?存储成本吞噬消费电子利润! Switch 2强劲销量挡不住“利润塌陷” 任天堂股价创18个月最大跌幅

Core Viewpoint - Nintendo's stock has experienced its largest drop in 18 months due to disappointing earnings data, highlighting a significant impact on operating profit margins from rising storage chip costs and concerns about future profitability [1][2]. Group 1: Financial Performance - Nintendo reported a quarterly operating profit of approximately 155.2 billion yen (about $998.5 million), which fell short of analysts' average estimate of 180.7 billion yen [4]. - Despite a sales increase of over 80% to 806.3 billion yen, the operating profit growth was limited to 23%, also below market expectations [4]. - The company maintained its annual revenue and operating profit guidance, projecting sales of 19 million units of the Switch 2 from June to the end of March [9]. Group 2: Market Concerns - The rising costs of storage components, particularly DRAM and NAND, are expected to significantly compress hardware profit margins and future pricing flexibility for consumer electronics [2][10]. - TrendForce predicts that the cost of game console storage modules could account for approximately 21%-23% of total hardware costs by 2026, leading to ongoing risks of declining gross margins for consumer electronics brands [2]. - The demand for storage from AI data centers is consuming a significant portion of global memory production capacity, further straining supply for consumer electronics [7]. Group 3: Strategic Responses - Nintendo's management acknowledged the challenges posed by high storage prices and indicated that they are in long-term discussions with suppliers to secure stable procurement of storage chips [9]. - The company is considering potential price adjustments for the Switch series to mitigate the impact of rising costs, although it aims to carefully weigh its options [9]. - Analysts suggest that the key to navigating the storage cost crisis lies in enhancing software sales and maintaining a robust software ecosystem, which is currently under pressure from competitive threats [8][11].