富士电机业务战略简报：有增长的种子，但没有明显的催化剂来提升整体收益

Investment Rating - The report maintains a neutral rating for Fuji Electric [1][15][16] Core Insights - Fuji Electric has growth potential in its data center UPS business and smart meters in the Indian market, but these segments are not large enough to significantly impact overall earnings [1] - The company is adjusting its capital expenditure budget to ensure profitability, but faces challenges in achieving long-term sales growth due to market conditions and competition [1][15] - The operating profit margin guidance for FY3/26 is set at 12.4%, an increase from 10.2% in FY3/25, with a target of 140% growth in energy management orders [3][15] Summary by Relevant Sections Energy Sector - Orders and sales for IDC power and facility systems are expected to grow by 480% and 350% respectively by FY2026 compared to FY2020 [2] - Fuji Electric plans to increase capital expenditure in the energy sector by 46 billion yen in FY2026 to expand production facilities for power transformers and switchgear [2] Semiconductor Sector - The company plans to increase the production capacity of its 6-inch silicon carbide wafers by 2.5 times at its Sapporo plant and by 30% for industrial IGBT modules at its Shenzhen plant [9] - Due to intensified price competition, Fuji Electric aims for an operating profit margin of approximately 15% in the future [10] Automotive Applications - Fuji Electric is launching micro RC-IGBT modules for micro and compact vehicles, with mass production of a 600A product starting in April 2025 [11] - The company expects to see growth in its automotive applications starting from FY3/28, although it remains pessimistic about recovery in FY3/27 [12] Industrial Applications - New IGBT and SiC products for renewable energy applications are in development, with the eighth generation IGBT expected to reduce generation losses by over 15% [13] Food and Beverage Distribution - Growth areas identified include automation in fresh food sales in Japan and increased demand for vending machines due to regulatory changes [14]