Yaskawa ElectricYaskawa Electric 6506 ↗

Caveat

For the fiscal year ended February 28, 2026 (Yaskawa's own label: 'fiscal 2025'), reported 2026-04-10, consolidated revenue was JPY 542,122m (+0.8% year over year), operating profit JPY 47,307m (-5.7%, margin 8.7%) and profit attributable to owners of parent JPY 35,240m (-38.2% -- the prior year included a one-off JPY 26,777m gain on the transfer and revaluation of Yantai Dongxing Magnetic Materials shares that did not recur). By segment: Robotics revenue was JPY 247,012m (45.6% of total, +4.0%) but operating profit fell 14.0% to JPY 20,418m on margin pressure from large-scale automotive projects; Motion Control (AC servo & drives) was JPY 236,053m (43.5%, -1.1%) with operating profit up 6.0% to JPY 24,384m; System Engineering (steel-plant/social-systems integration) was JPY 38,744m (7.1%, +1.0%).

Q1 FY2026 (March-May 2026), reported 2026-07-10, showed revenue up 10.6% to JPY 138,982m on AI-related semiconductor and data-center demand for servo and drives (supplementary IR materials put Q1 order intake at approximately JPY 163.8bn, +29% YoY, consistent with the primary release's 'orders have remained firm' language), but operating profit fell 19.2% to JPY 8,486m (margin 6.1%) and profit attributable to owners fell 21.7% to JPY 5,445m; Robotics operating profit collapsed 82.3% to JPY 888m (margin ~1.6%) on disruption from a new ERP system and European business-restructuring costs, even as Motion Control operating profit rose 50.1% to JPY 7,562m. Full-year FY2026 (ending February 2027) guidance, unchanged from the April plan, calls for revenue JPY 580,000m (+7.0%), operating profit JPY 60,000m (+26.8%) and profit attributable to owners JPY 47,000m (+33.4%), which the company attributes to 'strong order intake driven by robust demand mainly from AI- and semiconductor-related markets.' Unlike FANUC, Nabtesco and Harmonic Drive Systems, Yaskawa's own FY2026 strategy disclosure explicitly names humanoids: management states it will 'further deepen our engagement in the humanoid robot domain through the verification of advanced actuator technologies and products,' alongside expanding 'Physical AI' use cases built around its autonomous MOTOMAN NEXT robot -- a forward-looking strategic initiative, not yet a quantified revenue line.

The stock trades around JPY 5,454 (market cap ~JPY 1.4tn) against a 52-week range of JPY 2,865-7,915; trailing P/E is roughly 42x on TTM net income of about JPY 33.7bn (~6% net margin), against a cheaper ~30x on next-year guided EPS -- a rich multiple resting on an operating-profit rebound (+26.8% guided) that has not yet been demonstrated, following two consecutive periods of profit decline and mid-transition disruption from the company's own ERP rollout.

风险提示

截至2026年2月末的财年（安川自身编号为FY2025），2026-04-10公布：合并收入5421.22亿日元（同比+0.8%），营业利润473.07亿日元（-5.7%，利润率8.7%），归属母公司净利润352.40亿日元（-38.2%——上一年度含有出售/重估烟台东兴磁性材料股权产生的一次性收益267.77亿日元，本期未再发生）。分部门看：Robotics（机器人）收入2470.12亿日元（占总额45.6%，+4.0%），但营业利润因大型汽车项目拖累利润率而下滑14.0%至204.18亿日元；Motion Control（伺服与驱动）收入2360.53亿日元（43.5%，-1.1%），营业利润上升6.0%至243.84亿日元；System Engineering（钢铁厂/社会系统集成）收入387.44亿日元（7.1%，+1.0%）。

FY2026第一季度（2026年3-5月，2026-07-10公布）显示，受AI相关半导体与数据中心需求拉动，伺服与驱动业务带动收入同比增长10.6%至1389.82亿日元（补充IR材料显示第一季度订单额约1638.00亿日元，同比+29%，与正式财报中"订单持续保持坚挺"的表述一致），但营业利润下滑19.2%至84.86亿日元（利润率6.1%），归属母公司净利润下滑21.7%至54.45亿日元；Robotics营业利润因新ERP系统上线扰乱生产及欧洲业务重组费用而暴跌82.3%至8.88亿日元（利润率约1.6%），而Motion Control营业利润则上升50.1%至75.62亿日元。全年FY2026（截至2027年2月）指引维持4月计划不变：收入5800.00亿日元（+7.0%），营业利润600.00亿日元（+26.8%），归属母公司净利润470.00亿日元（+33.4%），公司将其归因于"主要由AI与半导体相关市场驱动的强劲订单"。

与FANUC、纳博特斯克和哈默纳科不同，安川自身的FY2026战略披露明确提及人形机器人：管理层表示将"通过先进执行器技术与产品的验证，进一步深化在人形机器人领域的布局"，同时围绕其自主AI机器人"MOTOMAN NEXT"扩展"Physical AI"应用场景——这是前瞻性的战略举措，尚未形成可量化的营收项目。股价约5,454日元（市值约1.4兆日元），52周区间2,865-7,915日元；基于TTM净利润约337亿日元（净利率约6%）的市盈率约42倍，而基于下一财年指引每股收益的市盈率仅约30倍——在经历连续两期利润下滑及自身ERP系统上线导致的过渡期扰动后，当前偏高的（trailing）市盈率建立在尚未被证实的营业利润反弹（指引+26.8%）之上。