2017-04-27 00:02经济日报 记者简威瑟／台北报导

全球最大自行车零组件巨擘Shimano替中国市场报佳音，外资认证：最坏情况已经过去。摩根大通证券指出，中国自行车市场经历数年的衰退期，总算出现复苏讯号，调升指标股巨大（9921）投资评等、终结负面看法，在自行车双雄中认为巨大是投资首选、优于美利达。

Shimano不只是全球最大自行车零组件供应商，也是巨大主要零组件供应商，最近刚公布的最新财报，出现令人意外的惊喜。

摩根大通证券指出，根据Shimano释出讯息，自2015年以来就疲弱的中国自行车市场，开始端出年增佳绩，市场自行车库存水位也回到健康水平。尽管Shimano没有提供中国市场确切营收数字，但这番评论已经意味著，中国运动单车市场，总算触底。

根据外资的估计，由于Shimano今年在中国市场营收可望成长一成，就算巨大今年首季营收衰退，全年也可望扭转为年增5%，同时，2018年、2019年营收皆可望持续交出年增双位数成绩单。

瑞银证券非科技产业分析师陈玟瑾则指出，去年第4季时，巨大因在美国市场促销2016年旧车款，加上在欧美提供电动自行车试乘促销活动，都压抑营业利益率，但如今这个因素已经消失，若先扣除掉汇兑的风险，巨大的毛利率应已展开复苏。

陈玟瑾看好，巨大中国工厂本季产能利用率提高，将提供营运加分效果。

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年年报

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. 

美元贬、提列汇损 自行车零件巨擘砍Shimano纯益目标  2017/04/26 11:49   https://www.moneydj.com/KMDJ/News/NewsViewer.aspx?a=30e5b3b7-a5c2-4fc3-8e49-ca5f6e0ab254   上季Shimano自行车零件部门营收较去年同期下滑0.9%至646.74亿日圆，营益下滑3.2%至139.92亿日圆。Shimano表示，原先自行车销售持续疲弱的中国市场开始呈现回复迹象，欧美市场则约略呈现持平。

巨大 (9921)

营收比重    一般自行车92.22%、材料6.55%、其他1.23% (2015年)