HORIBA Q3财报：营收利润双增，重组三大业务，能源环境板块利润预增88%

Core Viewpoint - HORIBA reported steady growth in revenue and profit for the first nine months of the fiscal year 2025, driven by a restructuring into three main business segments: "Energy & Environment," "Bio & Healthcare," and "Materials & Semiconductor" [2][6]. Financial Performance - For the period from January to September 2025, HORIBA achieved revenue of 230.245 billion yen, a year-on-year increase of 6.7%. Operating profit rose by 12.1% to 33.515 billion yen, while net profit attributable to shareholders surged by 21.0% to 24.096 billion yen, with a net profit margin of 10.5% [4]. - As of the end of September, total assets reached 490.211 billion yen, up 1.8% from the beginning of the year. The equity ratio increased to 65.9%, reflecting a 0.7 percentage point improvement [5]. Business Segment Performance - Energy & Environment Segment: This segment saw revenue of 85.968 billion yen, a 10% increase, and successfully turned a loss of 1.347 billion yen from the previous year into a profit of 2.023 billion yen. Growth was driven by increased demand for emission measurement systems amid a slowdown in electric vehicle transitions [8]. - Materials & Semiconductor Segment: Revenue grew by 5.4% to 114.768 billion yen, with a slight operating profit increase of 1.1%. The growth was fueled by strong demand for advanced semiconductors driven by generative AI [9]. - Bio & Healthcare Segment: Revenue increased by 2.4%, but the segment still reported an operating loss. The company expects improvements in the full year, despite a decline in sales of in vitro diagnostic reagents in the Americas [10]. Regional Market Insights - The European market showed the strongest performance with a 13.1% increase in sales, particularly in the Energy & Environment sector, which saw a 24.6% surge. The Asian market grew by 8.1%, with the Materials & Semiconductor segment in Asia increasing by 11.1% [11]. Strategic Outlook - HORIBA plans to deepen its long-term strategy outlined in the MLLMAP2028, focusing on advanced semiconductor process inspection, water resource protection, and precision medicine, aiming to solidify its leading position in high-end instruments [15].