2025-06-10-花旗集团-揖斐电（4062）_揖斐电（4062.T）_维持买入-人工智能相关的显著上行空间仍然存在_15页_593kb

Citi Research: Ibiden (4062.T) - Buy Rating

• Date & Recipient: June 10, 2025 | Takayuki Naito, Liliko Takayama
• Core Action: Maintain "Buy" rating with Target Price increased to ¥7,200 (previously ¥6,000).
• Key Growth Drivers: Significant upside from AI-related GPU packaging business.
• Financial Projections:
  • FY3/26 (current estimate): OP ¥47.6bn (+0.1% YoY from ¥47.6bn estimate), TP ¥69.0bn.
  • FY3/27: OP ¥80.0bn (+38% YoY).
• Profit Outlook: Profit margins expected to widen due to volume growth in AI, despite headwinds from startup costs.
• Product Mix: AI GPU packages expected to account for ~35-45% of package sales in FY3/25-26, driving margins.
• Valuation:
  • Target Price: ¥7,200 | Previous: ¥6,000.
  • Expected Share Price Return: 25.4% | Expected Total Return: 26.1%.
  • Market Cap: ¥801,364m.
  • PE Ratios expected to decline from 23.8x to 15.2x.
• Risks: Board on DPF (Diesel Particulate Filter) decline, potential inventory adjustments, forex volatility.
• Recommendation: Highlights the undervaluation and the company's strong position in AI GPU packaging.