本田汽车(HMC.US)盘前涨约2.7%，报32.47美元。消息面上，本田汽车2025财年首财季营收同比下降 1.2%至5.34万亿日元，低于市场预期的5.4万亿日元；营业利润同比下降49.6%至2441.7亿日元，亦不及 预期的3096.5亿日元。然而，在分析了关税影响、并根据最新情况重新评估了外汇假设后，本田上调了 2025财年全年业绩预测，目前预计营收将达21.1万亿日元(此前预期为20.3万亿日元)，营业利润将达 7000亿日元(此前预期为5000亿日元)。(格隆汇) ...

格隆汇8月6日｜本田汽车(HMC.US)公司上调了全年利润预期，尽管其季度数据受到美国总统特朗普对 进口汽车和汽车零部件征收关税的打击。该公司周三表示，截至2026年3月的财年，公司目前预计营业 利润为7000亿日元（合47亿美元）。相比之下，之前的预测是5000亿日元，分析师的平均预测是8960亿 日元。在受到关税导致的1250亿日元负面影响后，该公司4月至6月的三个月利润为2440亿日元，低于分 析师预测的3100亿日元。该季度销售额下降1%，至5.3万亿日元。本田首席财务官表示，目前预计关税 的总影响为4500亿日元，低于该公司此前预估的6500亿日元。他将全年汽车销量预期维持在362万辆不 变。 ...

Financial Data and Key Metrics Changes - The operating profit for the fiscal first quarter was JPY 244.1 billion, a decrease of JPY 240.5 billion compared to the same period last year [2][4] - The full-year forecast for operating profit has been revised up to JPY 700 billion, an increase of JPY 200 billion from the previous forecast [2][4] - The net profit forecast for the year is JPY 420 billion, up by JPY 170 billion from the previous estimate [4][5] Business Line Data and Key Metrics Changes - Motorcycle operations achieved an operating profit of JPY 189 billion, an increase of JPY 11.3 billion year-on-year, driven by sales growth in South America [9] - The automobile segment reported an operating loss of JPY 29.6 billion, impacted by tariffs and nonrecurring expenses related to EVs [9][10] - Power Products segment saw a decline in sales, totaling 828,000 units, with growth primarily in Europe [6] Market Data and Key Metrics Changes - Unit sales for motorcycles reached 5.143 million, with significant growth in Brazil and Vietnam [6] - Automobile sales declined to 839,000 units, primarily due to decreases in China and other Asian markets [6] - The forecast for motorcycle unit sales remains at 21.3 million, while automobile sales are projected at 3.62 million [11] Company Strategy and Development Direction - The company aims to improve its earnings structure and expand profits despite ongoing uncertainties related to tariffs and policy changes [3] - There is a focus on localizing production in the U.S. to meet demand and mitigate tariff impacts [22] - The company is exploring collaborations with Nissan and Mitsubishi Motors to enhance business operations [62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the Chinese market, which has seen declining sales for 17 consecutive months, and emphasized the need for strategic adjustments [55][59] - The company remains cautious about the impact of tariffs and is actively monitoring the situation to adapt its strategies accordingly [20][64] - Future EV production timelines may be affected by recent losses and market conditions, with a focus on being prepared for the next fiscal term [80] Other Important Information - The company has acquired shares worth JPY 936.5 billion as part of its share buyback program [3] - The gross impact of tariffs has been revised to JPY 450 billion, reflecting ongoing assessments and adjustments [26][33] Q&A Session All Questions and Answers Question: Impact from tariffs and production strategy - Management confirmed that the reduction of tariffs from 25% to 15% is a positive development for the company, but uncertainties remain regarding future tariff applications [18][20] - The company plans to maintain a high local production ratio in the U.S. and may adjust production allocations to optimize operations [22] Question: Forecast assumptions regarding tariffs - The company has not significantly changed its assumptions regarding tariffs but is working closely with suppliers to understand the impacts [27][31] - The gross impact of tariffs has been adjusted based on detailed calculations, with expectations for a 15% tariff starting from September [33] Question: Sales decline in Asia and Europe - Management noted that competition from Chinese OEMs has intensified in Asian markets, affecting sales, and emphasized the need for hybrid model launches to regain market share [39][42] - In Europe, the company is reassessing its strategy due to historical production challenges and ongoing competitive pressures [42] Question: EV losses and pricing strategy - The company anticipates significant EV-related losses, with a total of JPY 250 billion expected for the fiscal year, impacting future production strategies [78][80] - Pricing strategies will be cautiously adjusted in response to market conditions and inflation trends, with ongoing monitoring of competitor pricing [66][69]

Financial Data and Key Metrics Changes - The operating profit for the fiscal first quarter was JPY 244.1 billion, a decrease of JPY 240.5 billion compared to the same period last year [3][5] - The full-year forecast for operating profit has been revised up to JPY 700 billion, an increase of JPY 200 billion from the previous forecast [3][5] - The net profit forecast for the year is JPY 420 billion, up by JPY 170 billion from the previous estimate [5][6] Business Line Data and Key Metrics Changes - Motorcycle operations achieved an operating profit of JPY 189 billion, an increase of JPY 11.3 billion year-on-year, driven by sales growth in South America [10] - The automobile segment reported an operating loss of JPY 29.6 billion, with sales impacted by declines in China and other Asian regions [10][11] - Power Products experienced a decline in North America and Asia, totaling 828,000 units sold, while Europe showed growth [7] Market Data and Key Metrics Changes - Unit sales for motorcycles reached 5.143 million, with significant growth in Brazil and other regions [7] - Automobile unit sales were 839,000, reflecting declines primarily in China and other Asian markets [7] - The forecast for motorcycle unit sales for the full year is maintained at 21.3 million, while automobile sales are projected at 3.62 million [12] Company Strategy and Development Direction - The company aims to improve its earnings structure and expand profits despite ongoing uncertainties related to tariffs and exchange rates [4] - There is a focus on localizing production in the U.S. to mitigate tariff impacts and enhance competitiveness [20][23] - The company plans to increase production capacity in Brazil to meet high demand, indicating a strategic emphasis on South American markets [57] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the Chinese market, which has seen declining sales for 17 consecutive months, and emphasized the need for strategic adjustments [59][61] - The company remains cautious about the impact of tariffs and is actively engaging with suppliers to manage costs [34][36] - Future EV production timelines may be affected by recent losses and market conditions, with a focus on preparing for a launch in the next fiscal year [84] Other Important Information - The company has initiated a share buyback program amounting to JPY 1.1 trillion, with JPY 936.5 billion worth of shares acquired as of July 31 [4] - The forecast for the full-year dividend remains unchanged at JPY 70 per share [6] Q&A Session Summary Question: Impact from tariffs and production strategy - Management confirmed that the reduction of tariffs from 25% to 15% is a positive development, but uncertainties remain regarding the implementation details [20][22] - The company plans to maintain a high local production ratio in the U.S. and may adjust production shifts to increase output [23][25] Question: Tariff assumptions for the fiscal year - The company has revised its gross impact from tariffs to JPY 450 billion, reflecting detailed calculations and adjustments [29][30] - Management is working closely with suppliers to understand the implications of tariffs on parts and components [34][35] Question: Sales decline in Asia and Europe - The decline in sales is attributed to increased competition from Chinese OEMs and varying government subsidies for hybrid vehicles [43][46] - Management is focusing on launching hybrid models in markets where they have not yet been introduced to regain competitiveness [44] Question: EV losses and future production - The company expects EV-related losses to total JPY 250 billion for the fiscal year, with ongoing assessments of production strategies [82][84] - Management is cautious about the timing of the Zero series EV launch due to market conditions and IRA impacts [84] Question: Price hikes and forecast assumptions - Price hikes are being considered cautiously, with management monitoring inflation trends and competitor pricing strategies [71][72] - The company remains conservative in its forecasts, particularly regarding exchange rates and tariff impacts [73][76]

智通财经APP获悉，本田汽车(HMC.US)公布了截至6月30日的2025财年第一财季业绩。财报显示，本田Q1营收为5.34万亿日元，同比 下降1.2%，不及市场预期的5.40万亿日元。营业利润为2441.7亿日元，同比下降49.6%，不及市场预期的3096.5亿日元;营业利润率为 4.6%，较上年同期低4.4个百分点。税前利润为2923.3亿日元，同比下降47.7%。归母净利润为1966.7亿日元，同比下降50.2%。 | Three Months Ended June 30, 2025: Consolidated Financial Results | | | | | | --- | --- | --- | --- | --- | | | | Three Months Ended June 30 | | | | Yen (billion) | 2024 | 2025 | Amount | Change | | Sales revenue | 5,404.8 | 5,340.2 | - 64.5 | - 1.2% | | Operating profit | 484.7 | 244.1 | - 240.5 ...

Honda Motor raises its annual profit forecast even as its quarterly figure took a hit from President Donald Trump’s tariffs on cars and car parts imported to the US https://t.co/S81DxLokI6 ...

Core Insights - Honda's first quarter operating profits fell 50% year over year, missing estimates due to U.S. auto tariffs and a stronger yen [1][2] - Revenue for the first quarter was reported at 5.34 trillion yen, slightly above the mean estimates [1][5] Financial Performance - Operating profit decreased to 244.17 billion yen, compared to LSEG mean estimates of 323.48 billion yen [2][5] - Revenue exceeded expectations, coming in at 5.34 trillion yen versus the estimated 5.25 trillion yen [5] Market Context - Japanese automobile makers have started reducing vehicle prices for shipments to the U.S. in response to a 25% tariff imposed by the U.S. [2] - In June, Tokyo's car exports to the U.S. saw a 25.3% year-over-year decline in value, despite a 4.6% increase in export volumes [3] Trade Relations - A new trade deal announced by President Trump includes a proposed reduction of tariffs on Japan-made vehicle imports to 15%, though the implementation timeline remains unclear [3] - Japanese Prime Minister Shigeru Ishiba is actively engaging with President Trump to expedite the tariff reduction process [4]

Financial Performance (Q1 2025) - Operating profit decreased by 49.6% to 244.1 billion yen, compared to 484.7 billion yen in the same period last year[7] - Profit attributable to owners of the parent decreased by 50.2% to 196.6 billion yen, from 394.6 billion yen[7] - Sales revenue decreased slightly by 1.2% to 5,340.2 billion yen[7] - Operating margin declined by 4.4 percentage points to 4.6%[7] Financial Forecast (FYE 2026) - Revised operating profit forecast upward by 200 billion yen to 700 billion yen[3] - Revised profit for the year forecast to 420 billion yen[3] - Sales revenue forecast revised to 21,100 billion yen, a decrease of 2.7% from the previous year[8] - Operating profit forecast decreased by 42.3% to 700 billion yen[8] Shareholder Returns - Acquired 646.66 million of the company's own shares for 936.5 billion yen, achieving 85.1% of the planned acquisition[5, 9]

Group 1 - The trade agreement between the US and Japan aims to reduce the automobile tariff from 25% to 15%, with Japan committing to invest $550 billion in the US [1][3] - Japan's exports to the US in 2024 are projected to total 21 trillion yen, with automobiles and parts contributing over 7.2 trillion yen, accounting for one-third of the total [3] - The agreement has raised concerns in Japan regarding the lack of a written document, as it may complicate the implementation of the agreed terms [3] Group 2 - Goldman Sachs analysts predict that the overall negative impact on Japan's seven major automakers will decrease from a loss of 3.47 trillion yen to 1.89 trillion yen under the new 15% tariff [4] - Specific impacts on major automakers include Toyota's tariff-related costs dropping from 1.6 trillion yen to 872 billion yen, Honda's from 560 billion yen to 305 billion yen, and Nissan's from 470 billion yen to 256 billion yen [5] - Japanese automakers have reduced export prices to the US by 19% in June, the largest drop since 2016, to maintain competitiveness in the North American market [5] Group 3 - The US automotive industry has expressed dissatisfaction with the trade agreement, arguing that it favors Japanese automakers and does not significantly improve US car exports to Japan [6] - The American Automotive Policy Council has raised concerns that many Japanese cars use minimal US parts and are assembled in Canada and Mexico, potentially harming US industry and workers [6] - The United Auto Workers union criticized the agreement, claiming it neglects the interests of American workers and does not address the long-standing advantages enjoyed by Japanese manufacturers in the US market [6]

Group 1 - The Japanese automotive giants Toyota and Honda are expected to report mixed results due to the strong yen and U.S. tariffs impacting profits, despite resilient sales [1] - Toyota's operating profit is projected to decline in the first fiscal quarter, influenced by promotional pricing, rising supply chain costs, and potential tariffs of up to 25% before a trade agreement [1][2] - Honda is also expected to see a slight decrease in operating profit, with a significant 19% reduction in U.S. export prices in June, marking the largest drop since 2016 [1][2] Group 2 - Japan's chief trade negotiator is urging the U.S. to lower tariffs on automobiles and parts to 15%, which could positively impact future earnings guidance from the companies [2] - Toyota has raised its global production target for 2025 to 10 million vehicles, while Honda's profits are expected to increase by 28% in the fiscal year 2026 due to recent tariff relaxations [2] - Following the announcement of the U.S.-Japan trade agreement, Japanese automotive stocks saw significant rebounds, with Honda and Toyota shares rising over 10% [3] Group 3 - The U.S. has agreed to set tariffs on Japanese imports, including automobiles, at 15%, down from the previously threatened 25%, which has relieved pressure on Japanese automakers [3] - Increased government spending in Japan and the impact of U.S. tariffs on industrial giants are expected to support sales and profit growth for companies like Mitsubishi Heavy Industries and Kawasaki Heavy Industries [3][4] - Analysts predict that while Kawasaki Heavy's transportation sector may face challenges from tariffs, its defense sector is likely to drive profit margin expansion [4]