Socionext 27/3 Q1 results: Operating losses because of timing issues Quick Note

研报英文原文证据摘录

Socionext 27/3 Q1 results: Operating losses because of timing issues Quick Note

Global Markets Research

29 July 2026Socionext

6526.T 6526 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

27/3 Q1 results: Operating losses because of Rating Neutraltiming issues

Target price JPY 2,500Quick Note

Closing price

29 July 2026 JPY 2,023.0First impression slightly negative: Company retains 27/3 full-year guidance, but we

see downside risks for H1 (Note: Quick Note reports are not a

In Q1, the company posted operating losses of ¥700mn (q-q deterioration of ¥5.8bn), vehicle for changes to ratings, target

undershooting our forecast of profits of ¥2.0bn. We attribute this to: (1) the pushing back prices, or earnings forecasts)

of the booking of around ¥10.0bn in sales to the Chinese automotive industry from Q1 to

Q2 and (2) increases in upfront development costs and test sample prototype costs.

Management retained its full-year 27/3 guidance but suggested that H1 earnings might

undershoot expectations because of increased development costs and delays in booking

Research Analystsnon-recurring engineering (NRE) sales, on which basis our first impression is slightly

negative. Japan industrial electronics

Masaya Yamasaki, CFA - NSCFirst, in Q1, product sales fell ¥19.7bn q-q to ¥27.4bn, substantially lower than our masaya.yamasaki@nomura.com

forecast of ¥39.0bn. In addition to various fallbacks that we had expected, there was also +81 3 6703 1190

the aforementioned pushing back of the booking of Chinese automotive sales. Meanwhile,

NRE sales of ¥11.6bn (flat y-y) beat our forecast of ¥10.0bn, but it now looks as though

they could undershoot initial guidance in Q2 because of increases in development costs

and the timing of NRE sales.