Electronic Components Sector: STMicro’s 2Q FY2026 results: Implications for Japan’s electronic components sector

研报英文原文证据摘录

Electronic Components Sector: STMicro’s 2Q FY2026 results: Implications for Japan’s electronic components sector

JPMorgan Securities Japan Co., Ltd. Asia Pacific Equity Research

Akinori Kanemoto AC 24 July 2026 J P M O R G A N

(81-3) 6736 8628

akinori.kanemoto@jpmorgan.com

confirming a broadening demand recovery. In CECP in particular, the BB ratio

substantially exceeded 2.0 on the back of optical interconnect demand, and the company

significantly raised its outlook for sales to AI data centers. STM noted that in industrial

machinery, channel inventory normalized to a level below the company's target,

automotive showed a recovery trend, SiC also recovered, and highlighted supply

tightness and lengthening lead times for general-purpose microcontrollers. These

developments leave a positive impression for the Japanese electronic components sector,

where earnings announcements are about to ramp up, and are particularly encouraging

for Rohm and Hirose Electric. On the other hand, it looks like personal electronics could

soften in 2H, warranting some caution on PC/smartphone-related stocks, particularly

TDK.

Key Takeaways

• Trends by application: (1) In 2Q FY2026, management noted demand increased even

more, orders remained strong, and the overall BB ratio was 1.2. The BB ratio substantially

exceeded 1.0 across all end markets, and in CECP in particular, it substantially exceeded

2.0 on the back of optical interconnect demand, including for silicon photonics.

Management also commented on an improved demand outlook across multiple product

categories and that early signs of supply tightness were observed. (2) In 2Q FY2026, all

segments posted sales growth both YoY and QoQ. Automotive sales grew 16% YoY and

14% QoQ, while industrial machinery sales grew 34% YoY and 20% QoQ.