Consumer/Industrial Electronics: Earnings Outlook (Apr-Jun): Focus on gap between fundamentals and AI-related expectations/concerns

研报英文原文证据摘录

Consumer/Industrial Electronics: Earnings Outlook (Apr-Jun): Focus on gap between fundamentals and AI-related expectations/concerns

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

07 July 2026

Consumer/Industrial Electronics:

Earnings Outlook (Apr-Jun)

Focus on gap between fundamentals and AI-related

expectations/concerns

We summarize key points ahead of Apr-Jun results. AI exposure has had a large Japan Equity Research

impact on share price performance over the past three months, and we think one

Technology - Consumer Electronics/

focus point in Apr-Jun results will be verification of the gap between fundamentals Industrial Electronics/Precisions

and AI-related expectations and concerns. Share prices have been largely sluggish AC Junya Ayada

despite overall upward revisions of our earnings outlooks for the six main

(81-3) 6736 8631

companies (Hitachi, Mitsubishi Electric, NEC, Fujitsu, Panasonic HD, Sony junya.ayada@jpmorgan.com

Group) in the sector, and we see plenty of room for stocks to be rerated if strong Mio Shikanai

earnings momentum is confirmed. We highlight Hitachi (6501), Mitsubishi (81-3) 6736 1313

Electric (6503), and Sony Group (6758). mio.shikanai@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Watch near-term earnings momentum: With no change in our longer-term

scenarios for Hitachi and Mitsubishi Electric, we focus on the strength of near-

term earnings momentum. At Hitachi, supply/demand in the power

transmission and distribution equipment market appears tight due to growing

data center demand, and we are watching whether the industry’s prices for

transformers and other key components face renewed upward pressure. At

Mitsubishi Electric, we think orders are strong for factory automation systems