Japan Essentials - 02 Jul 2026

研报英文原文证据摘录

Japan Essentials - 02 Jul 2026

Macquarie Equity Research

01 July 2026

Technology

Technology Hardware & Equipment

Hirose Electric Japan

Growth in connectors for AI data centres

Hiroshi

Key Points Taguchi

• As AI data centers continue to expand, we anticipate corresponding

growth in demand for related connectors. 6806 JP Outperform

(at 1 Jul 2026) YEN29,635• We revise up our sales forecasts for Hirose Electric’s B2B connectors Price 12-month target YEN37,000 for AI servers and connectors for general industrial.

12-month TSR (%) 26.6

• Maintain Outperform; raise TP by 32% to ¥37,500 as we lift our target Volatility Index Medium

valuation multiple and increase our earnings estimates. Market Cap (Local) (m) 1,023,309

Market Cap (USD) (m) 6,296

Free Float (%) 79

• Profit growth for FY3/29: In our previous forecast, we had anticipated 30-day avg turnover (USD) (m) 29.6

a cyclical recovery in connectors for general industrial during FY3/27–

Investment Fundamentals 28. In this updated forecast, we expect demand to remain at a high

Year end 31 Mar 2026A 2027E 2028E 2029E

level through FY3/29 as well. Amid increasing capital investment in data Revenue (bn) 211.3 224.9 244.3 255.5

centres and related infrastructure, we anticipate growing demand not Revenue growth (%) 11.5 6.4 8.6 4.6

only for connectors used in factory automation (FA) industrial equipment EBIT (bn) 43.0 48.4 57.2 60.7

but also for those used in batteries and power equipment. EBIT growth (%) 0.8 12.7 18.1 6.1 Reported profit (bn) 33.1 35.3 42.1 44.9

• COP mezzanine connectors: We expect Hirose Electric’s sales of B2B Adjusted profit (bn) 33.1 35.3 42.1 44.9

connectors (OCP mezzanine connectors) used in AI servers to increase EPS rep [¥] 991.9 1,078.0 1,286.5 1,372.6

EPS rep growth (%) 1.6 8.7 19.3 6.7