Alps Alpine (6770): 1Q results: 1Q operating profit beats consensus, due mainly to mobility; we see upside to 1H guidance

研报英文原文证据摘录

Alps Alpine (6770): 1Q results: 1Q operating profit beats consensus, due mainly to mobility; we see upside to 1H guidance

J P M O R G A N Asia Pacific Equity Research

01 August 2026

Alps Alpine (6770) Neutral

6770.T, 6770 JP

1Q results: 1Q operating profit beats consensus, due Price (31 Jul 26):¥2,214

mainly to mobility; we see upside to 1H guidance Price Target (Dec-27):¥2,480

Positive: 1Q operating profit beat our estimate and the Bloomberg consensus Japan Equity Research

estimate, due mainly to the mobility segment. Guidance is unchanged, but

Technology - Electronic

considering 1Q profit progress in the mobility segment, we think there may be Components

upside. The 2H outlook is uncertain at present, as this depends on offsetting higher AC Akinori Kanemoto

raw material costs and recovering compensation from Japanese automakers for

(81-3) 6736 8628

development plan changes (this compensation might not be reflected on the P&L). akinori.kanemoto@jpmorgan.com

• Earnings summary: Alps Alpine reported 1Q sales of ¥237.9 billion and an Ikki(81-3)Shibata6736 8641

operating loss of ¥920 million, better than our estimate for a loss of ¥3.5 billion ikki.shibata@jpmorgan.com

but missing the Bloomberg consensus estimate for profit of ¥1.4 billion. Initial JPMorgan Securities Japan Co., Ltd.

guidance is unchanged. Component segment profit was in line with our

estimate in 1Q, despite actuator sales falling by 30% QoQ on startup delays. In

the mobility segment, the impact of higher memory prices exceeded guidance,

but stronger-than-expected North American sales and a roughly ¥2 billion

development cost shortfall versus initial guidance both contributed. Alps

Alpine did not revise guidance, but we think 1H guidance likely has upside

potential, due mainly to the mobility segment.