Johnson Electric - H FY26 results: AI infrastructure ramps, humanoid progresses slowly, but China auto weakness still weighs

研报英文原文证据摘录

Johnson Electric - H FY26 results: AI infrastructure ramps, humanoid progresses slowly, but China auto weakness still weighs

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

29 May 2026

Johnson Electric - H Neutral

0179.HK, 179 HK

FY26 results: AI infrastructure ramps, humanoid Price (28 May 26):HK$24.70

progresses slowly, but China auto weakness still weighs ▲Price Target (Dec-26):HK$22.00 Prior (Dec-26):HK$20.00

Johnson Electric reported FY26 results toward the upper end of its earlier profit

warning, but underlying trends remain mixed. Key takeaways are: 1) margins Infrastructure, Industrials &

Transportdeteriorated sharply, with 2H26 net margin down 3.6ppt YoY/3.5ppt HoH to 3.8%

due to Chinese NEV launch delays, pricing pressure, weaker utilization, higher Beatrice Lam AC

engineering investments and adverse FX (meaningful portion of manufacturing (852) 2800-8738

beatrice.lam@jpmorgan.com

costs are Rmb-denominated); 2) APG remained sluggish with revenue flat YoY/-

2% HoH amid continued transition away from legacy JV OEM exposure in China, Karen Li, CFA

(852) 2800-8589

while IPG returned to growth (+7% YoY/+5% HoH) driven by AI data center karen.yy.li@jpmorgan.com

cooling, medical, heating and lawn care demand; and 3) AI infrastructure J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

businesses are ramping faster than humanoid robotics, with management Morgan Broking (Hong Kong) Limited

highlighting solid momentum in both Bloom Energy SOFC interconnects and

NVIDIA Blackwell-related liquid cooling ecosystems, while humanoid robotics

Key Changes (FYE Mar)

only recently progressed from sampling toward commercial negotiations and

Prev Cur Δ

remains at a very early monetization stage. We stay Neutral and raise our PT to Adj. EPS - 27E ($) 0.25 0.27 8.7%