汇丰：松下集团（6752.T）-日股公司研究：聚焦高技术的韧性增长股 目标价1593日元-250801（英文版）（32页）.pdf

1、CrispIdea|R E S E A R C HPanasonic CorporationE Q U I T Y R E S E A R C H Technology|Software Application|Aug 01,2025Panasonic CorporationWe maintain a“Buy”rating for Panasonic,with the downgraded TP of 1593 for FY27.This provides an upside potential of 10%over the CMP of 1448.We estimated the adjus

2、ted EPS of 144.8 for FY27.We estimate a forward P/E multiple of 11x and EV/EBITDA of 5.3x for FY27.Our estimates are based on the following factors:1)Focus on High-Growth and Profitable Segments,2)Commitment to Structural Reform and Value Creation,3)Strong Operational Cash Flow and Performance,and 4

3、)Growth in Stationary Energy StorageFocus on High-Growth and Profitable Segments:Panasonic is undergoing a transformative shift,channeling its resources into high-margin,fast-growing business areas such as EV batteries and energy storage,supply chain software(Blue Yonder),and factory automation and

4、avionics.These segments are central to global megatrends like electrification,AI integration,and digital logistics.Panasonic aims to build competitive global leadership in these verticals,with the Solutions segment targeting an adjusted operating profit margin of 15%or higher.Meanwhile,the Devices a

5、nd Smart Life segments are expected to exceed 10%profitability,reflecting focused portfolio execution.This strategic shift positions the company for sustained growth and stronger margins over the medium to long term.Commitment to Structural Reform and Value Creation:Panasonic is executing deep struc

6、tural reforms aimed at long-term value creation.These include a 10,000-person headcount optimization,the exit of loss-making businesses,and a disciplined review of each unit based on ROIC vs WACC performance.The company is targeting a 150 billion profit improvement by FY27 and a 10%return on equity(