2025-05-27-Jefferies-东京威力科创（6315）_收益回顾_预计下半年订单反弹_21页_495kb

报告摘要

FY35 Results: Sales reached ¥53.5bn (+6.0% YoY), operating profit ¥8.9bn (+2.5%), slightly exceeding market consensus primarily on higher ASPs. Compression equipment sales declined YoY due to reduced memory order volumes.
FY36 Guidance: Projected sales of ¥56.0bn (+5% YoY) and OP ¥9.8bn (+10% YoY), driven by anticipated HBM and memory application rebounds. 1H FY36 earnings expected to be low amid order weakness.
Valuation: JEFF continues to assign a ¥2,000 price target based on FY37E P/E of 15x, maintaining a "Buy" rating.

Growth Drivers:
- HBM Market: Transition to HBM4 will boost demand for advanced compression molding equipment, with new product CPM1150 targeting >¥20bn revenue in FY36.
- Chiplet & PLP: Demand for chiplet-compatible transfer equipment expected to rise, stronger for 2H FY26 as evaluations progress.
- Geographic Expansion: India and China are key growth areas; plans include expanding JPY regional presence.
- Technological Advancements: Development of narrow-gap molding tech (Ultra Narrow Gap Mold Underfill) positions TOWA to capture HBM4 opportunities.
Key Risks:
- Market Volatility: US-China trade tensions, tariffs, and semiconductor demand lulls pose risks.
- Order Cycles: Quarterly fluctuations impact earnings; backlog reduced YoY.
- Technical Challenges: Hybrid bonding adoption for HBM remains uncertain despite molding tech advancements.

Mid-term Plan (FY326-FY329): Targets ¥71bn sales and ¥15.6bn OP through investments in high-value compression equipment and V2X collaboration with TEL.
Long-term Vision (2032): Aims to double sales from FY32 and reach ¥100bn revenue.
Singulation Business: LSG1040 laser singulation system enhances accuracy, targeting FY27 net revenue ¥3.2bn via hybrid bonding adoption.

Dividend: ¥1.5bn paid FY35, with ¥20 FY36 ex-dividend payout (21.9% ratio).
Research Coverage: Maintains Buy rating; highlights TOWA as a viable addition to franchise picks with 3x upside potential (¥4k target).

(Summary compiled from Equity Research publication dated May 27, 2025, focusing on TOWA's semiconductor equipment sector performance)

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