Nidec has made a profit revision in its China EV business, suggesting that the scale of investment is large but the returns are not materializing?
2024/01/25
クリスのレポート
中国EVの競争激化により営業利益を300億円下方修正。中国EVの今後の行方は予想困難だが収益改善は難易度が高そう。流動比率1.54、自己資本比率47.8とまずまずだがキャッシュフローは投資キャッシュフローの有形固定資産の取得の項目（工場投資など？）が大きく、全体がマイナスで財務状態は良いとは言えない。
Chris's report
Due to intensifying competition in the Chinese EV market, operating profit has been revised downward by 30 billion yen. Predicting the future of the China EV market is challenging, and improving profitability seems difficult. The current ratio is 1.54 and the equity ratio is 47.8%, which are reasonable, but the cash flow is concerning. This is primarily due to significant investments in tangible fixed assets (such as factory investments) in the investing cash flow, leading to an overall negative cash flow, suggesting that the financial condition is not strong.
日経新聞で利益の下方修正が出ていたけど、経営はどうなっているんだろう？
Insight
I saw a profit downgrade in the Nikkei newspaper, but I wonder how the management is doing?
ミナの判断
中国のEV事業の採算が取れていない状態らしく状態は深刻。事業のメンバーを一新するとの話だがどうなるか予想できず、PERが78とかなり高く、良いメッセージのニュースが出るまで購入の検討はしなくて良い。
Mina's judgment
It seems that the profitability of the EV business in China is not being achieved, and the situation is serious. There's talk of completely changing the team managing the business, but it's hard to predict how this will turn out. With a P/E ratio of 78, which is quite high, it's better not to consider
purchasing until there is some good news or positive messaging.
