日本经济产业省电池与电力产业战略的影响

Implications from METI’sBattery and Power IndustryStrategy Hayato TakashimaResearch AssociateHayato.Takashima@morganstanleymufg.com On June 2, the Ministry of Economy, Trade and Industry (METI) announced the"Battery and Power Industry Strategy". The previous Battery Industry Strategy inAug 2022 set out initiatives such as establishing a manufacturing base for liquid-type lithium-ion batteries (150GWh/year by 2030). However, amid delays in BEVdemand expansion, and structural changes such as rising demand for advancedpower control in AI data centers as well as medical and disaster-preventionapplications, the need to provide comprehensive energy storage solutions hasincreased. Accordingly, METI revised the "Battery Industry Strategy" to a more broad"Battery and Power Industry Strategy", aiming to establish a manufacturing base andstrengthen competitiveness across the entire power system centered on batteries.GS Yuasa, in its medium-term plan disclosed May 13, continues to focus on its coremobility business (lead-acid batteries and lithium-ion batteries) while also aiming tobolster competitiveness and supply capacity in the social infrastructure segment asa growth area. The company had identified AIDC (high-reliability power supplies fordata centers) and ESS (renewable energy integration and grid stabilization) as newmarkets. We see METI's “Battery and Power Industry Strategy” as aligning with thecompany’s medium-term strategy and expect a positive stock price impact. GS Yuasa Corporation (6674.T, 6674 JP) Auto Parts|Japan Stock RatingOverweightIndustry ViewIn-LinePrice target¥8,250Shr price, close (Jun 1, 2026)¥6,409Mkt cap, curr, basic (bn)¥642.9Avg daily trading value (bn)¥3.4 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,refer to the Disclosure Section, located at the end of thisreport. += 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 subject company, public appearancesand trading securities held by a research analyst account. Valuation Methodology and Risks GS Yuasa Corporation (6674.T) F3/28e EPS ¥458.6 x 18.0x. Target P/E of 18.0x marks a premium to our 12.0x industry bench-mark (lower level of the historical range), and is derived using SOTP (12x P/E for auto lead-acidbatteries, 22.5x for industrial batteries and power supplies, 20x for auto LiBs, 25x for special-ized batteries). ESS is a medium-term growth driver. While uncertainty remains for BEV,strong HEV orders and flexible use of production lines for ESS are positive. Risks to Upside nRising ESS demand driven by the expansion of renewable energynIncreased demand for HEV batteries amid higher gasoline pricesnFocus on the datacenter UPS battery business Risks to Downside nIntensifying price competition due to inflows of low-priced overseas battery productsnLimited scale of the datacenter UPS businessnLow FX sensitivity, resulting in limited benefits from yen depreciation Disclosure Section 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 Websiteat 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. For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as 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 you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.Analyst Certification 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 notreceive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Shinji Kakiuchi. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management pol