1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Securities(USA)Inc.View HSBC Global Research at:https:/ Listen to our insightsFind out moreHSBCGlobal I

2、nvestmentResearchPodcasts Strong 2Q25 results,despite tariffs and macro uncertainty;raised IET guidance,while firming near-term OFSE outlook Medium-term growth in place from gas turbine orders and capacity expansion;New Energy orders should top USD1.6bn Maintain Buy rating and raise target price to

3、USD54.00(from USD49.00)on IET growth expectations 2Q25 results.Baker Hughes reported revenue of USD6.9bn,near the upper end of managements USD6.3-7bn guidance range,while adjusted EBITDA of USD1,212m was slightly higher than the USD1,040-1,200m guidance.The Industrial&Energy Technology(IET)segment l

4、ed with revenue up 12%q-o-q to USD3.3bn and EBITDA of USD585m for a 17.8%margin(up 66bps q-o-q and 188bps y-o-y).In Oilfield Services&Equipment(OFSE),revenue increased q-o-q across all product lines and regions except the Middle East/Asia.OFSE EBITDA of USD677m was within the guidance range of USD60

5、0-700m,with the margin improving 90bps q-o-q to 18.7%.Despite softening oil macros,OFSE orders were USD3.5bn for a 1.0 x book-to-bill(B2B),while IET orders of USD3.5bn for 1.1x B2B excluded Big LNG awards.Growing data center exposure.New IET bookings were driven by orders for NovaLT gas turbines,wit

6、h Baker booking orders for 46 turbines from two data center projects.Year-to-date,the company has booked over 70 NovaLT turbines to provide 1.2 GW of power for data centers.Baker disclosed that it had signed a MOU to supply a Middle East data center with NovaLT turbines to be powered with hydrogen f