Consumer Electronics 4Q results at Panasonic and Sharp

研报英文原文证据摘录

Consumer Electronics 4Q results at Panasonic and Sharp

J P M O R G A N Asia Pacific Equity Research

13 May 2026

Consumer Electronics

4Q results at Panasonic and Sharp

Panasonic Holdings: Somewhat negative: Panasonic announced FY2025 Japan Equity Research

adjusted operating profit of ¥447.4 billion (our estimate: ¥475 billion) and FY2026

Technology - Consumer Electronics/

guidance for ¥600 billion (¥610 billion). It recorded ¥40 billion in automotive Industrial Electronics/Precisions

battery manufacturing defect costs in 4Q FY2025, and factors in ¥30 billion in risk AC Junya Ayada

costs for the Middle East and higher memory prices in FY2026. Results and

(81-3) 6736 8631

guidance are in line with our estimates considering these factors. However, market junya.ayada@jpmorgan.com

expectations may have increased based on YTD share-price gains and strong Mio Shikanai

results at generative AI-related companies, and considering this point, we think (81-3) 6736 1313

results and guidance could be viewed as somewhat disappointing. mio.shikanai@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

Panasonic raised its FY2028 sales outlook for battery backup units from ¥800

billion to ¥950 billion, in line with market expectations, but did not mention the

possibility of raising profit margins. It also targets FY2028 adjusted operating

profit of ¥750 billion or higher, in line with previous communication, but we are

somewhat surprised by the planned ¥500 billion in total investment to increase

production capacity in AI infrastructure-related business, including battery

backup units. There had been some expectations for stronger shareholder returns

from FY2027, but Panasonic maintained its shareholder return policy through

FY2028 for a consolidated dividend payout ratio of 30%.