三菱电机与鸿海精密战略联盟备忘录：对汽车零部件行业的影响

Auto Parts I Japan Shinji KakiuchiEquity Analyst Hayato Takashima MoU Toward Strategic AllianceBetween Mitsubishi ElectricMobility and Hon Hai:Implications for the Auto PartsIndustry Hayato.Taka+81 3 6836-5414AUTO PARTS JapanIndustry View Key TakeawaysOn Apr 24, Mitsubishi Electric said it has signed an MoU with Hon Hai Precision to begin exploring a strategic alliance through joint operation of its automotiveequipment business.The company says it aims to create synergies by expanding areas of collaboration in automotive equipment to include electrification,autonomous driving,andsoftware-defined vehicle (SDV) technologies.Withglobal competition expected to rampup in theauto parts industry,efforts toboost cost competitiveness and shorten development lead times are set to beincreasingly important. Stanley Electric started Stanley Mobility Electric,a JV with Mitsubishi ElectricMobility, on Apr 1. It handles LED control units and ECUs. IAisin has a business alliance with Mitsubishi Electric Mobility to develop drivemodules for EVs. Product launches are expected in the latter half of the 2020s Mitsubishi Electric (6503, not covered) announced on Apr 24 that it has signed amemorandum of understanding (MoU) with Hon Hai Precision Industry (covered bySharon Shih) to begin exploring the prospects of a strategic alliance through jointoperation of its automotive equipment business. It says it will begin consideringjoint operations with Hon Hai Precision Industry, with the prospect of accepting a50% equity investment by Hon Hai Precision Industry in Mitsubishi Electric Mobility,a Mitsubishi Electric subsidiary, also being considered. The Nikkei reported on Mar 17that Mitsubishi Electric had entered negotiations to accept an investment from HonHai Precision Industry in Mitsubishi Electric Mobility. In response, Mitsubishi Electricissued a statement on Mar 18 saying that this is not something announced by thecompany, that it is pursuing a business portfolio strategy with all options in mindand that it will promptly disclose any matters requiring disclosure going forward. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision For analyst certification and other important disclosures,referto the Disclosure Section, located at the end ofthisreport. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.("MUMSs") is acting as financialadvisorto Mitsubishi Electric Corporation (Mitsubishi Electric")in relation toconsideration of strategic alliance through joint operation of automotive equipmentbusiness with Hon Hai Technology Group as announced on April 24, 2026. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subjectcompany.public appearancesand trading securities held by a research analyst account. services. The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co, Ltd. and its affiliates (collectively, Morgan Stanley).For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website Management), New York, NY, 10036 USA.Forvaluationmethodology and risks associated with anyrecommendation,rating or price target referenced in this research report,please contact the Client Support Teamas follows: US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (O)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively youmay contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY10036USAAnalystCertification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Shinji Kakiuchi Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutiona/research/conflictpolicies.A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies As of March 31, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: GS Yuasa Corporation, Musashi Seimitsu Industry, Nifco, Toyoda Gosei, Unip