company

NabtescoNabtesco 6268

Country国家 Japan日本

Systems系统 Muscle肌肉

Bottlenecks瓶颈 P14 Actuators, reducers, encoders执行器、减速器与编码器

Market cap市值 Live, via TradingView.实时数据，来自 TradingView。

RV cycloidal precision reducers for the base, shoulder and elbow axes of medium/large industrial robots, plus aircraft, marine and railway motion-control systems. H1 FY2026 Component Solutions orders +26.0% YoY on 100% Changzhou utilisation.

RV 摆线针轮精密减速器，用于中大型工业机器人的基座、肩、肘轴，同时也生产航空、船舶与轨道交通运动控制系统。FY2026 上半年 Component Solutions 订单同比 +26.0%，常州工厂产能利用率达 100%。

What it doesRV cycloidal precision reducers for the base, shoulder and elbow axes of medium/large industrial robots, plus aircraft, marine and railway motion-control systems. H1 FY2026 Component Solutions orders +26.0% YoY on 100% Changzhou utilisation.

在干什么RV 摆线针轮精密减速器，用于中大型工业机器人的基座、肩、肘轴，同时也生产航空、船舶与轨道交通运动控制系统。FY2026 上半年 Component Solutions 订单同比 +26.0%，常州工厂产能利用率达 100%。

Name sheetNabtesco

Why it mattersThe default choice for the base, shoulder and elbow axes of medium and large industrial robots (one of the most concentrated single-point dependencies in the robotics supply chain), though robotics reducers are one division inside a much broader aircraft/marine/railway motion-control business, unlike Harmonic Drive Systems' near-total reducer focus.

为何重要中大型工业机器人基座、肩、肘轴的默认选择——机器人供应链中最集中的单点依赖之一——但精密减速器只是其航空/船舶/轨道更广泛运动控制业务中的一个事业部，纯度远低于几乎专注减速器的哈默纳科。

Caveat

For H1 FY2026 (six months to June 2026), reported 2026-07-31, consolidated order intake was JPY 198,478m (+33.1% year over year); Component Solutions (the precision-reducer segment) was JPY 47,990m, up 26.0% (+JPY 9,904m). Full-year guidance was raised, with revised operating margin of 10.2% against a prior plan of 7.9%.

Capacity utilisation reached 85% at Tsu in Q2 2026 (up from 75% in Q1) and 100% at Changzhou; deliveries of RV mini, the compact reducer line positioned at collaborative and humanoid joints, have begun, with acceleration expected in H2 2026. The company attributes the recovery to robotics demand (particularly emerging Chinese EV makers) plus machine tools and semiconductor manufacturing equipment; no humanoid demand commentary appears in the H1 briefing materials.

Unlike Harmonic Drive Systems, Nabtesco's re-rating has been more moderate: the stock is up about 47% over the trailing 52 weeks against a trailing P/E near 29x on TTM net income of JPY 21.7bn (~7% net margin), and Component Solutions is one division inside a business where aircraft hydraulics, marine vessel steering gear and railway equipment carry roughly comparable weight, meaningfully diluting robotics-specific exposure per dollar invested versus a pure-play like Harmonic Drive Systems or Leaderdrive.

风险提示

FY2026 上半年（截至 2026 年 6 月的六个月，2026-07-31 公布）：合并订单额 1,984.78 亿日元（同比 +33.1%）；精密减速器所在的 Component Solutions 订单额 479.90 亿日元，同比 +26.0%（增加 99.04 亿日元）。全年指引上调，修订后营业利润率 10.2%（原计划 7.9%）。

产能利用率：日本津工厂 2026 年 Q2 达 85%（Q1 为 75%），中国常州工厂达 100%；面向协作与人形关节的紧凑型减速器 RV mini 已开始交付，预计下半年提速。公司将复苏归因于机器人需求（尤其是中国新兴电动车厂商）、机床与半导体制造设备，上半年说明材料中没有任何人形需求相关表述。

与哈默纳科不同，纳博特斯克的重新定价更为温和：过去 52 周股价上涨约 47%，基于 TTM 净利润 217 亿日元的市盈率约 29 倍；而 Component Solutions 只是公司业务中的一个事业部，航空液压、船舶操舵设备与轨道交通设备权重大致相当——相较哈默纳科或绿的谐波等纯业务标的，单位投资对应的机器人敞口被显著稀释。

ProductRV cycloidal precision reducers; also aircraft, marine and railway motion-control systems

Value accrualConcentrated single-point supply position in medium/large industrial-robot reducers, diluted by a broader diversified industrial base

Key riskTTM revenue JPY 309.7bn, net income JPY 21.7bn (~7% net margin), P/E ~29x, dividend yield ~1.8%. Component Solutions (precision reducers) is a minority of a diversified aircraft/marine/railway motion-control business: lowest robotics purity of the site's Japan reducer coverage. Size any robotics-specific thesis to the segment, not the whole company.

Key riskTTM 收入 3,097 亿日元，净利润 217 亿日元（净利率约 7%），市盈率约 29 倍，股息率约 1.8%。精密减速器（Component Solutions）只是航空/船舶/轨道多元化运动控制业务中的少数部分——是本站日本减速器覆盖中机器人纯度最低的一家；任何机器人专项论点应按事业部规模衡量，而非整个公司。

Bottlenecks瓶颈 P14 Actuators, reducers, encoders执行器、减速器与编码器

Class: public
Country: JP
HQ: Tsu, Japan
Layer: Actuation / Precision reducer
Systems: muscle
Caveat stance: watch
Ticker: 6268
Exchange: TSE
Purity: Low / diversified industrial (aircraft, marine, railway, plus precision reducers)
Valuation tier: 2
Last verified: 2026-08-27
Confidence note: High; market-share figure is company estimate
Sources: S-FAC-021 · S-PUB-025
Translated fields: what_it_does_en · why_it_matters_en · caveat_en · key_risk_en
Chain position: upstream

COMPANY RESEARCH公司研究 Commercial evidence商业证据 Expand +展开 + Collapse −收起 −

Commercial evidence shows how far a company has moved from a product claim to repeatable customer value. We look for a defined customer task, paid deployment, operating results, the human help required, and economics that can support repeat use. Missing information stays unassessed; it does not count as evidence against the company.商业证据用于判断一家公司从产品宣称走到了可重复客户价值的哪一步。我们关注明确的客户任务、付费部署、运行结果、所需人工协助，以及能否支持重复采用的经济性。缺失信息保持未评估，不会被当作对公司的负面证据。 Each item below applies only to the cited document and period. It should be read with its evidence class, review date, and stated limits.以下每项内容仅适用于所引文件与期间，阅读时应同时考虑证据类别、核查日期与已说明的局限。

Customer and task
客户与任务: Not yet assessed in this structured record.本结构化记录尚未评估。
Deployment and payment
部署与付款: Not yet assessed in this structured record.本结构化记录尚未评估。
Task results and human assistance
任务结果与人工协助: Not yet assessed in this structured record.本结构化记录尚未评估。
Cost and repeat purchases
成本与复购: Not yet assessed in this structured record.本结构化记录尚未评估。
What the evidence cannot establish
证据的局限: Not yet assessed in this structured record.本结构化记录尚未评估。

How to evaluate commercial evidence如何评估商业证据