日本電子部品

研报英文原文证据摘录

日本電子部品

2026 日本

年7 電子部品 月10

図表 6. バリュエーション: コンセンサス及び弊社予想 日

as of 2026/7/9 4062 6592 6594 6762 6770 6806 6963 6971 6976 6981 5334 6674 7240 6966 6996

Ibiden Mabuchi Nidec TDK Alps Alpine Hirose Rohm Kyocera Taiyo Yuden Murata Niterra GS Yuasa NOK Mitsui HT Nichicon

Share price￥ 19,520 1,623 2,613 3,382 2,060 27,675 5,556 3,726 14,680 9,475 10,485 6,193 2,901 947 3,480

Citi Rating 1 2 2 1 1 2 1 1 3 1 2 1 2 1 1

Cap bn￥ 5,451 391 2,995 6,420 402 906 2,145 4,838 1,837 17,247 2,045 621 461 173 234

Target price￥ 30,000 1,600 2,500 4,500 2,800 18,000 6,000 4,100 16,000 15,000 7,000 7,300 3,100 1,200 5,500

ETR% 54% 1% -4% 34% 39% -33% 9% 12% 10% 59% -31% 19% 12% 29% 59%

Dividend yield% 0% 2% 0% 1% 3% 2% 1% 2% 1% 1% 2% 1% 5% 2% 1%

Exp Price return% 54% -1% -4% 33% 36% -35% 8% 10% 9% 58% -33% 18% 7% 27% 58%

Valuation

FY26E 78.6x 19.4x 23.2x 27.6x 14.4x 24.9x 59.2x 35.5x 68.1x 51.8x 18.5x 14.9x 9.5x 15.1x 30.5x

Consensus FY27E 52.9x 17.9x 16.2x 23.3x 12.0x 21.6x 38.8x 31.2x 38.3x 37.6x 16.6x 13.6x 13.2x 13.9x 23.4x

PER(x) FY28E 37.0x 17.0x 14.1x 19.6x 10.1x 18.7x 29.3x 24.1x 25.0x 27.2x 13.9x 12.1x 12.0x 12.4x 19.2x

FY26E 41.9x 18.5x 19.1x 21.9x 11.5x 26.9x 36.6x 31.4x 39.8x 35.0x 18.2x 15.5x 12.3x 11.1x 21.8x

Citi

FY27E 29.9x - - 18.7x - - 23.1x 27.3x 28.7x 27.6x - - - 9.8x 16.5x

FY25* 151 88 94 101 118 907 -410 103 118 127 496 328 221 15 94

EPS(￥) Citi FY26E 237 85 125 122 143 969 94 99 195 191 551 363 219 73 109

FY27E 466 88 137 155 179 1,029 152 119 369 271 576 401 236 85 159

PBR(x) Citi FY25* 9.9x 1.3x 1.6x 2.9x 1.0x 2.6x 2.8x 1.5x 5.7x 6.3x 2.8x 1.7x 0.8x 1.5x 2.0x

FY26E 29.3x 7.5x 11.4x 11.1x 4.4x 12.9x 26.3x 18.8x 22.4x 29.2x 10.6x 8.1x 5.0x 7.1x 13.1x

EV/EBITDA(x) Consensus

FY27E 20.1x 7.0x 8.9x 9.7x 4.0x 11.6x 19.3x 16.7x 16.3x 21.4x 9.6x 7.3x 4.7x 6.5x 11.0x