F3/27 1Q Results: High-margin Ceramic-related Businesses Remain Strong

研报英文原文证据摘录

F3/27 1Q Results: High-margin Ceramic-related Businesses Remain Strong

Update

July 30, 2026 10:24 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKyocera (6971) | Japan Shoji Sato

Equity Analyst

F3/27 1Q Results: High-margin Shoji.Sato@morganstanleymufg.comSota Harashima +81 3 6836-8404

Sota.Harashima@morganstanleymufg.com +81 3 6836-8897

Ceramic-related Businesses

Remain Strong

AlphaSignals Earnings Reaction

Kyocera (6971.T, 6971 JT)

Strengthens our thesis Meaningful upside Modest revision higher Electronic Components | Japan

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Industry View In-Line

Source: Company data, Morgan Stanley Research Price target ¥4,000

Shr price, close (Jul 30, 2026) ¥3,550

Mkt cap, curr, basic (bn) ¥4,676.8

Key Takeaways Avg daily trading value (bn) ¥13.8

1Q results significantly exceeded market consensus and full-year guidance was

revised up. We expect the share price to rise in the near term.

High sales levels for high-margin products, including ceramic components for SPE

equipment & ceramic packages for AI/data center use, look set to continue from

2Q.

Given the seasonal increase in sales to N. American smartphone customers in 2Q,

we see further upside potential to the revised company guidance.

1Q results: OP was ¥49.1bn (vs. our forecast of ¥28.9bn and FS consensus of

¥30.7bn), up ¥30.6bn YoY. Sales of high-margin products increased, including fine

ceramic components for SPE equipment and ceramic packages for AI/data center

applications within the Core Components segment. Electronic Components results

also included a ¥3.0bn gain on the sale of real estate.

F3/27 company guidance: Full-year OP guidance was revised up to ¥160bn from

¥130bn (vs.