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北京时间·🕒 发布 16:20:14时区推断·⟳ 抓取 16:24:32·⚡ 决策 08-07 16:42:53 +18m21s·81.0 天前
Rheinmetall称ATACMS合资项目2028年贡献收入，并预计年内签署其份额124亿欧元的Boxer装甲车合同
Boxer合同中Rheinmetall份额约124亿欧元，约相当于其当前约645亿欧元市值的19%，名义金额大。
📄 原文Reuters↗ 原文
Rheinmetall (RHMG.DE) expects to generate initial revenue from joint production of ATACMS missiles with Lockheed Martin…
不做 Rheinmetall（RHM.DE）
Boxer仍为预计年内签署、ATACMS收入远至2028年且仍需审批；相关订单时点前日已有讨论，叠加F126下修指引和股价已涨2.3%，短线无干净正期望。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 本地信号库已抓到Reuters原文《CSG half-year revenue beats estimates on strong ammunition demand》，发布时间早于当前社媒/聚合转述，用作本次催化首发锚点。
关键理由
- Boxer合同中Rheinmetall份额约124亿欧元，约相当于其当前约645亿欧元市值的19%，名义金额大。
- 但Boxer仍是预计年内签署而非已签合同，ATACMS合资生产仍需审批且初始收入要到2028年，短线确认度不足。
- 内部库显示8月6日Q2材料和卖方已讨论相关订单/Arminius时点，同时公司刚因F126项目取消下修销售指引，当前股价已盘中上涨2.3%，剩余预期差不干净。
主要风险
- 若德国Boxer合同正式签署且披露交付节奏，需重新评估订单转化为 backlog 的确定性。
- 当前消息把未签合同、远期收入与此前下修指引放在同一篇报道中，容易高开后被盈利指引压力抵消。
反向证据
- 做多前查反向 · 来源 kb_search · 日期 2026-08-06 · 影响 weakens
命中Q2纪要、卖方报告和F126下修指引报道，说明本次利好并非完全新鲜且存在盈利指引反向背景。
检索:Rheinmetall Boxer armoured vehicles contract 12.4 billion euro year-end ATACMS Lockheed Germany revenue 2028 outlook cut F126 原文 ↗
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原文全文
展开原文 · 1,582 字
Rheinmetall (RHMG.DE) expects to generate initial revenue from joint production of ATACMS missiles with Lockheed Martin (LMT.N) in Germany in 2028, CEO Armin Papperger told Reuters, with demand likely to remain strong for at least 15 years.
The German defence company signed a memorandum of understanding with Lockheed last month to jointly produce the short-range ballistic missiles at Rheinmetall's Unterluess plant in northern Germany, where production facilities are due to be set up next year.
"Naturally, there will also be sufficient capacity to replenish the U.S. military arsenals depleted by the conflict involving Iran. That won't happen in two years. It will take much longer," Papperger said.
The joint venture still requires approval, but Papperger said the process was well advanced and had the backing of the U.S. government.
Rheinmetall, which on Thursday cut its sales outlook after Germany cancelled its F126 frigate programme, also expects a multi-billion-euro contract to supply Boxer armoured vehicles to the German military to be signed by year-end, said Papperger.
"There is absolutely nothing standing in the way," Papperger said in comments published on Friday.
Rheinmetall's share of the contract would be worth €12.4 billion ($14.3 billion), while the total value including partner KNDS is expected to reach about €25 billion.
A service contract to be negotiated separately would add around €4 billion for the two partners, while options for additional orders could be worth a further €25 billion, he said.
($1 = 0.8681 euros)
The German defence company signed a memorandum of understanding with Lockheed last month to jointly produce the short-range ballistic missiles at Rheinmetall's Unterluess plant in northern Germany, where production facilities are due to be set up next year.
"Naturally, there will also be sufficient capacity to replenish the U.S. military arsenals depleted by the conflict involving Iran. That won't happen in two years. It will take much longer," Papperger said.
The joint venture still requires approval, but Papperger said the process was well advanced and had the backing of the U.S. government.
Rheinmetall, which on Thursday cut its sales outlook after Germany cancelled its F126 frigate programme, also expects a multi-billion-euro contract to supply Boxer armoured vehicles to the German military to be signed by year-end, said Papperger.
"There is absolutely nothing standing in the way," Papperger said in comments published on Friday.
Rheinmetall's share of the contract would be worth €12.4 billion ($14.3 billion), while the total value including partner KNDS is expected to reach about €25 billion.
A service contract to be negotiated separately would add around €4 billion for the two partners, while options for additional orders could be worth a further €25 billion, he said.
($1 = 0.8681 euros)
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