SMC净利润预增7%，中国EV投资成东风

Core Viewpoint - SMC anticipates a recovery in the Greater China market, driven by demand for electric vehicles (EVs) and semiconductor manufacturing equipment, leading to a projected net profit increase of 7% for the fiscal year ending March 2026 [1][2]. Group 1: Financial Projections - For the fiscal year 2025, SMC expects consolidated net profit to reach 167 billion yen, marking a 7% year-on-year increase [1]. - Sales are projected to grow by 7% to 850 billion yen, with operating profit increasing by 13% to 215 billion yen, primarily due to increased sales in the Greater China region [2]. - The company anticipates a profit increase of 480 million yen from sales growth, with an additional 79 million yen from improved operating rates due to increased production [2]. Group 2: Market Dynamics - SMC's air pressure equipment is seeing a resurgence in demand, particularly in the EV and semiconductor sectors, as the Chinese government stimulates domestic demand [1]. - The company reports a significant increase in factory operating rates, indicating strong demand from clients pursuing local production [1]. - Despite price increases contributing only 20 million yen to profit growth, SMC remains confident in its competitive advantage in the U.S. market, where it holds a dominant market share [3]. Group 3: Inventory and Costs - SMC is working to reduce excess inventory accumulated during the COVID-19 pandemic, with expected profit growth from inventory write-downs of 137 million yen in fiscal year 2024 and 93 million yen in fiscal year 2025 [2]. - The company faces challenges from U.S. tariffs, which are projected to reduce profits by 62 million yen directly and an additional 38 million yen indirectly due to decreased automotive-related sales [2].