关税压力显现 本田净利腰斩

Core Viewpoint - Honda's financial results for the first quarter of fiscal year 2026 show a significant decline in net profit and lower-than-expected annual operating profit forecasts, primarily due to tariff impacts and currency fluctuations [1][2][3] Financial Performance - Honda's sales revenue for the first quarter was 5.34 trillion yen (approximately 260.05 billion RMB), a year-on-year decrease of 1.2% [1] - Operating profit fell to 244.17 billion yen (approximately 11.89 billion RMB), a substantial year-on-year decline of 49.6% [1] - Net profit dropped to 196.67 billion yen (approximately 9.58 billion RMB), reflecting a year-on-year decrease of 50.2% [1] Annual Forecasts - For the fiscal year 2026, Honda expects total sales revenue of 21.1 trillion yen (approximately 1.023 trillion RMB), an increase from the previous estimate of 20.3 trillion yen [2] - The company revised its annual operating profit forecast to 700 billion yen (approximately 34.09 billion RMB), up from 500 billion yen, but still below market expectations of 896.24 billion yen (approximately 43.65 billion RMB) [1][2] - Honda anticipates a net profit of 420 billion yen (approximately 20.37 billion RMB) for the fiscal year, an increase from the previous estimate of 250 billion yen, but still below market expectations of 598.6 billion yen [2] Market Challenges - The automotive industry is undergoing significant changes, with Honda facing pressure from tariff impacts and currency fluctuations, particularly in the U.S. market, which accounts for over 40% of its revenue [2][3] - The company estimates a loss of 300 billion yen due to tariffs and an additional 220 billion yen loss from parts and raw materials [3] - Honda's sales in China have also been affected, with June sales dropping to 58,596 units, a year-on-year decline of 15.2% [5] Strategic Response - To address these challenges, Honda plans to accelerate its electric vehicle transition in China, aiming for 100% of its sales to be electric vehicles by 2035, with an investment of approximately 10 trillion yen before fiscal year 2030 [6]