基恩士：海外扩张

Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for Keyence, with record sales and profits achieved in the December quarter [5][6]. Core Insights - Keyence continues to set records with sales, operating profit, recurring profit, and net profit all reaching historical highs for the December quarter. The growth in the third quarter was primarily driven by Asia (+21%) and the Americas (+18%), while Europe saw a 10% increase and Japan remained flat [5][6]. - The company reported a revenue increase of 11% year-on-year to 289.3 billion yen, marking a historical high for the December quarter, with overseas markets being the main growth driver [6]. - Operating profit grew by 8% year-on-year to 144.2 billion yen, achieving a new high for the December quarter, although the operating profit margin slightly contracted [7]. - Keyence's management highlighted significant growth potential in various markets, with the Americas having a 4.2x growth opportunity, Europe 3.0x, and Asia 9.0x, based on relative manufacturing value added [6]. Summary by Sections Financial Performance - Keyence's revenue for the December quarter reached 289.3 billion yen, a year-on-year increase of 11%, driven by strong growth in Asia and the Americas [6]. - The operating profit for the third quarter was 144.2 billion yen, an 8% increase year-on-year, with a slight contraction in the operating profit margin to 49.8% [7]. Market Analysis - The report indicates that Keyence has a strong presence among overseas investors, with individual investors making up only 9% of shareholders. A potential stock split could broaden the investor base [8]. - The company is expected to announce an improved shareholder return policy in April 2026 [8]. Company Overview - Keyence specializes in manufacturing sensors, measurement equipment, machine vision, and digital microscopes aimed at enhancing factory automation quality and management [11].