并扩大了在美洲计划增长的产能。</p>
</div><h2>Regional Performance Mixed but Broadly Positive</h2>
<div class="lb-trans"><h2>区域表现混合但总体积极</h2>
</div><p>In EMEA, organic sales grew 8.4%. Management said truck and trailer markets offered some support, while tractor, construction and hydraulics demand also improved slightly. Oliver said agriculture was the strongest business line in the region, with double-digit growth, while transport and hydraulics remained robust.</p>
<div class="lb-trans"><p>在 EMEA，有机销售增长 8.4%。管理层表示，卡车和拖车市场提供了一些支持，而拖拉机、建筑和液压需求也略有改善。Oliver 表示，农业是该地区最强的业务线，增长达到两位数，而运输和液压依然强劲。</p>
</div><p>EMEA’s adjusted EBIT margin increased to 7.7% from 6.1% a year earlier, helped by product mix, the cranes divestment, integration synergies and better capacity utilization. Oliver noted that the region’s margin remains lower than other regions because of its headquarter cost burden.</p>
<div class="lb-trans"><p>EMEA 的调整后 EBIT 利润率从一年前的 6.1% 增加至 7.7%，得益于产品组合、起重机剥离、整合协同效应和更好的产能利用率。Oliver 指出，该地区的利润率仍低于其他地区，因为其总部成本负担。</p>
</div><p>In the Americas, organic sales increased 5.2% to EUR 104 million, even as North American truck and trailer markets and the tractor market remained weak. Dürr attributed the region’s outperformance largely to market share gains in agriculture, including new customers for the Brazil plant, as well as additional trailer business in North America.</p>
<div class="lb-trans"><p>在美洲，有机销售增长 5.2%，达到 1.04 亿欧元，尽管北美的卡车和拖车市场以及拖拉机市场依然疲软。Dürr 将该地区的超常表现主要归因于农业市场份额的增长，包括巴西工厂的新客户，以及北美的额外拖车业务。</p>
</div><p>The Americas adjusted EBIT margin was broadly stable at 10.6%, compared with 10.8% a year earlier. Oliver said the region saw a negative foreign exchange effect on sales, mainly from U.S. dollar weakness against the euro, as well as a slight tariff impact.</p>
<div class="lb-trans"><p>美洲的调整后 EBIT 利润率基本稳定在 10.6%，与一年前的 10.8% 相比略有下降。Oliver 表示，该地区销售受到负面外汇影响，主要是由于美元对欧元的疲软，以及轻微的关税影响。</p>
</div><p>APAC delivered the strongest regional growth, with reported sales up 26% and organic growth of nearly 15%. Oliver said China had a strong start in transport, driven by export sales from Chinese customers, while India also showed strong transport growth. APAC adjusted EBIT rose to EUR 16.6 million from EUR 12.8 million, and the margin increased to 15.1% from 14.6%.</p>
<div class="lb-trans"><p>亚太地区实现了最强劲的区域增长，报告销售增长 26%，有机增长接近 15%。Oliver 表示，中国在运输方面开局强劲，得益于中国客户的出口销售，而印度的运输增长也表现强劲。亚太地区的调整后 EBIT 从 1280 万欧元增长至 1660 万欧元，利润率从 14.6% 增加至 15.1%。</p>
</div><p>Management said mining in Indonesia was a “yellow light” within APAC, describing the segment as still healthy but weaker than other parts of the region.</p>
<div class="lb-trans"><p>管理层表示，印度尼西亚的矿业在亚太地区是一个 “黄灯”，形容该细分市场仍然健康，但弱于该地区的其他部分。</p>
</div><h2>Cash Flow Pressured by Inventory Build</h2>
<div class="lb-trans"><h2>现金流因库存增加而承压</h2>
</div><p>JOST’s free cash flow was near zero in the quarter, which Oliver said was not tied to weak operating performance. Instead, he pointed to the sharp increase in business volume compared with the seasonal low in November and December, as well as selective inventory increases after the Middle East conflict intensified.</p>
<div class="lb-trans"><p>JOST 在本季度的自由现金流接近零，Oliver 表示这与运营表现疲软无关。相反，他指出与 11 月和 12 月的季节性低点相比，业务量急剧增加，以及在中东冲突加剧后选择性增加库存。</p>
</div><p>Oliver said the company established a logistics task force and built safety stocks in some areas to protect deliveries, with the focus on Far East Asia and India. He described the inventory increase as a mid-single-digit amount and said working capital of 17.5% of sales remained within the company’s target range.</p>
<div class="lb-trans"><p>Oliver 表示，公司成立了一个物流工作组，并在一些地区建立了安全库存，以保护交付，重点关注东亚和印度。他将库存增加描述为中个位数的数量，并表示销售的营运资本占比为 17.5%，仍在公司的目标范围内。</p>
</div><p>Capital expenditure was EUR 10 million in the quarter, or 2.3% of sales, which management said was in line with its disciplined investment range.</p>
<div class="lb-trans"><p>本季度的资本支出为 1000 万欧元，占销售的 2.3%，管理层表示这符合其严格的投资范围。</p>
</div><h2>Balance Sheet Strengthens After Capital Increase</h2>
<div class="lb-trans"><h2>资本增加后资产负债表增强</h2>
</div><p>JOST reduced net leverage to 1.75 times last-12-months EBITDA, placing it within its strategic target range of 1 to 2 times. Dürr said this gives the company room to become more active in pursuing mergers and acquisitions.</p>
<div class="lb-trans"><p>JOST 将净杠杆降低至过去 12 个月 EBITDA 的 1.75 倍，使其处于 1 至 2 倍的战略目标范围内。Dürr 表示，这为公司在追求并购方面提供了更多的空间。</p>
</div><p>Oliver said last-12-months EBITDA reached EUR 204 million, the first time JOST has exceeded EUR 200 million on that measure. Net debt was nearly EUR 360 million, while the equity ratio rose to 27.4%, supported by the capital increase, reported earnings and a positive equity effect.</p>
<div class="lb-trans"><p>Oliver 表示，过去 12 个月的 EBITDA 达到 2.04 亿欧元，这是 JOST 首次在该指标上超过 2 亿欧元。净债务接近 3.6 亿欧元，而股权比率上升至 27.4%，得益于增资、报告的收益和积极的股权效应。</p>
</div><p>In response to an investor question about whether the capital increase was dilutive or value destructive, Dürr said he did not agree with that characterization, pointing to the increase in adjusted earnings per share despite the higher share count. He said the capital increase helped put JOST back in a position to pursue strategic deals.</p>
<div class="lb-trans"><p>在回应投资者关于增资是否稀释或破坏价值的问题时，Dürr 表示他不同意这种说法，指出尽管股份数量增加，但调整后的每股收益仍在增长。他表示，增资帮助 JOST 回到追求战略交易的位置。</p>
</div><h2>2026 Outlook Confirmed</h2>
<div class="lb-trans"><h2>2026 年展望确认</h2>
</div><p>JOST confirmed its 2026 outlook. The company expects single-digit sales growth from the 2025 base of EUR 1.534 billion. Adjusted EBIT is expected to grow at a mid-to-high single-digit rate, outpacing sales growth, with the adjusted EBIT margin improving versus the prior year.</p>
<div class="lb-trans"><p>JOST 确认了其 2026 年的展望。公司预计从 2025 年的 15.34 亿欧元基数上实现个位数的销售增长。调整后的 EBIT 预计将以中到高个位数的速度增长，超过销售增长，调整后的 EBIT 利润率将较去年改善。</p>
</div><p>Dürr said the company expects slight recoveries in EMEA truck, trailer, tractor and hydraulics demand, though from low levels and subject to geopolitical conditions. In the Americas, he said Class 8 truck demand could benefit from a pre-buy effect ahead of emissions regulation changes, while trailer demand may soften if fleets prioritize truck purchases. APAC is expected to show slight growth in truck demand and stronger growth in trailers, with Chinese exports to the Global South providing support.</p>
<div class="lb-trans"><p>Dürr 表示，公司预计 EMEA 地区的卡车、拖车、拖拉机和液压需求将略有恢复，尽管基于低水平且受地缘政治条件影响。在美洲，他提到由于排放法规变更，8 级卡车需求可能受益于提前购买效应，而如果车队优先考虑卡车采购，拖车需求可能会减弱。亚太地区预计卡车需求将略有增长，拖车需求将更强劲增长，中国对全球南方的出口将提供支持。</p>
</div><p>During the question-and-answer session, Dürr said the company currently sees no negative impact on OEM call-offs or dealer orders from the Middle East conflict, though he acknowledged higher energy and transport costs could eventually weigh on industry volumes. He also said management sees JOST at the upper end of its guidance based on the strong first quarter, while maintaining caution because of geopolitical and trade uncertainty.</p>
<div class="lb-trans"><p>在问答环节中，Dürr 表示，公司目前未看到中东冲突对 OEM 召回或经销商订单产生负面影响，尽管他承认更高的能源和运输成本最终可能会对行业销量造成压力。他还表示，管理层基于强劲的第一季度将 JOST 的预期维持在指导范围的上限，同时因地缘政治和贸易不确定性保持谨慎。</p>
</div><p>Oliver said it is “definitely possible” for JOST to remain above a 10% adjusted EBIT margin for 2026 as a whole, depending on the relationship between sales growth and margin development. Management also guided to working capital of 17.5% to 18.5% of sales and capital expenditures around 2.8% of sales for the full year.</p>
<div class="lb-trans"><p>Oliver 表示，JOST 在 2026 年整体上保持超过 10% 的调整后 EBIT 利润率 “绝对可能”，这取决于销售增长与利润率发展的关系。管理层还预计全年营运资本占销售额的 17.5% 至 18.5%，资本支出约占销售额的 2.8%。</p>
</div><h2>About JOST Werke ETR: JST</h2>
<div class="lb-trans"><h2>关于 JOST Werke ETR: JST</h2>
</div><p>JOST Werke SE manufactures and supplies safety-critical systems for the commercial vehicle industry. The company offers truck and trailer components, including sensor systems and lubetonic systems, fifth wheel couplings and mounting plates, dual-height fifth wheel systems, sliders, king pins, ball bearing turntables and slewing rings, landing gears, and hubodometers and axle caps; container equipment, such as components for intermodal transports, twist locks, bolsters, airbag lifting devices, and spare wheel holders; and axle systems and its spare parts.</p>
<div class="lb-trans"><p>JOST Werke SE 为商用车行业制造和供应安全关键系统。该公司提供卡车和拖车组件，包括传感器系统和润滑系统、第五轮联结器和安装板、双高度第五轮系统、滑块、王销、球轴承转盘和回转环、起落架、轮毂计和轴盖；集装箱设备，如用于多式联运的组件、旋转锁、支撑架、气囊升降装置和备胎支架；以及轴系统及其备件。</p>
</div><p><em>This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.</em></p>
<div class="lb-trans"><p><em>此即时新闻提醒由叙事科学技术和 MarketBeat 的金融数据生成，以便为读者提供最快的报道和公正的覆盖。如对本故事有任何问题或意见，请发送邮件至 contact@marketbeat.com。</em></p>
</div><h2>Should You Invest $1,000 in JOST Werke Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 JOST Werke 吗？</h2>
</div><p>Before you consider JOST Werke, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 JOST Werke 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and JOST Werke wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前立即购买……而 JOST Werke 并不在名单上。</p>
</div><p>While JOST Werke currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 JOST Werke 目前在分析师中被评为持有评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看这五只股票</p>
</div>

JOST Werke 第一季度财报电话会议亮点