Johnson Electric - H: 1Q27 Business Update: Bloom/SOFC growth remains bright, but core recovery still pending

研报英文原文证据摘录

Johnson Electric - H: 1Q27 Business Update: Bloom/SOFC growth remains bright, but core recovery still pending

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

17 July 2026

Johnson Electric - H Neutral

0179.HK, 179 HK

1Q27 Business Update: Bloom/SOFC growth remains Price (16 Jul 26):HK$19.62

bright, but core recovery still pending ▼Price Target (Dec-27):HK$21.00 Prior (Dec-26):HK$22.00

Johnson Electric reported an in-line 1Q27 business update, with revenue rising 2%

YoY (including a US$14mn positive FX impact) and management reiterating its Infrastructure, Industrials &

Transportmid-single-digit FY27 revenue growth guidance. Growth continues to be driven by

SOFC components, AI data-center liquid cooling and market-share gains with Beatrice Lam AC

Chinese automakers, while the broader automotive and industrial parts businesses (852) 2800-8738

beatrice.lam@jpmorgan.com

remain constrained by pricing pressure, weak end-market demand and margin

headwinds. While we remain constructive on the company’s long-term exposure Karen Li, CFA

(852) 2800-8589

to AI infrastructure and distributed power generation, we believe the valuation karen.yy.li@jpmorgan.com

premium investors are willing to assign to AI-related themes has narrowed J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

meaningfully. We therefore maintain our Neutral rating. Following the quarterly Morgan Broking (Hong Kong) Limited

update, we reduce our FY27E/28E/29E earnings forecasts by 4%/3%/0% and

lower our price target to HK$21 (from HK$22). Maintain Neutral.

Key Changes (FYE Mar)

• SOFC remained the key growth driver. We estimate Bloom Energy-related Adj. EPS - 27E ($) Prev0.27 0.26Cur -4.1%Δ

SOFC revenue increased by roughly 50% YoY and now accounts for around

5% of group revenue.