company

SMC CorporationSMC Corporation 6273

Country国家 Japan日本

Systems系统 Muscle肌肉

Bottlenecks瓶颈 P13 Dexterous manipulation灵巧操作

Market cap市值 Live, via TradingView.实时数据，来自 TradingView。

The world's largest pneumatics maker (cylinders, valves, vacuum equipment and electric/pneumatic grippers) where robot EOAT is one product line inside a catalogue that spans semiconductor fabs, general factory automation, automotive and life sciences. Q1 FY3/2027 (Apr-Jun 2026) operating profit +66.4% YoY on a semiconductor/AI capex surge.

全球最大的气动元件制造商——气缸、阀门、真空设备与气动/电动夹爪——机器人末端执行器（EOAT）只是其产品目录中的一条产品线，目录覆盖半导体晶圆厂、通用工厂自动化、汽车与生命科学等领域。FY3/2027 第一季度（2026 年 4–6 月）营业利润同比 +66.4%，驱动力是半导体/AI 资本开支热潮。

What it doesThe world's largest pneumatics maker (cylinders, valves, vacuum equipment and electric/pneumatic grippers) where robot EOAT is one product line inside a catalogue that spans semiconductor fabs, general factory automation, automotive and life sciences. Q1 FY3/2027 (Apr-Jun 2026) operating profit +66.4% YoY on a semiconductor/AI capex surge.

在干什么全球最大的气动元件制造商——气缸、阀门、真空设备与气动/电动夹爪——机器人末端执行器（EOAT）只是其产品目录中的一条产品线，目录覆盖半导体晶圆厂、通用工厂自动化、汽车与生命科学等领域。FY3/2027 第一季度（2026 年 4–6 月）营业利润同比 +66.4%，驱动力是半导体/AI 资本开支热潮。

Name sheetSMC Corporation

Why it mattersThe standard-parts supplier of end effectors, vacuum grips and electric/pneumatic actuation for cobots, assembly, packaging, food and electronics lines, but grippers and EOAT are a narrow slice of a catalogue of more than 12,000 basic pneumatic products, and the company's own disclosures attribute the current growth cycle to semiconductor and AI-related capital equipment demand, not to robotics or humanoids specifically.

为何重要为协作机器人、装配、包装、食品与电子产线提供末端执行器、真空吸附与气动/电动驱动的标准件供应商——但夹爪与末端执行器只是其超过 12,000 种基础气动产品目录中的一小部分，公司自身的披露将当前增长周期归因于半导体与 AI 相关资本设备需求，而非机器人或人形机器人本身。

Caveat

For FY3/2026 (year ended March 2026), reported 2026-05-14, consolidated net sales were JPY 842.5bn (+6.4% YoY), operating profit JPY 190.5bn (+0.2%, essentially flat), operating margin fell to 22.6% from 24.0% on rising depreciation and labour costs, net income JPY 164.9bn (+7.0%) and ordinary profit JPY 235.5bn (+7.3%). Overseas sales reached a record 81% of the total; Greater China alone was JPY 261bn (+15%, 31% of group revenue).

The company raised its buyback authorisation from JPY 30bn to JPY 50bn and held the dividend at JPY 1,000/share (payout ratio 66.6%), while capex ran JPY 150.2bn. Same-day FY3/2027 guidance called for JPY 1,000bn revenue (+18.7%, the company's mid-term target) and JPY 219bn operating profit (+14.9%, margin 21.9%).

Q1 FY3/2027 (April-June 2026), reported 2026-08-07, showed the recovery accelerating well past that guidance pace: net sales JPY 271.0bn (+35.4% YoY), operating profit JPY 74.0bn (+66.4%), operating margin roughly 27.3%, and net profit JPY 67.9bn (+95.9%, roughly double); orders for semiconductor and electrical equipment were up 73% versus the FY3/2026 quarterly average. Full-year guidance was left unchanged.

Management's stated demand drivers throughout are semiconductor and AI-related capital equipment, China energy-saving/battery investment, hybrid-vehicle demand, and machine-tool/food/medical automation; no humanoid or general-purpose-robotics demand is cited in either release. The stock traded around JPY 70,480-72,090 as of 2026-08-25 (market cap roughly JPY 4.5tn) against TTM revenue of JPY 913.35bn (+15.7%) and TTM net income of JPY 200.52bn (+40.9%), for a trailing P/E near 22.6-23.6x and a dividend yield near 1.4%, a reasonable multiple for the earnings growth actually being delivered, but one earned almost entirely by semiconductor/AI capex cyclicality rather than by any robotics-specific volume story; SMC's own disclosures do not break out gripper/EOAT revenue separately, so robotics exposure per dollar invested cannot be isolated from the broader pneumatics business.

风险提示

FY3/2026 财年（截至 2026 年 3 月，2026-05-14 公布）：合并净销售额 8,425 亿日元（同比 +6.4%），营业利润 1,905 亿日元（+0.2%，基本持平），营业利润率因折旧与人工成本上升从 24.0% 降至 22.6%，净利润 1,649 亿日元（+7.0%），经常利润 2,355 亿日元（+7.3%）。海外销售占比达到创纪录的 81%；仅大中华区就贡献 2,610 亿日元（+15%，占集团收入 31%）。

公司将回购授权额度从 300 亿日元上调至 500 亿日元，维持每股 1,000 日元股息（派息率 66.6%），资本开支为 1,502 亿日元。同日公布的 FY3/2027 指引为收入 1 兆日元（+18.7%，达成中期目标）、营业利润 2,190 亿日元（+14.9%，利润率 21.9%）。

FY3/2027 第一季度（2026 年 4–6 月，2026-08-07 公布）显示复苏速度明显快于该指引：净销售额 2,710 亿日元（同比 +35.4%），营业利润 740 亿日元（+66.4%），营业利润率约 27.3%，净利润 679 亿日元（+95.9%，接近翻倍）；半导体与电气设备相关订单较 FY3/2026 季度均值增长 73%。全年指引维持不变。

管理层反复提及的需求驱动因素是半导体与 AI 相关资本设备、中国节能/电池领域投资、混合动力汽车需求，以及机床/食品/医疗自动化——两份财报均未提及人形机器人或通用机器人需求。截至 2026-08-25，股价约在 70,480–72,090 日元区间（市值约 4.5 兆日元），对应 TTM 收入 9,133.5 亿日元（+15.7%）与 TTM 净利润 2,005.2 亿日元（+40.9%），市盈率约 22.6–23.6 倍，股息率约 1.4%——相对于当前的盈利增长而言是合理倍数，但这一增长几乎完全来自半导体/AI 资本开支周期，而非任何机器人专属的放量故事；SMC 自身披露中并未单独列示夹爪/末端执行器收入，因此无法从整体气动业务中剥离出机器人相关的敞口。

ProductPneumatic and electric actuators, cylinders, valves, vacuum equipment, grippers and robot end-of-arm tooling

Value accrualStandard-parts manufacturing scale, distribution reach and qualification across virtually every automated production line; EOAT/grippers are one line item within a >12,000-product pneumatics catalogue, diluting robotics-specific exposure

Key riskTTM revenue JPY 913.35bn, net income JPY 200.52bn (~22% net margin), P/E ~22.6-23.6x, dividend yield ~1.4%. The FY3/2026 and Q1 FY3/2027 growth story is semiconductor/AI capex, not robotics; SMC does not disclose gripper/EOAT revenue as a separate line, so the size of its actual robotics exposure is unverifiable from public filings. A reversal in the semiconductor capex cycle (the disclosed driver of both the FY3/2026 recovery and the Q1 FY3/2027 acceleration) is the main risk to the current multiple.

Key riskTTM 收入 9,133.5 亿日元，净利润 2,005.2 亿日元（净利率约 22%），市盈率约 22.6–23.6 倍，股息率约 1.4%。FY3/2026 与 FY3/2027 第一季度的增长故事是半导体/AI 资本开支，而非机器人；SMC 并未单独披露夹爪/末端执行器收入，因此其真实机器人敞口的规模无法从公开披露中核实。半导体资本开支周期的逆转——这是 FY3/2026 复苏与 FY3/2027 第一季度加速的已披露驱动因素——是当前估值倍数面临的主要风险。

Bottlenecks瓶颈 P13 Dexterous manipulation灵巧操作

Class: public
Country: JP
HQ: Chuo-ku, Tokyo, Japan
Layer: Pneumatic/electric actuation, EOAT
Systems: muscle
Caveat stance: watch
Ticker: 6273
Exchange: TSE
Valuation tier: 2
Last verified: 2026-08-26
Confidence note: High
Sources: S-FAC-025 · S-PUB-034
Translated fields: what_it_does_en · why_it_matters_en · caveat_en · key_risk_en
Chain position: upstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据