媒体报道：川崎重工与美国半导体制造商合作推进机器人业务的AI应用

Takeshi KitauraEquity Analyst ymufg.com+81 3 6836-5427MORGAN STANLEY ASIA LIMITED+Lisa JjiangEquity Analyst Partnering on Al Adoption inRobot Business with US SemiMakers, Says Media Report MORGAN STANLEY MUFG SECURITIES CO., LTD.+ compared with major industrial robot manufacturers, it is developing a diverse arrayof robot products, including robots for semiconductors, the hinotori surgical robot,the FORRO medical transport robot, the Kaleido humanoid, and the CORLEO next-developing new solutions using Nvidia's physical Al technology. It also reported thatthe company will open a joint development base in San Jose, California,where itplans to collaborate with Analog Devices, Microsoft, and Fujitsu. If the report isaccurate, we think this could lead to an acceleration in its Al robot developmentefforts. None of the companies mentioned, including KHl, have issued any relatedpress releases etc. on this matter. For F3/27, it factors a roughly ￥1Obn YoY increasein costs into its plan, mainly for new business investment expenses including robot-related spending, which we think indicates a proactive stance on Al adoption. Heavy Industries|Japan Stock Rating Industry ViewAttractivePrice target￥3,150Shr price, close (May 21, 2026)￥2,844Mkt cap, curr, basic (bn)￥2,376.6Avg daily trading value (bn)￥72.2 Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors 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,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions onand trading securities held by a research analyst account. Our price target is based on a 20.0xF3/26 one-year average NTM P/E applied to our F3/28e forecast.WeassumetheP/Ewill holdat aroundtherecenthistoricalaverage,given thatweakness in the PS&E business is largely priced in. Fasterbacklog clearancefrom ship and aircraft capacity expansionBusiness structure reforms ■Heightened PS&E competitionProlonged capacity expansion delaying revenueRaw-material supply and cost pressures Disclosure SectionThe 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 historiesregarding companies that are the subject of this report,please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orpricetargetreferenced in this researchreport,please contact the Client Support Teamasfollows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(O)3-6836-90OO. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 1O036 USAAnalystCertification 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: Takeshi Kitaura Morgan Stanley Research has been published in accordance with our confuict management policy,which is available at www.morganstanley.com/institutional/research/confuictpolicies.A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies As of April 30, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: IHI, Kawasaki Heavy Industries.Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Mitsubishi Heavy Industries. Within the last 12 months, Morgan Stanley has received compensation for investment banking services from IHl, Mitsubishi Heavy Industries.In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from IHI, Kawasaki Heavy Industries, Mitsubishi Heavy Industries. Withinthelast2months,MorganStanleyhasprovidedorisprovidinginvestmentbankingservicesto,orhasaninvestmentbankingclient relationship