Daikin’s net profit hit a new high in the second quarter, and China’s air conditioning business grew by 18%

According to the financial report released on August 8, Daikin Industries’ net profit from April to June 2023 increased by 14% year-on-year, reaching 80.2 billion yen (approximately 4.05 billion yuan)

This is a new record for Daikin’s net profit from April to June, due to an 18% increase in China’s air-conditioning business, as well as global price increases and cost controls. However, Daikin's full-year profit forecast for fiscal 2023 remains unchanged due to uncertainty in markets such as the United States and Europe.

▲ Picture source Daikin Air Conditioning official website

Daikin Industrial sales reached 1.0947 billion yen (currently about 55.282 billion yen RMB), a year-on-year increase of 13%; operating profit was 117.8 billion yen (currently approximately 5.949 billion yuan), a year-on-year increase of 9%; regular profit increased by 5% to 114.8 billion yen (currently approximately 5.797 billion yuan),

Both are new highs from April to June .

Due to rising material prices and changes in model mix, Daikin’s operating profit increased by 18 billion yen (approximately 909 million yuan) from April to June. In addition, cost reductions also increased operating profit by 12 billion yen (approximately 606 million yuan). In addition, the exchange rate of the Japanese yen was lower than expected, which increased profits by 3 billion yen (approximately 151 million yuan)

From a regional perspective, the Chinese market performed well, and sales of the air-conditioning business increased by 18% year-on-year. %. In Asia, sales were also strong in India, Indonesia and Thailand.

In the United States, sales of large commercial air conditioners are strong, especially for use in places such as data centers. Home air conditioners are in the inventory adjustment stage, but energy-saving air conditioners equipped with inverter functions are performing well. Meanwhile, rising prices have spread across the market

In Europe, Daikin sales rose 14% on strong sales of commercial air conditioners. Sales of heat pump heaters had been growing significantly heading into fiscal 2023, but began to decline in the April-June period. In Italy, revisions to the subsidy system and tightening of environmental regulations have led to an increase in demand for traditional combustion heating types and a decrease in demand for heat pump types. Daikin believes that this drop in demand is temporary, and plans to expand sales of more energy-saving heat pump heaters to more companies during periods of strong demand.

Daikin expects that in fiscal year 2023, sales will increase by 3% year-on-year to 4.1 trillion yen (approximately 207.05 billion yuan), and net profit will increase by 2% year-on-year to 264 billion yen (approximately 207.05 billion yuan). 13.332 billion yuan). The company's profit forecast remains unchanged for the third consecutive year as the future remains uncertain in many areas, such as the U.S. home market, Europe's heat pump market and China's real estate market

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