Mitsubishi Electric (6503): Key takeaways from small meeting with CEO and CFO

研报英文原文证据摘录

Mitsubishi Electric (6503): Key takeaways from small meeting with CEO and CFO

J P M O R G A N Asia Pacific Equity Research

29 June 2026

Mitsubishi Electric (6503) Overweight

6503.T, 6503 JP

Key takeaways from small meeting with CEO and CFO Price (26 Jun 26):¥5,858

Price Target (Dec-26):¥6,500

We took part in a small meeting for sell-side analysts with President & CEO Kei Japan Equity Research

Uruma and CFO Kenichiro Fujimoto on the 26th. Momentum is likely to remain

Technology - Consumer Electronics/

strong this fiscal year, as in the previous fiscal year, driven by factory automation Industrial Electronics/Precisions

systems and optical semiconductors, and medium-term growth can be expected for AC Junya Ayada

DC800V-compatible power supplies/equipment and IT cooling systems. Defense

(81-3) 6736 8631

systems, which the executives did not discuss much this time, also remain a focus. junya.ayada@jpmorgan.com

Regarding physical AI, which prompted many questions, attention is on synergies Mio Shikanai

between strong components and the operational technology (OT) security (81-3) 6736 1313

business, which has been strengthened by the acquisition of Nozomi Networks. mio.shikanai@jpmorgan.com

However, our impression is that it is slightly premature to factor the synergies into JPMorgan Securities Japan Co., Ltd.

earnings estimates at this stage. Key comments from the executives are as follows.

• Data center-related business: The company is developing next-generation

DC800V-compatible power systems for AI data centers using a combination

of rectifiers and converters as well as solid state transformers (SST).

Combining this with IT cooling technology, it aims for a power usage

effectiveness (PUE; a measure of data center energy efficiency) of 1.1, the