<p>日本电产株式会社赞助的 ADR（(NJDCY)）已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>日本电产株式会社创下纪录业绩，但面临市场逆风</p>
<p>日本电产株式会社最新的财报电话会议描绘了在显著的宏观和运营逆风中仍然保持韧性增长的图景。管理层强调，净销售额和营业利润创下历史新高，得益于对人工智能服务器和水冷系统的激增需求，以及中国牵引业务的盈利性转变。同时，他们承认受到货币波动、交付延迟以及欧洲和美国汽车市场疲软的压力。尽管如此，语气依然谨慎乐观，公司为未来几年的结构性改革和新的增长动力做好了准备。</p>
<h2>创纪录的净销售额和营业利润</h2>
<p>日本电产报告净销售额同比增长 11.5%，达到 1.946 万亿日元，营业利润增长 5.0%，达到 1755 亿日元——这两项均为公司历史新高。管理层强调，尽管外部环境具有挑战性，但这一业绩凸显了其多元化业务组合的强大。创纪录的业绩突显出新兴技术驱动领域的增长正在逐渐抵消传统市场的疲软，巩固了日本电产作为高增长工业和电子应用关键参与者的地位。</p>
<h2>人工智能服务器需求成为关键增长引擎</h2>
<p>公司强调，人工智能服务器的需求正在迅速增长，已成为收入的重要贡献者。随着全球人工智能工作负载的激增，日本电产受益于每台服务器的内容增加和更高附加值组件，正处于数据中心投资周期的有利位置。人工智能相关产品的这一势头被强调为支持公司短期至中期收入的最重要的结构性增长动力之一。</p>
<h2>水冷系统业务准备规模化</h2>
<p>日本电产的水冷系统业务支持 GPU 和芯片组，随着对电力需求高的人工智能和高性能计算系统对更先进的热管理的需求增加，正在获得强劲的市场吸引力。管理层将这一细分市场描述为 “增长势头强劲”，并明确表示希望将其发展成为一个 5000 亿日元的业务。这反映了公司深入下一代计算关键基础设施的战略，在该领域需求可见性强，定价能力更强。</p>
<h2>中国牵引业务实现盈利</h2>
<p>一个亮点是位于中国的牵引业务，从第三季度开始实现盈利，并预计在第四季度及以后将保持盈利。这一转变具有重要意义，因为牵引系统通常与电动车和铁路相关应用相关，是日本电产长期增长的战略所在。中国的盈利能力表明，早期的投资和重组努力正在取得成效，该地区可能成为利润增长的引擎，即使其他汽车市场仍然疲软。</p>
<h2>机床细分市场订单强劲恢复</h2>
<p>机床细分市场订单量大幅恢复，订单接收量增长了 1.5 倍，特别是在中国和美国。这一强劲的订单增长表明制造商的资本投资正在改善，并确认了对精密设备的强劲需求，这是工业活动的积极指标。对于日本电产而言，这一细分市场不仅增加了收入增长，还支持了更高利润率、技术密集型的产品，能够提升公司的整体盈利能力。</p>
<h2>战略参与 IOWN 倡议</h2>
<p>日本电产宣布决定参与 IOWN 倡议，使公司能够获取对其五大核心业务支柱至关重要的先进技术。这一举措支持其长期战略，以在数字基础设施、网络和下一代通信技术的前沿保持领先地位。通过与 IOWN 的对接，日本电产旨在深化其技术能力，并在多个依赖高速、高效数据和电力解决方案的业务领域强化竞争优势。</p>
<h2>货币波动影响税前利润</h2>
<p>尽管营业利润创下纪录，但税前营业利润下降了 4.7%，受到货币汇率波动和 225 亿日元的财务损失的影响。管理层强调这些主要是外部的、非运营因素，但它们仍然对底线业绩造成了压力。对于股权投资者而言，这突显了一个关键风险因素：公司的全球布局使其暴露于外汇波动之中，这可能掩盖报告结果中潜在的运营改善。</p>
<h2>交付延迟造成运营拖累</h2>
<p>日本电产还报告了与向客户交付产品延迟相关的损失。这些干扰虽然在电话会议摘要中没有完全量化，但表明了运营执行问题，这可能削弱原本强劲的需求。管理层将其视为暂时和可解决的问题，但对于投资者而言，这仍然是一个重要的关注点，因为交付表现直接影响收入确认、客户满意度和成本控制。</p>
<h2>欧洲和美国汽车市场疲软</h2>
<p>公司的汽车部门正受到欧洲和美国需求疲软环境的压力。Nidec 正在进行重组以应对这一情况，这导致这些地区的利润损失。尽管中国的汽车相关业务盈利，但西方市场的表现不佳突显了全球汽车周期的不均衡性，以及在增长缓慢的地区重新定位以适应电气化和新出行趋势所面临的挑战。</p>
<h2>美国电机产品的季节性疲软</h2>
<p>在美国，Nidec 的电机产品业务遭遇了季节性动能下降，这对整体盈利能力造成了压力。管理层将这种疲软视为暂时的，符合典型的季节性模式，而非结构性下滑。然而，结合其他不利因素，季节性损失增加了近期利润率的压力，并强调了高增长部门弥补这一缺口的重要性。</p>
<h2>ACIM 和 AMEC 部门的重组与挑战</h2>
<p>ACIM（交流工业电机）和 AMEC 业务部门正面临 “严峻” 的市场环境，重组成本影响了业绩。Nidec 正在积极改善这些部门的成本结构和运营效率，表明愿意为长期收益承受短期痛苦。管理层传达了对这些努力将转化为未来更好表现的信心，但投资者应预期在重组过程中会有持续的波动。</p>
<h2>聚焦结构改革和增长的指导和战略展望</h2>
<p>展望未来，Nidec 重申了其增长轨迹，以创纪录的净销售额和营业利润为基础，同时保持严格的现金流管理，包括 410 亿日元的营业现金流。公司预计 AI 服务器产品的强劲需求将持续，以及硬盘电机的高需求，而盈利的中国汽车和牵引业务将帮助抵消欧洲和美国汽车市场的疲软。Nidec 计划在 2025 财年之前进行大规模的结构改革和业务扩展，重点推进水冷系统，并更深入参与 IOWN 倡议，以增强其技术优势。管理层还强调了战略扩展举措，包括计划收购 Makino Milling Machine，他们认为这将与机床和工业业务产生强大的协同效应。总体而言，Nidec 正朝着到 2025 财年实现两位数盈利能力的明确方向前进，寄希望于重组、并购和高增长技术部门推动下一阶段的盈利增长。</p>
<p>总之，Nidec 的财报电话会议展示了一家在销售和营业利润上创下纪录的公司，同时坦诚面对外汇损失、运营问题和西方汽车市场的疲软。AI 服务器相关产品、水冷系统和中国牵引业务的增长正日益定义公司的未来形象，得益于 IOWN 参与和 Makino 收购等战略举措。对于投资者而言，这个故事展现了稳固的基本动能和雄心勃勃的重组，近期的波动被清晰的高盈利能力和更强竞争定位的路线图所抵消。</p>

1625

日本电产株式会社

日本电产(ADR)

<p>日本电产株式会社报告了创纪录的第三季度收益，净销售额增长 11.5%，达到 1.946 万亿日元，营业利润上升 5.0%，达到 1755 亿日元。尽管面临货币波动和疲软的汽车市场等挑战，公司依然保持乐观，受到对人工智能服务器强劲需求和中国牵引业务盈利性转变的推动。日本电产旨在扩大其水冷系统，并且其机床部门已出现复苏。然而，交付延迟和外汇波动对未来业绩构成风险</p>

<p>Nidec Corporation Sponsored ADR ((NJDCY)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>日本电产株式会社赞助的 ADR（(NJDCY)）已召开第三季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium</h3>
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<li>Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li>
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<li>通过最新的新闻和分析保持市场领先，最大化您的投资组合潜力</li>
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</div><p>Nidec Corporation Books Record Results but Flags Market Headwinds</p>
<div class="lb-trans"><p>日本电产株式会社创下纪录业绩，但面临市场逆风</p>
</div><p>Nidec Corporation’s latest earnings call painted a picture of resilient growth amid notable macro and operational headwinds. Management emphasized record-high net sales and operating profit, fueled by surging demand in AI servers and water cooling systems, alongside a profitable turnaround in the Chinese traction business. At the same time, they acknowledged pressure from currency fluctuations, delivery delays, and weak automotive markets in Europe and the U.S. Even so, the tone remained cautiously optimistic, with the company positioning itself for structural reforms and new growth drivers over the next few years.</p>
<div class="lb-trans"><p>日本电产株式会社最新的财报电话会议描绘了在显著的宏观和运营逆风中仍然保持韧性增长的图景。管理层强调，净销售额和营业利润创下历史新高，得益于对人工智能服务器和水冷系统的激增需求，以及中国牵引业务的盈利性转变。同时，他们承认受到货币波动、交付延迟以及欧洲和美国汽车市场疲软的压力。尽管如此，语气依然谨慎乐观，公司为未来几年的结构性改革和新的增长动力做好了准备。</p>
</div><h2>Record High Net Sales and Operating Profit</h2>
<div class="lb-trans"><h2>创纪录的净销售额和营业利润</h2>
</div><p>Nidec reported net sales rising 11.5% year on year to JPY1.946 trillion, with operating profit up 5.0% to JPY175.5 billion—both all-time highs for the company. Management underscored that this performance came despite a challenging external environment, underscoring the strength of its diversified business portfolio. The record results highlight how growth in newer, technology-driven segments is increasingly offsetting softness in more traditional markets, reinforcing Nidec’s positioning as a key player in high-growth industrial and electronics applications.</p>
<div class="lb-trans"><p>日本电产报告净销售额同比增长 11.5%，达到 1.946 万亿日元，营业利润增长 5.0%，达到 1755 亿日元——这两项均为公司历史新高。管理层强调，尽管外部环境具有挑战性，但这一业绩凸显了其多元化业务组合的强大。创纪录的业绩突显出新兴技术驱动领域的增长正在逐渐抵消传统市场的疲软，巩固了日本电产作为高增长工业和电子应用关键参与者的地位。</p>
</div><h2>AI Server Demand Emerging as a Key Growth Engine</h2>
<div class="lb-trans"><h2>人工智能服务器需求成为关键增长引擎</h2>
</div><p>The company stressed that demand for AI servers is growing rapidly and has become a major contributor to revenue. As AI workloads surge globally, Nidec is benefiting from rising content per server and higher value-added components, positioning itself on the right side of the data center investment cycle. This momentum in AI-related products was highlighted as one of the most important structural growth drivers supporting the company’s topline in the near to medium term.</p>
<div class="lb-trans"><p>公司强调，人工智能服务器的需求正在迅速增长，已成为收入的重要贡献者。随着全球人工智能工作负载的激增，日本电产受益于每台服务器的内容增加和更高附加值组件，正处于数据中心投资周期的有利位置。人工智能相关产品的这一势头被强调为支持公司短期至中期收入的最重要的结构性增长动力之一。</p>
</div><h2>Water Cooling System Business Poised for Scale</h2>
<div class="lb-trans"><h2>水冷系统业务准备规模化</h2>
</div><p>Nidec’s water cooling system business, which supports GPUs and chipsets, is seeing strong traction as power-hungry AI and high-performance computing systems require more advanced thermal management. Management described this segment as enjoying “growing momentum,” with an explicit ambition to build it into a JPY500 billion business over time. This reflects the company’s strategy to move deeper into critical infrastructure for next-generation computing, where demand visibility is robust and pricing power can be stronger.</p>
<div class="lb-trans"><p>日本电产的水冷系统业务支持 GPU 和芯片组，随着对电力需求高的人工智能和高性能计算系统对更先进的热管理的需求增加，正在获得强劲的市场吸引力。管理层将这一细分市场描述为 “增长势头强劲”，并明确表示希望将其发展成为一个 5000 亿日元的业务。这反映了公司深入下一代计算关键基础设施的战略，在该领域需求可见性强，定价能力更强。</p>
</div><h2>Chinese Traction Business Turns Profitable</h2>
<div class="lb-trans"><h2>中国牵引业务实现盈利</h2>
</div><p>A key bright spot was the traction business based in China, which turned profitable from the third quarter and is expected to remain in the black in the fourth quarter and beyond. This shift is significant because traction systems, often linked to electric vehicles and rail-related applications, are strategic for Nidec’s long-term growth. Profitability in China suggests that earlier investments and restructuring efforts are bearing fruit, and the region could serve as a profit growth engine even as other automotive markets remain sluggish.</p>
<div class="lb-trans"><p>一个亮点是位于中国的牵引业务，从第三季度开始实现盈利，并预计在第四季度及以后将保持盈利。这一转变具有重要意义，因为牵引系统通常与电动车和铁路相关应用相关，是日本电产长期增长的战略所在。中国的盈利能力表明，早期的投资和重组努力正在取得成效，该地区可能成为利润增长的引擎，即使其他汽车市场仍然疲软。</p>
</div><h2>Machine Tool Segment Sees Strong Order Recovery</h2>
<div class="lb-trans"><h2>机床细分市场订单强劲恢复</h2>
</div><p>The machine tool segment has seen a sharp recovery, with order intake rising 1.5 times, particularly in China and the United States. This robust order growth signals improving capital investment by manufacturers and confirms solid demand for precision equipment, a positive indicator for industrial activity. For Nidec, this segment not only adds revenue growth but also supports higher-margin, technology-intensive offerings that can enhance the company’s overall profitability profile.</p>
<div class="lb-trans"><p>机床细分市场订单量大幅恢复，订单接收量增长了 1.5 倍，特别是在中国和美国。这一强劲的订单增长表明制造商的资本投资正在改善，并确认了对精密设备的强劲需求，这是工业活动的积极指标。对于日本电产而言，这一细分市场不仅增加了收入增长，还支持了更高利润率、技术密集型的产品，能够提升公司的整体盈利能力。</p>
</div><h2>Strategic Participation in the IOWN Initiative</h2>
<div class="lb-trans"><h2>战略参与 IOWN 倡议</h2>
</div><p>Nidec announced its decision to participate in the IOWN initiative, positioning the company to acquire advanced technologies critical for its five core business pillars. This move supports its long-term strategy to stay at the forefront of digital infrastructure, networking, and next-generation communication technologies. By aligning with IOWN, Nidec aims to deepen its technological capabilities and reinforce competitive advantages across multiple business lines that depend on high-speed, high-efficiency data and power solutions.</p>
<div class="lb-trans"><p>日本电产宣布决定参与 IOWN 倡议，使公司能够获取对其五大核心业务支柱至关重要的先进技术。这一举措支持其长期战略，以在数字基础设施、网络和下一代通信技术的前沿保持领先地位。通过与 IOWN 的对接，日本电产旨在深化其技术能力，并在多个依赖高速、高效数据和电力解决方案的业务领域强化竞争优势。</p>
</div><h2>Currency Fluctuations Hit Pre-Tax Profit</h2>
<div class="lb-trans"><h2>货币波动影响税前利润</h2>
</div><p>Despite record operating profit, operating profit before income taxes fell 4.7%, hurt by currency exchange swings and financial losses totaling JPY22.5 billion. Management highlighted these as largely external, non-operational factors, but they nonetheless weighed on bottom-line performance. For equity investors, this underscores a key risk factor: the company’s global footprint exposes it to FX volatility, which can obscure underlying operational improvements in reported results.</p>
<div class="lb-trans"><p>尽管营业利润创下纪录，但税前营业利润下降了 4.7%，受到货币汇率波动和 225 亿日元的财务损失的影响。管理层强调这些主要是外部的、非运营因素，但它们仍然对底线业绩造成了压力。对于股权投资者而言，这突显了一个关键风险因素：公司的全球布局使其暴露于外汇波动之中，这可能掩盖报告结果中潜在的运营改善。</p>
</div><h2>Losses from Delivery Delays Add Operational Drag</h2>
<div class="lb-trans"><h2>交付延迟造成运营拖累</h2>
</div><p>Nidec also reported losses in the latest quarter tied to delays in delivering products to customers. These disruptions, while not fully quantified in the call summary, signal operational execution issues that can undermine otherwise-strong demand. Management presented them as temporary and addressable, but they remain an important watchpoint for investors since delivery performance directly affects revenue recognition, customer satisfaction, and cost control.</p>
<div class="lb-trans"><p>日本电产还报告了与向客户交付产品延迟相关的损失。这些干扰虽然在电话会议摘要中没有完全量化，但表明了运营执行问题，这可能削弱原本强劲的需求。管理层将其视为暂时和可解决的问题，但对于投资者而言，这仍然是一个重要的关注点，因为交付表现直接影响收入确认、客户满意度和成本控制。</p>
</div><h2>Sluggish Automotive Markets in Europe and America</h2>
<div class="lb-trans"><h2>欧洲和美国汽车市场疲软</h2>
</div><p>The company’s automotive segment is feeling the strain from a weak demand environment in Europe and the U.S. Nidec is undertaking restructuring efforts in response, which have contributed to profit losses in these regions. While the Chinese automotive-related business is profitable, the lagging performance in Western markets highlights the uneven nature of the global auto cycle and the challenges of repositioning for electrification and new mobility trends in slower-growing regions.</p>
<div class="lb-trans"><p>公司的汽车部门正受到欧洲和美国需求疲软环境的压力。Nidec 正在进行重组以应对这一情况，这导致这些地区的利润损失。尽管中国的汽车相关业务盈利，但西方市场的表现不佳突显了全球汽车周期的不均衡性，以及在增长缓慢的地区重新定位以适应电气化和新出行趋势所面临的挑战。</p>
</div><h2>Seasonal Weakness in U.S. Motor Products</h2>
<div class="lb-trans"><h2>美国电机产品的季节性疲软</h2>
</div><p>In the U.S., Nidec’s motor products business suffered a seasonal drop in momentum, which weighed on overall profitability. Management framed this softness as temporary, consistent with typical seasonal patterns rather than a structural downturn. Still, combined with other headwinds, the seasonal loss adds to the near-term pressure on margins and emphasizes the importance of higher-growth segments picking up the slack.</p>
<div class="lb-trans"><p>在美国，Nidec 的电机产品业务遭遇了季节性动能下降，这对整体盈利能力造成了压力。管理层将这种疲软视为暂时的，符合典型的季节性模式，而非结构性下滑。然而，结合其他不利因素，季节性损失增加了近期利润率的压力，并强调了高增长部门弥补这一缺口的重要性。</p>
</div><h2>Restructuring and Challenges in ACIM and AMEC Units</h2>
<div class="lb-trans"><h2>ACIM 和 AMEC 部门的重组与挑战</h2>
</div><p>The ACIM (AC industrial motors) and AMEC business units are navigating “severe” conditions, with restructuring costs impacting results. Nidec is actively working to improve cost structures and operational efficiency in these units, signaling a willingness to take short-term pain for long-term gain. Management conveyed confidence that these efforts will translate into better performance going forward, but investors should expect some ongoing volatility as the restructuring progresses.</p>
<div class="lb-trans"><p>ACIM（交流工业电机）和 AMEC 业务部门正面临 “严峻” 的市场环境，重组成本影响了业绩。Nidec 正在积极改善这些部门的成本结构和运营效率，表明愿意为长期收益承受短期痛苦。管理层传达了对这些努力将转化为未来更好表现的信心，但投资者应预期在重组过程中会有持续的波动。</p>
</div><h2>Guidance and Strategic Outlook Focused on Structural Reform and Growth</h2>
<div class="lb-trans"><h2>聚焦结构改革和增长的指导和战略展望</h2>
</div><p>Looking ahead, Nidec reaffirmed its growth trajectory, anchored by record net sales and operating profit alongside disciplined cash flow management, including JPY41.1 billion in operating cash flow. The company expects continued strong demand for AI server products and sustained high demand for hard disk motors, while the profitable Chinese automotive and traction operations help offset weaker European and U.S. auto markets. Nidec plans substantial structural reforms and business expansion into fiscal 2025, with a major push into water cooling systems and deeper involvement in the IOWN initiative to sharpen its technological edge. Management also highlighted strategic expansion moves, including the planned acquisition of Makino Milling Machine, which they believe offers strong synergy potential with the machine tool and industrial businesses. Overall, Nidec is setting a clear course toward double-digit profitability by FY 2025, betting on a mix of restructuring, M&amp;A, and high-growth technology segments to drive the next leg of earnings growth.</p>
<div class="lb-trans"><p>展望未来，Nidec 重申了其增长轨迹，以创纪录的净销售额和营业利润为基础，同时保持严格的现金流管理，包括 410 亿日元的营业现金流。公司预计 AI 服务器产品的强劲需求将持续，以及硬盘电机的高需求，而盈利的中国汽车和牵引业务将帮助抵消欧洲和美国汽车市场的疲软。Nidec 计划在 2025 财年之前进行大规模的结构改革和业务扩展，重点推进水冷系统，并更深入参与 IOWN 倡议，以增强其技术优势。管理层还强调了战略扩展举措，包括计划收购 Makino Milling Machine，他们认为这将与机床和工业业务产生强大的协同效应。总体而言，Nidec 正朝着到 2025 财年实现两位数盈利能力的明确方向前进，寄希望于重组、并购和高增长技术部门推动下一阶段的盈利增长。</p>
</div><p>In summary, Nidec’s earnings call showcased a company hitting record levels of sales and operating profits while candidly confronting FX losses, operational hiccups, and weak Western auto markets. Growth in AI server-related products, water cooling systems, and the Chinese traction business is increasingly defining the company’s future profile, supported by strategic initiatives such as IOWN participation and the Makino acquisition. For investors, the story is one of solid underlying momentum and ambitious restructuring, with near-term volatility offset by a clear roadmap toward higher profitability and stronger competitive positioning.</p>
<div class="lb-trans"><p>总之，Nidec 的财报电话会议展示了一家在销售和营业利润上创下纪录的公司，同时坦诚面对外汇损失、运营问题和西方汽车市场的疲软。AI 服务器相关产品、水冷系统和中国牵引业务的增长正日益定义公司的未来形象，得益于 IOWN 参与和 Makino 收购等战略举措。对于投资者而言，这个故事展现了稳固的基本动能和雄心勃勃的重组，近期的波动被清晰的高盈利能力和更强竞争定位的路线图所抵消。</p>
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日本电产株式会社财报电话会议：在逆风中创下历史新高