27/3 Q1 results: Company raises guidance: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Company raises guidance: Quick Note

Global Markets Research

30 July 2026Fuji Electric

6504.T 6504 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

Rating27/3 Q1 results: Company raises guidance Buy

Target price JPY 17,000Quick Note

Closing price

30 July 2026 JPY 12,695First impression positive: Strong performance in energy segment combined with

recovery in components (Note: Quick Note reports are not a

We view results as favorable as Q1 operating profits of ¥25.0bn (up ¥6.9bn y-y) were vehicle for changes to ratings, target

much higher than our forecast of ¥19.0bn and the 30 July QUICK consensus forecast of prices, or earnings forecasts)

¥19.5bn. The power electronics energy and power electronics industry segments

performed well. The company raised its 27/3 H1 operating profit guidance by ¥14.0bn from

¥44.0bn to ¥58.0bn versus our forecast of ¥45.0bn. Our impression is thus positive.

Management has retained its initial guidance, saying that it will need to keep a close eye

Research Analystson H2, but this strikes us as cautious as business conditions are likely to remain

unchanged. Japan industrial electronics

Masaya Yamasaki, CFA - NSCFirst, the ¥6.9bn rise in profits in Q1 breaks down as a ¥1.8bn fall at the semiconductors masaya.yamasaki@nomura.com

segment on weak automotive demand but boosts of ¥3.7bn at the energy segment on +81 3 6703 1190

profit growth across all subsegments and ¥5.6bn at the industry segment on a recovery in

components. Total operating profits at the energy and industry segments came in at

¥20.6bn, accounting for 82% of companywide profits.

Second, Q1 orders rose ¥73.0bn for plant and systems (of which around ¥60.0bn was for

power supply and facility systems) and rose ¥18.1bn for components and others. In