<p>作者：汉娜·佩多尼</p>
<p>东陶公司正在 “致力于实现一种无需清洁的马桶。” 它还在供应静电夹具——这一半导体制造组件对内存芯片的繁荣至关重要。</p>
<p>周五，东京交易的日本马桶制造商东陶的股票上涨了 18%。</p>
<p>表面上看，似乎一家追求 “完美冲水” 的高端马桶制造商与人工智能供应链没有太大关系。但事实证明，数十年的陶瓷经验也可以很好地应用于芯片制造。</p>
<p>日本马桶制造商东陶拥有广泛的陶瓷相关业务：包括 “各种设计的浴室”、公共厕所、豪华浴缸，以及一种利用类似光合作用的技术来清除陶瓷表面污垢的净化技术。</p>
<p>但该公司越来越多地将其陶瓷专业知识应用于制造静电夹具，这是一种芯片制造组件。</p>
<p>对静电夹具的热情——一种大小约为比萨饼的陶瓷板，利用静电力将半导体固定在位——帮助东陶的股票（JP:5332）（TOTDY）在周五的日本交易中上涨了 18%。根据道琼斯市场数据，这是该股票创下的最大单日涨幅。</p>
<p>周四，东陶报告称，其先进陶瓷业务（包括芯片设备组件）在 2025 财年增长了 34%，达到了 674 亿日元，约合 4.29 亿美元。先进陶瓷业务还占公司利润的 53% 以上，2025 财年的利润为-538 亿日元，约合 3.425 亿美元。</p>
<p>东陶在静电夹具领域并不陌生，《金融时报》报道该公司已经制造静电夹具超过 40 年。但现在，由于对该技术的需求激增，该公司正在生产更多的静电夹具。该芯片设备组件用于 NAND 闪存芯片，由于内存短缺，其价格飙升。</p>
<p>截至目前，东陶的股票今年上涨了 48%。</p>
<p>阅读更多：Sandisk 正在进行重大转型，分析师表示这可能会进一步推高股价</p>
<p>Baptista Research 的分析师伊尚·马朱姆达告诉 MarketWatch，人工智能创造了一个广泛的 “投资光环”，超越了简单的图形处理单元、超大规模和半导体设备公司。他认为东陶是一个极端的例子，说明投资者如何超越 “第一层” 人工智能受益者，关注 “第二层和第三层供应链”。面向消费者的马桶业务当然与半导体领域相去甚远。</p>
<p>马朱姆达表示：“如果这些企业的资产被视为产能受限、关键任务或难以复制，那么拥有高度专业化制造能力、材料科学专长或在芯片供应链中使用的利基组件的公司，突然可能会被市场重新评估。” 他提到这些企业的股票可能会获得更高的估值倍数。</p>
<p>然而，马朱姆达表示，投资者面临的一个关键问题是，该公司的人工智能业务是否 “足够大、足够盈利，并且在资本配置上值得投资，以改变公司的整体盈利状况，而不仅仅是创造短期的主题性反弹。”</p>
<p>虽然东陶指出，中东危机影响了其在日本的浴室业务销售，导致生产减少和采购成本增加，但这一损失被其先进陶瓷业务的销售增长所抵消。</p>
<p>如果静电夹具市场失去动力，该公司还有其他雄心：它目前 “致力于实现一种无需清洁的马桶。”</p>
<p>另见：尽管人工智能支出持续增加，英伟达正面临新的挑战</p>
<p>-汉娜·佩多尼</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>05-02-26 0800ET</p>

东陶

<p>东陶，一家日本马桶制造商，正在利用其陶瓷专业知识为半导体行业生产静电夹具，推动其股价上涨 18%。该公司的先进陶瓷业务在 2025 财年增长了 34%，达到 674 亿日元，占其利润的 53% 以上。分析师指出，东陶展示了拥有专业制造能力的公司如何能够吸引投资者的关注，超越传统的人工智能受益者。尽管由于地缘政治问题，其卫浴业务面临挑战，但东陶对创新产品的关注，尤其是自清洁马桶，依然强劲</p>

<p>By Hannah Pedone</p>
<div class="lb-trans"><p>作者：汉娜·佩多尼</p>
</div><p>Toto is 'aiming to achieve a toilet that never needs cleaning.' It's also supplying electrostatic chucks - a semiconductor-manufacturing component critical to the memory-chip boom.</p>
<div class="lb-trans"><p>东陶公司正在 “致力于实现一种无需清洁的马桶。” 它还在供应静电夹具——这一半导体制造组件对内存芯片的繁荣至关重要。</p>
</div><p>Tokyo-traded shares of Japanese toilet maker Toto rose 18% on Friday.</p>
<div class="lb-trans"><p>周五，东京交易的日本马桶制造商东陶的股票上涨了 18%。</p>
</div><p>On the surface, it may not seem like a premium toilet maker seeking &#34;the perfect flush&#34; has much to offer the artificial-intelligence supply chain. But it turns out that decades of ceramics experience can also lend themselves well to chip manufacturing.</p>
<div class="lb-trans"><p>表面上看，似乎一家追求 “完美冲水” 的高端马桶制造商与人工智能供应链没有太大关系。但事实证明，数十年的陶瓷经验也可以很好地应用于芯片制造。</p>
</div><p>The Japanese toilet maker Toto has a wide array of ceramics-related verticals: &#34;variously designed bathrooms,&#34; public toilets, luxury tubs, and a purification technology that uses a process similar to photosynthesis to remove dirt from ceramic surfaces.</p>
<div class="lb-trans"><p>日本马桶制造商东陶拥有广泛的陶瓷相关业务：包括 “各种设计的浴室”、公共厕所、豪华浴缸，以及一种利用类似光合作用的技术来清除陶瓷表面污垢的净化技术。</p>
</div><p>But increasingly, the company is applying its ceramics expertise to make electrostatic chucks, a chip-manufacturing component.</p>
<div class="lb-trans"><p>但该公司越来越多地将其陶瓷专业知识应用于制造静电夹具，这是一种芯片制造组件。</p>
</div><p>Enthusiasm around the electrostatic chuck - a ceramic plate roughly the size of a pizza, which uses an electrostatic force to hold semiconductors in place - helped send Toto's stock (JP:5332) (TOTDY) 18% higher on Friday in Japanese trading. That was the stock's largest one-day gain on record, according to Dow Jones Market Data.</p>
<div class="lb-trans"><p>对静电夹具的热情——一种大小约为比萨饼的陶瓷板，利用静电力将半导体固定在位——帮助东陶的股票（JP:5332）（TOTDY）在周五的日本交易中上涨了 18%。根据道琼斯市场数据，这是该股票创下的最大单日涨幅。</p>
</div><p>On Thursday, Toto reported that its advanced ceramics business, which includes chip equipment components, grew 34% to 67.4 billion yen, or $429 million, in fiscal 2025. The advanced ceramics business also accounted for over 53% of the company's profits, which came out to -Yen53.8 billion, or $342.5 million, in the 2025 fiscal year.</p>
<div class="lb-trans"><p>周四，东陶报告称，其先进陶瓷业务（包括芯片设备组件）在 2025 财年增长了 34%，达到了 674 亿日元，约合 4.29 亿美元。先进陶瓷业务还占公司利润的 53% 以上，2025 财年的利润为-538 亿日元，约合 3.425 亿美元。</p>
</div><p>Toto isn't new to the electrostatic-chuck game, with the Financial Times reporting that the company has been making them for over 40 years. But now the company is making a lot more of them, thanks to a surge in demand for the technology. The chip-equipment component is used for NAND flash memory chips, prices for which have soared due to a memory shortage.</p>
<div class="lb-trans"><p>东陶在静电夹具领域并不陌生，《金融时报》报道该公司已经制造静电夹具超过 40 年。但现在，由于对该技术的需求激增，该公司正在生产更多的静电夹具。该芯片设备组件用于 NAND 闪存芯片，由于内存短缺，其价格飙升。</p>
</div><p>Shares of Toto are up 48% so far this year.</p>
<div class="lb-trans"><p>截至目前，东陶的股票今年上涨了 48%。</p>
</div><p>Read more: A major Sandisk transformation is under way, and analysts say it could send the stock even higher</p>
<div class="lb-trans"><p>阅读更多：Sandisk 正在进行重大转型，分析师表示这可能会进一步推高股价</p>
</div><p>Baptista Research analyst Ishan Majumdar told MarketWatch that artificial intelligence has created a wide &#34;investment halo&#34; beyond simply graphics processing units, hyperscalers and semiconductor-equipment companies. He believes Toto is an extreme example of how investors have been looking beyond &#34;first-order&#34; AI beneficiaries and into the &#34;second- and third-order supply chain.&#34; The consumer-facing toilet business is, of course, quite removed from the semiconductor sphere.</p>
<div class="lb-trans"><p>Baptista Research 的分析师伊尚·马朱姆达告诉 MarketWatch，人工智能创造了一个广泛的 “投资光环”，超越了简单的图形处理单元、超大规模和半导体设备公司。他认为东陶是一个极端的例子，说明投资者如何超越 “第一层” 人工智能受益者，关注 “第二层和第三层供应链”。面向消费者的马桶业务当然与半导体领域相去甚远。</p>
</div><p>&#34;Companies with highly specialized manufacturing capabilities, materials-science expertise or niche components used somewhere in the chip supply chain can suddenly be rerated by the market if those assets are viewed as capacity constrained, mission critical or difficult to replicate,&#34; Majumdar said, referring to the idea that shares of these businesses can come to fetch higher valuation multiples.</p>
<div class="lb-trans"><p>马朱姆达表示：“如果这些企业的资产被视为产能受限、关键任务或难以复制，那么拥有高度专业化制造能力、材料科学专长或在芯片供应链中使用的利基组件的公司，突然可能会被市场重新评估。” 他提到这些企业的股票可能会获得更高的估值倍数。</p>
</div><p>Yet Majumdar said that a key question for investors is whether the company's AI business is &#34;large enough, profitable enough and capital-allocation-worthy enough to change the company's overall earnings profile, rather than simply creating a short-term thematic rally.&#34;</p>
<div class="lb-trans"><p>然而，马朱姆达表示，投资者面临的一个关键问题是，该公司的人工智能业务是否 “足够大、足够盈利，并且在资本配置上值得投资，以改变公司的整体盈利状况，而不仅仅是创造短期的主题性反弹。”</p>
</div><p>While Toto noted that the crisis in the Middle East has impacted sales for its bathroom business in Japan due to reduced production and increased procurement costs, that loss was offset by increased sales in its advanced ceramics business.</p>
<div class="lb-trans"><p>虽然东陶指出，中东危机影响了其在日本的浴室业务销售，导致生产减少和采购成本增加，但这一损失被其先进陶瓷业务的销售增长所抵消。</p>
</div><p>And if the electrostatic-chuck market loses steam, the company does have other big ambitions: It's currently &#34;aiming to achieve a toilet that never needs cleaning.&#34;</p>
<div class="lb-trans"><p>如果静电夹具市场失去动力，该公司还有其他雄心：它目前 “致力于实现一种无需清洁的马桶。”</p>
</div><p>See also: Nvidia is confronting a new challenge, even as AI spending keeps increasing</p>
<div class="lb-trans"><p>另见：尽管人工智能支出持续增加，英伟达正面临新的挑战</p>
</div><p>-Hannah Pedone</p>
<div class="lb-trans"><p>-汉娜·佩多尼</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>05-02-26 0800ET</p>
<div class="lb-trans"><p>05-02-26 0800ET</p>
</div>

This Japanese toilet maker seeking 'the perfect flush' is moonlighting as a hot AI play

Dow Jones

这家日本马桶制造商在追求 “完美冲水” 的同时，也在作为热门 AI 项目活跃