Johnson Electric: June quarter results in line; headwinds to drag gross margin in FY26/27

研报英文原文证据摘录

Johnson Electric: June quarter results in line; headwinds to drag gross margin in FY26/27

Deutsche Bank

Research

Rating Company Date

Buy Johnson Electric 16 July 2026

Forecast Change

Asia

Hong Kong

Reuters Bloomberg Exchange Ticker Price at 15 Jul 2026 (HKD) 19.36

0179.HK 179 HK HSI 0179

Price target - 12mth (HKD) 40.00

Consumer

ADR ISIN 52-week range (HKD) 44.50 - 18.97

Autos & Auto Technology

JELCY US4790872075 HANG SENG INDEX 24,681

June quarter results in line; headwinds

Valuation & Risks to drag gross margin in FY26/27

Wei Huang

1Q FY26/27 revenue in line - up 2% YoY on APAC APG and IPG growth Research Associate

In line with market expectations, Johnson Electric's 1Q FY26/27 (June quarter) +852-2203-7057

revenue increased 2% YoY to US$ 936 million. In detail, automotive product group

Bin Wang

(APG) revenue increased 2% YoY to US$ 778 million, while industrial product group Research Analyst

(IPG) revenue increased 5% YoY to US$ 158 million. We highlight Asia Pacific APG +852-220-35496

revenue increased 4% YoY, driven by program ramp-ups and market share gains

with Chinese domestic OEMs, such as Chery, BYD, Chang'an, Great Wall etc. Key changes

Additionally, Asia Pacific IPG revenue increased 32% YoY, on the back of new TP 46.00 to 40.00 ↓ -13.0%

business wins and program ramp-ups in China related to medical devices, food and Sales (FYE) 3,745 to 3,845 ↑ 2.7%

beverage, data center liquid cooling and handheld gimbal applications.

Op prof margin

8.5 to 7.6 ↓ -10.6%

(FYE)

Management guides mid-single-digit full-year FY26/27 revenue growth Net profit (FYE) 281.7 to 259.5 ↓ -7.9%

Management guides full-year FY26/27 revenue to grow by mid-single digits, Source: Deutsche Bank

supported by the company's pipeline of new product launches across automotive,