日产汽车2024财年报告及2025财年展望-05-企业研究

FY2024 Financial ResultsNew Recovery Plan May 13, 2025FY2024Financial ResultsFY2025 Outlook3Net revenueOperating profitNet income12,633.2 B69.8 B-670.9 BFY2024 Summary-0.4% year over year-87.7% year over year4Full YearQ4(Thousand units)541 535 361 351 1,262 1,303 484 461 794 697 3,442 3,346 FY23FY24vs. FY23China-12.2%Japan-4.8%NorthAmerica+3.3%Europe-2.9%Others-1.2%ExcludingChina:+0.0%-2.8%145 140 117 113 345 364 148 133 247 200 1,002 950 FY23 Q4FY24 Q4vs. FY23China-19.2%Japan-9.8%NorthAmerica+5.5%Europe-3.5%Others-3.4%ExcludingChina:-0.6%-5.2%FY24 Retail Sales Results5Net RevenueOperating Profit(OP margin)CAPEXNet Income*R&DLiquidity Status (as of March 31, 2025)1.Auto cash and cash equivalent: 2,159.8 billion yen2.Unused committed credit lines : 2,112.5 billion yen* Net income attributable to owners of the parentFree Cash Flow Net CashNet RevenueOperating Profit(OP margin)12,685.7 12,633.2 568.7(4.5%)69.8 (0.6%)426.6-670.911,523.9 11,371.2 1,546.0 1,498.4 ConsolidatedAutomobile& Eliminations■ FY23 ■ ■ FY24 (Billion Yen)323.0 -242.8 260.0(2.3%)-215.9(-1.9%)486.1577.3609.9 619.0FY24 Financial Performance6FY24 Q4 YTD Actual vs. Previous Year568.7+36.4-299.9-135.169.8+13.6-106.0(Billion Yen)FY23ForexRawMaterialsSalesPerformanceMonozukuri CostInflationOthersFY24-7.990.3+5.0-9.9-85.6+51.6+0.3-45.95.8Operating Profit Variance Analysis Volume/Mix-111.8Manufacturing+8.1Monozukuri-79.9 Sales Finance-13.1Incentives / Pricing-177.5Regulatory /Product Enrichment-6.3Other-26.1- Credit loss-25.6After Sales-2.2Logistics+6.0- Others+12.5Others-8.3R&D+7.1Remarketing-57.0Others-22.8Others-65.0BreakdownFY24 Q4 QTD vs. Previous YearFY2025 Outlook82,436 665 3,1013,000 FY24ActualFY25Outlookvs. FY24Global-2.9%China-18.2%Japan-0.2%NorthAmerica-0.2%Europe-0.3%Others+6.6%535 570 351 350 1,303 1,300 461 460 697 570 3,346 3,250 FY24ActualFY25OutlookChinaExcludingChinaRetail SalesProduction Volume(Thousand units)ExcludingChina:+1.1%FY25 Volume Outlook (before tariff impact)9FY25 Outlook vs. FY24 ActualFY24ActualForexRawMaterialsSalesPerformanceMonozukuri CostInflationOthersFY25Outlookbefore TariffVolume/Mix-5.0Manufacturing+40.0Monozukuri-125.0Credit loss-5.0Incentives / Pricing+65.0Logistics+25.0Other-20.0Remarketing+35.0R&D0.0Others-74.8Others+95.0-120.0+60.0+160.0-44.80.0+20.0-145.069.8(+0.6%)Operating Profit Variance Analysis (before tariff impact)(Billion Yen)Breakdown10• Prioritize retail sales of US-assembled models• Further leverage US production capacity• Rogue: maintain 2-shift operation in Smyrna• Strategic production allocation• Shift some tariff-affected models to other markets in line with customer demand• Close collaboration with suppliers on mitigation plans• Future localization studies • Export from Mexico ~300k units (Versa, Sentra, Kicks, QX50, QX55)• Exports from Japan ~120k units (Ariya, Armada, LEAF, QX80, Rogue, Z)US Tariff ExposureExposureMitigation MeasuresLess than 45% of total US salesEstimated FY25 gross impact(before mitigation)-450BTariff mit