IES Holdings 在 AI 数据中心敞口方面值得关注，但股价在上涨后已偏高，且存在股权集中的风险。
逐段跳播
好，我今天想选的第一只股票是一家叫IES Holdings的公司，它的交易代码是IESC。那么，AES，这是一只波动有点大的股票。这只股票在过去十二个月里最高曾上涨多达200%。
目前，与本视频录制时的去年相比，该股上涨约68%。因此，即使经历了这次下跌，它也显著跑赢大盘。
Okay, the first stock I wanted to pick today is a company called IES Holdings, and its trading symbol is IESC. So, AES, that's a stock that's been a bit volatile . The stock has risen by as much as 200 % over the past twelve months at its peak.
Currently, the stock is up approximately 68% compared to last year when this video was recorded . Therefore, it significantly outperforms the market even with this decline.
如你所知，IES Holdings并不是大多数人都熟悉的公司。这是一家可以追溯到1990年代的公司。当时它叫Integrated Electrical Services。它在电气承包领域是一家相当普通的公司。
它多年来一直是那种规模小、不起眼、交易量有限的公司之一，不是吗？大约十年前，一切都变了。对冲基金经理Jeffrey Jindale旗下的Tontine Associates收购了该业务的控股权。
他们更改了公司名称。他们围绕控股公司模式重建了它，这本质上是一个轻量级的母公司，拥有并监管一个独立公司的组合。在这个案例中，是与电气和机械承包相关的公司。
As you know, IES Holdings is not a company familiar to most people. This is a company that dates back to the 1990s. It was then known as Integrated Electrical Services. It was a fairly ordinary company in the field of electrical contracting.
It spent years as one of those small, unremarkable companies with limited trading volume, didn't it? Well, everything changed about a decade ago . Tontine Associates, a company owned by hedge fund manager Jeffrey Jindale, acquired a controlling stake in the business.
They changed the company's name. They rebuilt it around the holding company model , which is essentially a lightweight parent company that owns and oversees a portfolio of independent companies.
In this case, companies affiliated with electrical and mechanical contracting.
因此，IES目前经营四个板块。他们有一项通信业务，负责设计、建设和维护网络基础设施和数据中心。这包括为商业综合体和高科技制造基地提供电缆、安防系统和低压网络。他们有一个住宅业务板块。
从历史上看，这是他们最大的板块。他们安装电气系统、供暖、通风和空调、管道，甚至住宅太阳能系统。他们有一个基础设施解决方案部门。这是一项修理和制造工业发动机和发电机等产品的业务。
然后是商业和工业板块。他们主要为风能和太阳能农场以及制造工厂等大型设施处理电气和机械承包。所以，IES Holdings是一家多元化程度很高的公司。
Therefore, IES currently operates four sectors. They have a communications business that designs, builds, and maintains network infrastructure and data centers. This includes cables, security systems, and low-voltage networks for commercial complexes and high- tech manufacturing sites.
They have a residential business sector. Historically, this is their largest sector. They install electrical systems, heating, ventilation and air conditioning, plumbing, and even residential solar energy systems.
They have an infrastructure solutions division . It is a business that repairs and manufactures things like industrial engines and generators. Then there is the commercial and industrial sector.
They primarily handle electrical and mechanical contracting for large installations such as wind and solar farms and manufacturing plants. So, IES Holdings is a well-diversified company .
人工智能这一角度是其中很有意思的一部分，尤其是在当下人工智能正受到投资者高度关注的这个时点。我刚才提到的IES两大板块——通信以及商业与工业——正处在AI数据中心建设路径的核心位置。
我的意思是，每一座被宣传的大型数据中心，在投入运营之前都需要大量的现场电气与机械承包工程，而这正是IES几十年来所专精的工作。当然，很长一段时间里，这些工程是面向工厂和办公楼，而不是AI服务器农场，但随着数据中心建设节奏加快，能够胜任这项关键工作的合格电气承包商数量成了一个真正的瓶颈。
IES实际上是相对少数几家既有业务规模、又有过往业绩来赢得这类业务的承包商之一。
The artificial intelligence angle is an interesting part , especially at this time when artificial intelligence is receiving a lot of attention from investors. Two of the IES sectors I just mentioned, communications and business and industrial, are at the heart of the AI data center building path .
I mean, every large data center that is advertised needs a huge amount of field electrical and mechanical contracting work before it can operate, and that is the kind of work that IES has specialized in for decades.
Of course, for a long time that was for factories and office buildings rather than AI server farms , but as the pace of data center construction accelerated, the number of qualified electrical contractors able to handle this vital work became a real bottleneck.
IES is actually one of a relatively small number of contractors that have the scope, as well as the track record, to win this business.
因此，IES通常不会披露其所承接布线工程的数据中心的最终所有者。他们通常是由正在为某家科技公司或云公司建造设施的总承包商或开发商雇用的，这只是为了说明这一细微差别。所以你不会看到诸如“IES刚刚建成了微软最新的数据中心”这样的新闻标题，但他们在该供应链中占据着同样的位置。
他们实际上只是那些承接建设工作的知名企业下面的一层。
Therefore, IES does not usually disclose the end owner of the data center whose wiring it is connecting. They are usually hired by a general contractor or developer who is building the facility for a technology company or a cloud company, just to illustrate this subtle difference.
So you won't see a headline like "IES just built Microsoft's newest data center," but they occupy the same place in that supply chain. They are really just one layer under the famous names that undertake the construction work.
用一些数字来说明背景，他们最近一个财季是2026财年第三季度，该季度于6月底结束。营收达到13亿美元，同比增长40%。他们公布的营业利润约为1.79亿美元，同比增长60%。他们的累计业务量已扩大至略低于50亿美元。这意味着对未来营收有着非常清晰的可见度。
To put some numbers into context, their last fiscal quarter was the third quarter of fiscal year 2026, which ended at the end of June. Revenues reached $1.3 billion, an increase of 40% year-on-year.
They announced operating income of approximately $179 million, a 60 % year-on-year increase. Their accumulated business volume has expanded to just under $5 billion. This means a very clear view of future revenues.
就在上个月，IES宣布将收购一家名为DBM Global的公司。这是一家专注于钢铁制造和建筑工程的公司。这笔收购交易的价值约为6.5亿美元。这代表着该公司一个全新的领域。这实际上相当有意思。
Just last month, IES announced that it was acquiring a company called DBM Global. This is a company specializing in steel manufacturing and construction work. The acquisition deal is valued at approximately $650 million.
This represents a completely new area for the company. Which is actually quite interesting.
如你所知，IES股价已较近期高点下跌约20%，其中很大一部分原因是我们在AI基础设施公司中看到的波动。部分原因是市场的不稳定。但这是一家以有纪律、去中心化的方式经营的公司。他们有着盈利性收购的可靠过往业绩，而且他们现在正受益于其两大核心业务处在AI数据中心和能源基础设施建设路径的核心位置。
因此，这是一家值得关注的有意思的公司。我要指出的是，在经历了大幅上涨之后，即便近期有所回落，该股仍然估值偏高。股权非常集中，Tontine Associates持有大量股份，该公司曾表示自己是十年前公司更名和重组的关键一环。
因此，这是潜在投资者应当牢记的一点。一家值得关注的有意思的企业。这就是IES Holdings。
As you know , IES stock has fallen by about 20% from its recent highs, and much of that is due to the volatility we are seeing among AI infrastructure companies. Some of this is due to market instability.
But this is a company that is run in a disciplined and decentralized manner. They have a proven track record of profitable acquisitions, and they are now benefiting from two of their core businesses being at the heart of the AI data center and energy infrastructure development path.
Therefore, it is an interesting company to monitor. I would point out that the stock is overpriced after its significant rise, even after the recent decline. Ownership is very concentrated with Tontine Associates, which stated that it was a key part of the company's rebranding and restructuring a decade ago .
Therefore, it is something that a potential investor should keep in mind. An interesting business to follow. That is IES Holdings.
正如你提到的，这家公司帮助建设这些数据中心，尽管你听不到直接客户的名字，因为他们往往作为分包商工作。但在我读到的一次近期会议上，他们强调自己在数据中心内部开展工作。Rachel，你在这里谈到过，这些中心里最大的市场是电信部分。
在这个市场内，他们提供结构化电缆、光纤电缆，以及配线器和天线系统之类的东西。但那次会议上向管理层提出的一个直接问题是，为什么光纤安装量在过去四年里增长了近10倍。这对他们来说当然令人兴奋，因为他们现在能够提供更多的服务和解决方案。
但目前，数据中心已从点对点铜缆网络交换机转向更偏向光学领域，在那里他们显然需要以快得多的速度传输数据的能力。所以很高兴看到那些没有多少人关注的名字，而遗憾的是，这是一家不发布新闻稿的公司。
或者你可能会说：“我刚刚为这家或那家公司建成了数据中心。”但这类AI基础设施和资本支出并不只流向图形处理器或存储公司。它也流向那些帮助这些公司开发这些庞大数据中心的企业。
This company, as you mentioned, helps in building these data centers, although you don't hear the name of the direct client because they often work as subcontractors. But in one of the recent conferences I was reading about, they emphasized that they work inside data centers.
You talked about that here, Rachel, as the biggest market is the telecommunications parts in these centers. Within this market, they provide structured cables, fiber optic cables, and things like distributors and antenna systems.
But one of the direct questions to management during that conference was about why fiber optic installation had increased nearly 10-fold over the past four years. This is exciting for them, of course, because they are now able to offer more services and solutions.
But currently, data centers have moved away from point-to-point copper network switches and are moving more towards the field of optics, where they clearly need the ability to transmit data much faster.
So it's great to see names that aren't followed by many people, and unfortunately, this is a company that doesn't issue press releases. Or you might say, "I have just finished building a data center for this company or that."
But these types of AI infrastructure and capital expenditure don't just go to graphics processing units or memory companies. It also goes to those who help these companies develop these massive data centers as well.
这个频道对 $IESC 的历次判断
The Motley Fool 在这只股票上只有这一条判断。