Cochlear Limited：FY26 初步看法：FY26 处于修正区间上限；FY27 指引符合共识，尽管毛利率持续承压；中性

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

18 August 2026

Cochlear Limited

FY26 First Take: FY26 at top of revised range; FY27

guidance captures consensus despite ongoing GM

pressure; Neutral

Neutral

COH.AX, COH AU

Price (17 Aug 26):A$131.25

Price Target (Jun-27):A$119.40

JPM Key Takeaways: FY26 guidance was (strongly) rebased in April and FY26

came in at the top-end of the ranges; with 2H revenue +6% (vs. guidance +2-6%);

NPAT of $322m came in +4% ahead of the midpoint. The company is taking a

firmer view on costs and has guided to a decline in Opex in FY27. However, our

largest concern with the stock remains the GM profile (71% in FY26 fell -300bps

over the year, missing revised guidance of 72%, and is now -500bps from FY24

levels). For FY27e, COH guides to further contraction, GM 70-71% (vs. consensus

72%) and so guidance for a low single digit revenue profile and modest GM

pressure leaves the company reliant on cost execution to drive earnings growth.

FY27 NPAT guidance for $330-350m captures consensus $339m and should

provide some reassurance today.

Key positives: i) FY26 NPAT $322m at the upper-end of the latest range $290330m (albeit -28% below initial FY26 guidance); ii) +6% revenue growth in

2H26 at top of range +2-6%; iii) Opex guided to decline overall in FY27 with

fixed costs being reduced by $25m to be reinvested into growth initiatives.

Key negatives: i) Gross margin contracted -300bps to 71%, missing guidance

of 72% that had been rebased twice (China dragged by -150bps as flagged in

our preview), GM guided to further contraction in FY27e 70-71% (vs. cons

72%); ii) FY27 revenue guidance of low single digit growth is probably enough

vs. consensus (+3%) but represents a +2% revenue CAGR from FY24-27; iii)

CI growth in Western Europe very soft at -8%; overall guidance for ‘modest’

growth in DMs.

Australia

Australian Healthcare

Chris Cooper, ACA CFA AC

(61 2) 9003-6221

J.P. Morgan Securities Australia Limited