Hitachi (6501) Investor Day: Revises up energy outlook; seeking growth through physical AI

研报英文原文证据摘录

Hitachi (6501) Investor Day: Revises up energy outlook; seeking growth through physical AI

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

11 June 2026

Hitachi (6501) Overweight

6501.T, 6501 JP

Investor Day: Revises up energy outlook; seeking Price (10 Jun 26):¥4,784

growth through physical AI Price Target (Dec-26):¥5,700

Hitachi hosted Investor Day on June 10 at 15:00. In the second year of the medium- Japan Equity Research

term plan through FY2027, the company raised its medium-term targets for the

Technology - Consumer Electronics/

energy segment, one of two segments with a long lead time, while providing a new Industrial Electronics/Precisions

margin outlook through FY2030 for the mobility segment. It plans to scale up AC Junya Ayada

physical AI (HMAX), a pillar of companywide strategy, by implementing it

(81-3) 6736 8631

through forward deployed engineers (FDE) and returning on-the-ground expertise junya.ayada@jpmorgan.com

to HMAX. While we found the overall direction convincing in light of Hitachi’s Mio Shikanai

positioning, the company provided no growth rate outlook for HMAX for FY2027 (81-3) 6736 1313

onward, so we expect the stock market to take some time to factor HMAX into mio.shikanai@jpmorgan.com

earnings forecasts. That said, our impression is positive, due in part to the upward JPMorgan Securities Japan Co., Ltd.

revision for the energy segment.

• Companywide strategy: Hitachi expects AI to bring growth opportunities in

(1) continuous updates to social infrastructure (advancement of operations and

maintenance) through the deployment of physical AI to mission critical areas,

and (2) promotion of customer AI transformation (AX). To implement

physical AI, FDEs will go on the ground in the operational technology (OT)