花王（4452）2Q业绩：抵消原材料成本上升，上调全年营业利润指引

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

Kao (4452)

2Q results: Offsets rising material costs, raises full-year

operating profit guidance

Positive: 2Q operating profit of ¥50.9 billion exceeded our estimate of ¥39.2

billion. Even excluding the ¥3.8 billion in restructuring costs we had assumed,

profits beat our estimate by ¥7.9 billion. The chemical and global consumer care

(GC) segments overshot by ¥5.8 billion and ¥1.7 billion, respectively. We are

positive on the GC segment’s ability to raise prices while growing volumes, as well

as its continued overseas sales growth. Management raised full-year operating

profit guidance from ¥182 billion to ¥190 billion (our estimate: ¥183 billion).

Overweight

4452.T, 4452 JP

Price (05 Aug 26):¥3,188

Price Target (Dec-26):¥3,900

Japan Equity Research

Cosmetics and Personal Care /

Paper and Packaging

Akiko Kuwahara AC

(81-3) 6736-8617

JPMorgan Securities Japan Co., Ltd.

Management’s responses to key questions: (1) Management considers its

assumption of a +¥29 billion sales price effect in FY2026 conservative, and

thinks this can be reached on a full-year contribution from +¥8.5 billion of price

effects in 1H and pass-throughs of about 80% of the ¥15 billion expected

increase in material and fuel costs in 2H. (2) One factor behind the expected

¥15.5 billion impact from higher material costs in FY2026 is management’s

assumption of a crude oil price of $80–90/bbl. Petrochemical costs are already

largely locked in through 4Q due to the timing of material procurements and

releases. However, management assumes high palm oil prices in 2H, based on

weather factors. (3) Regarding contributions from semiconductor products and

the chemical segment's 2Q profit growth YoY, about ¥3 billion of the latter is

from changes in eliminations of unrealized gains. Of the operating profit

growth in 1H, electronic materials, mainly semiconductor products, accounted

for about 10%. The electronic materials business accounts for about 20% of

chemical segment total operating profit. Management plans to boost chemical

segment margins further in FY2027 by raising the sales weighting of

semiconductor products.…