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    Shoji Sato

    Research Analyst at Morgan Stanley

    Shoji Sato is an Executive Director and equity research analyst at Morgan Stanley MUFG Securities, specializing in the coverage of Japanese technology hardware companies such as Murata Manufacturing and Nidec Corporation. He is recognized for his detailed sector analyses and has participated in corporate earnings discussions for major firms in the tech sector, with a track record of accurate forecasts that have informed investment decisions among institutional clients. Since joining Morgan Stanley MUFG, Sato has built his expertise in semiconductor and electronics research, having previously held analytical roles in Japan's financial services industry. He maintains applicable professional credentials as required for securities analysts in Japan, including local regulatory registrations.

    Shoji Sato's questions to NIDEC (NJDCY) leadership

    Shoji Sato's questions to NIDEC (NJDCY) leadership • Q4 2025

    Question

    Shoji Sato of Morgan Stanley asked for several numerical clarifications: whether the 2027 mid-term plan targets are based solely on organic growth, the data center-related sales for fiscal 2024 and the forecast for 2025, and a full accounting of the JPY 9 billion structural reform expense and the P&L impact from the PSA consolidation in 2024.

    Answer

    An unnamed executive confirmed the mid-term plan is based on organic growth. For data centers, fiscal 2024 sales were approximately JPY 17.4 billion, with an aim to potentially double profitability and exceed JPY 50 billion in sales in fiscal 2025. The executive also clarified that 2024 structural reform costs included approximately JPY 6 billion for Europe and JPY 3 billion in the automotive business. The PSA consolidation contributed roughly JPY 65 billion in sales and JPY 4 billion in operating profit.

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    Shoji Sato's questions to NNDNF leadership

    Shoji Sato's questions to NNDNF leadership • Q2 2025

    Question

    Asked for details on the current size and growth expectations for the EV components business (stator, rotor), and sought clarification on the water cooling business's production, shipment forecasts, and customer focus.

    Answer

    The EV components business (stator, rotor) is currently small but will start production in the second half of next year and is expected to become a large, highly profitable business within three years. For the water cooling business, sales are ramping up with a significant increase expected from January-March. While the overall growth curve is delayed by about a quarter due to GPU launch timing, contributions from other components like LCM and quick coupling will mitigate the impact on full-year sales. The focus is on meeting demand from existing clients while expanding capacity.

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