Panasonic HD (6752.T): Reported supercapacitor production ramp: BBU/CBU combo could lift competitiveness/increase external sales

研报英文原文证据摘录

Panasonic HD (6752.T): Reported supercapacitor production ramp: BBU/CBU combo could lift competitiveness/increase external sales

Equity Research

24 June 2026 | 8:09AM JST

Panasonic HD (6752.T): Reported supercapacitor production ramp:

BBU/CBU combo could lift competitiveness/increase external sales

The Nikkei report on June 23 that Panasonic HD’s subsidiary Panasonic Industry Ryo Harada

+81(3)4587-9865 | ryo.harada@gs.com

plans to ramp up production of supercapacitors (LINK). Generative AI data centers Goldman Sachs Japan Co., Ltd.

require products that can cope with unique fluctuations and sudden increases in Hiroki Muramatsu

power consumption (peak shaving). Panasonic holds a c. 80% global market share +81(3)4587-9872hiroki.muramatsu@gs.com|

(per the Nikkei) in battery backup units (BBUs) to address the former, while Goldman Sachs Japan Co., Ltd.

supercapacitors address the latter need. We believe that possessing both BBUs and

supercapacitors would further enhance the company’s competitiveness.

We estimate that the profit weighting of generative AI-related products

(BBU/CBU, conductive polymer hybrid capacitors, MEGTRON), which we see as

growth businesses, will expand to over 30% of Panasonic’s adjusted operating

profits in FY3/28. If the reported production ramp-up were to further

strengthen this trend, Panasonic could gain deeper recognition as an AI stock,

potentially supporting further multiple expansion.

Main points of the article

n A new line is to be added at the Chitose plant in Hokkaido, with a target date of

February-March 2027.

n The production ramp will boost production capacity to 2-3X the current level by

FY3/31.

n Panasonic Industry’s hybrid supercapacitors will be sold externally in addition to

being supplied to Panasonic Energy, which makes BBUs.