Investor Presentaiton

Shuanghuan Driveline: NEV and industrial robot-driven growth play Market share of RV speed reducers in China (2021) Our valuation for Shuanghuan's RV speed reducer Source: Company data, May 2023 RMB m 2023E 2024E ■ Nabtesco Valuation for RV speed reducer Zhejiang Shuanghuan Revenue from RV reducer (RMB m) 189 255 NPM % 40% 40% ■ Sumitomo Net profit from RV speed reducer (RMB m) 76 102 No. of shares outstanding 778 778 ■ Zhuhai Sima Zhong Da Leader ■ Nantong Zhenkang EPS from RV speed reducer (RMB) 0.10 0.13 Total EPS (RMB) 0.98 1.21 PER 40x 30x Implied valuation (RMB/share) 3.89 3.94 Our current estimates ■ Chietom NPM % 7% 9% ■ Qinchuan Machine Tool Net profit from RV speed reducer (RMB m) EPS from RV speed reducer (RMB) 14 22 0.02 0.03 ■ Others PER Implied current valuation (RMB/share) 38x 0.68 20

View entire presentation