1、7T2se3r0Ot6kwoPa7T2se3r0Ot6kwoPaDistributed on:22/08/2025 17:05:06 GMTDistributed on:22/08/2025 17:05:06 GMT22 August 2025Deutsche BankResearch North America United States Industrials Aerospace&Defense Electronics Industry The Teardown Date Industry Update Boeing&China,787 Expansion,Airbus Strike Ri

2、skOur weekly offers a recap of our research and key news flow from the last week.This weeks Chart of the Week looks at Howmets Engine Products revenue as a percentage of engine OEM costs(revenue-EBIT).We also include our usual collection of charts in the back of the weekly,including delivery data fo

3、r Boeing,Airbus,and Gulfstream,short interest trends,our comp table,and other charts.US A&D ResearchnBoeing:August 2025 Delivery Update(Link)nHuntington Ingalls:Updating Estimates Post 2Q25 Results(Link)nDefense:Normalized FCF Yields(link)DB Corporate Access EventsPlease reach out to your DB sales r

4、epresentative if interested in the below events.nSept 2-4:DB 15th Annual Aviation ForumnWe will be hosting A&D companies on September 4th for a day of 1x1s and group meetings.Current confirmed corporate attendees include ATI(IR),Boeing(VP Marketing,IR)BWXT(CFO,IR),CR(CFO,IR,SVPs),CRS(CEO,CFO,IR),CW(

5、CEO,CFO,IR),HXL(CFO,IR),VSEC(CEO,CFO,IR),and WWD(CFO,IR).You can register here.All companies will be attending Sept 4th,with the exception of Boeing who will be on site the morning of Sept 3rd.nOctober 30:NOC NYC NDRUpcoming A&D Earnings/EventsnAugust 25th:HEI EPS AMCChart of the WeekThis weeks Char

6、t of the Week looks at Howmets Engine Products revenue as a percentage of engine OEM costs(revenue-EBIT).While Howmets pricing realizations have clearly accelerated over the last few years,we find that the company continues to represent a fairly stable portion of the overall cost structure of its OE