Panasonic Meeting with three senior executives

研报英文原文证据摘录

Panasonic Meeting with three senior executives

Global Research

31 July 2026ab

Panasonic Equities

JapanMeeting with three senior executives

Consumer Electronics

12-month rating Buy

Expectations for AI demand

We attended a small meeting with Panasonic CFO Akira Waniko, Energy Business CEO 12m price target ¥5,320.0

Kazuo Tadanobu and Industry Business CEO Masato Ozawa on the day after the

earnings announcement. Overall, the discussion reaffirmed the strength of AI demand.

Price (31 Jul 2026) ¥4,284

While acknowledging that the company had previously missed opportunities for capital

investment, the CFO stated that demonstrating sufficient production capacity and a RIC: 6752.T BBG: 6752 JP

willingness to invest would be the most important factor in negotiations with

Trading data and key metrics

hyperscalers going forward. In battery backup units (BBU), conductive capacitors and

52-wk range ¥4,770-1,455

Megtron, the company appears able to pass higher material costs on to selling prices,

and we believe these businesses could drive expansion of OP through strong growth and Market cap. ¥10,002b/US$62.4b

high profitability. For FY3/27, we estimate OP of ¥50-60bn from AI-related businesses in Shares o/s 2,335m (ORD)

the industry segment and ¥140bn from BBUs. Free float 70%

Avg. daily volume ('000) 12,435

BBUs Avg. daily value (m) ¥49,005.5

The largest upside risk to our current forecasts is the BBU price per GPU rack. In our Common s/h equity (03/27E) ¥5550b

current forecasts, we assume a BBU price of $44K at 132kW for the Nvidia Blackwell P/BV (03/27E) 1.8x

Ultra architecture and $50K at 225kW for Nvidia Vera Rubin. We anticipate a relatively Net debt to EBITDA (03/27E) 0.5x

moderate increase in unit prices because capacity per battery cell is rising while the