Sysmex (6869): 1Q results: Solid demand in Americas confirmed, leaving good impression; awaiting end to bad news in China

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

08 August 2026

Sysmex (6869)

1Q results: Solid demand in Americas confirmed,

leaving good impression; awaiting end to bad news in

China

Overweight

6869.T, 6869 JP

Price (07 Aug 26):¥1,652

Price Target (Dec-26):¥1,600

Somewhat positive: 1Q operating profit, announced August 7, was ¥14.8 billion

(Bloomberg consensus estimate ¥9.6 billion), about ¥2 billion above guidance.

This was due to a sharp rise in revenue recognition in 1Q in the Americas, where

the lead time from equipment orders to revenue recognition, which had lengthened

since the pandemic and led to an increase in the FY2025 order backlog, recently

normalized. Management raised 1H and FY2026 operating profit guidance by ¥2

billion. It plans to announce a business review with 2Q results. We expect a

somewhat positive stock price reaction.

1Q results: Sales beat guidance, driven by a particularly strong Americas

hematology business. Sales in EMEA and APAC were also solid, and the weak

yen helped. In China, overall sales were above guidance as while hemostasis

business sales were below guidance, the hematology business was strong. The

gross margin was affected by deterioration in the product mix due to increased

Americas hematology equipment sales. SG&A excluding FX impact was

largely in line with guidance.

Outlook: Management plans to announce a business portfolio review with 2Q

results. We expect a rise in stock market expectations for measures to address

lower margin businesses. Management assumes China’s policy of

standardizing testing fees, leading to lower fees, will have an increased impact

starting around 4Q FY2026, but the outlook for the impact is uncertain. Hence,

if the impact of testing fee standardization becomes clearer, we think the bad

news could be expected to some extent to end, and the stock would be more

likely to rise.

Japan Equity Research

Medical Technologies & Services

Naoko Saito AC

(81-3) 6736-8693

Seiji Wakao, Ph.D.

(81-3) 6736-8612

JPMorgan Securities Japan Co., Ltd.