本田汽车（7267）第一季度业绩：略有过度，但开局良好

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

05 August 2026

Honda Motor (7267)

1Q results: Overreaches somewhat, but a good start

Neutral

7267.T, 7267 JP

Price (05 Aug 26):¥1,636

Price Target (Dec-26):¥1,400

Somewhat positive: Honda Motor’s 1Q operating profit of ¥530.8 billion was well

above our estimate and the Bloomberg consensus estimate. Key factors behind

record high profits were strong automobile sales in North America and strong

motorcycle business in Asia and India. Honda also did not incur any EV-related

losses in 1Q, which it forecasts at ¥500 billion for the full year. Honda raised

FY2026 operating profit guidance from ¥500 billion to ¥650 billion, reflecting

only a change in its forex assumption. We think strong short-term earnings are

priced into the shares to some extent, and we believe attention could turn to

visibility for achieving the medium-term business plan (MTP) targets in FY2028.

Japan Equity Research

Autos & Auto Parts

Akira Kishimoto AC

(81-3) 6736-8646

Wencong Zhang

(81-3) 6736-8627

JPMorgan Securities Japan Co., Ltd.

Strong results but seems to have overreached: 1Q operating profit of ¥530.8

billion was well above our estimate of ¥298.5 billion and the Bloomberg

consensus estimate of ¥300.2 billion. Positive factors included an absence of

EV-related losses in 1Q (which Honda forecasts at ¥500 billion in FY2026),

continued strong automobile sales mainly in North America, and record high

motorcycle profits. Honda also benefited significantly from only a minor

impact of raw materials in 1Q. It raised FY2026 operating profit guidance from

¥500 billion to ¥650 billion, reflecting only a change in its full-year forex

assumption from ¥145/$ to ¥155/$. We think FY2026 earnings are likely to

have further upside, but think attention could turn to the question of whether

the MTP target for FY2028 operating profit of ¥1.4 trillion is achievable. We

think key points for future valuation are the release of next-generation HEVs

from 2027 and progress in cutting costs via supplier changes based on the

Triple Half strategy.