中小盘/制造商：科技月度报告（五月）

Yoshihito HasegawaEquity AnalystYoshihito.Hasegawa@morganstanleymufg.com Mid Small Cap/Manufacturer: Tech Monthly May2026 Japan Industry View Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firmmay havea 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 of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA,may notbe associated persons of thememberand may not be subject to FINRA restrictions oncommunications with a subject company,public appearancesand trading securities held by a research analyst account. Small-capperspectiveintech-relatedsubindustriesStock prices of semiconductor-related companiesOrders and sales trends at semiconductor-related companiesThis month's overview and noteworthy themesCoverage list Procurement riskrelated to the Middle East has eased, but Source: Bloomberg, Morgan Stanley ResearchNote: Apr 7, 2025= 100 Source: Bloomberg, Morgan Stanley ResearchNote: Apr 7, 2025= 100 Source: Bloomberg, Morgan Stanley ResearchNote: Apr 7, 2025= 100 Source: Bloomberg, Morgan Stanley ResearchNote: Apr 7, 2025= 100 Source: Bloomberg, Morgan Stanley ResearchNote: Apr 7, 2025= 100 Micronics Japan: (1) F12/26 1Q results had revenue at ￥20.9bn and OP at ￥5.65bn (margin 27.0%)→2Q plan of ￥24.8bn and OP ￥7.25bn (29.3%), 3Qplanof￥25.9bnandOP￥9.0bn(34.7%):Marginsarelikelytoimprovetoward3Qdrivenbyproductmiximprovement.(2)F12/26revenueplancalls for growth significantly higher than +26%: MCJ added "significantly" to its previous guidance of "revenue growth above 26%". (3) Pace of capacityexpansion:MCJlookstoincreaseat roughly￥2.0bnperquarterin2026 23.8%(semiconductors26.1%),up1.4ppt (2.0ppt)YoY,drivenbyahighermixofhighvalue-addedproducts.(2)F3/27guidancehasrevenueat181.5bn (F3/28 plan is at ￥185.0bn) and OP ￥40.0bn (￥45.0bn), with margins of 22.0% (24.3%), indicating progress toward medium-term targets. (3)Semiconductorequipment1Horderplan is+20%YoY, exceedingrevenuegrowthassumptions(1H+16%,2H+6%). TOWA:(1)F3/26resultsshowedrevenueat￥54.4bn(+2%YoY;guidance￥54.5bn)andOP￥6.92bn(-22%;￥7.0bn),thelatterslightlymissingthedownward revised plan. (2) F3/27 guidance has revenue at ￥64.0bn (1H ￥32.0bn) and OP ￥10.24bn (￥5.12bn), with quarterly order (revenue)assumptions of￥15.0-17.0bn (￥16.0bn): While demand remains strong for HBM, general memory,and advanced packaging,uncertainty leads to a flat1H-2H profile.(3) Looking YoY,TOWAassumes revenue growth of￥10.5bnand OPgrowth of￥1.36bn: While higher revenue is expected tocontribute, initial costs for WLP equipment will weigh on margins. Ferrotec: (1)F3/26 results put revenue at￥288.9bn (+5%YoY; guidance ￥285.0bn)and OPat￥27.6bn (+14%;￥30.0bn).4Qshowed revenue df￥77.3bn(3Q￥70.7bn)andOP￥5.72bn(￥7.51bn):InitialmassproductioncostsattheMalaysiaplantandvaluationlossesonsolarquartzcruciblesledto a miss vs plan. (2) Fiscal year change from F3/27 to F12/26: The company's subsidiaries close books in December, and so the revenue headwindwillcomefromtheparent'sJan-Marsales(~￥5.0bn).(3)Semiconductor-relatedequipment:Ferrotecassumes+20%growthintheWFEmarket,withvacuumseals and metal processing (fornewequipment assembly)at+38%revenuegrowth.(4)Thermomodules:Demand led byoptical transceiversislikelytodriverevenuefrom￥30.8bn inF3/26to￥40.5bn inF12/26. Daihen:(1)F3/26resultshadrevenueat￥237.8bn(+5%YoY;guidance￥235.0bn)andOPat￥18.8bn(+16%;￥18.5bn).(2)F3/27planisforrevenueof￥280.0bn(vs.medium-termplantargetof￥250.0bn)andOP￥25.0bn(￥25.0bn),OPmargin8.9%(10%):Semiconductorandpowerequipmentcontributions should drive profit, while Europe and recently acquired domestic subsidiaries will weigh on margins. (3) Power equipment looks strong,withmarginimprovementakeyfocus;improvingprofitabilityatsubsidiariesremainsachallenge.. JapanMaterial:（1)F3/26resultsshowedrevenueof￥58.0bn(+10%YoY;guidance￥57.0bn)andOP￥14.6bn(+31%;￥13.0bn).(2)F3/27guidanceisforrevenueof?61.0bn(+5%YoY)andOP￥15.5bn(+6%):“Initial"segmentsareexpectedtoseerevenuedecline,while"operations"areexpectedto see growth. Inflation, including higher labor costs, are to be passed through to service pricing to maintain margins. NittoBoseki:(1)F3/26resultshadrevenueat￥118.2bn(+8%YoY;guidance￥120.0bn)andOP￥20.8bn(+27%;￥20.0bn).Atthesegmentlevel ElectronicMaterialsrecordedrevenueof?61.4bnandOPof￥19.4bn.(2)F3/27guidanceisforrevenueof￥137.0bn(ElectronicMaterials￥77.0bn)andOP of ￥26.0bn (￥26.0bn): T-glass is expected to post earnings growth through volumes and price revisions, while NER glass is expected to absorbheadwindssuchasfoundationreinforcementcostsandMiddleEastrisksthroughvolumegrowth.(3)F3/28companyforecasthasrevenueat￥155.0bnand OP at ￥36.0bn: The increase i