伯恩斯坦发布发那科（6954.JP）业绩点评，指出公司2027财年二季度营收与营业利润双双超出市场预期，毛利率与营业利润率明显改善，订单增长进一步加速，公司据此上调全年业绩指引。分业务看，工厂自动化（FA）与机器人订单增长尤为强劲，受益于亚洲数据中心资本开支、半导体需求回暖，以及中国人形机器人相关投资和日美汽车行业投资复苏。存储器、PCB、线缆、连接器及机械件等零部件供应紧张，导致交付周期拉长、订单与收入增长出现罕见背离，也使发那科在华市场份额承压，但公司与管理层均视其为暂时性因素。利润率提升主要来自产能利用率高企和高毛利FA业务占比上升，下半年因成本上升指引利润率略有回落。管理层预计下季度起供应与交付周期改善，但可能压低新订单水平。伯恩斯坦上调盈利预测、下调目标倍数，维持「跑赢大市」评级并下调目标价，理由是当前已处于全球FA增长峰值之后数个季度。
Bernstein's FANUC (6954.JP) earnings review notes that 2Q FY3/27 revenue and operating profit both beat consensus, with gross and operating margins improving markedly and order growth accelerating further, prompting the company to raise its FY3/27 guidance. By segment, factory automation (FA) and Robot orders were particularly strong, driven by robust AI data-center and semiconductor demand in Asia, humanoid robot-related investment in China, and recovering automotive investment in Japan and the U.S. Shortages in memory, PCBs, cables, connectors and mechanical parts have extended delivery lead times and created an unprecedented gap between order and revenue growth, weighing on FANUC's China share, though management and Bernstein view this as temporary. Margin expansion reflects high factory utilization and a larger contribution from the high-margin FA segment, while guidance implies slightly lower margins in 2H on higher component costs. Management expects supply conditions and lead ti