Yuichiro Isayama
+81(3)4587-9806 |
@
Goldman Sachs Japan Co., Ltd.
Takeru Adachi
+81(3)4587-4067 |
@
Goldman Sachs Japan Co., Ltd.
Takato Enoki
+81(3)4587-1739 |
@
Goldman Sachs Japan Co., Ltd.
Japan Industrials: Hong Kong investor visit takeaways; a rare occasion
where interest is dispersed
6 April 2026 | 7:55PM JST
We visited investors in Hong Kong from March 30 to April 2. Under normal
circumstances, this period falls just before full-year results for March year-end
companies, so questions typically focus on near-term full-year earnings trends and
new guidance outlooks. However, the very high equity market volatility stemming
from the heightened geopolitical situation in the Middle East meant that questions
spanned a very wide range. From a near-term standpoint, questions focused on
identifying sectors with relatively limited impact from the Middle East situation and
confirming our earnings estimates for coverage names ahead of full-year results.
From a longer-term perspective, questions ranged from scrutinizing fundamental
profit-generating capabilities and competitive advantages to the possibility of
recession scenarios. As a result, the stocks that investors expressed interest in were
more diverse than is typically the case. While we note strong interest in the
Industrials sector, we felt this was a very rare occasion for investor interest to be this
dispersed.
In the wake of our recent China trip, we recommend CKD and Daifuku in particular
within Japan Machinery. We also highlight Mitsubishi Heavy Industries within
Aerospace & Defense in light of the continuously changing geopolitical landscape.
Within, we highlight the key takeaways from our HK investor visit.
Amid an uncertain environment, many investors agree with our core stock
recommendations
Interest in semiconductor-related stocks was particularly high. This is driving strong
interest in stocks that face no local Chinese competitors and are enjoying strong
tailwinds in their China businesses. The general view among investors remains that
semiconductor-related demand and the underlying AI-related investment demand
offer relatively high earnings visibility even amid the Middle East turmoil. Assuming
these stocks also carry no risk from the rise of Chinese competitors, they would
naturally appear highly attractive. CKD was a focus of broad investor interest, partly
because it appears inexpensive from both a peer comparison and historical
perspective.
Interest in Yaskawa Electric the lowest it has been in a long time
Yaskawa Electric has a February fiscal year-end and is scheduled to report full-year
results on April 10, ahead of other Industrials stocks. Normally, it would be the stock
attracting the most questions at this time of year. However, the situation was
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
certification and other important disclosures, see the Disclosure Appendix, or go to
Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the .
Equity Research
3月30日至4月2日期间，我们与香港的投资者进行了会面。通常情况下，这段时间正好是那些以3月为结算日
的公司公布全年业绩的时候，因此投资者们关注的重点往往是公司的近期全年盈利情况以及未来的业绩预期。
不过，由于中东地区的地缘政治局势紧张，股市波动极大，所以投资者的问题范围也变得极为广泛。从短期来
看，投资者们希望了解哪些行业受中东局势的影响相对较小，并希望在公司公布全年业绩之前确认我们对这些
公司的盈利预估。而从长期来看，投资者们关心的问题涵盖了公司的盈利能力、竞争优势等方面，同时也考虑
到了经济衰退的可能性。因此，投资者感兴趣的股票种类也比平时更为多样。虽然我们注意到大家对工业板块
表现出了浓厚的兴趣，但我们认为，像现在这样投资者兴趣如此分散的情况实属罕见。
人们对与半导体相关的股票的兴趣尤为浓厚。那些没有中国本土竞争对手、且其在中国业务领域具有强劲发展
潜力的股票，自然受到了投资者的热烈追捧。投资者们普遍认为，即便在中东局势动荡的情况下，与半导体相
关的需求以及与铝相关的投资需求仍然能带来较高的盈利前景。如果这些股票还不必担心中国竞争对手的威
胁，那么它们显然会显得极具吸引力。CKD股票受到了众多投资者的关注，因为从同行比较和历史数据来看，
它的股价都相当具有性价比。
高盛与其研究报告中所涉及的公司有着业务往来，也致力于与这些公司保持合作关系。因此，投资者应当意识到，高盛可能存在利益冲突，而这可能影
响报告的客观性。
投资者在做出投资决策时，应将本报告视为众多参考因素之一。如需了解注册声明及其他重要信息，请参阅披露附录，或访问网站：
research/。非美国分支机构的分析师并未在美国金融行业监管局注册，也不具备研究分析师的资格。
在我们 近的China之行之后，我们特别推荐日本机械行业中的CKD和Daifuku两家公司的产品。同时，鉴于
不断变化的地缘政治形势，我们在航空航天与国防领域特别推荐三菱重工业的产品。此外，我们还总结了这
次香港投资者访问中的重要收获。
日本工业股：香港投资者的参观收获；难得的出现投资者
兴趣分散的情况
安川电机的财年结束时间为2月，预计它将在4月10日公布全年度业绩报告，比其他工业类股票更早。通常情况
下，每年这个时候，这家公司的股票都会成为人们 感兴趣的关注点。不过，这次的情况有所不同。
在充满不确定性的环境中，许多投资者认同我们推荐的核心股票。
高盛研究部门
对安川电机的兴趣降至多年来的 低水平。
榎木隆人 +81(3)4587-1739
@
高盛日本有限公司
足立武 +81(3)4587-4067
@
高盛日本有限公司
石山雄一郎 +81(3)4587-9806
@ 高
盛日本有限公司
2026年4月6日|日本标准时间晚7:55
股票研究/股权研究
completely different during this investor visit. Our sense is that fewer than one-third of
investors asked questions with strong interest. Our FY2/27 operating profit forecast of
¥66 bn appears to be close to the level that investors generally anticipate for FY2/27
guidance. With all manner of variables fluctuating, including FX, demand, and
commodity trends (Yaskawa is a stock that benefits from crude oil price movements),
the overwhelming majority of investors we met are taking a wait-and-see stance. Our
impression is that investor expectations are not significant either to the upside or
downside.
Reemphasizing our view of AI Capex over Physical AI; interest in Physical AI may have
run its course
AI Capex spans a wide range, encompassing not only semiconductor investment but also
AI data centers, battery storage demand, and machine tools for inspection equipment
and casings manufacture. While semiconductor-related demand is particularly strong,
one of our takeaways from our China trip is that FA equipment for broader electronics
applications appears to be benefiting across the board. As such, many investors we met
accepted our argument for a bullish stance on AI Capex, and no opposing views were
expressed regarding our opinion that semiconductor capex exposure in particular
should be favored. On the other hand, while Physical AI has become a buzzword, we
believe it is becoming increasingly clear that its actual monetary impact on corporate
earnings is limited. We also believe that Fanuc’s commentary at its 3Q results, in which it
defined the number of collaborative robots shipped to North American
automotive-related industries as part of Physical AI, has left questions about the
earnings mix improvement effect from Physical AI. On this point as well, we believe we
gained more investor agreement than before.
Views vary widely on how to assess Chinese competitive risk
We have tried to express more caution about local Chinese competitive risk than the
general stock market view, and in the wake of our recent China trip, we believe this
concern should be emphasized even further. Reactions vary among investors regarding
THK (vs. Hiwin / HengLi Hydraulic), on which we have a Sell rating despite its high
semiconductor profit weighting, and Fanuc (CNC: Syntec; robots: Estun/Inovance;
Robodrill: Beijing Jingdiao/Tycun), for which we believe the multiple uplift from Physical
AI has run its course.
In Hong Kong, more investors tended to agree with our view. Given the history of
industrials, capital goods, and manufacturing, where everything from commodity
semiconductors/tech products in general to construction machinery and servo motors
has been substituted by local manufacturers, many see share displacement as inevitable
in areas where competition already exists. Some expressed the view that such
substitution will not happen in 1-2 years and will take more time. However, even in that
case, the tendency for multiples assigned by the market to decline is a point of concern
in our view. We reaffirm our view that the number of stocks for which a positive view on
China business can be maintained in this cycle is likely to become even more limited.
Aerospace & Defense: sharp contrast among three heavy industry companies
There has been no change in the investor narrative regarding Mitsubishi Heavy
Industries, on which we have a Buy rating (on CL). Many discussed how to balance
favorable fundamentals and industry outlook against high valuation. We continue to
6 April 2026 2
Goldman Sachs Japan Industrials
资本支出涉及的领域非常广泛，不仅包括对半导体的投资，还包括数据中心建设、
电池存储方面的需求，以及用于检测设备和外壳制造的机床设备投入。虽然与半导
体相关的需求尤为强劲，但我们在中国的考察中发现，那些用于更广泛电子应用领
域的自动化设备也普遍受益于市场发展。因此，我们遇到的许多投资者都认同我们
对资本支出前景看好的观点，没有人反对我们认为应重点关注半导体相关投资的看
法。另一方面，尽管“物理人工智能”成了一个热门话题，但我们认为，它对企业盈
利的实际影响其实相当有限。此外，发那科在第三季度财报中提到， 往北美汽车
行业的协作机器人数量也被视为“物理人工智能”应用的一部分。这一说法引发了人
们对“物理人工智能”能否真正提升企业盈利能力的疑问。在这一点上，我们发现更
多投资者同意我们的观点。
在香港，更多投资者认同我们的观点。考虑到工业品、资本货物以及制造业领域的
历史情况——从各种半导体/科技产品到建筑机械和伺服电机等，这些领域的产品都
已被本地制造商所取代。因此，许多人认为，在竞争已经十分激烈的领域里，股票
被替代的趋势是不可避免的。不过，也有一些人认为，这种替代过程不会在1-2年内
发生，需要更长的时间。但即便如此，我们认为，市场给予股票的估值水平下降的
趋势仍然值得关注。我们重申自己的观点：在这个周期中，那些能够维持对中国业
务乐观看法的股票数量，很可能会进一步减少。
在这次投资者来访期间，情况完全不同。据我们观察，只有不到三分之一的投资者
提出了表现出浓厚兴趣的问题。我们预计，本财年第二财季的营业利润约为660亿
日元，这一数值与投资者们普遍预期的水平相当。由于各种因素都在不断变化，比
如汇率、需求情况以及大宗商品的价格走势（安川电机的业务受益于原油价格的变
动），所以我们遇到的绝大多数投资者都选择观望 度。总体而言，投资者们的预
期并不高，既没有过高的期望，也没有过低的担忧。
与整体股市的看法相比，我们更倾向于对中国的本土竞争风险保持谨慎 度。在
近的中国之行之后，我们认为这一担忧更加值得重视。对于THK这家公司，投资者
们的反应不一；尽管其在半导体领域的利润占比很高，但我们仍给它定了“卖出”评
级。至于发那科，其数控设备业务由Syntec负责，而机器人业务则由Estun/
Inovance负责；钻床业务则由北京京雕/Tycun负责。我们认为，由于实物资产带来
的增值效应已经达到极限，发那科的股价上涨空间已经不大。
对于三菱重工业而言，投资者的看法没有发生变化。我们仍然给予其“买入”评级。
许多人都在探讨如何在良好的基本面和行业前景与较高的估值之间找到平衡点。我
们也会继续关注这一情况。
我们再次强 ：与实体资产相比，人工智能相关领域的投资更具价值。人们对实体人
工智能领域的兴趣可能已经达到了顶点。
航空航天与国防领域：三家重工业公司的表现差 巨大
对于如何评估中国的竞争风险，人们的看法差 很大。
日本工业股高盛
2026年4月6日
bUrUkVyXvXqPpQoR8O9R8OsQnNnPtNlOmMmQiNpPqPaQmNnQMYsRoOwMmPrP
hold the view that MHI should be preferred as the stock with the highest earnings upside
from defense-related developments, similar to gas turbine competitor GE Vernova, given
its high long-term earnings visibility. We came away with the sense that we gained a
certain level of agreement on this.
On the other hand, we felt that bullish views in Hong Kong were stronger than we had
expected for Kawasaki Heavy Industries. Many investors believe that the relative
valuation discount, high defense-related contribution, and downside in the PS&E
business have been sufficiently priced in. A notable point is that almost all investors
believe it will be very difficult for the company-wide profit margin to approach the
medium-term/long-term business profit margin targets of 8% and 10% under the
current trajectory heading into full-year results. We therefore sensed that expectations
are rising for some form of corporate action to emerge soon. We will be watching
developments at full-year results closely.
As for IHI, we believe it is a stock for which expectations have changed significantly since
3Q results. We forecast operating profit levels of -2%/-14%/-10% versus I/B/E/S
consensus for FY3/26 through FY3/28, respectively. Investor expectations appear to be
settling toward a view close to ours. There are many points to watch, including the profit
mix impact from new-production engines, the timing of expense recognition related to
spare parts, and the possibility of increased short-term volatility in the aero engine
business in light of the Middle East situation. With multiples at levels comparable to
global aerospace-related companies, our impression is that very few investors now
expect upside.
Re-examining views on Daikin and Makita
Both companies are attracting attention as medium-term policy and capital allocation
updates are expected at their FY3/26 full-year results. For Daikin, expectations for a
major capital allocation update are high because earnings expectations have declined
sharply. We currently incorporate ¥100 bn/year in share buybacks in our forecasts, but
our impression from meetings with investors was that this level would not come as a
surprise. We believe expectations are rising for a larger step-up toward buybacks
potentially of ¥200 bn/year or more, which would exceed our current forecasts.
On the earnings front, downside risks are a focus for both Daikin and Makita. These risks
relate to FX, raw material, and transportation cost trends, as well as the success or
failure of end-market price increases against the backdrop of an uncertain macro
environment. For Makita, we have factored in the risk of intensifying competition with
Techtronic Industries in Europe and short-term earnings downside from FX trends.
Rather than gaining agreement from investors on this point, our sense is that attention is
refocusing on it. The market appears to hold many positive equity story views,
supported by further expansion of capital allocation policies and medium- to long-term
ROE targets. The extent to which short-term earnings downside is a concern will need to
be closely watched.
6 April 2026 3
Goldman Sachs Japan Industrials
在盈利方面，大金和牧田都面临着下行风险。这些风险与外汇汇率、原材料价格以及运输
成本的变化有关，同时也与在宏观经济环境不确定的背景下，产品售价能否上升成功与否
息息相关。对于牧田而言，我们考虑到了其在欧洲与Techtronic Industries之间的竞争加
剧所带来的风险，以及外汇汇率变动对短期盈利的负面影响。
不过，似乎很难让投资者在这个问题上达成共识。目前，市场的注意力又重新集中在这一
问题上。市场普遍看好股票的走势，因为公司有进一步扩大资本投入的计划，而且其中长
期股本回报率目标也很明确。不过，我们需要密切关注短期盈利下滑带来的影响程度。
至于IHl这家公司，我们认为自第三季度财报发布后，市场对它的预期发生了显著变
化。我们预计，其在2026财年第三季度到2028财年第三季度期间的营业利润分别
为-2%/-14%/-10%，这一预测与I/B/E/S机构的共识相当。投资者的预期似乎也
与我们的一致。有一些需要关注的因素：比如新生产的发动机对利润构成的影响、
与备件相关的费用确认时间点，以及鉴于中东局势的变化，航空发动机业务在短期
内可能出现的波动性增加。鉴于其估值水平与全球其他航空航天相关公司相当，我
们认为现在几乎没有投资者期望该公司能有进一步的业绩提升。
另一方面，我们认为，香港市场对于川崎重工业的乐观预期比我们预想的要强。许
多投资者认为，该公司目前的估值偏低、其在国防相关领域的业务表现优 ，同时
其电力设备业务面临的下行风险也已充分体现在股价中。值得注意的是，几乎所有
投资者都认为，以目前的形势来看，公司在整个财年内的利润率很难达到8%到
10%的中长期目标。因此，我们预计很快就会有一些公司层面的举措出台。我们将
密切关注全年度业绩公布后的发展情况。
这两家公司都备受关注，因为预计在它们发布2026财年全年业绩时，会有关于中
期经营策略和资本分配方面的重大公告。对于大金来说，由于预期收益大幅下降，
人们预计它会宣布重大的资本分配计划。在我们的预测中，我们假设大金每年会进
行1000亿日元的股票回购操作，但从与投资者的交流来看，这个数额似乎并不令
人意外。我们认为，人们预期大金的股票回购规模可能会进一步增加，甚至可能达
到每年2000亿日元或更多，这一数字远远超出了我们目前的预测。
我们认为，与燃气轮机领域的竞争对手GE Vernova类似，MHI是那些能从国防相关
发展中获得 大收益的股票之一，因为其长期盈利前景十分明朗。我们觉得，在这
一点上，大家的看法基本一致。
重新审视对大金和牧田的看法
日本工业股高盛
2026年4月6日
Appendix: Price Target Risks & Methodologies
Price Target Risks and Methodology - CKD ()
Our 12-month target price of ¥6,800 is based on the average of FY3/27E and FY3/28E
EV/EBITDA, applying the sector-average multiple of 10X.
Key downside risks include weaker-than-expected semiconductor demand, a sharp rise
in input costs, faster-than-expected increase in fixed costs.
Price Target Risks and Methodology - Yaskawa Electric ()
Our 12-month target price of ¥6,300 is based on the average of FY2/27E and FY2/28E
EV/EBITDA, applying the sector-average multiple of 10X and a 50% sector-relative
premium.
Key downside risks include (1) a slowdown in semiconductor-related business, (2)
lower-than-expected results from Motoman Next, a leading candidate for physical AI,
and (3) disappointment in the capital policy and growth strategy in the next
medium-term plan and long-term vision.
Price Target Risks and Methodology - Fanuc ()
Our 12-month target price of ¥5,000 is based on the average of FY3/27E and FY3/28E
EV/EBITDA, applying the sector-average multiple of 10X and a 60% sector-relative
premium.
Key upside risks include sales in the FA business recovering to levels above past peaks,
greater-than-expected improvement in robot business margins, and share buybacks or
other moves to strengthen shareholder returns.
Price Target Risks and Methodology - THK ()
Our 12-month target price of ¥4,600 is based on FY12/26E-FY12/27E average
EV/EBITDA, applying the sector-average multiple of 10X.
Key upside risks to our view include fundamental improvement in profitability at the
industrial machinery business through major restructuring, and tighter supply/demand
and higher prices in the Asian/global linear motion parts industry.
Price Target Risks and Methodology - Mitsubishi Heavy Industries ()
We are Buy rated on Mitsubishi Heavy Industries with a 12-month target price of ¥6,000.
We calculate our target price using our FY3/30E estimates and a target EV/EBITDA
multiple set at a 40% premium to the Japan Aerospace & defense subsector average of
14X, deriving a theoretical value that we then discounting it back to the midpoint of
FY3/27E and FY3/28E using a cost of capital of 9%.
Key downside risks include (1) a stronger yen versus our assumptions, (2) lower
profitability in the energy business due to a concentration of low-margin projects or
large one-time costs, and (3) a decline in overall returns due to setbacks in portfolio
reforms.
6 April 2026 4
Goldman Sachs Japan Industrials
我们对三菱重工业的股票评级为“买入”，预计12个月内的目标价格为6,000日元。我们根
据公司截至2030年3月的财务预期来计算目标价格。同时，我们采用了比日本航空航天
与国防行业平均水平高出40%的EV/EBITDA倍数作为估值依据，得出的理论价值随后再
通过9%的资本成本进行折现，从而得到截至2027年3月和2028年3月的预期目标价格。
主要的下行风险包括：(1) 半导体相关业务的放缓；(2) 作为物理人工智能领域领先
企业的Motoman Next的业绩低于预期；(3) 在下一个中期计划和长期发展战略中，
资本政策和增长策略无法达到预期效果。
主要的下行风险包括：(1) 日元汇率比我们预期的更加强劲；(2) 由于低利润项目占
比过高或存在巨额的一次性成本，能源业务的盈利能力可能会下降；(3) 由于投资
组合改革遇到阻碍，整体回报也会出现下滑。
主要的利好风险包括：家用电器业务的 售额能够回升到过去的高水平；机器人业务
的利润率能够好于预期；此外，公司还可能通过股票回购等方式来提升股东回报。
我们认为，潜在的利好风险包括：通过大规模重组，工业机械领域的盈利能力能够得到显
著提升；同时，亚洲及全球范围内的直线运动部件行业的供需关系将变得更加紧张，价格
也会上涨。
我们设定的12个月目标价为6,300元。这一价格是根据2027财年和2028财年的EV/
EBITDA均值计算得出的。在计算过程中，我们采用了行业平均的10倍市盈率倍数，并考
虑了50%的行业溢价因素。
我们设定的12个月目标股价为5,000日元。这一价格是根据2027财年和2028财年的EV/
EBITDA均值计算得出的。在计算过程中，我们采用了行业平均的10倍市盈率倍数，并给
予了60%的行业溢价。
主要的下行风险包括：半导体需求低于预期、投入成本急剧上升，以及固定成本的上升
速度快于预期。
我们设定的12个月目标股价为6,800元，这一数值是根据2027财年和2028财年的EV/
EBITDA均值计算得出的，同时采用了行业平均的10倍市盈率作为估值依据。
我们设定的12个月目标价为4,600元。这一价格是根据FY12/26E至FY12/27E期间的
平均EV/EBITDA比率计算得出的，同时采用了行业平均的10倍市盈率作为估值依据。
目标股价风险与评估方法——三菱重工业公司（）
附录：目标价格风险与评估方法
目标股价风险与评估方法——安川电机（）
目标股价风险与评估方法——发那科（）
目标价格风险与评估方法——CKD公司（）
目标股价风险与评估方法——东芝机械株式会社（）
日本工业股高盛
2026年4月6日
KNO+u8wb94Ud7C1IAMyEA45oK41T3ZTc39E7KguePsJTnC87KZuWpZmbNiopYA1R
Price Target Risks and Methodology - Kawasaki Heavy Industries ()
Our 12-month target price of ¥3,900 is based on the average of FY3/27E and FY3/28E
EV/EBITDA, applying the Japan Aerospace & Defense subsector-average multiple of 14X
and a 20% sector-relative discount.
Key downside risks include (1) a stronger yen, (2) lower-than-expected margins in the
aerospace/defense business, (3) a wider-than-expected decline in demand and
incentives for PS&E, and (4) a decline in overall returns on deterioration in finances and
wider discount on account of the conglomerate structure.
Price Target Risks and Methodology – IHI ()
We are Neutral rated on IHI with a 12-month target price of ¥4,200. Our target price is
based on the average of FY3/27E and FY3/28E EV/EBITDA, applying the Japan
Aerospace & Defense subsector-average multiple of 14X and a 0% sector-relative
premium/discount.
Key upside/downside risks include (1) weaker/stronger yen versus our FX assumptions,
(2) upside/downside to our assumptions for margins in the civil aero engine business,
and (3) upside/downside to our assumptions for the market’s assessment of business
portfolio reforms.
Price Target Risks and Methodology - Daikin Industries ()
Our 12-month target price of ¥20,000 is based on average FY3/27E-FY3/28E
EV/EBITDA, applying the sector-average median of 10X and a 20% sector-relative
discount.
Key risks include the outcome of the company’s North America business strategy,
whether a recovery in the Europe business is successful or not, and the growth outlook
for the China business.
Price Target Risks and Methodology - Makita ()
Our 12-month target price of ¥5,200 is based on FY3/27E EV/EBITDA, applying the
sector-average multiple of 10X and a 10% sector-relative discount.
Key upside risks include earnings upside driven by a European demand overshoot, better
disciplined US sales incentives and higher profitability, and favorable currency exchange
rates.
6 April 2026 5
Goldman Sachs Japan Industrials
主要的下行风险包括：(1) 日元升值；(2) 航空航天/国防领域的利润率低于预期；(3)
公用事业板块的需求和盈利空间下降幅度超出预期；(4) 由于财务状况恶化，整体投资
回报率下降，同时，由于企业集团结构的原因，股价也会出现进一步的下跌。
主要的利空/利好风险包括：(1) 日元相对于我们预期汇率的波动；(2) 民用航空发动
机业务领域的利润率预期出现偏差；(3) 市场对业务结构改革成效的评估与我们的预
期存在差 。
我们对IHI的评级为“中性”，12个月目标价为4,200日元。我们的目标价是根据2027财年
和2028财年的EV/EBITDA均值计算得出的。在确定目标价时，我们采用了日本航空航天
与国防行业平均的14倍市盈率作为估值基准，并考虑了0%的行业相对溢价/折价因素。
主要的利好风险包括：由于欧洲市场需求超出预期而带来的利润提升、美国市场 售激
励措施的改善所带来的利润增加、以及有利的汇率环境。
我们设定的12个月目标价为3,900日元。这一价格是根据2027财年和2028财年的EV/
EBITDA平均值计算得出的。在计算过程中，我们采用了日本航空航天与国防行业平均的
14倍市盈率作为估值倍数，并给予了20%的行业相对折价。
主要风险包括：公司在北美的业务战略能否取得成功、欧洲业务的复苏是否能够实
现，以及中国业务的增长前景如何。
我们预计，12个月后的目标股价为20,000日元。这一预测是基于FY3/27E至
FY3/28E期间的平均EV/EBITDA比率得出的。在计算过程中，我们采用了行业平
均水平10倍的倍数，并给予了20%的行业相对折价幅度。
我们设定的12个月目标价为5,200日元。这一价格是根据2027财年的预期每股收益与息税折旧摊 前利润的比
率计算得出的。在计算时，我们采用了行业平均的10倍市盈率作为估值倍数，并给予了10%的行业相对折价。
目标股价风险与评估方法——川崎重工业株式会社（）
目标股价风险与评估方法——大金工业株式会社（）
目标股价风险与评估方法——牧田机械（）
目标股价风险与评估方法——IHI公司（股票代 ：）
日本工业股高盛
2026年4月6日
Disclosure Appendix
Reg AC
We, Yuichiro Isayama, Takeru Adachi and Takato Enoki, hereby certify that all of the views expressed in this report accurately reflect our personal views
about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is or will be, directly or
indirectly, related to the specific recommendations or views expressed in this report.
Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.
Contributing Authors: Yuichiro Isayama Goldman Sachs Japan Co., Ltd., Takeru Adachi Goldman Sachs Japan Co., Ltd., Takato Enoki Goldman Sachs
Japan Co., Ltd..
Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment
Research division.
GS Factor Profile
The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (. our universe of rated stocks)
and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (. valuation) and Integrated (a composite of Growth,
Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The
normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may
vary depending on the fiscal year, industry and region, but the standard approach is as follows:
Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a
higher percentile indicating a higher growth company. Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial
stocks, only ROE), with a higher percentile indicating a company with higher financial returns. Multiple is based on a stock’s forward-looking P/E, P/B,
price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stocks, only P/E, P/B and P/D), with a higher percentile
indicating a stock trading at a higher multiple. The Integrated percentile is calculated as the average of the Growth percentile, Financial Returns
percentile and (100% - Multiple percentile).
Financial Returns and Multiple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters in the future. Growth uses inputs
for the fiscal year at least seven quarters in the future compared with the year at least three quarters in the future (on a per-share basis for all metrics).
For a more detailed description of how we calculate the GS Factor Profile, please contact your GS representative.
M&A Rank
Across our global coverage, we examine stocks using an M&A framework, considering both qualitative factors and quantitative factors (which may vary
across sectors and regions) to incorporate the potential that certain companies could be acquired. We then assign a M&A rank as a means of scoring
companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
factor into our price target, and may or may not be discussed in research.
Quantum
Quantum is Goldman Sachs’ proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for
in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.
Disclosures
Rating and pricing information
CKD (Buy, ¥4,875), Daikin Industries (Neutral, ¥19,765), Fanuc (Sell, ¥5,517), IHI (Neutral, ¥3,400), Kawasaki Heavy Industries (Buy, ¥3,161), Makita (Sell,
¥5,293), Mitsubishi Heavy Industries (Buy, ¥4,803), THK (Sell, ¥4,964) and Yaskawa Electric (Buy, ¥4,280)
Financial Advisory Disclosure
Goldman Sachs and/or one of its affiliates is acting as a financial advisor in connection with an announced strategic matter involving the following
company or one of its affiliates: Mitsubishi Heavy Industries, Ltd.
The rating(s) for CKD, Daikin Industries, Fanuc, IHI, Kawasaki Heavy Industries, Makita, Mitsubishi Heavy Industries, THK and Yaskawa Electric
is/are relative to the other companies in its/their coverage universe: AeroEdge, CKD, Daifuku, Daikin Industries, Fanuc, Harmonic Drive Systems,
Hoshizaki, IHI, Japan Steel Works, Kawasaki Heavy Industries, Keyence, Makita, Misumi Group, Mitsubishi Heavy Industries, Okuma, Omron, SKY Perfect
JSAT Corp, SMC, THK, Yaskawa Electric
Company-specific regulatory disclosures
Compendium report: please see disclosures at Disclosures applicable to the companies included in this
compendium can be found in the latest relevant published research
Distribution of ratings/investment banking relationships
Goldman Sachs Investment Research global Equity coverage universe
As of January 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,055 equity securities. Goldman Sachs assigns stocks as
Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the
purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking
Rating Distribution Investment Banking Relationships
Buy Hold Sell Buy Hold Sell
Global 50% 34% 16% 65% 61% 46%
6 April 2026 6
Goldman Sachs Japan Industrials
增长指标是根据股票的未来 售增长率、EBITDA增长率以及每股收益增长率来确定的（对于金融类股票，则仅考虑每股收益增长率和 售增长率）。百
分位数越高，说明该公司的成长性越强。财务回报指标则基于股票的未来股本回报率、总资产回报率以及现金回报率来计算（对于金融类股票，仅考虑
股本回报率）。百分位数越高，说明该公司的财务回报能力越强。市盈率/市净率指标则反映股票的估值水平，百分位数越高，说明该股票的估值水平越
高。综合百分位数则是通过将增长指标的百分位数、财务回报指标的百分位数，以及(100%－市盈率/市净率指标的百分位数)相加后取平均值而得出的。
在我们全球范围内的研究工作中，我们采用并购分析框架来评估各类股票。在评估过程中，我们会同时考虑定性因素和定量因素（这些因素因行业和地区
的不同而有所差 ），以此来判断某些公司被收购的可能性。接着，我们会给这些公司打分，评分范围为1到3分：1分表示该公司被收购的概率较高
（30%-50%）；2分表示概率中等（15%-30%）；3分则表示概率较低（0%-15%）。对于评分为1或2的公司，我们会按照部门的既定准则，将并购
因素纳入目标价的计算中。而评分为3的公司则被认为不太可能被收购，因此不会被纳入目标价的计算范围内，相关内容也可能不会在研究报告中提及。
高盛的“因子分析报告”通过将某只股票的各项关键指标与市场整体情况以及同行业其他股票的指标进行比较，从而为该股票的投资价值提供参考。报告中
重点考察的四个指标分别是：增长潜力、财务回报、估值水平，以及综合指标（由增长潜力、财务回报和估值水平共同决定）。这些指标是通过给每只股
票的各项具体指标分配标准化排名来计算的。随后，这些标准化排名被平均处理后转化为相应指标的百分位数。不过，各项指标的具体计算方式可能会因
财政年度、行业和地区的不同而有所差 。不过，基本计算方法都是如上所述。
CKD、大金工业、发那科、IHI、川崎重工业、牧田机械、三菱重工业、THK和安川电机的评级是相对于其所在行业中的其他公司而言的。这些公司包
括：AeroEdge、CKD、大福工业、大金工业、发那科、Harmonic Drive Systems、星崎电机、IHI、日本制铁所、川崎重工业、键恩斯、牧田机械、美
津浓集团、三菱重工业、奥马株式会社、欧姆龙、SKY Perfect JSAT Corp、SMC、THK、安川电动机。
我们，岩山雄一郎、足立武和榎木贵人，特此声明：本报告中表达的所有观点均准确反映了我们对相关公司及其证券的个人看法。同时，我们也保证：我
们的任何报酬都不存在、将来也不会因为本报告中的任何建议或观点而有所变动。
截至2026年1月1日，高盛全球投资研究部门对3,055只股票给出了投资评级。高盛会在不同的地区性投资清单中将这些股票标记为“买入”或“卖出”；那些没有
被如此标记的股票则被视为“中性”股票。按照FINRA的规定，这些评级相当于“买入”、“持有”或“卖出”等投资建议。详情请参见下文的“评级、覆盖范围及相
关定义”。
除非另有说明，本报告中“贡献作者”一栏中所列出的姓名，均指高盛全球投资研究部门的分析师们。
撰稿人：高桥雄一郎，高盛日本有限公司；足立贵，高盛日本有限公司；榎木隆人，高盛日本有限公司。
摘要报告：详情请参阅 新的相关研究报告。
高盛及其附属机构中的某家正在就一项与以下公司或其附属机构相关的战略事宜提供财务咨询服务：三菱重工业株式会社。
财务回报和各项指标的测算均以高盛分析师对未来至少三个季度的预测为基础。而增长情况的测算则基于对未来至少七个季度的预测数据，与未来至
少三个季度的数据进行比较（所有指标均按每股计算）。
CKD：买入，目标价4,875日元；大金工业：中性评级，目标价19,765日元；发那科：卖出，目标价5,517日元；IHI：中性评级，目标价3,400日元；川崎重工业：买入，
目标价3,161日元；牧田机械：卖出，目标价5,293日元；三菱重工业：买入，目标价4,803日元；THK：卖出，目标价4,964日元；安川电机：买入，目标价4,280日元。
“Quantum”是高盛 发的专用数据库，用户可以借此查看详细的财务报表、预测数据以及各种财务比率。该数据库既可用于对某家公司的深入分
析，也可用于比较不同行业和市场中各家公司的情况。
除非另有说明，本报告封面所列人员均为高盛全球投资研究部门的分析师。
如需了解我们如何计算GS因子得分的详细流程，请联系您的GS客户代表。
评级/投资银行合作关系分布情况
针对特定公司的监管披露信息
高盛投资研究部门所覆盖的全球股票投资范围
披露附录
评级与定价信息
财务顾问披露事项
GS因子分析结果
日本工业股高盛
披露事项/相关信息
并购排名
量子
2026年4月6日
Reg AC
评级分布 投资银行关系
卖出
买入
持有
买入
持有
卖出
Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment
banking services within the previous twelve months.
Price target and rating history chart(s)
Compendium report: please see disclosures at Disclosures applicable to the companies included in this
compendium can be found in the latest relevant published research
Target price history table(s)
THK () CKD ()
Date of report Target price (¥) Closing price (¥) Date of report Target price (¥) Closing price (¥)
09-Mar-26 4,600 4,758 09-Mar-26 6,800 4,385
20-Jun-25 2,800 3,868 13-Feb-26 5,900 4,715
11-Apr-25 2,700 3,388 14-Jan-26 4,500 3,750
19-Nov-24 2,900 3,436 14-Nov-25 4,200 3,065
12-Apr-24 2,400 3,588 13-Oct-25 4,600 3,215
14-Feb-24 2,200 2,637 11-Apr-25 3,400 1,839
08-Aug-23 2,000 2,682 03-Mar-25 3,700 2,221
12-Jan-25 4,000 2,506
16-Aug-24 5,000 3,185
09-Aug-24 4,300 2,666
10-May-24 4,000 3,055
12-Apr-24 3,900 3,155
08-Jan-24 3,500 2,340
03-Sep-23 2,300 2,061
10-Aug-23 2,400 2,123
20-Jun-23 2,500 2,378
IHI () Fanuc ()
Date of report Target price (¥) Closing price (¥) Date of report Target price (¥) Closing price (¥)
03-Apr-26 4,200 3,400 14-Jan-26 5,000 6,935
10-Feb-26 4,500 4,500 31-Oct-25 4,300 4,909
06-Nov-25 3,300 3,185 13-Oct-25 4,100 4,780
10-Oct-25 3,250 2,818 25-Jul-25 3,400 4,220
06-Aug-25 20,000 2,449 20-Jun-25 3,300 3,713
18-Jun-25 18,000 2,250 11-Apr-25 3,200 3,388
08-May-25 13,000 1,751 12-Jan-25 3,600 4,116
17-Apr-25 12,000 1,528 19-Nov-24 3,400 4,099
05-Mar-25 13,000 1,592 31-Oct-23 3,300 3,653
12-Jan-25 12,000 1,165 13-Sep-23 3,400 4,081
28-Jul-23 4,500 4,689
13-Jul-23 5,200 4,762
26-Apr-23 6,000 4,493
Makita () Daikin Industries ()
Date of report Target price (¥) Closing price (¥) Date of report Target price (¥) Closing price (¥)
22-Feb-26 5,200 5,961 22-Feb-26 20,000 19,730
29-Jan-26 4,600 4,651 05-Feb-26 19,000 17,935
14-Jan-26 4,200 5,058 14-Jan-26 20,000 19,700
31-Oct-25 4,800 4,676 05-Nov-25 18,000 17,900
30-Jul-25 4,700 4,613 05-Aug-25 16,500 18,520
28-Apr-25 4,400 4,231 01-Aug-25 17,000 18,800
18-Apr-25 4,600 4,169 21-Apr-25 16,000 16,000
03-Mar-25 5,300 4,805 05-Feb-25 18,000 17,760
29-Jan-25 5,800 5,049 12-Jan-25 20,000 18,385
12-Jan-25 5,600 4,551 06-Nov-24 22,000 18,790
16-Aug-24 6,000 4,583 19-Sep-24 21,000 17,870
01-Jul-24 5,300 4,372 15-Aug-24 22,000 17,735
21-May-24 4,800 4,787 02-Jul-24 33,000 22,180
26-Apr-24 4,600 4,208 15-May-24 32,000 24,770
31-Jan-24 4,500 4,007 07-Feb-24 31,000 21,165
08-Jan-24 4,300 3,825 08-Jan-24 35,000 22,750
6 April 2026 7
Goldman Sachs Japan Industrials
日本工业股高盛
2026年4月6日
过去十二个月内的银行服务相关情况。目标价格及评级历史数据可参见
新发布的研究报告中的相关表格。目标价格历史表亦在其中。
报告日期 报告日期
IHI（）
发那科（）
报告日期
收盘价（人民币元）
目标价（人民币元）
报告日期
4,200
3,400
2026年4月3日
4,500
2026年2月10日
4,500
2025年11月6日
3,300
3,185
2025年10月10日
2,818
3,250
2025年8月6日
2,449
20,000
2025年6月18日
2,250
18,000
2025年5月8日
13,000
1,7512025年4月17日
12,000
1,528
2025年3月5日
13,000
1,5922025年1月12日
12,000
1,165
大金工业株式会社（）
牧田电机株式会社（）
报告日期
Mitsubishi Heavy Industries ()
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prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website
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Makita () Daikin Industries ()
Date of report Target price (¥) Closing price (¥) Date of report Target price (¥) Closing price (¥)
31-Oct-23 4,000 3,861 20-Jun-23 36,000 29,345
31-Jul-23 4,200 3,987 09-May-23 32,000 25,865
20-Jun-23 4,000 4,025
Kawasaki Heavy Industries () Yaskawa Electric ()
Date of report Target price (¥) Closing price (¥) Date of report Target price (¥) Closing price (¥)
03-Apr-26 3,900 3,161 09-Mar-26 6,300 4,325
06-Mar-26 20,000 3,268 09-Jan-26 6,000 5,026
09-Feb-26 17,000 3,391 13-Oct-25 5,000 4,085
10-Oct-25 15,000 1,945 03-Oct-25 3,400 3,178
18-Jun-25 14,000 2,137 08-Jul-25 3,000 2,833
09-May-25 11,000 1,655 20-Jun-25 3,700 3,190
17-Apr-25 10,000 1,621 11-Apr-25 3,900 2,881
05-Mar-25 11,000 1,700 06-Apr-25 4,600 3,344
12-Jan-25 10,000 1,411 10-Jan-25 5,300 4,271
09-Nov-24 8,000 1,406 24-Dec-24 5,500 3,950
12-Sep-24 7,000 917 04-Oct-24 6,400 5,023
16-Aug-24 6,700 4,796
05-Jul-24 7,000 5,972
05-Apr-24 7,500 6,174
13-Sep-23 7,000 5,725
20-Jun-23 7,800 6,635
08-Apr-23 6,500 5,480
Date of report Target price (¥) Closing price (¥)
06-Mar-26 6,000 4,761
04-Feb-26 5,800 4,756
05-Jan-26 5,400 4,162
07-Nov-25 5,300 4,449
10-Oct-25 5,000 4,037
05-Aug-25 4,400 3,749
18-Jun-25 4,100 3,498
09-May-25 3,000 2,732
17-Apr-25 2,800 2,630
05-Mar-25 2,700 2,275
04-Feb-25 2,300 2,218
12-Jan-25 2,200 2,167
6 April 2026 8
Goldman Sachs Japan Industrials
以下是其他必要的披露事项：
**所有权与利益冲突问题**：高盛的政策规定，其分析师、向分析师汇报工作的人员以及其家属不得持有分析师所负责研究的公司发行的证券。
**分析师的薪酬**：分析师的薪酬部分取决于高盛的盈利情况，而高盛的盈利中包含投资银行业务带来的收入。
**分析师担任公司高管或董事的情况**：高盛的政策通常禁止分析师、向分析师汇报工作的人员或其家属担任其所研究的公司的高管、董事或顾问。
**非美国籍分析师**：非美国籍分析师可能不属于高盛公司的关联人员，因此不必遵守FINRA第2241条和第2242条关于与相关公司沟通时的限制规
定。
以下披露内容是根据相关司法管辖区的要求而必须提供的，不过，那些根据美国法律法规已经披露的信息除外。在澳大利亚，高盛澳
大利亚有限公司及其附属机构并不属于被《1959年澳大利亚银行法》所定义的“存款机构”；因此，它们不在澳大利亚提供银行业务或
从事任何与银行相关的活动。本研究报告及相关信息仅限于向《澳大利亚公司法》中所规定的“批发客户”提供，除非高盛另有约定。
如需了解本报告中提及的各家公司的相关披露信息，请参阅上文中的公司特定监管披露内容。这些披露信息包括：在正在进行的交易中担任管理人或联合管理人的情
况；持有1%或更多股份的持股情况；因提供特定服务而获得的报酬；与客户的合作关系类型；在过往期间所管理的/共同管理的公 发行证券的情况；所担任的董
事职务；以及在与股权证券相关的做市和/或专业职责方面的信息。高盛可能会作为交易方，参与本报告中提到的那些发行人的债务证券（或相关衍生品）的交易。
评级分布情况：请参见上方的评级分布数据。价格图表：请查看价格图表，其中列出了前期各时期的评级变化及目标价格。如果报告
采用电子格式，或者涉及多家公司的情况，请访问高盛网站：
根据美国以外的其他司法管辖区的法律和法规要求而必须披露的附加信息
美国法律法规要求的披露事项
三菱重工业株式会社（）
川崎重工业株式会社（）
监管披露信息
安川电机（）
日本工业股高盛
2026年4月6日
报告日期
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6 April 2026 9
Goldman Sachs Japan Industrials
在高盛澳大利亚公司的全球投资研究部门中，工作人员可以参与对那些被纳入研究范围的公司的实地考察及其他相关会议。在某些情况下，如果高盛澳大
利亚公司认为在具体情况下这样做是合适且合理的，那么这些实地考察或会议的费用可以由相关公司部分或全部承担。如果本文档中包含任何关于金融产
品的建议，那么这些建议仅具有普遍性意义，高盛在制定这些建议时并未考虑客户的特定目标、财务状况或需求。因此，客户在采纳这些建议之前，应先
根据自己的目标、财务状况和需求来评估这些建议的适用性。有关高盛澳大利亚和新西兰的利益披露信息，以及高盛澳大利亚的卖方研究独立性政策声
明，可访问以下网址：
息可查询以下网址：
决议第20条定义的负责撰写报告的分析师，就是报告中首先被提及的那位作者。在加拿大，此信息仅用于提供参考之用，绝不构成高盛公司在加拿大的任
何广告、要约或邀请客户购买加拿大证券的行为。高盛公司在加拿大没有任何司法管辖区的经纪人资格，因此通常不允许从事加拿大证券的交易活动。此
外，高盛公司在加拿大某些司法管辖区可能被禁止 售某些证券和产品。如果您想交易加拿大证券或其他金融产品，请联系高盛加拿大公司，或是其他在
加拿大注册的券商。在香港，如需了解本研究报告中所提到的公司的更多信息，可联系高盛（亚洲）有限公司。在印度，如需了解本研究报告中所提到的
公司的更多信息，可联系高盛（印度）证券私人有限公司，其研究分析师的SEBI注册号为INH000001493。联系方式为：印度孟买沃利区Sudam Kalu
Ahire Marg上的Ascent-Worli大楼10楼，邮编400 025。公司识别号为U74140MH2006FTC160634。电话：+91 22 6616 9000，传真：+91 22
6616 9001。 高盛可能持有本研究报告中所提及的公司的1%或更多证券股份（“证券”一词的定义详见1956年《印度证券合同（监管）法》第2(h)条）。
在证券市场进行投资时，投资者需承担各种市场风险。请在投资前仔细阅读所有相关文件。印度证券交易委员会颁发的注册证书以及NISM出具的认证，并
不能保证中介机构的业绩表现，也无法为投资者提供任何收益保障。高盛（印度）证券私人有限公司的合规官员及投资者投诉处理联系方式如下：
获取：
日本：详情请见下文。
韩国：本研究及对其的访问权限仅限于《金融服务与资本市场法》所规定的“专业投资者”，除非高盛另有规定。如需了解本研究中提及的公司的更多信息，请
联系高盛（亚洲）有限公司首尔分公司。
新西兰：高盛新西兰有限公司及其附属机构并非新西兰《1989年储备银行法》中所定义的“注册银行”或“存款机构”。本研究及对其的访问权限仅限于《2008
年金融顾问法》所规定的“批发客户”，除非高盛另有规定。高盛澳大利亚和新西兰地区的利益披露文件可在此查看：
disclosures/australia-new-zealand/。
俄罗斯：在俄罗斯联邦境内分发的研究报告不属于俄罗斯法律意义上的广告，而只是旨在提供信息与分析的材料，其目的并非推 产品；同时，这些研究报告
也不属于俄罗斯法律所定义的评估报告。根据俄罗斯法律法规，这类研究报告并不构成个性化的投资建议，也不是针对特定客户准备的，且在编制过程中并未
考虑客户的财务状况、投资偏好或风险承受能力。高盛不对客户或任何其他人基于此研究报告所做的投资决策承担任何责任。
新加坡：高盛（新加坡）私人有限公司（公司编号：198602165W）受新加坡金融管理局监管，该公司对本研究内容负有法律责任。如有与本研究相关的问
题，请联系该公司。
台湾：本资料仅供参考之用，未经许可不得转载。投资者应自行评估投资风险，投资结果由投资者本人承担。
英国：符合英国《金融行为监管局》规定的“零售客户”应结合高盛此前关于报告中提及的公司的相关研究来阅读本报告，并请注意高盛国际发给他们的风险警
示。这些风险警示以及报告中使用的金融术语的解释表可向高盛国际索取。
欧盟和英国：关于欧洲委员会颁布的 delegated regulation (EU) (2016/958)中第6(2)条的相关规定，该法规是对欧洲议会和理事会制定的Regulation
(EU) No 596/2014的补充。这些规定涉及如何客观地呈现投资建议或其他能够指导投资者决策的信息的披露要求。同时，也规定了在英国脱离欧盟和欧
洲经济区后，如何将这些规定融入英国的国内法律和规章中。有关如何披露与投资研究相关的利益冲突或潜在利益冲突的信息，请访问https://
买入（B）、中性（N）、卖出（S）：分析师们会推荐某些股票为“买入”或“卖出”对象，这些股票会被列入各地区的投资清单中。某只股票被列为“买
入”或“卖出”对象，是根据其相对于同类股票的总体回报潜力来决定的。那些没有被列为“买入”或“卖出”对象，但仍有评级存在的股票，会被视为“中
性”股票。各地区都会自行管理各自的“优选投资清单”，这些股票都是从该地区投资清单中被选中的“买入”股票中挑选出来的。这些股票被选中是因为它
们具有较高的总体回报潜力，或者有较大的概率实现预期回报。至于哪些股票会被加入或移出这些优选投资清单，则由各地区的投资评审委员会或其他指
定机构来决定。这一决定并不代表分析师对该股票的评级发生了变化。
未评级（NR）。根据高盛的政策，当高盛在涉及该公司的并购或战略交易中担任顾问角色时，或者由于高盛参与该交易而存在法律、监管或政策上的限
制时，或者在其他某些情况下，相关投资评级、目标价格和盈利预期等信息都不会被提供。
处于早期研发阶段的生物技术公司：对于这类公司，由于它们既没有通过二期临床试验的药物、治疗方法或医疗设备，也没有获得相关产品的 售许可，
因此高盛按照其政策不会给出任何投资评级或目标价格。
评级暂停（Rs）：高盛的研究部门已暂停对该股票的投资评级和目标价格的确定，因为目前没有足够的基本面依据来做出评估。
日本：高盛日本有限公司是已在关东财务局注册的金融工具交易商，注册号为Kinsho 69。该公司同时也是日本证券交易商协会、日本金融期货协会、第
二类金融工具交易商协会以及日本投资管理协会的成员。股票的买卖业务需收取与客户事先约定的佣金，此外还需缴纳消费税。有关日本证券交易所、日
本证券交易商协会或日本证券金融公司所规定的各项披露要求，请参阅该公司的具体披露文件。
总回报潜力指的是当前股价与目标价格之间的差额，这一差额包括了在目标时间范围内所预期能获得的全部已发放或尚未发放的股息。所有被研究的
股票都需要有明确的目标价格。每份报告都会说明股票的总回报潜力、目标价格以及相应的时间范围，同时会明确该股票是否被列入投资名单中。
覆盖范围列表：您可以通过
主要分析师、股票名称或覆盖范围进行筛选。
评级、覆盖范围及相关定义
日本工业股高盛
2026年4月6日
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日本工业股高盛
2026年4月6日
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日本工业股高盛
2026年4月6日
