TDK：日本峰会2025：高附加值可充电电池销售额可能继续增长-20250521

Investment Rating - The investment rating for TDK is Overweight with a price target of ¥2,300, while the stock price was ¥1,558 as of May 20, 2025 [2]. Core Insights - TDK's operating profit (OP) guidance for the fiscal year ending March 2026 (F3/26) is projected at ¥225.0 billion, a slight increase from ¥224.2 billion in the previous fiscal year, with expectations of profit growth in passive components, sensors, and magnetics, while energy, particularly rechargeable batteries, is anticipated to decline [1]. - The company aims to achieve a return on equity (ROE) of 10% or more and a return on invested capital (ROIC) of 8% or more by the fiscal year ending March 2027 (F3/27), the final year of its medium-term plan, supported by an increased capital expenditure (capex) plan in energy from ¥320 billion to ¥450 billion over three years [1]. - TDK plans to initiate mass production of third-generation rechargeable batteries using silicon anodes between July and September 2025, increasing the sales ratio of small capacity rechargeable batteries from 7-8% in F3/25 to 15% in F3/26, with expectations of a rise in the sales ratio of rechargeable batteries using metal casing to 7% in F3/26 [1]. Summary by Sections Financial Performance - TDK's OP guidance for F3/26 is ¥225.0 billion, slightly up from ¥224.2 billion in F3/25, with a focus on profit growth in passive components, sensors, and magnetics [1]. - The company has set targets for ROE and ROIC for F3/27, with an increased capex plan in energy [1]. Product Development - TDK is set to begin mass production of advanced rechargeable batteries in mid-2025, aiming to significantly increase the market share of its small capacity rechargeable batteries [1].