安川电机：订单稳健，利润率微薄

Investment Rating - The report maintains a positive outlook on Yaskawa Electric, indicating an upward potential despite some challenges in profit margins [5][8]. Core Insights - Yaskawa Electric's third-quarter orders and sales slightly exceeded expectations, driven by robust growth in the U.S. market for variable frequency drives and robotics [5]. - The operating profit margin was disappointing at 7.3%, below expectations, primarily due to one-time cost items and product mix issues [7]. - The management has kept its full-year guidance unchanged, expecting operating profit of 48 billion yen (down 4% year-on-year) and sales of 525 billion yen (down 2% year-on-year) [8]. Summary by Relevant Sections Orders and Sales Performance - In Q3 FY2026, Yaskawa Electric's orders increased by 3% quarter-on-quarter to 138.5 billion yen (up 15% year-on-year) [6]. - The motion control business saw a 17% increase in orders, significantly driven by U.S. demand for variable frequency drives (up 142% year-on-year) [6]. - Robotics orders remained flat quarter-on-quarter but increased by 4% year-on-year, with growth in China (+46%), other Asian regions (+24%), and the U.S. (+9%) offsetting declines in Japan (-22%) and Europe (-28%) [6]. Profitability Analysis - The operating profit for Q3 was 9.9 billion yen (down 13% year-on-year), with quarterly sales at 135 billion yen (up 2%) [7]. - The operating profit margin decreased from 9.5% in the previous quarter and 8.6% in the same quarter last year, impacted by 1.5 billion yen in one-time costs [7]. Management Guidance and Market Outlook - Management expects fourth-quarter orders to grow again and maintains a conservative outlook based on foreign exchange assumptions [8]. - The company has a backlog covering 70-80% of its sales, indicating a stable revenue stream moving forward [8]. - Potential catalysts include a recovery in the machine tool order cycle and momentum in global semiconductor production equipment expected in the second half of 2025 [9].