Attractive PCB and AIDC play

研报英文原文证据摘录

Attractive PCB and AIDC play

Macquarie Equity Research FUJI Corporation

Key Risks to Investment Thesis Company Description

• Macro weakness could undermine end demand and Fuji Corp. is a maker of high-speed, high-precision chip-

customers' capex confidence. mounter assembly machines for electronic components.

• The company faces a range of competitors, including AMS It operates through two segments: Robot Solutions (chip-

PT, Panasonic, and Yamaha. mounters, healthcare robots, semiconductors) and Machine

• Emerging bonding technologies in the semiconductor Tools (automatic lathe machines, specialised machines). In

2018, Fuji acquired Fasford Technology (previously Hitachi's industry may make the company's die bonders less

die-bonder business) to enter the semiconductor production competitive.

equipment market.

• Fuji could face weaker price negotiation power vs large EMS

firms, which could reduce margins.

Figure 1 - Fuji Corp: Robotic Solutions sales by Figure 2 - Fuji Corp: Robotic Solutions sales by

region (FY3/27E) application (FY3/27E)

Source: Macquarie Research, June 2026 Source: Macquarie Research, June 2026

FUJI Corporation (6134 JP) JPY/(bn) unless otherwise noted

Income Statement Mar FY 2026A 2027E 2028E 2029E 2H/26A 1H/27E Balance Sheet 2026A 2027E 2028E 2029E

Revenue 180.6 233.9 253.3 271.1 101.1 116.1 Cash 53.7 47.9 58.6 73.1

Cost of Goods Sold 114.4 145.0 157.1 168.1 61.7 72.0 Receivables 65.3 64.3 69.7 74.5

Gross Profit 66.3 88.9 96.3 103.0 39.4 44.1 Inventories 64.1 94.3 102.1 109.2

EBITDA 39.7 56.5 61.4 67.2 25.1 28.0 Investments 21.9 24.1 25.6 27.1

Depreciation 9.5 9.9 10.4 10.6 4.9 4.9 Fixed Assets 37.7 40.0 40.6 40.6

Amortisation 1.0 1.0 1.0 1.0 0.5 0.5 Intangibles 0.0 6.7 5.7 4.8

EBIT 29.3 45.6 50.0 55.7 19.7 22.6 Other Assets 35.6 19.6 19.6 19.6