Core Viewpoints - Revenue meets expectations, operating profit exceeds expectations by approximately 6% [1] - Japan Uniqlo sales gross margin increased by 2.9pct year-on-year [2] - Europe and America Uniqlo business has entered a positive cycle [2] - FY2025-27 revenue is expected to be 3.5/3.9/4.4 trillion yen, with net profit attributable to the parent company of 3,964/4,285/4,734 billion yen [2] Financial Performance - FY2024 revenue: 3.1 trillion yen, up 12.2% year-on-year [1] - Japan Uniqlo: 932.2 billion yen, up 5% [1] - Overseas Uniqlo: 1,711.8 billion yen, up 19% [1] - GU: 319.2 billion yen, up 8% [1] - FY2024 operating profit: 500.9 billion yen, up 31.4% year-on-year, exceeding expectations by 6.1% [1] - Japan Uniqlo: 155.8 billion yen, up 32% [1] - Overseas Uniqlo: 283.4 billion yen, up 25% [1] - GU: 33.7 billion yen, up 29% [1] - FY2025 revenue guidance: 3.4 trillion yen, up 9.5% [1] - FY2025 operating profit guidance: 530 billion yen, up 5.8% [1] Business Segments - Japan Uniqlo: - FY2024 sales gross margin increased by 2.9pct to 50.8% [2] - Duty-free sales accounted for 8% of total revenue in FY2H24, doubling year-on-year [2] - FY2025 revenue and sales gross margin expected to grow slightly, with operating profit margin remaining flat [2] - Europe and America Uniqlo: - FY2024 revenue grew by 34.6% year-on-year [2] - Operating profit margin increased by 3.2pct to 16.4% [2] - Overall overseas Uniqlo operating profit margin increased by 0.8pct to 16.6% [2] Financial Forecasts - FY2025-27 revenue forecast: 3.5/3.9/4.4 trillion yen [2] - FY2025-27 net profit attributable to the parent company forecast: 3,964/4,285/4,734 billion yen [2] - Current P/E ratio: 44/41/37 times [2] - Target price adjusted to 53,000 yen, with a "Neutral" rating maintained [2] Market Data - Closing price: 54,490 yen [3] - 52-week low/high: 32,590/55,310 yen [3] - P/B ratio: 7.4 times [3] - Market capitalization: 17.3 trillion yen [3] - Net asset value per share: 6,731.0 yen [3] - Debt-to-asset ratio: 43.3% [3] - Total shares outstanding: 318.2 million [3]

证券研究报告·行业点评报告·MRO 分销与贸易商 MRO 行业数据跟踪点评报告 [Table_Main] 24 年 9 月美国宏观数据有所回暖，8 月 MRO 行业由价格推动增长 投资要点： [Table_Author] 2024 年 10 月 9 日 分析师 李润泽 (852) 3982 3213 leonli@dwzq.com.hk [Table_Report] 相关报告 ◼ 9 月美国宏观经济数据有所回暖。MRO 行业主要面向企业客户，企业 客户采购决策与经营情况息息相关，因此跟踪美国 MRO 行业需重点关 注宏观经济数据。2024 年 8 月，美国 ISM 制造业 PMI 录得 47.2，前值 47.2，制造业景气度持平；美国 ISM 服务业 PMI 录得 54.9，前值 51.5， 服务业景气度继续回暖；美国未来 12 个月经济衰退概率录得 56.2%， 前值 60.8%，市场对美国经济衰退预期下降；ADP 新增就业人员 14.3 万 人，前值 9.9 万人，新增就业转好。2024 年 8 月，美国全部工业部门产 能利用率录得 78.0%，前值 77.4%；美国制造业库存同比增长 0.6%，前 值 ...

证券研究报告·行业点评报告·电子 电子行业点评 [Table_Main] 海外电子报告：日本封装基板行业呈现恢复 趋势，中国台湾 PCB 产业链维持高景气 增持（维持） 投资要点 ◼ 24 年 7 月北美 PCB BB 值（订单出货比）为 0.99，出货量同比下滑 21.2%，订单量同比下滑 25.4%。根据 IPC 数据，24 年 4-7 月北美 PCB BB 值分别 1.06/0.95/0.95/0.99，尚未见到明显的恢复。 ◼ 日本 PCB 中止恢复趋势，封装基板行业呈现恢复趋势。根据 JPCAJAPAN 数据，日本 2024 年 6 月 PCB 整体产值为 481 亿日元，同比下滑 5.4%，分类别看，硬板产值为 298 亿日元，同比下滑 7.5%，封装基板 产值为 158 亿日元，同比下滑 0.7%，软板产值为 25 亿日元，同比下滑 7.3%，封装基板行业呈现恢复趋势。封装基板行业恢复的主要原因可能 系英伟达 AI 服务器带动封装基板行业量价齐升，24 年 1-6 月日本封装 基板的 ASP 分别为 31.8/29.1/30.5/25.9/26.6/32.7 万日元/平方米，6 月 ASP 较 ...

证券研究报告·公司研究·日本半导体 LASERTEC（6920.T） [Table_Main] FY2024 年报业绩点评：业绩增长打破质 疑，EUV 系列产品收入大幅增加&需求旺盛 买入（维持） | --- | --- | --- | --- | --- | |--------------------------------------|---------|---------|---------|---------| | 盈利预测与估值 | FY2024A | FY2025E | FY2026E | FY2027E | | 营业总收入（十亿日元） | 213.5 | 276.9 | 361.0 | 467.3 | | 同比 | 39.7% | 29.7% | 30.4% | 29.5% | | 归属母公司净利润（十亿日 元） | 59.1 | 81.4 | 109.8 | 140.2 | | 同比 | 28.0% | 37.8% | 34.9% | 27.7% | | 每股收益 - 最新股本摊薄（日元 / 股） | 626.6 | 863.3 | 1164.4 | 1486.7 | | P/E （现价 & ...

THK（6481.T） 证券研究报告·公司点评报告·日本机械 [Table_Main] 2024 年二季报点评：业绩超市场预期，利润弹性有 望逐步释放 买入（维持） | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|-------|-------|-------|-------| | 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | | 营业总收入（十亿日元） | 351.9 | 371.8 | 414.9 | 446.1 | | | 同比 | -10.6% | 5.7% | 11.6% | 7.5% | | | 归母净利润（十亿日元） | 18.4 | 19.7 | 23.5 | 26.8 | | | 同比 | -13.2% | 7.1% | 19.0% | 14.4% | | | 每股收益 - 最新股本摊薄（日元 / 股） | 150.1 | 160.8 | 191.4 | 218.9 | | | P/E ( 现价 & 最新股本摊薄 ) | 0. ...

证券研究报告·公司研究·日本半导体 IBIDEN（4062.T） [Table_Main] 1Q24 业绩点评：AI 产品需求维持旺盛，营 业利润超出市场预期 买入（维持） | --- | --- | --- | --- | --- | |--------------------------------------|--------|-------|-------|-------| | 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业总收入（十亿日元） | 370.5 | 431.6 | 531.0 | 643.3 | | 同比 | -11.3% | 16.5% | 23.0% | 21.2% | | 归属母公司净利润（十亿日元） | 31.5 | 39.5 | 57.2 | 80.8 | | 同比 | 8.4% | 25.4% | 44.8% | 41.3% | | 每股收益 - 最新股本摊薄（日元 / 股） | 223.6 | 280.4 | 406.0 | 573.7 | | P/E （现价 & 最新股本摊薄） | 19.1 | 15.3 | 10.5 | 7 ...

NSK（6471.T） 证券研究报告·公司研究·日本机械 ◼ 全球轴承行业龙头，海外业务驱动增长。NSK 是日本第一家设计生产轴 承的厂商，目前已发展为全球轴承行业的领军者，市占率稳居日本第一、 全球第三，主要客户包括日本电装、丰田、本田、NIDEC 等知名公司。 分产品来看，2022 财年产业机械轴承/汽车轴承的营收占比分别为 34%/30%，滚珠丝杠&直线导轨合计营收占比为 7%，汽车传动系统相关 产品的营收占比为 8%。分地区来看，海外业务已逐步成为公司新一轮 增长引擎，2023 财年美洲/中国业务的营收占比已分别提升至 18%/20%， 欧洲业务的营收占比维持 14%，日本业务的营收占比则下滑至 34%。 ◼ 看好 2024 财年毛利率上行。营收端，公司产业机械业务的营收波动较 为明显，主要受到机床、半导体设备等下游产业周期的影响；汽车业务 的营收则主要随全球汽车产量而波动，与产业机械业务的营收变化相对 独立，平滑了公司整体的营收周期。利润端，公司固定成本较高，经营 杠杆显著，毛利率波动方向与营收基本一致但波动幅度较营收更大。我 们看好 2024 财年毛利率上行，主要系：1）2023 财年，公司旗下 ...

Financial Data and Key Indicators Changes - The global photovoltaic (PV) installed capacity is expected to reach 490GW in 2024, representing a 21% year-on-year increase, with domestic demand projected to grow steadily [2][14] - The domestic market is anticipated to add 240GW in 2024, a year-on-year increase of 11%, while the first five months of 2024 saw a 29.3% increase in new installations [14][16] Business Line Data and Key Indicators Changes - The silicon material sector is expected to produce over 2 million tons in 2024, with prices dropping to 35,000-40,000 RMB per ton, indicating a significant decline in profitability [2] - The inverter market is benefiting from the rise in energy storage and overseas markets, with a notable increase in demand from emerging markets [2][16] Market Data and Key Indicators Changes - In the first quarter of 2024, ground-mounted installations accounted for 47.9% of new capacity, with significant contributions from commercial and residential sectors [9] - The average bidding price for components has dropped below 0.9 RMB/W, with N-type and bifacial modules gaining market share [8][9] Company Strategy and Development Direction and Industry Competition - The industry is entering a phase of supply clearing, with overcapacity in the main supply chain leading to pressure on profitability, particularly in the silicon wafer and module manufacturing sectors [2][4] - The company is focusing on new technologies such as N-type cells and perovskite materials to enhance efficiency and reduce costs, with expectations for significant advancements in the coming years [2][4] Management's Comments on Operating Environment and Future Outlook - Management noted that the high growth phase for PV demand has passed, and the industry is now entering a period of stable growth, with supply-demand balance expected to improve [6][14] - The management expressed concerns about potential policy changes and competition intensifying, which could impact future growth [2][4] Other Important Information - The company highlighted the importance of technological innovation in maintaining competitive advantages, particularly in the inverter and auxiliary materials sectors [2][4] - Risks include intensified competition, grid absorption issues, and unexpected changes in PV policies that could affect new installation volumes [2][4] Q&A Session Summary Question: What are the expectations for the domestic PV market in 2024? - The domestic market is expected to add 240GW in 2024, with a steady growth trajectory despite potential short-term bottlenecks due to grid absorption issues [14] Question: How is the company addressing the challenges in the silicon material sector? - The company is monitoring the price trends closely and is prepared to adjust production levels in response to market conditions to mitigate profitability pressures [2] Question: What are the key technological advancements the company is focusing on? - The company is investing in N-type cell technology and perovskite materials, which are expected to enhance efficiency and reduce costs significantly in the near future [2][4]

Financial Data and Key Indicators Changes - The overall market size of China's automotive travel industry is projected to grow steadily, with an estimated market size of 8.54 trillion yuan in 2023, increasing to 9.30 trillion yuan by 2030 [11] - The penetration rate of shared travel is expected to rise from 5.3% in 2023 to 6.0% by 2030, indicating a growing trend towards shared mobility solutions [11] Business Line Data and Key Indicators Changes - The B-end shared travel market size is forecasted to reach 4.56 trillion yuan in 2025, with a year-on-year growth rate of 5% [11] - The Robotaxi market size is expected to grow significantly, with projections of 0.5 billion yuan in 2026 and reaching 4161 billion yuan by 2030, capturing a substantial share of the shared travel market [11] Market Data and Key Indicators Changes - The number of registered ride-hailing drivers in China increased from 4.07 million in March 2022 to 7.03 million by May 2024, reflecting a strong demand for shared mobility services [8] - The private car ownership is projected to peak by 2028, with the Robotaxi market expected to replace a significant portion of this segment [10] Company Strategy and Development Direction and Industry Competition - The industry is witnessing a shift towards AI-driven smart transformation, with Robotaxi emerging as a preferred direction for commercialization [3] - Companies like Tesla are positioned as leaders in the Robotaxi space, leveraging self-developed driving software and hardware solutions to create a positive cycle of technology, traffic, and profitability [2] Management's Comments on Operating Environment and Future Outlook - The management emphasizes that the combination of policy support, technological advancements, and operational improvements will drive the scalability of Robotaxi services, with 2026 anticipated as a pivotal year for mass production [2] - The management also highlighted the importance of reducing operational costs and improving efficiency through the deployment of Robotaxi services [45] Other Important Information - The Robotaxi industry is supported by various government policies aimed at promoting smart transportation and the integration of vehicle-road-cloud systems [12] - The competitive landscape includes major players like Baidu and various OEMs, all vying for market share in the burgeoning Robotaxi sector [30] Q&A Session Summary Question: What are the key drivers for the growth of the Robotaxi market? - The growth is primarily driven by policy support, technological advancements in autonomous driving, and the operational efficiency of Robotaxi services [2][3] Question: How does the company view the competition in the Robotaxi space? - The company acknowledges the competitive landscape but believes that its technological edge and strategic partnerships will position it favorably against competitors [30] Question: What are the anticipated challenges for Robotaxi deployment? - Key challenges include regulatory hurdles, the need for a standardized approval process, and the establishment of clear liability frameworks for autonomous vehicles [48]

Investment Highlights - The report indicates that the company achieved revenue of 767.5 billion yen in FY3Q24, representing a year-on-year growth of 13.5%, slightly exceeding the expected 744.3 billion yen [19] - The revenue breakdown shows that Uniqlo Japan, overseas Uniqlo, GU, and global brands generated revenues of 236.9, 408.9, 86.9, and 34.4 billion yen respectively, with year-on-year growth rates of +10%, +19%, +5%, and -5% [19] - The company expects the gross profit margin for FY2H24 to remain stable, with a sales gross margin of 56.5% in FY3Q24, an increase of 2.7 percentage points year-on-year [19] Financial Forecasts - For FY2024, the company raised its revenue guidance from 3.03 trillion yen to 3.07 trillion yen, a 1.3% increase, and the operating profit guidance from 450 billion yen to 475 billion yen, a 5.6% increase [19] - The net profit guidance for FY2024 was also raised from 320 billion yen to 365 billion yen, reflecting a 14.1% increase [19] - The company plans to distribute a dividend of 400 yen for FY2024, with an interim dividend of 175 yen and a final dividend of 225 yen [19] Regional Performance - In the Greater China region, Uniqlo achieved revenue of 162 billion yen in FY3Q24, a year-on-year increase of 4.3%, but showed a decline when measured in RMB [19] - The report highlights challenges in the Greater China market, including decreased consumer spending and geographical product mismatches [19] - Future strategies include focusing on store quality in cities with sales potential and enhancing the synergy between online and offline sales, aiming to increase e-commerce sales from over 20% to 30% of total revenue [19] Valuation and Ratings - The report maintains the company's net profit forecasts for FY2024-2026 at 341.9, 374.6, and 408.4 billion yen respectively, with current stock prices corresponding to P/E ratios of 41, 38, and 36 times [19] - The target price is set at 47,300 yen, with a "neutral" rating maintained [19]