2025-05-15-Jefferies-日本电子株式会社（6951）_预计2026财年第三季度营业利润为240亿日元_9页_252kb

JEOL Equity Research Summary

• Key Announcement: JEOL reported FY3/25 financial results, achieving sales of ¥196.6bn (+12% YoY) and OP of ¥35.5bn (+28%), exceeding guidance.
• FY3/26 Outlook: Projects sales of ¥181.0bn (-8% YoY) and OP of ¥24.0bn (-32% YoY), impacted by yen appreciation and reduced mask writer demand.
• New Medium-Term Plan: "Evolving Growth 2.0" sets a ¥45.0bn OP target for FY3/30.
• Business Segments: Strong performance in scientific/measurement instruments and industrial equipment, with uncertainties in mask writer markets.
• Valuation: Analyst recommends BUY with a price target of ¥9,000 (P/E of 18x for FY3/26), based on segment analysis and growth projections.
• Risks: Key factors include forex volatility, shifts in public R&D budgets, and ongoing uncertainties in electron beam mask writer demand.