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第1四半期決算短信","url":"https://daido.co.jp/common/pdf/pages/ir/library/result/2703_1q.pdf","file":"fy2026-q1.pdf","sha256":"b054375797fbda9261498f27fad9bdfeef6185d8586e19ec2d98a4d8f413050e","published_on":"2026-07-28","pdf_pages":[1,4,5]}],"magnet_product":{"name":"重希土類フリー熱間加工ネオジム磁石","contains_neodymium":true,"uses_dy_tb_in_described_product":false,"all_company_magnets_dy_tb_free":null,"sales_revenue_increased_in_fy2026_q1":true,"sales_increase_attributed_by_company_to_china_heavy_rare_earth_export_controls":true,"magnet_only_revenue_and_profit_disclosed":false},"magnet_plan":{"fy2030_magnet_business_sales_target_oku":500,"capex_plan_through_2030_oku":50,"step1_capex_oku":15,"step1_line_started":"2026-04","target_is_actual_sales":false,"capex_is_maintenance_only":false},"fy2025_consolidated_million_jpy":{"parent_profit":32605,"operating_cashflow":66096,"depreciation_amortization_cfo_adjustment":31129,"purchase_ppe_intangibles_investment_property":-52555,"total_investing_cashflow":-48248,"dividends_paid":-9765,"share_buybacks_paid":-6604,"lease_principal_paid":-2241,"subsidiary_acquisitions_paid":-10190,"equity_investment_sales_received":14292},"functional_magnetic_segment":{"fy2025_revenue_million_jpy":199753,"fy2025_operating_profit_million_jpy":14884,"fy2025_capital_expenditure_million_jpy":23445,"fy2026_q1_revenue_million_jpy":58043,"fy2026_q1_operating_profit_million_jpy":5790,"prior_fy2025_q1_revenue_million_jpy":48302,"prior_fy2025_q1_operating_profit_million_jpy":3057,"includes_non_magnet_products":true},"analysis":{"business_quality":"微細ナノ結晶・熱間加工・成形技術と顧客認定は差別化の候補。中国のDy/Tb輸出管理で重希土類を使わない選択肢への需要が増えたが、量産歩留まり、品質保証、顧客採用、価格転嫁、競合技術を継続して確かめる。","dy_tb_path":"対象の熱間加工磁石はDy/Tbを使わない。Dy/Tb高や供給規制は代替需要の追い風になり得るが、同社全磁石や全社売上に同じ符号を掛けない。会社は2026年度1Qに該当磁石の売上増を説明したが、単独の数量・粗利益は未開示。","nd_path":"熱間加工磁石はNdFeB系でネオジムを使う。NdPr混合酸化物の中国国内参考価格は会社の購入単価・品位・通貨・契約と一致しないため、原料高の利益影響係数は未確認。重希土類フリーをレアアース全体フリーと誤解しない。","cash_path":"2026年3月期連結営業CF66096百万円から有形・無形・投資不動産の取得CF52555百万円を引いた小計は13541百万円。維持投資と成長投資、平常時の運転資本、磁石事業だけの親会社帰属現金は未分離。設備投資計画50億円を過去1年の取得支出へ再加算しない。","allocation":"FY2030磁石事業売上500億円と2030年までの設備投資50億円は会社計画で、現在売上・利益率・投下資本利益率の実績ではない。機能材料・磁性材料セグメントにはステンレス鋼、高合金、チタン等も含むため、セグメント増益を磁石単独の利益としない。","good_case":"Dy/Tb供給リスクに対する代替品として採用が増え、ネオジム原料高や新工場の費用を販売単価と歩留まりで吸収する。顧客認定後の稼働率が上がり、維持投資後の現金が増える。","failure_case":"顧客認定や量産立上げが遅れ、Nd系原料高・固定費・在庫資金が先行する。Dy/Tb規制が緩む、または他の省重希土類磁石へ代替され、計画売上に届かない。","next_evidence":["磁石単独の売上・販売数量・粗利益・設備稼働率","Nd原料の品位・調達地域・契約・為替と販売価格転嫁","新ラインの歩留まり・顧客認定・必要な維持更新投資","磁石事業から連結CFと親会社配当へ届く現金"]},"linked_assets":["acrei_ndpr_oxide_cn_cny_kg","acrei_dy_oxide_cn_cny_kg"],"owner_earnings_oku":null,"2036_price_to_company_profit_slope":null,"automatic_valuation_enabled":false,"financial_baseline_written":false,"derived":{"cfo_after_selected_asset_purchases_million_jpy":13541,"cfo_after_all_investing_million_jpy":17848,"dividends_and_buybacks_paid_million_jpy":16369,"segment_q1_revenue_yoy_ratio":1.2016686679640594,"segment_q1_profit_yoy_ratio":1.8940137389597644,"magnet_only_profit_isolated":false,"is_owner_earnings":false,"dy_price_to_company_profit_slope_calibrated":false},"stored_at":"2026-10-26T17:11:29+00:00","needs_review":true},"kikkoman_capital_plan":null,"inpex_reserve_capital":null,"price_assumption_audit":null,"company_price_basis_audit":null,"property_appraisal":null,"lynas_jare":null,"automatic_valuation_enabled":false,"note":"AI本文の言及候補、会社開示で確認した関係、独自検討で選んだ検証対象を区別。数量・転嫁率・ヘッジを確認してから評価へ接続する。株価評価への自動反映は無効。","macro":{"version":"jp-coking-cif-relative-20261027-r1","as_of":"2026-10-27","target_date":"2036-10-25","jp_cpi":0.03,"jp_short_rate":0.02,"jp_long_rate":0.03,"usd_jpy_terminal":150,"basis":"日本CPI3%、短期2%、長期3%、2036年ドル円150円。"}}