半導体好調、通期上方修正

研报英文原文证据摘录

半導体好調、通期上方修正

Japan | Precision Equipment

Horiba EquityMayResearch14, 2026

TARGET | ESTIMATE CHANGESemiconductor Business Upbeat, FY12/26

RATING BUYGuidance

PRICE ¥24,310^

1Q FY12/26 results announcement and briefing on 14 May. 1Q FY12/26 OP

totaled ¥12.4bn (+6% YoY), beating the Consensus. Full-FY12/26 guidance PRICE TARGET | % TO PT ¥30,000 (¥25,000) | +23%

revised based on currently strong semiconductor market and forex rates. 52W HIGH-LOW ¥24,445 - ¥9,944

Full-FY12/26 OP guidance increased to ¥68.0bn. Revising our estimates FLOAT (%) | ADV MM (USD) 85.2% | 28.49

and increasing PT to ¥30,000. Maintain Buy. MARKET CAP ¥1.0T | $6.5B

TICKER 6856 JP

^Prior trading day's closing price unless otherwise

1Q FY12/26 results: Sales totaled ¥84.5bn (+17% YoY) and OP ¥12.4bn (+6%). Consensus noted.

was for sales of ¥75.7bn and OP ¥11.3bn. Our estimate was for sales of ¥74.4bn and OP

¥11.9bn. Guidance breakdown not disclosed, but it appears that the beat came mainly from

the semiconductor and mobility segments. FY (Dec) CHANGE TO JEFe JEF vs CONS

2025 2026 2025 2026

Segments: Advanced materials/semiconductor 1Q sales amounted to ¥44.1bn (+18% YoY) REV NA NA NA NA

and OP ¥11.4bn (-¥300mn), for an OPM of 25.8% (-5.7ppt). Compared with 4Q FY12/25, EPS NA +14% NA +9%

sales were +¥2.4bn and OP -¥300mn. Sales rose on the back of a strong semiconductor

market. Sales to/orders from both US and Chinese customers increased. In preparation for 2025 (¥) Q1 Q2 Q3 Q4 FY12

future market expansion, a new factory was constructed in Fukuchiyama and completed in EPS -- -- -- -- 883.50

autumn of 2025. However, increased costs associated with the factory’s opening, combined PREV

with accelerated R&D investment, resulted in a slight decline in earnings. In the energy &