Semiconductor/SPE: Lasertec (6920) 4Q results and Nikon (7731) 1Q results

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

07 August 2026

Semiconductor/SPE

Lasertec (6920) 4Q results and Nikon (7731) 1Q results

Lasertec (6920) reported 4Q FY6/26 results and Nikon (7731) reported 1Q

FY2026 results on August 6. Below we summarize the two companies’ results.

Lasertec results:Somewhat positive: Lasertec reported FY6/26 operating profit

of ¥105.3 billion (−14% YoY; Bloomberg consensus ¥106.7 billion; our estimate

¥104.9 billion) and issued FY6/27 guidance of ¥125.0 billion (+19% YoY; ¥138.1

billion; ¥123.9 billion). Order guidance of ¥300–400 billion (midpoint +47%

YoY) is within the range of market expectations. However, demand has expanded

for both DRAM and logic compared with three months ago, and Lasertec noted that

it has received A300 inquiries from multiple DRAM mask shops, which gives us

a positive impression.

Japan Equity Research

Technology - Semiconductor/

Technical Materials

Mio Shikanai AC

(81-3) 6736 1313

Junya Ayada

(81-3) 6736 8631

JPMorgan Securities Japan Co., Ltd.

FY6/27 order guidance: Lasertec guides for orders in a range of ¥300–400

billion (midpoint +47% YoY). It said that orders at the midpoint of this range

could result in roughly equal order amounts in 1H and 2H, and that the low

scenario for ¥300 billion assumes order delays while the high scenario for ¥400

billion assumes progress in A200 evaluations. Lasertec expects strong

MATRICS orders throughout the year, and guides for orders to roughly double

YoY in FY6/27 (from ¥77.2 billion in FY6/26). Lasertec similarly forecasts

ACTIS orders will roughly double YoY (from ¥62 billion in FY6/26). It expects

A300 orders from mask shops and advanced fabs to increase in 1H, and thinks

advanced fabs could place additional orders for the A200 (currently in

evaluation) in 2H. For DRAM applications, Lasertec has received A300

inquiries from multiple mask shop customers, and as it is also starting to receive

A200 inquiries, it sees potential for opportunities from FY6/28.

Nikon results: Neutral: Nikon reported a 1Q operating loss of ¥1.0 billion (vs. a

loss of ¥1.2 billion in 1Q FY2025; Bloomberg consensus estimate was a loss of

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