AOC实现完整并表，26Q1调整后每股收益同比增长30.4%

AOC实现完整并表，26Q1调整后每股收益同比增长30.4% AOC achieved full consolidation&26Q1AdjustedEPSincreased by 30.4%YoY 最新动态 ➢26Q1调整后营业利润同比增长37.9%。2026财年第一季度，立邦涂料控股实现营收与利润双双创下历史新高，整体经营表现强劲。季度合并营收达4903亿日元，同比增长20.8%；调整后营业利润764亿日元，同比大幅增长37.9%；调整后营业利润率提升190个基点至15.6%；调整后每股收益为24.2日元，同比增长30.4%。26Q1增长主要由AOC并购并表、日元汇率走弱、销量提升及产品结构优化共同驱动，同时原材料成本与销售管理费用持续优化，推动盈利能力显著改善。 动向解读 ➢公司为全球涂料行业领先企业。立邦涂料保持稳健向好态势。全球主要市场需求呈现触底回升迹象，汽车涂料、新兴品类、海外高盈利区域仍有增长空间，叠加并购协同与汇率利好，业绩增长具备持续性。公司将依托145年品牌积淀与技术优势，继续深耕装饰涂料、强化汽车与工业涂料布局，推进全球化与数字化运营，巩固全球涂料行业的领先地位。2018Q1-2026Q1，公司营收由1492亿日元提升至4803亿日元，复合年增速为16.0%；调整后每股收益由6.7日元提升至24.2日元，复合年增速17.5%。 ➢全球核心市场均实现稳健增长，其中中国市场表现亮眼。尽管国内房地产市场整体偏弱，中国区仍实现营收1397亿日元，同比增长9.5%，调整后营业利润增长23.8%；汽车涂料业务同比大增35.1%，质感涂料与非涂料板块成为重要增长引擎，有效对冲了传统装饰涂料的压力。日本、亚太、欧洲及美洲市场同步增长，日本营收增8.4%、利润增43.8%，多乐士亚太与欧洲营收分别增长22.4%和18.5%，全球布局均衡性持续增强。 ➢高利润板块与并购资产贡献突出，成为业绩增长的核心引擎。26Q1，AOC实现完整并表，营收同比激增189.8%，调整后营业利润增长167.0%，持续保持高盈利水平。印尼、土耳其等新兴市场维持高利润率，其中印尼立邦调整后营业利润率稳定在35%以上，土耳其业务在汇率压力下仍实现营收增长37.3%、利润增长56.8%，展现出强劲的抗风险与盈利韧性。 ➢成本与经营效率持续改善，为利润增长提供坚实支撑。季度毛利率提升至43.9%，同比增加1.3个百分点，主要得益于产品结构优化与原材料成本贡献改善。虽然伊朗局势带来部分原材料价格上涨，但公司通过调价、降本与精益运营，预计可在全年层面基本抵消成本压力。各区域普遍实现利润率提升，日本、中国区利润率分别提升3个和2个百分点，规模效应与运营优化效果显著。 风险提示 ➢原材料成本与地缘政治风险、高通胀与汇率波动风险、宏观需求与行业周期性风险。 Latest Updates ➢Adjusted operating profit grew 37.9% YoY in Q12026.In Q1 of fiscal 2026, Nippon Paint Holdingsachieved record-high revenue and profit with strong overall performance. Consolidated revenuereached ¥490.3 billion, up 20.8% YoY; adjusted operating profit was ¥76.4 billion, surging 37.9% YoY;adjusted operating profit margin rose 190 basis points to 15.6%; adjusted EPS was ¥24.2, up 30.4%YoY. The Q1 2026 growth was mainly driven by the consolidation of AOC acquisition, the weakJapanese yen, higher sales volume and optimized product mix. Meanwhile, continuous improvementsin raw material cost control and SG&A efficiency significantly boosted profitability. Trend Interpretation ➢As a global leader in the coatings industry, Nippon Paint maintains a solid positive momentum.Demand in major global markets is showing signs of bottoming out, with room for growth in automotivecoatings, emerging categories and high-margin overseas regions. Supported by M&A synergies andfavorable exchange rates, the company’s earnings growth is sustainable. Leveraging its 145-yearbrand heritage and technological advantages, the company will further deepen its presence indecorativecoatings,strengthen its footprint in automotive and industrial coatings,advanceglobalization and digital operations, and consolidate its leading position in the global coatings industry.From Q1 2018 to Q1 2026, the company’s revenue rose from ¥149.2 billion to ¥490.3 billion,representing a CAGR of 16.0%; adjusted EPS increased from ¥6.7 to ¥24.2, with a CAGR of 17.5%. ➢All core global markets posted steady growth, with outstanding performance in China.Despitethe overall weak property market in China, the China region recorded revenue of ¥139.7 billion, up9.5% YoY, and adjusted operating profit rose 23.8% YoY. Automotive coatings soared 35.1% YoY,while textured coatings and non-coatings segments became key growth engines, effectively offsettingpressure on traditional decorative coatings. Markets in Japan, Asia Pacific, Europe and the Americasalso expanded: Japan’s revenue rose 8.4% and profit jumped 43.8%;Group’s Asia Pacific and Europesegments grew revenue by 22.4% and 18.5% respectively, enhancing the balance of its globalfootprint. ➢High-margin segments and acquired assets delivered outstanding contributions, becomingcore drivers of performance growth.In Q1 2026, AOC was fully consolidated, with revenue surging189.8% YoY and adjusted operating profit up 167.0% YoY, maintaining high profitability. Emergingmarkets such as Indonesia and Turkey sustained healthy margins: Indonesia’s adjusted operatingprofit margin stayed above 35%, while Turkey’s business achieved revenue growth of 37.3% andprofit growth of 56.8% amid exchange rate headwinds, demonstrating strong resilience against risksand profitability. ➢Sustained improvements in cost structure and operating efficiency solidified profit growth.Gross margin climbed to 43.9% in the quarter, up 1.3 percentage points YoY, mainly thanks tooptimized product mix and better raw material cost contribution. Although geopolitical tensionsinvolving Iran pushed up some raw material prices, the company expects to largely offset the costpressure for the full year through price adjustments, cost reduction and lean operations. Profit marginsimproved across regions, rising 3 percentage points in Japan and 2 percentage points in China,reflecting strong scale effects and operational optimization. Risk Disclaimer ➢Risks include raw material cost volatility and geopolitical tensions, hyperinflation and exchange ratefluctuations, as well as macroeconomic demand and industry cyclicality. 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析