F3/27 1Q Results: Delays in Fulfilling Vibrant Orders Due to Parts Procurement Issues

研报英文原文证据摘录

F3/27 1Q Results: Delays in Fulfilling Vibrant Orders Due to Parts Procurement Issues

Update

July 31, 2026 09:57 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFanuc (6954) | Japan Takeshi Kitaura

Equity Analyst

F3/27 1Q Results: Delays in Takeshi.Kitaura@morganstanleymufg.comMorgan Stanley Asia Limited+ +81 3 6836-5427

Lisa Jiang

Equity AnalystFulfilling Vibrant Orders Due to Lisa.Jiang1@morganstanley.com +852 2239-1282

Morgan Stanley MUFG Securities Co., Ltd.+Parts Procurement Issues Takumi Okano

Research Associate

Takumi.Okano@morganstanleymufg.com +81 3 6836-8411

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

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

consensus EPS

Source: Company data, Morgan Stanley Research

Fanuc (6954.T, 6954 JT)

Key Takeaways

Factory Automation | Japan

Fanuc reported ¥53.5bn in 1Q OP, a disappointing level that modestly undershot Stock Rating Equal-weight

our ¥56.0bn estimate and roughly matched the ¥53.7bn BBG consensus Industry View Attractive

Price target ¥7,500

Fanuc raised F3/27 OP plan to ¥218.0bn. This is moderately lower than our Shr price, close (Jul 31, 2026) ¥7,135

Mkt cap, curr, basic (bn) ¥6.7

¥238.8bn estimate, but close to ¥226.2bn BBG consensus Avg daily trading value (bn) ¥33.8

The ¥281.9bn in 1Q orders, a 37% YoY increase, exceeded our ¥260.0bn estimate

with gains of 64% in FA business, 8% in robots, and 98% in robomachines

Fanuc pinned weak sales/profits amid order strength to parts procurement but is

confident in FY plan as it works to curb shortfalls via alternate procurement

First impression: We think market expectations for 1Q earnings were stronger than

our outlook, and 1Q profit results disappointed. This situation mainly stems from