2025-06-13-Jefferies-滨松光子学株式会社（6965）_收益回顾_订单触底_25页_606kb

Summary of Japan Precision Equipment Equity Research on Hamamatsu Photonics

Earnings Review

• 1H FY9/25 Performance: Sales reached ¥106.7 billion (+2.7% YoY), but operating profit fell to ¥10.7 billion (-46.3% YoY), missing guidance. Lower operating profit was driven by intense competition, R&D expenses, and higher depreciation.
• Orders Bottoming Out: 2Q orders reached ¥35.8 billion, up YoY, suggesting demand stabilization after inventory adjustments. Medical/biomedical and semiconductor orders showed recovery, but EV/battery applications remain sluggish.
• Full-Year Guidance: Maintained sales (¥218.9 billion, +7.4% YoY) and profit guidance, despite downward trend. Net profit projected at ¥18.0 billion (-28% YoY).

Valuation

• Price Target: Raised from ¥2,000 to ¥2,200 based on 13x EV/EBITDA for FY9/26, reflecting confidence in medium-term growth.
• Risks: Yen appreciation, semiconductor industry slowdown, and tariffs impact margins. Despite upside from acquisitions like NKTP in high-value products, investment requires careful monitoring of external risks.

Outlook

• Industrial Segment: Semiconductor and medical equipment segments show recovery potential, while non-destructive testing lags.
• Key Drivers: Semiconductor investments and new business expansions (e.g., quantum computing) aim to drive future growth, though profitability remains pressured.

Recommendation: Buy rating with cautious optimism, emphasizing the need to monitor inventory cycles and tariff impacts.