GS汤浅：F3/27第一季度业绩：海外铅酸电池业务强劲，工业业务部分延迟

研报英文原文证据摘录

M

Update

August 5, 2026 09:52 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

GS Yuasa Corporation (6674) | Japan

Shinji Kakiuchi

Equity Analyst

F3/27 1Q Results: Overseas

Lead-acid Battery Operations

Strong, Partial Delays in

Industrial

Hayato Takashima

Equity Analyst

GS Yuasa Corporation (6674.T, 6674 JP)

Auto Parts | Japan

AlphaSignals Earnings Reaction

Source: Company data, Morgan Stanley Research

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Key Takeaways

Exhibit 2 : OP and OPM quarterly trend

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

1Q OP of ¥11.6bn (+39% YoY), beat our ¥8.5bn forecast and the consensus of just

under ¥10bn. Lead-acid batteries sold well in South East Asia, incl. Myanmar.

Industrial batteries & power supplies profit was weaker than expected, with the

firm attributing this to partial delays in domestic emergency & non-emergency

fields (but saying there should be no full-year impact).

OP guidance was hiked from ¥60bn to ¥63bn for FY and ¥19bn to ¥22bn for 1H

to reflect overseas lead-acid battery strength & yen depreciation, but the 2H plan

OP (LH, Y bn)

Overweight

In-Line

¥8,200

¥6,010

¥602.9

¥4.5

OPM (RH)

15%

25.0

20.0

10%

15.0

10.0

5%

5.0

0%

0.0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q

3/24

3/25

3/26

3/27

still looks conservative.

Source: Company data, Morgan Stanley Research

Guidance factors in higher tin prices for lead-acid batteries and production

adjustments for HEV LiB from partial materials shortages, but does not appear to

fully incorporate increased lead-acid battery volumes overseas.

Minor positive for shares. We eye recovery from partial delays in domestic

industrial business, further accumulation of business for North American data

centers and potential upside to the 2H plan.

1Q results: By segment, OP went from ¥1.7bn in F3/26 1Q to ¥2.4bn in F3/27 1Q in

the Japan lead-acid batteries business (on increased replacement demand), ¥3.8bn

to ¥7.2bn in the overseas lead-acid batteries business (supported by a change in

…