Nuclear Operations / Power Semi | HIGH | Weight: 15%
Thesis: 95% domestic market share in nuclear radiation monitoring — every operating J-reactor is a customer. Dual theme: nuclear instrumentation + top-5 global IGBT/SiC for EVs. Confirmed customers: Honda (IGBT), Bosch (SiC JV), Vestas (wind), JNFL Rokkasho (300-channel panel). Both Claude and GPT rated 'agree; keep.'
Risk: Nuclear I&C is a portion of Energy segment, not standalone. SiC competitors (Rohm, Infineon) may erode IGBT share.
Monitor: Watch May earnings for nuclear instrumentation order flow and power semi backlog.
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Energy | ¥354B | 32% | Nuclear monitoring, power plants, geothermal turbines |
| Industry | ¥400B | 36% | Drives, inverters, FA components |
| Semiconductors | ¥237B | 21% | IGBT, SiC power modules |
| Food & Beverage | ¥112B | 10% | Vending machines (70% J-market share) |
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| CONFIRMED | JNFL Rokkasho | 300-channel radiation monitoring panel | Largest in Japan — Fuji Electric product page names JNFL |
| CONFIRMED | Honda | 14-in-1 IGBT power module for Accord Hybrid | Production since Dec 2012 |
| CONFIRMED | Robert Bosch | SiC power module co-development | Agreement Dec 2025 |
| CONFIRMED | Vestas Wind Systems | Large-capacity IGBT for wind turbines | Partnership since 2017, HPnC X series |
| CONFIRMED | All Japanese nuclear utilities | Radiation monitoring (95% market share) | Near-monopoly position |
| Company | Ticker | PE | Fwd PE | ROE | OpM | FCF |
|---|---|---|---|---|---|---|
| IHI Corporation | 7013.T | 28.94 | 28.02 | 23.6% | 9.1% | +¥68B |
| Hitachi | 6501.T | 26.64 | 25.37 | N/A | 11.1% | +¥1,390B |
| Japan Steel Works | 5631.T | 35.28 | 34.31 | 10.5% | 8.4% | -¥19.7B |
| Yokogawa Electric | 6841.T | 24.82 | 20.73 | 12.2% | 14.6% | +¥88B |
| Fuji Electric | 6504.T | 19.62 | 17.13 | 11.8% | 10.3% | +¥51B |
| Kanadevia | 7004.T | 19.62 | 14.09 | 5.8% | 2.0% | -¥12.8B |
| Organo Corporation | 6368.T | 26.42 | 24.47 | 23.5% | 21.4% | +¥19B |
| Kurita Water Industries | 6370.T | 38.22 | 21.67 | 6.8% | 13.7% | +¥25B |
| Sumitomo Heavy Industries | 6302.T | 20.46 | 18.63 | 4.7% | 4.8% | +¥11B |
Generated by JPstock-agent | 2026-04-12 | Full Comparison | Supply Chain Map