家用电器Q3启示：上调全年指引，数据中心需求支撑能源进入“超级周期”

Investment Rating - The report indicates an optimistic outlook for the energy sector, suggesting a "buy" rating based on the expected performance of the industry over the next 10-20 years due to increasing demand from data centers [2]. Core Insights - Hitachi believes the energy industry is entering a supercycle that may last 10-20 years, driven by exponential growth in data center demand. The company has high visibility on downstream demand due to the long planning cycles of grid projects, which can last 7-8 years [2]. - Hitachi's revenue for Q3 2024 was JPY 2,334.5 billion, an increase of 11% year-on-year, with EBITA adjusted profit rising by 22% to JPY 249.3 billion. The company raised its full-year revenue guidance from JPY 9,000 billion to JPY 9,150 billion [1][2]. - The Lumada IoT platform has seen a 25% year-on-year revenue increase, with management raising the full-year revenue guidance for Lumada-related income to JPY 2.75 trillion, reflecting an 18% growth [1][2]. Summary by Sections Financial Performance - Hitachi's three main business segments reported revenue growth: Digital Systems & Services (JPY 678 billion, +5% YoY), Green Energy and Mobility (JPY 901 billion, +26% YoY), and Industrial Connectivity (JPY 781 billion, +2% YoY) [1]. - The adjusted EBITA margin improved to 10.7%, up 1.0 percentage point year-on-year, despite a slight decline in net profit by 2.7% to JPY 141.7 billion [1]. Business Segments - Digital Systems & Services: Strong digitalization demand in Japan and overseas, with increased investment in generative AI [1]. - Green Energy and Mobility: Revenue and profit growth driven by a high volume of orders and operational leverage [1]. - Industrial Connectivity: Growth primarily from measurement and analysis systems and expansion of Lumada business [1]. Strategic Investments - Hitachi plans to invest JPY 300 billion in generative AI this fiscal year, focusing on infrastructure development, service enhancement, and talent acquisition [2]. - The company is expanding partnerships, such as with Singtel, to enhance AI support for clients in Japan and the Asia-Pacific region [1][2].