瑞士工业巨头ABB即将于本周四发布第一季度财报，拉开欧洲工业板块财报季序幕。核心看点如下：
营收预期：市场普遍预测，截至6月的季度营收将达87.2亿美元，较上年同期的82.4亿美元显著提升。
盈利指标：分析师预计营运息税及摊销前利润(EBITA)为16.5亿美元，高于去年同期的15.6亿美元。净利润有望达到11.2亿美元，同比小幅增长。
股价表现：当前ABB股价微涨0.9%至47.97瑞士法郎（CHF 47.97），但年初至今仍下跌1.5%，过去12个月累计跌幅达6.5%。
关键观察点：
1. 逆境突围能力
尽管运营环境持续严峻，摩根士丹利仍预期ABB业绩将符合市场预期。分析师指出，当前市场预期已充分消化不利因素，叠加美元走弱的有利条件，业绩超预期可能性较大。
2. 业务板块分化
电气化与运动控制部门收入增速可能放缓。摩根士丹利预计第二季度电气化订单将实现低个位数增长。瑞银则强调数据中心与电气化领域仍将保持强劲增长势头。
3. 全年展望维稳
摩根士丹利预计ABB将维持全年业绩指引。汇率顺风因素有望缓冲市场预期，抵消投资者的谨慎情绪。分析师特别指出："虽对ABB未来2-3年的EBIT增速持保留态度，但当前估值水平下，公司股价在2025年二季报前下行风险有限。"
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