Electronics: AI infrastructure Panasonic Investor Day takeaways

研报英文原文证据摘录

Electronics: AI infrastructure Panasonic Investor Day takeaways

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

08 June 2026

Electronics: AI infrastructure

Panasonic Investor Day takeaways

Panasonic Holdings held an Investor Day on June 8 from 13:00 JST. The briefing Japan Equity Research

focused mainly on AI infrastructure business in the energy and industry segments.

Technology - Consumer Electronics/

Panasonic previously announced sales targets through FY2028 at the results Industrial Electronics/Precisions

briefing in May, but today showed its commitment to these targets and the goal of AC Junya Ayada

raising sales even further, and discussed the specific pipeline and potential for each

(81-3) 6736 8631

business to achieve this goal. We were interested in opportunities for capacitor junya.ayada@jpmorgan.com

backup units (CBUs) in both the energy and industry segments from FY2029, but Mio Shikanai

think discussions about advanced substrate material market share and advantages (81-3) 6736 1313

versus competitors seemed somewhat limited. See below for the main takeaways mio.shikanai@jpmorgan.com

from the briefing. JPMorgan Securities Japan Co., Ltd.

• Data center energy storage systems (energy): Panasonic targets FY2028

segment sales at ¥2 trillion and adjusted operating profit at over ¥300 billion

(FY2026 guidance: ¥1,372 billion and ¥173 billion), including data center

energy storage system sales at around ¥1 trillion (FY2026 guidance: ¥550

billion). Panasonic said it actually aims for a higher level as this target factors

in awards it has already received (confirmed product development and order

agreements) and some risk of delays. In addition to conventional battery

backup units (BBUs), Panasonic also expects sales growth to be driven by next-