2025-05-28-Jefferies-LII进入热水器市场对AOS构成的风险_8页_121kb

Lennox International's recent partnership with Ariston Group to enter the North American water heater market poses a significant risk to A.O. Smith (AOS), according to the Jefferies Equity Research report. Key points include:

• The collaboration leverages Lennox's robust distribution network, which is a major competitive advantage.
• The North American water heater market is dominated by three main players: AOS with ~40% market share, Rheem with approximately 30%, and Bradford White with about 20%.
• Lennox's entry follows GE/Haier's prior move, and AOS faces increased competition due to Lennox's established presence.
• Valuation and risks are addressed for multiple companies: AOS is held with EV/EBITDA and P/E methods; GE focuses on aerospace risks; Haier Smart Home uses DCF with potential global trade and market risks; Lennox is valued similarly, highlighting economic and raw material risks.
• Overall, the report warns of market consolidation risks and highlights analyst recommendations for stronger execution and macro factors for upside.