日本汽车行业：27年3月第一季度业绩回顾

研报英文原文证据摘录

Japan autos sector

Global Markets Research

19 August 2026

EQUITY: JAPAN AUTOS & AUTO PARTS

27/3 Q1 results review

Generally good results, but outlook for volumes and input costs highly

uncertain

Research Analysts

Japan autos & auto parts

Toshihide Kinoshita - NSC

Results overview: In line with or ahead of expectations, but concerns remain about

future profit growth

Many auto sector companies reported operating profits that were either higher than our

forecasts and market consensus forecasts or broadly in line with forecasts when excluding

transitory factors. However, as this outperformance was mainly due to factors such as

tariff and forex impacts, and thus does not suggest any uniform improvement in

profitability, we do not see results as having increased confidence in profit growth and

demand expansion across the sector as a whole. While there was nothing in the results

announcements that would suggest a collapse in earnings prospects overall, results

provided more evidence of the tough competitive conditions in major markets, including

higher sales incentives, uncertainty about the positive impact from new model launches,

and rising input costs.

Focus less on demand conditions in US and more on whether incentives and new

model releases feed through to earnings and whether this is sustainable

Gasoline prices have remained high in the US, and this could be a tailwind for HVs and

other models with superior fuel efficiency. At the same time, results revealed the difficulty

of translating tailwinds from the demand environment directly into profit growth. Subaru

[7270] has not been able to keep incentives low even for recently revamped models and

new models, and Nissan Motor [7201] has continued to increase incentives since the start

of the year, resulting in a widening divergence from the market average. While the launch

of the Rogue equipped with an e-Power powertrain in the second half of the year could

rein in incentives at Nissan, we caution against excessive expectations given the

competitive environment. Mazda Motor's [7261] new CX-5 has also made only a limited

contribution to sales in the US thus far, and it remains unclear when new model launches

…