Renesas 2Q26: AI DC growth and industrial/auto inventory replenishment

研报英文原文证据摘录

Renesas 2Q26: AI DC growth and industrial/auto inventory replenishment

down a modest 20bp QoQ as delayed spending resumes. We believe the margin guidance is

conservative and expect further expansion of margins.

Segmental Update - AI demand strong, auto/industrial inventory replenishment:

• AI data center, including digital power and memory interface, stood out as an upside driver in IIoT. Data-center-

related industrial demand in China was very strong, while Infrastructure demand exceeded expectations as ASIC demand

ramped strongly alongside GPU-related business. Supply is very tight. For now, Renesas can only meet demand through

incremental capacity expansion. The strongest contributors were data-center-related demand, Chinese industrial demand,

and customers able to manage memory availability. 3Q26 IIoT is expected to continue growing sequentially. Industrial

and infrastructure strength seen in 2Q26 should persist. IoT should rise only modestly because higher memory prices and

shortages are beginning to constrain some end markets. AI/data-center demand remains the key company-wide growth

engine.

• Auto recovery with new products and inventory replenishment. Auto beat guidance in 2Q26, supported by better-than-

expected end demand. Strength reflected the ramp of Gen 4 R-Car in Japan, customer/channel restocking after inventories

had fallen too low, and stronger conditions across Japan, China, and Europe. 3Q26 Management expects sequential growth.

The growth drivers are new 28nm MCUs in China, Gen 4 R-Car ramp in Japan, and further channel replenishment, particularly

in Japan. Underlying auto end demand as broadly flat QoQ. Management views Auto as a relatively steady growth business

through year-end rather than one experiencing a sharp cyclical recovery.