[Financial Summary] Major automobile companies that are performing well, Toyota is chasing Tesla and Honda is chasing BYD in terms of market capitalization
The third quarter financial results for the fiscal year ending 2024/3 (fiscal year ending April-12) of the domestic big 3 domestic automobile manufacturers are ready. Due in part to the depreciation of the yen, each company continued to increase sales and profit drastically this fiscal year, and the number of units sold in the calendar year became number one in the world for 4 consecutive years $Toyota Motor (7203.JP)$and sales in North America increased significantly $Honda Motor (7267.JP)$has maintained strong sales and is raising stock prices. Meanwhile, the number of units sold decreased this quarter compared to the same period last year $Nissan Motor (7201.JP)$Is China $BYD COMPANY (01211.HK)$They were overtaken, stock prices were lowered at the moment, etc., and the championship and defeat are beginning to follow. The stalling of rice has become noticeable $Tesla (TSLA.US)$The momentum of each company, including that, has begun to be clearly reflected in stock prices.
Toyota and Honda, where sales were strong, have revised their full-year forecasts upward for 2 consecutive quarters following the announcement of interim financial results.
Toyota Motor Corporation is currently Daihatsu Motor $Toyota Industries (6201.JP)$Although the full-year sales volume forecast was lowered from 11.38 million units to 11.23 million units due to the effects of certification fraud issues at subsidiaries, etc., there seems to be no significant impact on business results.The full year's operating income is 4.9 trillion yen and net profit is 4.5 trillion yen, both of which are assumed to be the first Japanese company in the 4 trillion yen rangeI'm doing it. The expected exchange rate was changed from the conventional 1 dollar = 141 yen to 143 yen, but the current rate fluctuates lower than the expected rate of yen,The 5 trillion yen mark is also in sight。
Honda has revised the exchange rate from the conventional 1 dollar = 140 yen to 142 yen,The full-year forecast was revised upward of sales by 200 billion yen and operating income by 50 billion yenI did it.
Note that although Tesla's net profit has increased drastically due to tax adjustments, etc., it is now in a form where Honda was overwhelmed in terms of operating income.
The stock prices of both companies have increased significantly. In particular, Toyota added 3034 yen, which is the highest price since listing taking stock splits into account, on 1/23, and the total market value (48 trillion 798.1 billion yen), including self-held shares on a closing price basis, exceeded the total market value (48 trillion 672 billion yen) recorded by Nippon Telegraph and Telephone immediately after listing in 1987/5 during the bubble period,Breaking the record for the largest domestic company in historyI did (Nihon Keizai Shimbun, 23rd).
Also on January 23, Bloomberg's total market value of Toyota Motor Corporation surpassed China's Tencent since 2016, second only to Taiwan TSMC and South Korea's Samsung ElectronicsAsia's third-largest market capitalizationIt was reported that it became.
While the stock price of Tesla, which is the top automaker in terms of market capitalization, is dull,There are no more analysts who recommend “selling”If the stock price of TOYOTA (2/8 Bloomberg) continues to rise at the current pace, the current market value is close to doubleThere is a possibility that Tesla's back will come into viewThere is also one.
Also, Honda's total market value is rapidly approaching BYD, which is affected by the sluggish Chinese stock market.Honda aims for a recovery of 1 times PBR, which remains in the 0.6 times rangeIt was clearly stated, and newly added when the 3rd quarter financial results were announcedRepurchase of up to 50 billion yen of treasury stockIt was decided, and the upper limit for the current fiscal year was raised to 250 billion yen.If PBR is doubled, the total market value will be over 12 trillion yen by simple calculation, reversing the current total market value of BYDThat's going to happen.
Issues for the big 3 domestic automobiles are strategies in the Chinese market, where EV price reduction competition is spreading, and competition in the global market with Chinese manufacturers such as BYD, which is leading the way in EV development.
The reason for the stalling of Nissan Motor Co., Ltd. can also be seen as not being able to make up for the slump in the Chinese market in North America and Japan。Competition for EV price cuts is intensifying in the Chinese market, and overseas players, including Tesla, are strugglingDoing it.
Toyota also surpassed the previous year's sales volume in the Chinese market in the 3rd quarter, but Toyota's sales volume in 23 alone fell 1.7% below the previous year.
Honda saw a significant increase in the number of units sold in the Chinese market in the 3rd quarter, but from the financial results,While getting involved in discount competition, sales volume increased due to sales promotion activitiesThings can be read. Results for the third quarter (October-December) in Asia (excluding Japan), where sales in China account for 70 to 80 percent, were up 7.1% from the same period last year, while sales increased 7.1% from the same period last year, operating profit decreased 30.1%. The Sankei Shimbun dated 23/11/3 reports that “sales promotion activities due to discounts etc. during consecutive holidays associated with National Day (National Day) contributed” to Honda's sales in China in October of the same year.
The reason for the stalling of Nissan Motor Co., Ltd. can also be seen as not being able to make up for the slump in the Chinese market in North America and Japan。Competition for EV price cuts is intensifying in the Chinese market, and overseas players, including Tesla, are strugglingDoing it.
Toyota also surpassed the previous year's sales volume in the Chinese market in the 3rd quarter, but Toyota's sales volume in 23 alone fell 1.7% below the previous year.
Honda saw a significant increase in the number of units sold in the Chinese market in the 3rd quarter, but from the financial results,While getting involved in discount competition, sales volume increased due to sales promotion activitiesThings can be read. Results for the third quarter (October-December) in Asia (excluding Japan), where sales in China account for 70 to 80 percent, were up 7.1% from the same period last year, while sales increased 7.1% from the same period last year, operating profit decreased 30.1%. The Sankei Shimbun dated 23/11/3 reports that “sales promotion activities due to discounts etc. during consecutive holidays associated with National Day (National Day) contributed” to Honda's sales in China in October of the same year.
Competition with local manufacturers in the Chinese market remains the same in the global market. According to the Nihon Keizai Shimbun dated 1/31,As for global automobile exports in '23, China, led by EVs, surpassed Japan's, and Japan fell to the top position since '16It became.
Currently, there is momentum for hybrid cars over EVs in Europe and America due to the slowdown in the Chinese economy and cuts in subsidies from governments of various countries for EVs, etc. In the short term, dominating the competition with a diverse lineup, including hybrid vehicles, which Japan excels at, and increasing the commercial power of EVs in the medium term, seems to be a key point for narrowing the difference in total market value with US and Chinese EV manufacturers.
Currently, there is momentum for hybrid cars over EVs in Europe and America due to the slowdown in the Chinese economy and cuts in subsidies from governments of various countries for EVs, etc. In the short term, dominating the competition with a diverse lineup, including hybrid vehicles, which Japan excels at, and increasing the commercial power of EVs in the medium term, seems to be a key point for narrowing the difference in total market value with US and Chinese EV manufacturers.
ー MooMoo News Mark
Source: Each company's website, Nihon Keizai Shimbun, Bloomberg, Sankei Shimbun, Moomoo
Source: Each company's website, Nihon Keizai Shimbun, Bloomberg, Sankei Shimbun, Moomoo
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Happy1 : Looking at it this way, Tesla's quarterly net profit per share is amazing.
182458763 : In the short term, Japan's breakthrough looks fantastic, but when you think about the fact that the previous president of Toyota was working with an attitude of completing hybrids by the 21st century even if there was no profit, it's a mixed feeling.
I'm uneasy when I look at the recent design and driving performance of Chinese EVs...