Nissan, Isuzu, Mitsubishi Motor, JPM APAC AI Implementation Survey, Previews; Toyota, Mazda, TTI: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV • Equipment • Machinery • E&C • A&D

研报英文原文证据摘录

Nissan, Isuzu, Mitsubishi Motor, JPM APAC AI Implementation Survey, Previews; Toyota, Mazda, TTI: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV • Equipment • Machinery • E&C • A&D

3 JP, 8/4, 13:00 Print): Akira Kishimoto forecasts 1QFY26 Rev of Y13.6tr (+4.1% above Cons) and OP of

Y1178.7bn (10.5% above Cons). We expect consolidated unit shipments in 1Q to reach 2.51 million units, exceeding the

previous year’s level. We expect declines in exports to the Middle East to be offset by increased sales in North America. The

transition to the new RAV4 is proceeding cautiously, with plans to move toward full production in 2H FY2026. At the

earnings briefing, we will look for updates on breakeven management by President Koji Sato and trends in unwinding cross-

shareholdings with financial institutions.

• Techtronic (669 HK, 8/4): Karen Li expects 1H26 to be a key checkpoint for the “mix-led profit compounding” thesis, with

our forecast for sales/profit at US$8.1B/US$0.7B (+4%/+10% Y/Y). Management is poised to provide more granular

disclosure on data center exposure, which should further reduce the modelability discount and help investors anchor on the

more durable drivers: pro workflow adoption, recurring aftermarket, and non-residential vertical expansion.

Sector Key Newsflow

• Chinese EV sales falter at home as growth slows - Chinese carmakers reported slack sales for July, with Electric-vehicle

makers Xpeng, Nio, and Li Auto seeing deliveries decline by 5.2 per cent, 11.5 per cent and 1.4 per cent respectively (SCMP)

For China OEMs July monthly sales while most of OEMs sales progress is largely in-line with JPMe, negative stand out was

Xpeng with Mona L03 ramp taking some time to ramp. BYD 3Q domestic run rate slightly below JPMe amid strong export.