27/3 Q1 results: We retain our forecasts and target price

研报英文原文证据摘录

27/3 Q1 results: We retain our forecasts and target price

Global Markets Research

1 August 2026Alps Alpine

6770.T 6770 JP / EQUITY: JAPAN ELECTRONIC PARTS

Rating27/3 Q1 results: We retain our forecasts and target

Remains Neutralprice

Target price JPY 2,480Achieving full-year guidance will depend on negotiations with customers Remains

about cost recoupment

Closing price JPY 2,214.0We retain our earnings forecasts and keep our Neutral rating 31 July 2026

The company said that for smartphone actuators in Apr–Jun (Q1), sales were in line with

Implied upside +12.0%initial guidance. However, shipments were weaker than we had expected. We think the

shortfall in operating profits versus our pre-release forecast can be broadly explained by

camera actuators, and given the prospect of a sharp rise in shipments of these actuators

in Q2, we see no need to revise our full-year forecast. We retain our forecasts, our target

Relative performance chartprice of ¥2,480, and our Neutral rating. Along with results, the company announced a

share buyback of up to ¥30.0bn or 20mn shares.

Shipments of camera actuators were lower than we had expected in Q1

In Q1, sales fell 0.4% y-y to ¥237.9bn and the company posted operating losses of

¥900mn (deterioration of ¥4.6bn), versus our pre-release forecasts of sales of ¥250.0bn

and operating profits of ¥3.0bn. Sales and operating profits at the components segment

were around ¥17.0bn and ¥3.0bn lower than we had expected, respectively, and at the

mobility segment, sales were just over ¥6.0bn higher than our forecast but operating

profits were around ¥1.0bn lower. The undershoot at the components segment looks to

have been due to delays in shipments of smartphone actuators, and we think it will be able