Renesas Electronics

研报英文原文证据摘录

Renesas Electronics

Global Markets Research

16 July 2026Renesas Electronics

6723.T 6723 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

RatingEarnings update Remains Buy

Target price

Tapping growth opportunities for data center applications as well as Increased from 5,300 JPY 6,000

recovery in automotive and industrial machinery applications

Closing price JPY 4,139We reiterate Buy rating, take positive view of longer-term growth potential for 16 July 2026

automotive and data center applications

We estimate 26/12 Q2 earnings at Renesas Electronics at the top of the guidance range. Implied upside +45.0%

We expect earnings to continue to grow from 26/12 H2 onwards. We raise our forecasts to

factor in the weaker yen and cost pass-throughs. We raise our fair-value P/E on 27/12

forecasts from 21.3x to 22.7x to reflect increased growth prospects, and hike our target

price by 13%. First, we expect sustained growth for memory interfaces and digital power Relative performance chart

devices for AI infrastructure. Second, in automotive and industrial machinery

semiconductors, there was growth in the R-Car series and solid demand for

microcontrollers at the 40nm and 28nm nodes. We expect growth irrespective of

underlying auto demand thanks to increases in the value of components installed. Third,

the near-term cyclical recovery has been gaining momentum, and both the company and

channel partners are likely to continue shoring up inventories.

We estimate that data center and automotive demand remained strong in Q2

We estimate Q2 non-GAAP sales of ¥396.1bn (up 6.4% q-q), in line with the top end of the

guidance range (¥380.5–395.5bn), non-GAAP operating profits of ¥125.0bn (flat q-q), and

a non-GAAP operating margin of 31.5% (versus guidance of 29.0%). WSTS data for Apr–