JP Cables: Furukawa—AI Data‑Center Mix Shift Drives Earnings Re‑acceleration

研报英文原文证据摘录

JP Cables: Furukawa—AI Data‑Center Mix Shift Drives Earnings Re‑acceleration

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to rise to 67% by FY3/30, fundamentally reshaping Furukawa’s earnings profile. This mix

shift is driven by both top-line growth and margin accretion, as higher value-added optical Segment reorganization. The newly

components and thermal solutions scale more rapidly than legacy businesses. announced segment reorganization clarifies

where DC-driven earnings are concentrated.

Capacity and execution: Capacity expansion supports multi-year growth visibility across DC exposure is now primarily housed in

optical and thermal. At the Mie plant, rollable ribbon cables, MT ferrules, and DFB laser Optical Solutions and Digital Infrastructure

capacity have reached 5x FY2023 levels, with ramp-up becoming visible from Q4 FY3/26. Components, with the former integrating

Ferrule integration supports pre-connectorized solutions as data-center architectures evolve. Lightera optical fiber/cable/MT ferrules and

In thermal, new capacity, including the Philippines facility, targets 4x growth in cooling systems Broadband Solutions, and the latter covering

vs. FY2022, with liquid-cooling solutions production starting in June 2026 (vs. September thermal management (air and liquid cooling),

previously), with execution on utilization and qualification key to FY3/30 earnings delivery. copper foil, and optical devices such as DFB

laser chips.

Valuation: We forecast OP growing at a 37% CAGR over FY3/27–FY3/30, driven by both

volume growth and a structurally improving business mix toward DC-related products. We This structure concentrates the key DC

apply a 27.7x SOTP-derived PER to our FY3/30 EPS of ¥3,226, reflecting Furukawa’s increased drivers within two segments, increasing