丰田市盈率接近历史最低，远低于比亚迪

Core Viewpoint - Toyota's price-to-earnings ratio (PER) for the fiscal year 2024 is at 7.9 times, close to its lowest level in the past decade, indicating a need for the company to demonstrate concrete strategies to achieve its target of a 20% return on equity (ROE) to attract investors [1][2][3] Group 1 - Toyota's expected consolidated net profit for the fiscal year 2024 is projected to be 4.52 trillion yen, significantly higher than Mitsubishi UFJ Financial Group's 1.75 trillion yen, making it 2.6 times larger [1] - The company has raised wages, including for suppliers, which has contributed to a 510 billion yen decrease in operating profit year-on-year, while costs for electric vehicles (EVs) and software are expected to increase by 320 billion yen [2] - Despite these challenges, net profit is expected to decrease by only 9%, with an operating profit margin maintained at around 10% [2] Group 2 - The low valuation of Toyota is partly due to the unclear roadmap for its transformation into a mobility company, with a focus on increasing ROE to 20% [3] - Analysts suggest that a clear medium- to long-term business plan is necessary to improve investor confidence and valuation [3] - Toyota's global sales for the fiscal year 2024 are expected to reach 10.1 million units, with potential for an additional 1 million units in emerging markets and the U.S. over the next five years, which could lead to a net profit exceeding 6 trillion yen [3] Group 3 - Toyota's price-to-book ratio (PBR) is currently at 0.99, below 1, indicating undervaluation; if the PER were to return to its five-year average of 12.6 times, the stock price could increase by 60% [2] - The company has the capacity for significant stock buybacks and dividends, with a total capital expected to rise to 16 trillion yen, allowing for a 5 trillion yen stock buyback and dividend plan [4] - The increase in shareholder numbers to 940,000 by March 2024 and the introduction of shareholder benefits reflect Toyota's efforts to enhance shareholder value [4]