2025-05-26-Jefferies-尼康（7731）_高层管理简报_12页_243kb

Nikon Equity Research Summary

Management Briefing Highlights

• Performance & Guidance:
  • FY3/26 operational profit guidance at ¥36.0bn (below med-term target) due to external pressures.
  • Revised 2030 strategy focuses on three pillars: commercial video cameras, next-generation lithography equipment, and metal additive processing.

Business Updates

1. Imaging Business:

   • High-end Z9/Z8 cameras boosted sales and ASPs; lineup expansion may dilute ASPs.
   • Acquisition of RED strengthens professional video capabilities ($12.7bn cost; ¥7bn net loss in FY3/25).
   • Z5 II sales growing in China; APS-C mirrorless demand positive but mixed global outlook.

2. Next-Generation Lithography:

   • Development of digital backend process equipment for FY3/27 launch on track.
   • Expansion in semiconductor market, including ArF liquid immersion technology and digital manufacturing (DM) investments.

3. Metal Additive Processing:

   • Steady growth in SLM (Selective Laser Melting) orders, especially for large PBF systems.
   • FY3/25 loss in non-SLM DM business; focus on profitable expansion in aerospace/defense sectors.

Analyst Recommendations & Valuation

• Price Target: ¥1,700 (based on FY3/27 ROE of 5.0%; P/B of 0.83x).
• Upside Factors: Growth in high-end imaging, advanced lithography, additive manufacturing; potential semiconductor market recovery.
• Downside Risks: Faster decline in digital cameras; continued volatility in FPD and semiconductor markets; challenging competition in ILC.

Key Risks & Growth Catalysts

• Risks:
  • Slower SLR market; accelerated competition in mirrorless (ILC) segment.
  • Volatility in semiconductor demand; uncertainty in FPD lithography market.
• Catalysts:
  • Intel’s investment trends; potential market share gains in additive manufacturing.

Management Questions Replied

• Sustainability: Progress includes carbon neutrality by 2050 (2030 targets: 71% GHG reduction vs. 2013).
• Governance: Efforts to enhance diversity of directors; strengthening independence of outside directors.

Financial Snapshot

• Current P/B: 0.83x, below target.
• Operational Profitability: OPM projected to reach 13.6% in FY3/26, aligned with med-term plan.

Next Steps & Outlook

• Strategy reformulation for future growth through continuous investment in core and emerging business areas.
• Emphasis on improving profitability from current products, while expanding in semiconductors and additive manufacturing.

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