Control/measuring equipment (May NECA shipments)

研报英文原文证据摘录

Control/measuring equipment (May NECA shipments)

1 July 2026

Mizuho Securities Equity Research Industrial Electronics

Industry Overview

Overall shipments up 9% YoY: domestic shipments up 7%; exports up 11%

Senior Analyst: Summary

Takeshi Tanaka Electric control equipment shipments rose YoY for the first time in two months

+81 3 6202 8657 in May 2026, according to statistics released by the Nippon Electric Control

takeshi.tanaka@mizuho-sc.com Equipment Industries Association (NECA) on 29 June (see Figure 1). Growth

reached double digits for all products except for dedicated control equipment,Analyst:

and deliveries were strong for China and Japan. Shipments rose 29% YoYMasanobu Nagao

for PLC, 11% for general-purpose inverters, and 9% for servo motors in+81 3 6202 8296

masanobu.nagao@mizuho-sc.com May, according to the Japan Electrical Manufacturers' Association’s general-

purpose and industrial electrical machinery shipment data, released on 30

June.

Equity investment implications

We reiterate our Buy ratings on Keyence and Omron and are still bullish on

the FA industry. We estimate that YoY sales growth was 18% in 1Q (Apr–

Jun) for Omron’s industrial automation business (IAB), which is responsible for

40% of the above statistics. That said, NECA shipment value made somewhat

weak progress with 4% YoY growth in Apr–May, partly due to a slow start in

April. In our opinion, though, excessive pessimism is not warranted because

the following factors should also be taken into consideration. 1) Orders seem

strong, especially ones related to SPE and AI data centers, although supply

may be slightly lagging rapidly rising demand. 2) An improvement in demand in

China and Asia may have pushed up the weighting for shipment value from an