摩根士丹利MUFG证券于2026年10月23日发布DISCO（6146.T）F3/27第二季度业绩说明会纪要。公司总裁关谷表示，此前集中于AI领域的需求增长，正随着AI数据中心投资的收益外溢而扩散至所有产品品类；第二季度耗材销售额环比增长24%、同比增长45%，部分源于向先进制程客户销售高附加值、高单价耗材。供给端工厂维持满负荷运转，公司通过调整交付计划全力提升产量；零部件供应虽仍略偏紧，但凭借与供应商的稳固关系获得优先供货，同时公司还在积极招聘有经验的社会人才与临时工，并增加生产支持人员。我们认为，尽管零部件采购已成为部分半导体设备厂商的瓶颈，本次说明会再次印证DISCO的扩产能力相对更强，耗材与设备出货均已高于市场一致预期隐含水平，随着生产支持人员到位推动出货进一步增长，本财年及下一财年的一致预期均存在上修空间。报告维持Overweight（增持）评级，目标价67,000日元。
Morgan Stanley MUFG Securities published takeaways from DISCO's (6146.T) F3/27 2Q earnings briefing held on October 23, 2026, with President Sekiya presenting. Demand growth previously concentrated in AI is now broadening across all categories as the benefits of AI data center investment spread; the sharp 24% QoQ/45% YoY increase in 2Q consumables sales was partly driven by higher sales of high-value-added, high-ASP consumables to front-end customers. Factories remain extremely busy, with DISCO making every effort to ramp up production while adjusting delivery schedules. Although component supply remains somewhat tight, the company says it is receiving priority supply thanks to strong supplier relationships, and it is actively hiring mid-career and temporary workers in addition to increasing production support staff. In our view, while component procurement is a bottleneck for some SPE makers, the briefing reaffirmed that DISCO has relatively greater capacity to ramp up production;