Auto Parts: Implications of Nissan's F3/26 Results for Auto Parts Industry

研报英文原文证据摘录

Auto Parts: Implications of Nissan's F3/26 Results for Auto Parts Industry

Update

May 14, 2026 06:50 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAuto Parts | Japan Shinji Kakiuchi

Equity Analyst

Implications of Nissan's F3/26 Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Results for Auto Parts Industry

Auto Parts

Japan

Key Takeaways Industry View In-Line

Nissan announced F3/26 results on May 13. Its F3/27 production plan is 2.95mn

units (+1.6% YoY). We see neutral implications for the auto parts industry.

Production is seen turning up, albeit gradually, from the -5.9% YoY result in

F3/26, which should help stem the fall in capacity utilization at parts suppliers.

Nissan plans retail sales of 3.30mn units (+4.7% YoY), expecting contributions

from new model launches and model changes.

The company also plans to increase production of electrified vehicles, including

the Rogue e-POWER in the US and PHEV models in China. Unipres and NHK

Spring have high exposure to Nissan, but their electrification-related component

offerings are limited.

Nissan is promoting initiatives such as reductions in the number of models and

production plants, as well as use of common parts. Adaptability is required across

the auto parts industry, which may lead to widening disparities among companies.

Nissan Motor announced F3/26 results on Wednesday, May 13. Under its turnaround

plan, Re:Nissan, cost-cutting measures are making headway. In F3/26, the company

achieved more than ¥275bn in cost reductions (cuts of over ¥200bn in fixed costs

and ¥55bn in variable costs). With a major recovery in Nissan’s production volume

unlikely, we believe the auto parts industry could see further concentration of