富士通

研报英文原文证据摘录

Global Markets Research

Fujitsu

19 August 2026

6702.T 6702 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

Buy

Rating

Remains

We nudge up our earnings forecasts

Target price

Improvement in service margins with AI-driven development

Increased from 5,000

We reiterate our Buy rating on shift to Uvance business model

We nudge up our forecasts and raise our target price for Fujitsu by 4% to reflect steady

progress with the company’s shift toward its Uvance business model and reiterate our Buy

rating on the stock. First, demand for services in Japan remains solid, and we expect

modernization and the Uvance model to steadily drive earnings. Second, the company

provides vertically integrated technology solutions ranging from AI infrastructure

(sovereign clouds, CPUs, quantum computing, and high-performance computing (HPC)),

to AI platforms (multi-AI combining commodity AI and the company's proprietary AI), and

industry-specific AI agents, and we expect customers' adoption of AI to act as a tailwind.

Third, we expect only a limited impact from memory supply shortages and sharp price

rises and see no need to be overly concerned about these factors.

Steady growth in service orders in Q1, margins improved in line with expectations

Adjusted operating profits rose ¥19.7bn y-y in Q1 as one-time gains offset the

disappearance of PC and server demand, while sales in the service solutions segment

rose and margins improved. Service orders in Japan were solid, rising 10% (up 8%

excluding the impact of major business deals). The gross margin in the service solutions

segment improved by 1.5ppt, short of full-year guidance for a rise of at least 2ppt, but the

gross margin in its system integration operations, which excludes changes in the

packaged product mix, looks to have improved by over 2ppt, in line with expectations.

JPY 5,200

Closing price

JPY 3,601

18 August 2026

+44.4%

Implied upside

Relative performance chart

Source: LSEG, Nomura

We forecast earnings growth from 27/3 in line with the company's longer-term

vision

The longer-term vision announced in May targets EPS CAGR of over 15%. We nudge up

our earnings forecasts and forecast EPS growth of around 15% given the outlook for

…