2025-05-29-Jefferies-安捷伦科技（A）_乐观表现_企业对企业（B2B）业务令人鼓舞且妥善应对关税问题_9页_147kb

Agilent Technologies Equity Research Summary

Overview

Agilent Technologies reported strong second-quarter performance exceeding market expectations with a 1% revenue beat and 4% EPS upside. B2B growth was above average (+over 1%), and orders increased by a large amount (+LSD). Third-quarter guidance was provided, bracketing analyst expectations. Key areas discussed include tariff impacts, biopharma and diagnostics trends, and future growth prospects.

Performance Highlights

• Q2 Revenue: $1.67 billion beat consensus projections by $50 million, driven by 3% organic growth with consistent performance across segments.
• Pharma Growth: Solid double-digit growth in small molecules (+10%) and stable demand without forward shift.
• Diagnostics (LDG): Led by growth in pathology and ACG (+9% growth, highest recorded), contributing significantly.
• Guidance: Unchanged core growth for 2025 at +2.5–3.5%, with EPS guidance set between ¥5.54 and ¥5.61.

Tariff Update

Agilent anticipates a $50 million gross impact from U.S.-China tariffs in the second half of 2025, which will be largely contained. Should EU tariffs increase by 50%, an additional $40 million gross impact would be expected, though its net effect is minimal.

Risks and Forward Guidance

Analysts are cautious amid ongoing macroeconomic uncertainties and tariff volatility. However, there is a possibility for upside if growth in analytics solutions and usage reaccelerates. Agilent projects 3-5% total revenue growth in fiscal 2025.

Valuation and Catalysts

• Jefferies assigns a 12-month price target of $120 (+8% upside), with upside scenarios projecting to a price point of $145.
• Key drivers for growth include more stimulus from China, later-stage product outcomes, sustainable supply chain developments, and successful expansion in the North American diagnostics market.

Analyst Certification and Disclosures

The report is certified by multiple equity analysts affiliated with Jefferies LLC, whose compensation is tied to overall firm performance, including investment banking involvement. A full list of disclosures is detailed for appropriate regulatory requirements.

Analyst Questions

• How is Agilent reducing supply chain vulnerabilities facing longer shipping times?
• What progress has been made on net-zero GHG emissions targets?

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This summary captures the core information from the extensive report.