Harmonic Drive Systems: F3/26 Results Follow-up Contact: Orders Recovering Gradually, Room for Longer-term Growth, But Improving Margins Will be Key

研报英文原文证据摘录

Harmonic Drive Systems: F3/26 Results Follow-up Contact: Orders Recovering Gradually, Room for Longer-term Growth, But Improving Margins Will be Key

Update

June 11, 2026 04:41 AM GMT

Morgan Stanley Asia Limited+MHarmonic Drive Systems (6324) | Japan Lisa Jiang

Equity Analyst

F3/26 Results Follow-up Lisa.Jiang1@morganstanley.comMorgan Stanley MUFG Securities Co., Ltd.+ +852 2239-1282

Takeshi Kitaura

Equity AnalystContact: Orders Recovering Takeshi.Kitaura@morganstanleymufg.com +81 3 6836-5427

Daisuke Horiuchi

Research AssociateGradually, Room for Longer-

Daisuke.Horiuchi@morganstanleymufg.com +81 3 6836-5428

term Growth, But Improving

Margins Will be Key

Harmonic Drive Systems (6324.T, 6324 JT)

Key Takeaways Factory Automation | Japan

Based on current market conditions, orders look set to continue rising in 1Q, but Stock Rating Equal-weight

Industry View Attractive

with a lack of momentum outside SPE. Price target ¥3,700

Shr price, close (Jun 10, 2026) ¥6,240

No major recent changes in humanoid robot-related demand. Existing customers’ Mkt cap, curr, basic (bn) ¥592.2

plans for increasing production in F3/28 may shed light on F3/27 order plans Avg daily trading value (bn) ¥5.5

ahead, but visibility remains limited at present.

To improve margins, increasing plant operating rates and selling price measures

will likely be key. Not be easy to implement, but selling price measures will bear

watching.

Parent orders: Orders increased steadily from Jan to Mar and remain at a high level.

Semiconductor-related demand is recovering strongly, while robot-related demand

is expanding gradually from a low level, but a strong end-market driver is still not

visible.

Consolidated/parent difference: Progressing steadily, led by North America. North