Key Findings from Annual Securities Report

研报英文原文证据摘录

Key Findings from Annual Securities Report

Update

June 25, 2026 08:07 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MHitachi (6501) | Japan Kazuo Yoshikawa, CFA

Equity Analyst

Key Findings from Annual Kazuo.Yoshikawa@morganstanleymufg.comDaisuke Horiuchi +81 3 6836-8408

Research Associate

Daisuke.Horiuchi@morganstanleymufg.com +81 3 6836-5428

Securities Report

We summarize the key points we focused on in Hitachi’s FY3/26

annual securities report.

Hitachi (6501.T, 6501 JP)

Key Takeaways

Conglomerates | Japan

Headcount at Hitachi Energy is increasing in line with plan, and further Stock Rating Equal-weight

productivity gains are expected going forward. Industry View No Rating

Price target ¥5,200

An impairment loss of approximately ¥65bn was recorded in the file storage Up/downside to price target (%) 14

Shr price, close (Jun 25, 2026) ¥4,554

business. Mkt cap, curr, basic (bn) ¥20,672.0

Div yld (03/27e) (%) 1.2

R&D outcomes are notably focused on AI-related areas.

Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

Revenue, net (¥bn) 10,587 11,257 11,914 13,011

On June 22, Hitachi filed its FY3/26 annual securities report. Operating profit (¥bn)* 1,199.3 1,392.9 1,633.7 1,846.5

Net income (¥bn)* 802.4 909.2 1,079.2 1,261.5

Hitachi Energy: Headcount at Hitachi Energy reached 55,000 at end-March 2026, EPS, basic (¥)* 176.8 203.6 244.9 289.5

EPS (¥)** 176.6 203.5 244.8 289.3

up about 5,000 year on year. At the Hitachi Energy Investor Day in October 2025,

P/E, basic* 25.3 22.4 18.6 15.7

the company outlined a plan to increase headcount by 15,000 by 2027, and hiring P/BV, basic 3.1 3.0 2.8 2.5

Return on avg eqty (%)* 12.9 13.7 15.5 16.6

appears on track. The company aims to expand output by increasing FTEs while EV/EBITDA, basic 11.3 10.1 8.6 7.5

controlling SG&A through AI.