Sysmex (6869) 4Q results: Guides for China sales to fall sharply in 2H FY2026 also; await earnings recovery

研报英文原文证据摘录

Sysmex (6869) 4Q results: Guides for China sales to fall sharply in 2H FY2026 also; await earnings recovery

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

15 May 2026

Sysmex (6869) Overweight

6869.T, 6869 JP

4Q results: Guides for China sales to fall sharply in 2H Price (14 May 26):¥1,343

FY2026 also; await earnings recovery Price Target (Dec-26):¥1,800

Negative: Sysmex reported 4Q FY2025 results on May 14. 4Q operating profit of Japan Equity Research

¥3.2 billion (−84.3% YoY) was in line with guidance excluding the ¥11.2 billion

Medical Technologies & Services

impact of impairment losses disclosed on April 28. Sysmex guides for FY2026

operating profit of ¥58 billion (+11.9% YoY; Bloomberg consensus estimate: ¥70 Naoko Saito AC

billion), which seems conservative even allowing for a review of three businesses (81-3) 6736-8693

naoko.saito@jpmorgan.com

for which it has already announced impairment losses. It appears Sysmex

Seiji Wakao, Ph.D.

conservatively factors in the impact of a sales decline resulting from test fee (81-3) 6736-8612

standardization in China in 4Q FY2026. We believe the risk of missing FY2026 seiji.wakao@jpmorgan.com

guidance has diminished, but expect the share price to react negatively in the short JPMorgan Securities Japan Co., Ltd.

term. Sysmex plans to hold a 4Q results briefing on May 15 from 11:00 JST.

• 4Q results: 4Q sales were in line with guidance. By region, 4Q sales were

above guidance in China (−33% YoY), but below guidance in India and the

Middle East. Excluding the ¥11.2 billion impact of impairment losses, 4Q

operating profit was slightly above guidance.

• Outlook: Sysmex had previously said that it expects China sales to fall sharply

in 1H FY2026 but recover in 2H. However, given that China’s government