日本电气设备和半导体：2026年4-6月业绩预览

April-June 2026 results preview Takero FujiwaraAC+81-3-6776-4642takero.fujiwara@citi.com CITI'S TAKE We expect overall sector earnings to remain strong in Apr-Jun. For thisquarter’s earnings season, we are bullish on Kioxia Holdings amid acontinued rise in memory prices; Mitsubishi Electric on expectations for arecovery in factory automation systems; and Hitachi on potential forrerating prompted by profit growth in Apr-Jun. We are bearish on Sharpgiven hefty profit declines for PCs and smartphones. In addition, althoughwe have Buy ratings on Socionext, Panasonic Holdings, and Fuji Electric, wethink earnings outlooks could prove somewhat weaker than consensus,and share prices could weaken around the time of results announcements. Masahiro Shibano+81-3-6776-4641masahiro.shibano@citi.com Earnings— We expect earnings to remain strong in the overall sector in Apr-Jun(industrial and consumer electronics +18% YoY). In industrial electronics, we thinkelectrical equipment and factory automation equipment could contribute to profitgrowth. In consumer electronics, we expect notable benefits from front-loadeddomestic demand for air conditioners. In semiconductors, we look for profit growthto continue at Kioxia amid an ongoing rise in memory prices. Preference order— Kioxia is our overall top pick ahead of Apr-Jun earnings season.Weexpect its valuation to increase on rising memory prices and earningsstabilization from long-term agreements. Our preference order for Buy-rated stocksin the industrial and consumer electronics sector is Mitsubishi Electric, Hitachi,Casio Computer, Panasonic, and Fuji Electric. Guidance— We expect most companies to maintain or make only minor revisionsto full-year FY3/27 guidance. We also do not expect large revisions of H1 guidance.With the yen depreciating, many companies assume a forex rate of ¥150/$. However,we see upside potential for companies that assume a stronger yen, includingSocionext at ¥130/$ and Panasonic at ¥140/$. Sharp is adversely affected by aweaker yen, and at the current level of ¥162/$, we think the full-year negative OPimpact could be around ¥14bn. Corporate action— During the Apr-Jun earnings season, we think MitsubishiElectric could announce the conclusion of a joint-venture agreement with Hon HaiPrecision Industry in the automotive equipment business. Aside from this, we do notexpect any M&A announcements or other actions. We see potential for sharebuybacks at Mitsubishi Electric (we assume ¥150bn in share buybacks in FY3/27).Hitachiand Casio are currently implementing share buybacks.Fuji Electricannounced a share buyback at the start of the fiscal year and completed thisbuyback in May. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. © 2026 Citigroup Inc. No redistribution without Citigroup’s written permission.Source: Citi Research If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates has a net short position of 0.5% or more of any class of common equity securitiesof Kioxia Holdings,Panasonic Holdings.Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Casio Computer,Fuji Electric,Hitachi,Kioxia Holdings,Mitsubishi Electric,Panasonic Holdings,RenesasElectronics,Sharp in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, secu