麦肯锡：工业的价值创造( 英文 72页)

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Value creation in industrials

Contents

5 Preface

7 Acknowledgments

8 Executive summary

11 Introduction: The industrials sector

17 Historical performance and key drivers

49 Learnings from top performers

57 Impact of COVID-19

63 Imperatives for future value creation

69 Conclusion

71 Glossary

Preface

The industrials sector is large and diverse, with close to four thousand public and private companies in the US. It powers the US economy, contributing 13 percent of the market capitalization and 13 percent of employment (as of 2018–19). Its segments are diverse, ranging from giant industrial machinery to tiny electronic components.

This report assesses the sector’s performance over the past five years with a view toward helping executives make well-informed decisions about driving value creation going forward. We begin by exploring how the sector’s performance has changed from 2014 through 2019, compared with the previous 15 years. In so doing, we share our analysis by micro-verticals 

(sets of companies with a similar product and end-market focus) to identify which factors most contributed to overall performance. Most importantly, we explore the contribution 

of different elements—operational performance, leverage, and multiples expansion—to a company’s performance, measured as total shareholder returns. We then explore COVID-19’s impact on the sector, particularly how the pandemic has forced executives to reevaluate their priorities. The report closes with our perspectives on areas that executives must focus on as they chart a path to short- and long-term success in value creation. 

内容

5前言

7致谢

8执行摘要

11简介：工业部门

17历史业绩和关键驱动力

49表现最佳的学习者

57 COVID-19的影响

63创造未来价值的必要条件

69结论

71术语表

前言

工业部门庞大而多样，在美国有近四千家上市和私营公司。它为美国经济提供动力，贡献了13％的市值和13％的就业机会（截至2018-19年度）。它的细分市场是多种多样的，从大型工业机械到微型电子部件。

本报告评估了该行业过去五年的业绩，以期帮助高管人员做出明智的决定，以推动未来的价值创造。我们首先探讨与过去15年相比，2014年至2019年该行业的绩效如何变化。这样做，我们通过微观垂直分享了我们的分析

（具有相似产品和最终市场重点的公司集），以确定哪些因素最有助于整体绩效。最重要的是，我们探索贡献

公司绩效的不同要素（运营绩效，杠杆和倍数扩展）之间的关系，以股东总回报率衡量。然后，我们探讨COVID-19对该行业的影响，尤其是大流行如何迫使高管们重新评估其优先事项。本报告以我们对高管在制定价值创造短期和长期成功之路时必须关注的领域的观点作为结尾。