2025-05-15-Jefferies-堀场（6856）_商业环境未变_9页_196kb
报告摘要
- Key Highlights from Jefferies Equity Research on Horiba (Ticker: 6856 JP):
- Business environment unchanged. A strong 1Q (FY12/25) achieved record sales and operating profit, with performance exceeding consensus.
- Segment-wise progress is encouraging, especially in Advanced Materials/Semiconductors for profit increases, however guidance for the full year revised downwards due to forex impact.
- Maintain 'Buy' rating and ¥13,000 price target, linking to improved earnings despite current risks.
- Exclude tariff factors from current scenario as no actual shift observed.
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