Nippon Kayaku Co., Ltd. (NPKYF)
被高估基本面
66
价格
$2130.00
市值
$307.91B
第一部分 · 这家公司值多少
概览
Nippon Kayaku was founded in 1916 as Japan's first industrial explosives maker and has since turned its chemistry expertise into three unrelated businesses: specialty chemicals such as epoxy resins and dyes, pharmaceuticals including anti-cancer and cardiovascular drugs, and automotive safety components — airbag inflators and micro gas generators sold to seatbelt and airbag makers worldwide. It no longer sells explosives as a core line; that heritage lives on mainly in its name.
盈利方式
Each business earns money in a different way. Fine chemicals sell to electronics, textile and agrochemical manufacturers as industrial inputs priced on volume and specification. Life sciences revenue comes from drug sales, largely covered by national health insurance systems, with pricing set through negotiation and regulatory approval cycles rather than open competition. Mobility and imaging revenue comes from supplying safety components under long-term contracts with automakers and their tier-one suppliers.
分部营收
Airbag inflators and micro gas generators for automotive safety systems, plus imaging-related chemical products — the largest business domain.
Epoxy resins, UV-curable resins, dyes and electronic materials sold to industrial manufacturers.
Prescription pharmaceuticals, including anti-cancer, cardiovascular and anti-inflammatory drugs.
护城河
转换成本 · 狭窄Automakers qualify safety components like airbag inflators through lengthy testing before they go into a vehicle program, so once Nippon Kayaku is designed into a platform it tends to stay there for the life of that model. The same is not true across its other two businesses, where chemicals and drugs face more open competition, which is why the advantage is narrow rather than covering the whole company.
需求驱动因素
中度周期性The three businesses pull in different directions: pharmaceutical demand is largely defensive, since patients keep needing medication regardless of the economy, while fine chemicals and automotive safety components track industrial and vehicle production, which slow in downturns. The blend leaves the group somewhere between the two extremes rather than firmly cyclical or firmly defensive.
看多理由
Buyers argue that spreading revenue across defensive pharmaceuticals, industrial chemicals and automotive safety components gives Nippon Kayaku more balance than a single-industry supplier, and that its long history as a qualified airbag-inflator supplier makes that business hard for a new entrant to displace.
看空理由
Sellers fear that running three unrelated businesses under one roof dilutes management focus and makes it harder for investors to value the company against single-industry peers, and that two of the three segments remain exposed to the same automotive and industrial production cycle at the same time.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Another Japanese chemical group that, like Nippon Kayaku, turns pyrotechnic know-how into airbag inflators and micro gas generators sold to the same global car makers and safety-system integrators.
The largest maker of automotive passive safety systems, it produces its own inflators and seatbelt pretensioner gas generators and bids for the same carmaker programmes as Nippon Kayaku's Safety Systems segment.
A major supplier of airbag modules and inflators (the former Takata business, now under Ningbo Joyson) competing for the same airbag and seatbelt contracts with car makers in Asia, Europe and North America.
Competes head-on in epoxy materials for semiconductor encapsulation, selling molding compounds and resins to the same chip packaging and assembly customers.
Supplies epoxy encapsulation materials for semiconductor packages and power modules, addressing the same electronic-materials customers as Nippon Kayaku's functional chemicals business.
资产负债表与流动性
营收
$247.90B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$25.30B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
-
股东权益合计
$276.68B
负债合计
$68.18B
流动比率
2.71
利息覆盖率
-
债务/EBITDA
1.66
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$1558.08
当前价格
$2130.00
安全边际
-36.7%
公允价值区间
$1293.68 - $1822.48
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
11.98
ROE
8.9%
市净率（P/B）
1.10
P/FCF
-
毛利率
30.3%
ROIC
5.8%
盈利能力雷达图
价值创造（经济护城河）
ROIC
5.8%
WACC
7.6%
ROIC − WACC
-1.8 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（14）
- ROIC 5.8%
- Gross Margin 30.3%
- P/B Ratio 1.10
- Debt/Equity ratio
- Operating Margin 9.5%
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 9.6%
- Revenue Growth 5Y 6.9%
- Analyst Consensus 80% Buy
- Earnings Surprise avg 37.3%
- PEG Ratio 0.68
- Net Margin Trend 17.0% vs 5.1%
未通过（3）
- Price CAGR 3.66%
- DCF valuation (Unknown)
- Piotroski F-Score 0/9
不可用（10）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Shigeyuki Kawamura | President, CEO & Representative Director | 62 |
| Mr. Tsutomu Kawamura | General Manager of Finance & Accounting Division | - |
| Yasuhito Kato | MD of Technology & Director | 60 |
| Ichio Kohinata | General Manager of Legal Affairs Division | - |
| Shinji Inoue | Senior Executive Officer of planning, Corp. Communication & Accounting and Director | 59 |
| Makoto Takeda | MD of Human Resource & Director | 61 |
| Hiroshi Shimada | Senior MD, Head of Pharmaceuticals Group & Director | 60 |
| Hideyuki Yuya | MD & Head of Polatechno Group | - |
| Shigehide Kagaya | Head of Catalysts Group, Fine Chemicals Business Unit | - |
| Yoshiki Akatani | Managing Director of Fine Chemicals Business Area | - |
审计风险
1
董事会风险
9
薪酬风险
1
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for NPKYF, sourced from Markets Gazette.