2017-04-27 00:02經濟日報 記者簡威瑟／台北報導
全球最大自行車零組件巨擘Shimano替中國市場報佳音，外資認證：最壞情況已經過去。摩根大通證券指出，中國自行車市場經歷數年的衰退期，總算出現復甦訊號，調升指標股巨大（9921）投資評等、終結負面看法，在自行車雙雄中認為巨大是投資首選、優於美利達。
Shimano不只是全球最大自行車零組件供應商，也是巨大主要零組件供應商，最近剛公布的最新財報，出現令人意外的驚喜。
摩根大通證券指出，根據Shimano釋出訊息，自2015年以來就疲弱的中國自行車市場，開始端出年增佳績，市場自行車庫存水位也回到健康水平。儘管Shimano沒有提供中國市場確切營收數字，但這番評論已經意味著，中國運動單車市場，總算觸底。
根據外資的估計，由於Shimano今年在中國市場營收可望成長一成，就算巨大今年首季營收衰退，全年也可望扭轉為年增5%，同時，2018年、2019年營收皆可望持續交出年增雙位數成績單。
瑞銀證券非科技產業分析師陳玟瑾則指出，去年第4季時，巨大因在美國市場促銷2016年舊車款，加上在歐美提供電動自行車試乘促銷活動，都壓抑營業利益率，但如今這個因素已經消失，若先扣除掉匯兌的風險，巨大的毛利率應已展開復甦。
陳玟瑾看好，巨大中國工廠本季產能利用率提高，將提供營運加分效果。
https://udn.com/news/story/7251/2427676?from=udn-relatednews_ch2
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2017-09-15
141 / 6.5 = 21.7
2017-08-27
Shimano Reports Slow 2017 Start // July-27-2017 // http://www.bike-eu.com/home/nieuws/2017/7/shimano-reports-slow-2017-start-10130660
Market developments
“In Europe retail sales of complete bicycles were at the expected level for a typical first half, and distributor inventories of bicycles in Europe remained at an appropriate level although the spring season was blessed with good weather until Easter in mid-April while the weather became unsettled and continued until early May,” reports Shimano in its financial statement.
“In North America, retail sales of complete bicycles were approximately the same as the previous year’s level and distributor inventories remained somewhat low.
In China, the sharp growth in bike sharing hampered a recovery of retail sales of complete bicycles, which had been lackluster since 2015. Although retail sales of low-end bicycles were particularly weak, distributor inventories were at an appropriate level.”
Despite these hurdles both the new ‘Deore’ mountain bike components released in May 2017 and the ‘Ultegra’ road bike components released in June 2017 were well received in the market.
SHIMANO INC.(TYO:7309)
巨大 (9921)
106年年報
https://market.cnal.com/changjiang/
2017-04-27
http://www.shimano.com/en/ir/library/cms/contents/Summary%20of%20Financial%20Results%20FY2017-Q1.pdf In China, where retail sales had been lackluster since 2015, retail sales slightly exceeded the level for the same period of the previous year and distributor inventories recovered to an appropriate level.
美元貶、提列匯損 自行車零件巨擘砍Shimano純益目標 2017/04/26 11:49 https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=30e5b3b7-a5c2-4fc3-8e49-ca5f6e0ab254 上季Shimano自行車零件部門營收較去年同期下滑0.9%至646.74億日圓，營益下滑3.2%至139.92億日圓。Shimano表示，原先自行車銷售持續疲弱的中國市場開始呈現回復跡象，歐美市場則約略呈現持平。
巨大 (9921)
營收比重 一般自行車92.22%、材料6.55%、其他1.23% (2015年)
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