2025-05-28-Jefferies-三菱电机（6503）_投资者关系日_专注于重组工作_7页_110kb

Mitsubishi Electric Equity Research Summary

Key Corporate Actions and Financial Targets

• Restructuring: Management aims to complete up to ¥1.3 trillion in asset divestitures by FY3/28 to improve OPM. Current OPM is 8% in FY3/26, and the target is to increase it by 2ppts to a potential 10%.
• Divestiture Plans: ¥0.5 trillion assets to be divested in FY3/25, with ¥0.8 trillion decisions by FY3/26. Full completion of ¥1.3 trillion project should drive OPM gains.
• Growth Investment: ¥1 trillion budget allocated for M&A across factory automation, air-conditioning, energy management, and data analytics to pursue inorganic growth.
• Shareholder Returns: Increased budget to ¥0.7 trillion (¥0.2 trillion buybacks, ¥0.5 trillion dividends) over FY3/22-26, up from previous ¥0.6 trillion.

Business Segment Highlights

• Infrastructure: Focuses on data solutions, defense systems, and decarbonization components. Overseas exports in defense and Southeast Asia target market expansion.
• Industry & Mobility: Ongoing cost-cut actions in factory automation (2-3 years) to reach 10% OPM interim target. Low-priced servomotor launch in China aims to boost engagement in high-end products.
• Life: Air-conditioning aims for profit margin improvement through pricing and resource allocation, with growth in Europe, US, and India. Building systems target ≥10% OPM from current 9.7%.
• Semiconductor & Device: Cost competitiveness maintained through power semiconductors and SiC collaborations, countering Chinese rivals.

Valuation and Risks

• Stock Performance: Equity Research recommends "Buy" with a price target of ¥3400 based on multiple valuation methods. Current market cap is ¥6.0 trillion.
• Risks: Prolonged economic weakness and delayed restructuring benefits pose downside. Upside risks from factory automation sales recovery.

Analyst Opinions

• Management presented at an IR day, focusing on restructuring outcomes to support share price performance despite initial tepid market reaction.

{
  "Status": "Summary Complete",
  "Date": "2025-05-29"
}