26/12 Q2 results: Strong recovery across wide range of applications: Quick Note

研报英文原文证据摘录

26/12 Q2 results: Strong recovery across wide range of applications: Quick Note

Global Markets Research

31 July 2026Renesas Electronics

6723.T 6723 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

26/12 Q2 results: Strong recovery across wide Rating Buyrange of applications

Target price JPY 6,000Quick Note

Closing price

31 July 2026 JPY 3,442First impression positive: Stronger-than-expected sell-through, rush to stockpile

within distribution channels (Note: Quick Note reports are not a

Demand at Renesas Electronics was better than expected across almost all applications vehicle for changes to ratings, target

in 26/12 Q2. Guidance calls for a continued strong recovery in Q3, on which basis our first prices, or earnings forecasts)

impression is positive. In particular, demand for microprocessors for data centers has

been rising sharply thanks to the spread of AI agents, and sales of memory interfaces

have been strong. Digital power sales also look to have risen sharply now that the

company has placed itself well to win orders from multiple GPU and ASIC customers.

Research Analysts

(1) Q2 non-GAAP sales of ¥405.3bn (up 9% q-q) beat our forecast of ¥396.1bn and the Japan industrial electronics

midpoint of the guidance range of ¥388.0bn. Operating profits of ¥132.7bn beat the

Masaya Yamasaki, CFA - NSCmidpoint of the guidance range by ¥20.2bn and our forecast by ¥7.7bn, giving an masaya.yamasaki@nomura.com

operating margin of 32.7%. Sell-through has continued to exceed expectations, and +81 3 6703 1190

channel inventories (weeks of inventory) have continued to fall.

(2) The midpoint of the Q3 sales guidance range is ¥430.0bn (up 6% y-y) versus our

forecast of ¥416.5bn and the midpoint of the non-GAAP operating profit guidance range is

¥139.8bn versus our forecast of ¥134.0bn.