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3、ecision.Refer to important disclosures on page 6 to 10.Analyst Certification on page 5.Price Objective Basis/Risk on page 4.12859254 Electronics Three majors results:Mitsubishi Electric and Fuji Electric-positive,Hitachi-in line Operating Results Mitsubishi Electric(6503):Positive 1Q OP was 112bn(+9

4、1%YoY),above our estimate of 93bn and the consensus of 80bn.The result,even excluding one-time gains of 22bn from asset sales,was strong and above the consensus.Positives in 1Q were 1)8%YoY growth in infrastructure orders,led by defense and aerospace;and 2)factory automation(FA)operating margin impr

5、ovement to 9.5%(+4.7pt QoQ)on price increase and cost improvements.1Q FA orders rose 2%QoQ/23%YoY,driven by demand related to Chinese smartphones,machine tools,and artificial intelligence(AI)semiconductors.Management expects 2Q FA orders to remain at similar levels,with continued strong demand for A

6、I semiconductors.There are some segment changes,but management maintained its FY3/26 full-year guidance and estimated negative impact of tariffs of 30bn.We maintain our Buy rating on profitability improvement from restructuring and infrastructure profit growth led by defense.Fuji Electric(6504):Posi