2025-06-09-Jefferies-石川岛播磨重工（7013）_首席执行官会议备忘录；正在进行的业务改革以支持估值上行_14页_771kb

IHI Corporation, a Japanese firm specializing in heavy machinery such as aircraft engines and defense systems, is focusing on improving profitability through divestiture of non-core assets and cost reduction in conventional businesses. The company's CEO expressed urgency to optimize its business portfolio, potentially exiting some assets by FY28. Financially, IHI targets a 25% price target increase to ¥19,550 from ¥14,300, based on a P/B ratio of 3.5x and DCF analysis. Earnings per share (EPS) is expected to grow, with operating profit reaching ¥158bn in FY26 and ¥222bn in FY27, higher than consensus estimates. Key risks include potential additional provision costs in industrial projects or slowdowns in jet engine sales, while upside factors involve successful business reforms and market re-rating. Current segments show strong performance in aerospace and defense, with emphasis on sustainability and carbon solutions.