村田制作所季度净利润降25%，与中企竞争激化

Core Viewpoint - Murata Manufacturing reported a 25% year-on-year decrease in net profit for the April to June period, marking the first profit decline in two years, primarily due to intensified competition from Chinese component manufacturers in the mid-to-low price smartphone segment and the appreciation of the yen [1][2]. Financial Performance - For the April to June period, net profit fell to 49.7 billion yen, while operating revenue decreased by 1% to 416.1 billion yen, and operating profit dropped by 7% to 61.6 billion yen [1]. - The average exchange rate for the fiscal year was approximately 144 yen per dollar, which contributed to a 12.7 billion yen decline in operating profit due to an 11 yen appreciation of the yen compared to the previous year [1]. Market Outlook - The company anticipates a 6% year-on-year decrease in revenue for the current fiscal year, projecting total revenue of 1.64 trillion yen and a 24% drop in net profit to 177 billion yen [2]. - The president of Murata stated that while there is no strong growth in the market for electronic components, the factors leading to decline are also not significant [2]. Segment Analysis - Revenue from the "communication" sector, which includes smartphones, decreased by 11% to 137.6 billion yen, attributed to the rising proportion of mid-to-low price smartphones and competition from Chinese manufacturers [3]. - The "mobile mobility" sector, accounting for 27% of total revenue, saw a 1% decline to 113.3 billion yen, impacted by reduced sales of Japanese and European automobiles due to tariffs, despite increased demand for positioning sensors from Chinese automakers [3]. Supply Chain Dynamics - The global supply of smartphones is expected to remain at 1.17 billion units, with AI servers projected to account for 17% of overall server shipments, an increase of 4.5 percentage points from the previous year [4]. - The potential negative impact on Murata's performance due to a slowdown in global economic growth and reduced smartphone and automobile sales is being closely monitored [4].