美蓓亚三美（6479）第一季度业绩：接入解决方案面临逆风，但业绩超出初始指引，开局稳健

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

06 August 2026

MinebeaMitsumi (6479)

1Q results: Headwinds for access solutions, but results

beat initial guidance in a solid start to the year

Somewhat positive: 1Q operating profit exceeded guidance and was in line with

our estimate and the Bloomberg consensus forecast. Guidance is unchanged, but

all segments were above the company’s initial plan aside from access solutions

(AS), where management intends to make up for the 1Q shortfall in 2Q onward,

so we consider the overall results a solid start to the fiscal year.

Earnings: MinebeaMitsumi reported 1Q sales of ¥426.6 billion and operating

profit of ¥26.3 billion, with the latter beating guidance of ¥24.0 billion but in

line with our ¥26.0 billion estimate and the Bloomberg consensus forecast of

¥26.1 billion. Management made no changes to its full-year sales and operating

profit guidance but raised its pretax profit and net profit forecasts. In the AS

segment, 1Q included ¥2.2 billion in restructuring expenses in Europe (initial

guidance was ¥1.7 billion). 1Q operating profit beat guidance as overshoots in

the precision technologies (PT), semiconductor & electronics (SE), and motor,

lighting & sensing (MLS) segments offset the profit miss in the AS segment

caused by sales shortfalls in Europe and China. Management intends to make

up for the shortfall in the AS segment over the course of the full year. Overall

earnings are running ahead of initial guidance. Management raised its full-year

net profit forecast to reflect valuation gains on the fair value of financial asset

holdings recognized in 1Q.

Overweight

6479.T, 6479 JP

Price (05 Aug 26):¥4,096

Price Target (Dec-27):¥5,500

Japan Equity Research

Technology - Electronic

Components

Akinori Kanemoto AC

(81-3) 6736 8628

Ikki Shibata

(81-3) 6736 8641

JPMorgan Securities Japan Co., Ltd.

Key points: (1) External sales volume of ball bearings was 287 million units/

month in 4Q FY2025, 310 million units/month in 1Q FY2026, and

management forecasts 312 million units/month in 2Q, while production

volume was 332 million units/month in 4Q FY2025, 339 million units/month

…