<p>廣泛的市場拋售通常是開始長期投資的絕佳時機。事實上，這些時刻可以給投資者一個推動力，讓他們購買在市場下跌之前已經看起來很有價值的股票。隨着 <strong>納斯達克綜合指數</strong>(^IXIC -0.18%) 進入修正區間，我認為藍籌工業集團 <strong>霍尼韋爾國際</strong>(HON -2.45%) 和先進材料公司 <strong>赫氏</strong>(HXL 0.35%) 是現在值得購買的優秀股票。</p>
<h2>霍尼韋爾國際</h2>
<p>霍尼韋爾管理層已經宣佈計劃剝離一個業務部門，上個月更進一步表示公司將拆分為三個獨立的業務，所有這些業務都將公開交易。作為獨立公司的它們都有可能在未來表現優於整體評估，而不是基於各部分的總和評估，因為霍尼韋爾的一些同行已經樹立了盈利的榜樣。</p>
<p>隨着先進材料業務的剝離已經宣佈，焦點轉向另外兩個業務，霍尼韋爾航空航天和霍尼韋爾自動化。管理層將 <strong>GE 航空航天</strong>、<strong>RTX</strong> 和 <strong>TransDigm</strong> 視為其同行，值得注意的是，這三家公司近年來都經歷了重大企業活動。GE 航空航天去年成為一家獨立公司，RTX 的商業航空航天業務是前聯合技術航空航天業務、洛克威爾·柯林斯和雷神的商業航空航天業務合併的結果。TransDigm 的商業模式在很大程度上依賴於收購其他公司的戰略。</p>
<p>作為一家獨立公司，霍尼韋爾航空航天將擁有更大的靈活性來追求收購，以建立與其同行相似的規模。因此，它可以向其航空航天解決方案組合中添加互補的解決方案，包括航空電子、輔助動力單元、通信和推進系統。</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>圖片來源：Getty Images。</p>
<p>霍尼韋爾自動化的情況類似，它結合了工業自動化和建築自動化。<strong>艾默生電氣</strong>、純自動化公司 <strong>洛克威爾自動化</strong> 和 <strong>約翰遜控制</strong> 被列為同行。艾默生近年來進行了根本性重組，專注於自動化及其在工業軟件和自動化測試與測量中的相關市場。管理層出售了其氣候技術業務，2023 年收購了 NI（測試和測量系統），並將在今年收購其在工業公司 <strong>AspenTech</strong> 中未持有的剩餘股份。</p>
<p>在建築自動化方面，約翰遜控制正在將其住宅和輕型商業 HVAC 業務出售給博世，以便專注於其核心商業 HVAC 和建築控制業務。</p>
<p>這一模式很明顯，霍尼韋爾的大規模拆分將為每個新公司創造機會，使其能夠獨立獲取資本和管理資源，從而使其領導層能夠以同行的方式創建更專注的公司，而不必作為一個綜合體而受到束縛。股票的拋售為投資者提供了更好的機會，以投資於長期價值創造的機會。</p>
<h2>赫氏股票看起來是個好價值</h2>
<p>談到霍尼韋爾航空航天和潛在的收購目標，我一直認為專注於航空航天的先進材料公司赫氏將是霍尼韋爾的理想選擇。也就是説，這隻股票本身就非常值得購買。</p>
<p>赫氏的先進石墨複合材料（比傳統材料如鋁更輕、更強）是航空航天行業的未來，這並不是什麼秘密。每一代新飛機的開發，包括 <strong>波音</strong>、<strong>空客</strong> 和其他飛機制造商（包括商務噴氣機），複合材料的含量都在增加。</p>
<p>因此，赫氏在新飛機生產數量增加和每架新飛機複合材料含量增加方面具有長期增長前景。這是一個引人注目的組合，這也是赫氏股票歷史上往往能獲得估值溢價的原因。</p>
<p>然而，過去幾年對公司來説是艱難的，因為波音和空客都未能按計劃生產。這在公司準備增加生產的關鍵時刻打擊了赫氏的收入和利潤率。</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>圖片來源：Getty Images。</p>
<p>正如首席執行官湯姆·詹蒂爾在最近的財報電話會議上指出的那樣，&#34;2024 年的生產水平僅為 2018 年水平的 68%。&#34; 也就是説，這只是一個暫時的延遲，波音和空客將盡一切努力逐步提高生產。此外，估值的下降使得投資者可以以 2025 年預計自由現金流的 19 倍的價格購買這隻股票——對於一傢俱有如此卓越長期增長前景的公司來説，這是一個極好的估值。</p>

霍尼韋爾

赫氏

<p>納斯達克綜合指數已進入調整區間，這為像霍尼韋爾和赫氏這樣的股票提供了投資機會。霍尼韋爾計劃拆分為三家上市公司，從而增強其在航空航天和自動化領域的增長和收購潛力。與此同時，赫氏作為航空航天先進材料的領導者，儘管最近受到波音和空客的生產延遲影響，但仍然具備長期增長的潛力。投資者現在可以以有利的估值收購赫氏，使其成為未來的一個有吸引力的投資選擇</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>廣泛的市場拋售通常是開始長期投資的絕佳時機。事實上，這些時刻可以給投資者一個推動力，讓他們購買在市場下跌之前已經看起來很有價值的股票。隨着 <strong>納斯達克綜合指數</strong>(^IXIC -0.18%) 進入修正區間，我認為藍籌工業集團 <strong>霍尼韋爾國際</strong>(HON -2.45%) 和先進材料公司 <strong>赫氏</strong>(HXL 0.35%) 是現在值得購買的優秀股票。</p>
</div><h2>Honeywell International</h2>
<div class="lb-trans"><h2>霍尼韋爾國際</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>霍尼韋爾管理層已經宣佈計劃剝離一個業務部門，上個月更進一步表示公司將拆分為三個獨立的業務，所有這些業務都將公開交易。作為獨立公司的它們都有可能在未來表現優於整體評估，而不是基於各部分的總和評估，因為霍尼韋爾的一些同行已經樹立了盈利的榜樣。</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>隨着先進材料業務的剝離已經宣佈，焦點轉向另外兩個業務，霍尼韋爾航空航天和霍尼韋爾自動化。管理層將 <strong>GE 航空航天</strong>、<strong>RTX</strong> 和 <strong>TransDigm</strong> 視為其同行，值得注意的是，這三家公司近年來都經歷了重大企業活動。GE 航空航天去年成為一家獨立公司，RTX 的商業航空航天業務是前聯合技術航空航天業務、洛克威爾·柯林斯和雷神的商業航空航天業務合併的結果。TransDigm 的商業模式在很大程度上依賴於收購其他公司的戰略。</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>作為一家獨立公司，霍尼韋爾航空航天將擁有更大的靈活性來追求收購，以建立與其同行相似的規模。因此，它可以向其航空航天解決方案組合中添加互補的解決方案，包括航空電子、輔助動力單元、通信和推進系統。</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>圖片來源：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>霍尼韋爾自動化的情況類似，它結合了工業自動化和建築自動化。<strong>艾默生電氣</strong>、純自動化公司 <strong>洛克威爾自動化</strong> 和 <strong>約翰遜控制</strong> 被列為同行。艾默生近年來進行了根本性重組，專注於自動化及其在工業軟件和自動化測試與測量中的相關市場。管理層出售了其氣候技術業務，2023 年收購了 NI（測試和測量系統），並將在今年收購其在工業公司 <strong>AspenTech</strong> 中未持有的剩餘股份。</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>在建築自動化方面，約翰遜控制正在將其住宅和輕型商業 HVAC 業務出售給博世，以便專注於其核心商業 HVAC 和建築控制業務。</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>這一模式很明顯，霍尼韋爾的大規模拆分將為每個新公司創造機會，使其能夠獨立獲取資本和管理資源，從而使其領導層能夠以同行的方式創建更專注的公司，而不必作為一個綜合體而受到束縛。股票的拋售為投資者提供了更好的機會，以投資於長期價值創造的機會。</p>
</div><h2>Hexcel stock looks like a great value</h2>
<div class="lb-trans"><h2>赫氏股票看起來是個好價值</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>談到霍尼韋爾航空航天和潛在的收購目標，我一直認為專注於航空航天的先進材料公司赫氏將是霍尼韋爾的理想選擇。也就是説，這隻股票本身就非常值得購買。</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>赫氏的先進石墨複合材料（比傳統材料如鋁更輕、更強）是航空航天行業的未來，這並不是什麼秘密。每一代新飛機的開發，包括 <strong>波音</strong>、<strong>空客</strong> 和其他飛機制造商（包括商務噴氣機），複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，赫氏在新飛機生產數量增加和每架新飛機複合材料含量增加方面具有長期增長前景。這是一個引人注目的組合，這也是赫氏股票歷史上往往能獲得估值溢價的原因。</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，過去幾年對公司來説是艱難的，因為波音和空客都未能按計劃生產。這在公司準備增加生產的關鍵時刻打擊了赫氏的收入和利潤率。</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>圖片來源：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>正如首席執行官湯姆·詹蒂爾在最近的財報電話會議上指出的那樣，&#34;2024 年的生產水平僅為 2018 年水平的 68%。&#34; 也就是説，這只是一個暫時的延遲，波音和空客將盡一切努力逐步提高生產。此外，估值的下降使得投資者可以以 2025 年預計自由現金流的 19 倍的價格購買這隻股票——對於一傢俱有如此卓越長期增長前景的公司來説，這是一個極好的估值。</p>
</div>

納斯達克剛剛進入修正區間：2 只回調股票值得買入並持有十年