三菱重工与Preferred Networks建立业务联盟，聚焦安全与创新

TakeshiKitauraEquity Analyst anleymufg.com+81 3 6836-5427MORGAN STANLEY ASIA LIMITED+Lisa JiangEquity Analyst Forms Business Alliance withDomestic Al Firm PreferredNetworks Targeting Securityand Innovation Lisa.Jiang1@nMORGAN STANLEY MUFG SECURITIES CO., LTD.+ Mitsubishi Heavy Industries and Preferred Networks (PFN) announced today is likelytodraw attention as an initiative to advance the implementation of domestic Altechnologies in Japan's critical infrastructure and national security fields. The pursuitof enhanced intelligence and autonomy of mission-critical equipment and systemswhile limiting reliance on overseas technologies is likely to provide significantbenefits both in terms of advanced edge Al capabilities and security reliability. Basedon the progress of this business alliance, the two companies aim to conclude acapital and business alliance agreement within F3/27. MHI has already beenadvancing the use of its own Al technologies across development, manufacturing,and operations in various businesses,but we believe this partnership with adedicated Al company will likely lead to further adoption and innovation. Heavy IndustriesI Japan Stock Rating Industry ViewAttractivePrice target￥5,700Shr price, close (Jun 2, 2026)￥3,516Mkt cap, curr, basic (bn)￥11,814.7Avg daily trading value (bn)￥123.1 Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors should be aware that thefirm may 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. affliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company.public appearancesand trading securities held by a research analyst account. OurpricetargetappliestheF3/26one-yearaverageNTMP/Eof 40xto ourF3/28EPSforecast. We set our target P/E at the recent historical average (which is higher than levels further inthe past), which we expect can be maintained thanks to a solid order backlog and demandmomentum. Higher Japan defense spendingUpside in Energy and Defense capacity beyond assumed demand levels Slowerthan expected Energythroughput expansion Project-specific cost overrunsImpact on production from Middle East geopolitical conditions and supply chain disruptionsStructural decline in power demand driven by advances in Al, semiconductor & servertechnologies 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 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 orprice targetreferenced in this researchreport,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 (0)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 Researchat 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 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 April30,2026,Morgan Stanley beneficially owned1% or more of a class of common equity securities ofthefollowing companies coveredin Morgan Stanley Research: IHl, Kawasaki Heavy Industries.Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 14+4A offering) of securities of Mitsubishi Heavy Industries Within the last 12 months, Morgan Stanley has received compensation for investment banking services from IH, Mitsubishi Heavy Industries.In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from IHl, Kawasaki Heavy Industries, Mitsubishi Heavy Industries Withinthelast12monthsMo