Disco Corporation：发挥技术和规模优势，把握AI需求多点开花的产业机遇

Investment Rating - The report maintains a "Buy" rating for DISCO with a target price of 79,000 JPY [5]. Core Insights - The demand for equipment driven by generative AI has led to a significant supply-demand imbalance in DISCO's factories, prompting the company to restart its "production support" measures for the first time in three years to meet urgent customer needs [1][2]. - DISCO is leveraging its scale advantage to actively invest in precision processing equipment required for various technology routes such as PLP, HBF, and CPO, positioning itself to benefit from the upcoming chip upgrade cycle [1][3]. - Despite the global trend of wafer manufacturing becoming more decentralized, DISCO is committed to maintaining a highly concentrated production and R&D approach in Japan, which helps sustain its competitive edge [1][3]. Financial Projections - The report forecasts DISCO's net profit for FY2025, FY2026, and FY2027 to be 127.8 billion JPY, 178.5 billion JPY, and 212.3 billion JPY respectively, reflecting year-on-year growth rates of +3.1%, +39.7%, and +18.9% [4]. - Earnings per share (EPS) are projected to be 1,178 JPY, 1,646 JPY, and 1,957 JPY for FY2025, FY2026, and FY2027 respectively [4][7]. - The report anticipates a significant increase in operating revenue, with estimates of 420.8 billion JPY for FY2025 and 524.9 billion JPY for FY2026, representing growth rates of +7.0% and +24.7% [7]. Market Position - DISCO holds over 80% market share in the cutting and grinding sector, which positions it favorably to benefit from the expansion of AI capital expenditures [1][3]. - The company’s scale is reported to be more than eight times that of its nearest competitor, allowing it to adopt a "full bet" strategy across various technology processes without the need for trade-offs [3].