nVent三季度业绩回顾：2027年需求前景强劲，新增产能有望助力收入转化

Overall, we thought this was a great set of numbers for NVT today and sets up well for 2027. Most investors called it a "clean" print, with an across the board beat-and-raise. Orders also came in above the buy side bogey of ~10% and backlog increased sequentially; management noted orders activity in 4Q so far (October) was "very strong." On the two new facilities (Blaine 2 / Arizona), we expect practically zero revenue in 1H27 with a gradual step-up in 2H27, and revenue close to capacity as we enter 2028 given a ~6 month ramp. Maverick ($700M of revenues) is flagged for "strong double-digit growth," with operating profit in the mid-teens as the acquisition is integrated and investments are made, improving into 2027. We rate NVT Outperform with a target price of $233 (up from $229), driven by rolling our model forward one quarter, while cutting the EV/EBITDA target multiple on systems protection to 24x from 26x to reflect a broader de-rating in electrical equipment multiples.