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研报英文原文证据摘录

Global Markets Research

Socionext

19 August 2026

6526.T 6526 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

We lower forecasts slightly

We retain scenario for renewed growth from 27/3 H2, expect harshness in

near term

We retain Neutral rating; prospects for growth in automotive and data center

products, number of market entrants rising

Rating

Remains

Target price

JPY 2,400

Reduced from 2,500

Closing price

We trim our 27/3 profit forecasts for Socionext, but maintain the view that earnings will grow in

28/3 and beyond on contributions from CPUs with applications for the auto industry in North

America and data centers starting in 27/3 H2. We increase the discount we apply in the

calculation of our target price from just over 20% to around 25% to reflect an uptick in growth in

rivals' sales of products for AI accelerators and a growing number of major US and Taiwanese

fabless companies entering the custom chip market, and accordingly lower our target price by

4%. We keep our Neutral rating.

Neutral

18 August 2026

JPY 2,019.0

+18.9%

Implied upside

Relative performance chart

Weak earnings in Q1 (Apr–Jun) because of timing issues, but we assume sales

bookings in Q2

Operating losses came to ¥0.7bn in Q1 as around ¥10bn in sales of automotive products in

China that were scheduled for recognition in Q1 were delayed. This is because it took time to

adjust various procedures in the process of making changes to the supply chain for the purpose

of optimizing the supply platform, and we expect sales to rise sharply q-q in Q2 on the booking

of the delayed sales.

We expect profit growth from 27/3 H2, but R&D investment burden should increase

We trim our 27/3 forecasts. Tight supply conditions have been spreading across some parts &

material, foundry, and outsourced semiconductor assembly and test (OSAT) companies on the

back of strong demand for data center applications in the semiconductor industry as a whole.

Demand for the company's products for some industrial applications has been stronger than

expected, and we think it will be difficult to secure additional production capacity, but we see a

risk of a shortfall as demand for some smart devices looks weak.…