Hitachi (6501) Earnings model update: Focus again on Hitachi Energy

研报英文原文证据摘录

Hitachi (6501) Earnings model update: Focus again on Hitachi Energy

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

01 July 2026

Hitachi (6501) Overweight

6501.T, 6501 JP

Earnings model update: Focus again on Hitachi Energy Price (01 Jul 26):¥4,496

▲Price Target (Dec-26):¥6,000

Prior (Dec-26):¥5,700

We update our earnings model in light of 4Q results and Investor Day. We maintain

our Overweight rating and raise our end-2026 price target to ¥6,000 (from ¥5,700). Japan Equity Research

The shares have been weak on concerns of slower growth in the digital systems and Technology - Consumer Electronics/

services segment (DSS; IT services) due to the spread of AI. However, we raise our Industrial Electronics/Precisions

estimates on greater visibility for growth in the energy segment (power AC Junya Ayada

transmission and distribution), and forecast adjusted operating profit CAGR for (81-3) 6736 8631

FY2025-FY2028 at 14%. Growth in AI data center demand is expanding across the junya.ayada@jpmorgan.com

industry, and we focus on short-term upside potential for prices and profit margins Mio Shikanai

due to tight supply/demand. (81-3) 6736 1313

mio.shikanai@jpmorgan.com

• Earnings estimates: We forecast FY2026 adjusted operating profit at ¥1,365 JPMorgan Securities Japan Co., Ltd.

billion (previously ¥1,350 billion), FY2027 at ¥1,580 billion (¥1,500 billion),

and FY2028 at ¥1,770 billion (new estimate). We look for profit growth from

Key Changes (FYE Mar)

FY2027 to be driven by the energy segment, but also expect profit growth to

Prev Cur Δ

continue in the mobility segment (railway systems) and the DSS segment. Adj. EPS - 28E (¥) 233.44 243.84 4.5%

Based on FY2025 sales, order backlogs as of end-March 2026 have risen to 3.1