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{ element.setAttribute('media', 'all') }); }); </script><script data-n-head="ssr" data-hid="piano-init-scripts"> function pianoUpdateSalutation(config, data, field, forceReload = false) { if (window.localStorage && window.localStorage.getItem('nzz-salutation') === data.uid) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation already updated'); } if (forceReload) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } } if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation'); } let accountSalutation = null; if (field && field.value) { accountSalutation = field.value; } /* Determine values for new custom field for TEM (here called "salutation_text_TEM") */ let salutation_text_TEM = ''; if (accountSalutation === "[\"female\"]") { salutation_text_TEM = "Sehr geehrte Frau"; } else if (accountSalutation === "[\"male\"]") { salutation_text_TEM = "Sehr geehrter Herr"; } /* Update custom field with new value */ fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.uid, /* replace correct form ID and custom field ID */ form_id: config.salutationForm.formName, custom_fields: JSON.stringify({ salutation_text_TEM: salutation_text_TEM }) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }).then(() => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM updated to ${salutation_text_TEM}`); } if (window.localStorage) { window.localStorage.setItem(`nzz-salutation`, data.uid); } }).catch(e => { if (window.nzzDebugPiano) { console.log(`##piano## salutation_text_TEM error: ${e}`); } }).finally(() => { if (forceReload) { if (window.nzzDebugPiano) { console.log('##piano## pianoUpdateSalutation forceReload, because of source PIANOID'); } window.location.reload(); } });}; ((bT, clientCountryPreference, config) => { let tags = []; if (bT && bT.standard) { Object.keys(bT.standard).forEach(key => { tags.push([`set${key}`, bT.standard[key]]); }); } if (bT && bT.custom) { Object.keys(bT.custom).forEach(key => { tags.push(['setCustomVariable', key, bT.custom[key]]); }); } return function pianoMain() { if (!window.tp) { window.tp = window.tp || []; window.digitalData = window.digitalData || {}; window.digitalData.user = [{ profile: [{ attributes: { piano: { clientCountryCode: clientCountryPreference || 'CH' } }, profileInfo: { profileID: '', gender: '', userHash: '4defa01e671ab8c019597a9b2cc3d662' } }] }]; /* Set Application ID */ if (window.nzzDebugPiano) { console.log('%c ##piano## :VERSION V43', 'background: yellow;color:black'); } window.tp.push(['setAid', config.aid]); if (config.dmpSiteId) { window.tp.push(['setCxenseSiteId', config.dmpSiteId]); } /* Is application in sandbox */ window.tp.push(['setSandbox', config.isSandbox === 'true']); /* Does application use Piano ID? */ if (config.isSandbox === 'false') { window.tp.push(['setPianoIdUrl', 'https://id-eu.piano.io']); window.tp.push(['setEndpoint', 'https://buy-eu.piano.io/api/v3']); } else { window.tp.push(['setPianoIdUrl', 'https://sandbox.piano.io']); window.tp.push(['setEndpoint', 'https://sandbox.tinypass.com/api/v3']); } window.tp.push(['setUseTinypassAccounts', false]); window.tp.push(['setUsePianoIdUserProvider', true]); /* gift article */ try { const urlParams = new URLSearchParams(window.location.search); if (urlParams.has('gift_created') && new Date(urlParams.get('gift_created') / 1 * 1000) > Date.now() - 7 * 24 * 60 * 60 * 1000) { window.tp.push(['setCustomVariable', 'shared_article_valid', 'true']); } } catch (e) { console.log(e); } /* Execute when the page is first loaded */ if (window.nzzDebugPiano) { console.log('%c set tags', 'background: yellow;color:black'); } tags.forEach(function (tag) { window.tp.push(tag); }); window.tp.push(['init', function () { if (window.nzzDebugPiano) { console.log('%c init piano', 'background: green;color:yellow'); } window.nzzPianoLoaded = true; window.tp.push(['addHandler', 'registrationSuccess', data => { if (window.nzzDebugPiano) { console.log('##piano## registrationSuccess:'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: data.user.sub, form_id: config.RSEvent.formName, custom_fields: JSON.stringify(config.RSEvent.params) }), { method: 'POST', headers: { 'Authorization': data.token, 'Content-Type': 'application/json; charset=UTF-8' } }); }]); window.tp.push(['addHandler', 'loginSuccess', callbackData => { if (window.nzzDebugPiano) { console.log('##piano## loginSuccess in init', callbackData.source); } window.tp.pianoId.loadExtendedUser({ extendedUserLoaded: function (data) { if (window.nzzDebugPiano) { console.log('##piano## extendedUserLoaded for salutation', data); } let salutationField = null; const customFieldValues = data.custom_field_values; if (customFieldValues && customFieldValues.length > 0) { for (const field of customFieldValues) { if (field.field_name === "account_salutation") { salutationField = field; } } } let forceReload = false; if (callbackData.source == "PIANOID") { forceReload = true; } pianoUpdateSalutation(config, data, salutationField, forceReload); }, formName: 'salutation_form' }); }]); window.tp.push(['addHandler', 'checkoutCustomEvent', event => { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent'); } const params = JSON.parse(event.params.params); if (event.eventName === 'purchaseCustom' && params.pmId == 'inbas') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: Invoice payments'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEvent.formName, custom_fields: JSON.stringify(config.CEEvent.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } else if (event.eventName == 'purchaseCustom' && params.pmId == 'inbaf') { if (window.nzzDebugPiano) { console.log('##piano## onCheckoutExternalEvent: inbaf'); } fetch(config.handlerUrl + new URLSearchParams({ aid: window.tp.aid, uid: window.tp.pianoId.getUser().uid, form_id: config.CEEventInbaf.formName, custom_fields: JSON.stringify(config.CEEventInbaf.params) }), { method: 'POST', headers: { 'Authorization': window.tp.pianoId.getToken(), 'Content-Type': 'application/json; charset=UTF-8' } }); } }]); window.tp.push(['addHandler', 'checkoutClose', event => { if (event && event.state == "checkoutCompleted") { window.location.reload(); } }]); window.tp.push(['addHandler', 'externalCheckoutComplete', event => { /* Default behavior is to refresh the page on successful checkout */ if (event && event.state == "checkoutCompleted") { location.reload(); } }]); window.tp.push(['addHandler', 'customEvent', event => { if (window.nzzDebugPiano) { console.log(`##piano## customEvent: ${event.eventName}`); } if (event.eventName 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Ihr Browser oder Adblocker verhindert dies momentan. </p> <p>Bitte passen Sie die Einstellungen an.</p></div></div></div><div id="id-doc-e4a1035e" content="" pagetype="Article" componenttype="advertisement" is-new-line-child="true" class="nzzinteraction"></div><p data-team-paragraph="" id="id-doc-1id9iikpb0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die europäische Automobilindustrie befindet sich in einer Jahrhundertkrise. Der Absatz enttäuscht, bei den neuen Elektroautos hinkt man der Konkurrenz aus China und den USA hinterher, Politik und Unternehmen schieben sich gegenseitig die Schuld für das Versagen zu. Selbst das Überleben des deutschen Traditionskonzerns Volkswagen scheint mittlerweile nicht mehr hundertprozentig sicher.</p><p data-team-paragraph="" id="id-doc-1id9ike420" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Mitten drin in dieser Krise: Komax.</p><p data-team-paragraph="" id="id-doc-1id9ikjsh0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Der Schweizer Hersteller von Kabelverbindungsmaschinen durchläuft schwierige Zeiten. Die Aufträge von Autoherstellern respektive deren Zulieferern sind schon länger eingebrochen, für 2024 rechnet Komax deshalb mit einem 20% niedrigeren Umsatz. Damit würde er auf rund 600 Mio. Fr. unter das Niveau von 2022 sinken. Dank strikten Massnahmen zur Kostensenkung soll der Betriebsgewinn auf Stufe Ebit im laufenden Jahr trotz Restrukturierungskosten von rund 10 Mio. Fr. noch leicht positiv ausfallen, 2023 betrug das Ebit 68 Mio. Fr.</p><h2 data-team-subtitle="" id="id-doc-1id9in3oo0" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>Der Boden scheint vorläufig erreicht, ...</span></h2><p data-team-paragraph="" id="id-doc-1id9lfig51" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Zumindest im ersten Halbjahr 2025 werde sich indes das Marktumfeld noch nicht wesentlich verändern, schreibt Komax anlässlich des heute stattfinden Kapitalmarkttages. Dies, obwohl der Auftragseingang im ersten Halbjahr 2024 den Tiefpunkt wohl durchschritten hat und in den letzten Monaten endlich leicht höher war als der Umsatz. Trotz dieses leichten Aufwärtstrends werden die Gewinnschätzungen für das kommende Jahr wohl nochmals nach unten angepasst.</p><p data-team-paragraph="" id="id-doc-1id9l681o0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Darauf deutet auch die Marktreaktion hin. Nach einem Minus von gegen 50% seit Jahresbeginn fallen die Aktien am Freitagvormittag erneut.</p><div id="id-doc-1id9l67620" content="" pagetype="Article" componenttype="idms-article-comparison" is-new-line-child="true" class="articlecomponent idms nzzinteraction" style="opacity:0.1;"><iframe id="market-widget-doc-1id9l67620" src="https://boerse.themarket.ch/widgets/instrument/1070215-4-1?period=YTD&loaded=false#market-widget-doc-1id9l67620" allowfullscreen="allowfullscreen" class="market-iframe" style="border:0;width:100%"></iframe></div><p data-team-paragraph="" id="id-doc-1id9k21ei0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Das Management hat bereits lobenswerte Massnahmen ergriffen, um Komax zukunftsfähiger aufzustellen, insbesondere durch die Optimierung der Standorte. Neben der Aufgabe der Produktion in Japan und zwei bereits angekündigten Schliessungen in Deutschland soll 2025 nun auch das Werk im deutschen Wiedensahl geschlossen werden. Bereits bekannt war, dass die Produktion in der chinesischen Metropole Schanghai nach Tianjin verlagert wird, um Doppelspurigkeiten zu vermeiden. In der Schweiz werden die beiden Standorte in Cham und Rotkreuz an den Hauptsitz in Dierikon verlegt. Zudem hat Komax die Produktion von Testing Bulgaria in die Türkei verlagert.</p><p data-team-paragraph="" id="id-doc-1id9ink780" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Auch die Integration <a target="_blank" href="https://themarket.ch/mister-market/komax-gelingt-ein-transformativer-schritt-ld.6016">der 2022 übernommenen Schleuniger</a> schreitet laut Komax wunschgemäss voran. Insgesamt resultieren durch die Massnahmen auf das Gesamtjahr gerechnet bereits Einsparungen von rund 20 Mio. Fr. Dank der niedrigeren Kostenbasis könnte das Unternehmen in einem Aufschwung überproportional profitieren.</p><p data-team-paragraph="" id="id-doc-1id9ip9hm0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Für mich steht grundsätzlich fest: Komax ist ein gut geführtes Unternehmen, das dank seiner herausragenden Produktpalette eine starke Position in einem lukrativen Markt innehat oder zumindest innehatte. Weltweit werden noch immer mehr als drei Viertel der Kabelverarbeitung manuell vorgenommen. Die herkömmliche Fertigung wird oft als Komax' grösster Konkurrent bezeichnet – und ist gleichzeitig auch die grösste Chance. Durch die zunehmende Automatisierung könnte sich das Unternehmen einen grösseren Markt erschliessen. Gerade weil es die hochwertigsten und am stärksten automatisierten Lösungen anbieten kann.</p><h2 data-team-subtitle="" id="id-doc-1id9inkc00" content="" pagetype="Article" componenttype="subtitle" is-new-line-child="true" class="subtitle articlecomponent nzzinteraction"><span>... aber was folgt danach für Komax?</span></h2><p data-team-paragraph="" id="id-doc-1id9iva1h0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Die grosse, noch nicht beantwortbare Frage aber bleibt: Wie wird die weltweite Automobilindustrie mittel- bis langfristig aussehen? Und was bedeutet das für europäische Zulieferer?</p><p data-team-paragraph="" id="id-doc-1id9j6rt20" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dass China Elektroautos in aller Welt verkaufen will, steht fest, dass etwa die Batterien dafür von chinesischen Herstellern stammen sollen, ebenfalls. Für Schweizer Zulieferer ist der chinesische Markt mittlerweile wohl wichtiger als etwa der deutsche, <a target="_blank" href="https://themarket.ch/analyse/schweizer-autozulieferer-auf-dem-pruefstand-ld.12538">wie verschiedene Unternehmen an einer von der Zürcher Kantonalbank vorletzte Woche durchgeführten Konferenz durchblicken liessen</a>.</p><p data-team-paragraph="" id="id-doc-1id9moenp1" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Wenn die Lieferketten nun aber noch weiter gedacht werden und auch die Zulieferer der Zulieferer durch chinesische Unternehmen ersetzt werden sollen, dann wird es noch schwieriger für Komax. Und dafür gibt es durchaus Indizien: Der Elektroautokonzern BYD streckt die Fühler in verschiedene Richtungen aus, <a target="_blank" href="https://themarket.ch/mister-market/komax-droht-ungemach-aus-china-ld.11323">wie ich Mitte Juni beschrieben habe</a>. Zumal die Devise, wie ich höre, im Land derzeit «China first» lautet. Oder anders gesagt: Alles, was sich in vergleichbarer Qualität von chinesischen Produzenten kaufen lässt, sollen chinesische Unternehmen gefälligst auch von denen beziehen. Der Preiskampf ist enorm.</p><p data-team-paragraph="" id="id-doc-1id9kp8im0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Dabei müssten die Vorzeichen für Komax genau umgekehrt sein: Sie muss in China stark wachsen und Marktanteile gewinnen, um ihre Ziele zu erreichen. Dafür hat das Unternehmen zum Beispiel eine Mehrheit an Hosver, dem führenden chinesischen Hersteller von Maschinen zur Verarbeitung von Hochvoltkabeln, gekauft. Und noch glaubt das Management an die Strategie und ist nicht so pessimistisch mit Blick auf China, auch wenn es etwas vorsichtiger geworden ist. Die vor rund einem Jahr vorgestellten und damals schon sehr ambitionierten Mittelfristziele für 2028 sollen neu 2030 erreicht werden. Sie sehen einen Umsatz zwischen 1 Mrd. und 1,2 Mrd. Fr. vor, bei einem durchschnittlichen jährlichen Wachstum von 6 bis 9%. Der Ebit soll bis dahin auf 120 Mio. bis 160 Mio. Fr. steigen.</p><p data-team-paragraph="" id="id-doc-1id9kr5jt0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Bis dahin kann vieles passieren, zu vieles. Ich habe mir bereits einmal die Finger an den Aktien verbrannt und bleibe an der Seitenlinie, bis mehr Klarheit im Automobilsektor herrscht.</p><p data-team-paragraph="" id="id-doc-1id9ktnnc0" content="" pagetype="Article" componenttype="p" is-new-line-child="true" class="articlecomponent text nzzinteraction">Freundlich grüsst im Namen von Mrs Market</p><p data-team-paragraph="" id="id-doc-1id9ktuib0" content="" pagetype="Article" componenttype="p" data-vars-danzz-last-article-element="true" is-new-line-child="true" class="articlecomponent text nzzinteraction">Gabriella Hunter</p><div id="id-doc-1id9iicj61" content="" pagetype="Article" componenttype="sharebox" is-new-line-child="true" class="nzzinteraction"><div class="sharebox"><div class="sharebox__line"></div> <ul class="sharebox__content"><li class="sharebox__item sharebox__item--bookmark"></li> <li class="sharebox__item sharebox__item--print"><a href="" aria-current="page" title="Drucken" class="sharebox__link 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is-new-line-child="true" class="pageelement pageelement--moretosubject nzzinteraction"><div class="pageelement__inner"> <div class="widget__row widget__row--noBorder"><div data-team-more-to-subject class="widget--articlelist-a"><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_11323" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/komax-droht-ungemach-aus-china-ld.11323" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Komax droht Ungemach aus China" src="https://img.themarket.ch/2024/06/11/a2193a83-8711-47c9-89d7-cf26bcbb4890.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5333,4000,x108,y0" loading="eager" srcset="https://img.themarket.ch/2024/06/11/a2193a83-8711-47c9-89d7-cf26bcbb4890.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=5333,4000,x108,y0 160w, https://img.themarket.ch/2024/06/11/a2193a83-8711-47c9-89d7-cf26bcbb4890.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=5333,4000,x108,y0 320w, https://img.themarket.ch/2024/06/11/a2193a83-8711-47c9-89d7-cf26bcbb4890.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=5333,4000,x108,y0 120w, https://img.themarket.ch/2024/06/11/a2193a83-8711-47c9-89d7-cf26bcbb4890.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5333,4000,x108,y0 240w" width="5333" height="4000" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/komax-droht-ungemach-aus-china-ld.11323" data-nzz-referrer="articleTeaser" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--0">  <span class="teaser__title-name">Komax droht Ungemach aus China</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Die wachsende chinesische Dominanz im Markt für Elektroautos erschüttert die gesamte Lieferkette. Das trübt auch die langfristigen Aussichten des Herstellers von Maschinen zur Kabelverarbeitung – mit Auswirkungen auf die Aktien. Komax sieht die Lage trotzdem nicht so düster.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gabriella Hunter ✉</span> <time class="metainfo__item metainfo__item--date">11.06.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_12538" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/schweizer-autozulieferer-auf-dem-pruefstand-ld.12538" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Schweizer Autozulieferer auf dem Prüfstand" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/15/b0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=1067,800,x100,y0 160w, https://img.themarket.ch/2024/11/15/b0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=1067,800,x100,y0 320w, https://img.themarket.ch/2024/11/15/b0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=1067,800,x100,y0 120w, https://img.themarket.ch/2024/11/15/b0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=1067,800,x100,y0 240w" width="1067" height="800" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/analyse/schweizer-autozulieferer-auf-dem-pruefstand-ld.12538" data-nzz-referrer="articleTeaser" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--1">  <span class="teaser__title-name">Schweizer Autozulieferer auf dem Prüfstand</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Von Volkswagen bis Bosch: Die Krisenmeldungen vor allem aus dem deutschen Autosektor häufen sich. Die trüben Aussichten belasten auch die in der Schweiz kotierten Zulieferer und ihre Investoren. The Market geht der Frage nach: Welche Unternehmen sind krisentauglich, welche leiden besonders?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Andreas Kälin</span> <time class="metainfo__item metainfo__item--date">18.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--articlelist-a "><div id="id-ld_10761" data-nzz-tid="teaser" data-nzz-ct="" class="teaser teaser__layout--regular teaser--size-articlelist-a">    <div flag-item="[object Object]" flag-size="articlelist-a" class="poster poster--articlelist-a poster--articlelist-a-regular"><figure class="poster__figure poster__figure--image"><a href="/mister-market/komax-trendwende-laesst-weiter-auf-sich-warten-ld.10761" data-nzz-referrer="articleTeaser" class="teaser__link teaser__link--poster teaser__link--poster-articlelist-a"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Komax: Trendwende lässt weiter auf sich warten" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/03/12/057c974a-4226-41b1-982b-6eeaa4c8f0e9.jpeg?width=160&height=120&fit=bounds&quality=75&auto=webp&crop=2346,1760,x810,y902 160w, https://img.themarket.ch/2024/03/12/057c974a-4226-41b1-982b-6eeaa4c8f0e9.jpeg?width=320&height=240&fit=bounds&quality=75&auto=webp&crop=2346,1760,x810,y902 320w, https://img.themarket.ch/2024/03/12/057c974a-4226-41b1-982b-6eeaa4c8f0e9.jpeg?width=120&height=90&fit=bounds&quality=75&auto=webp&crop=2346,1760,x810,y902 120w, https://img.themarket.ch/2024/03/12/057c974a-4226-41b1-982b-6eeaa4c8f0e9.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2346,1760,x810,y902 240w" width="2346" height="1760" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--articlelist-a"><a href="/mister-market/komax-trendwende-laesst-weiter-auf-sich-warten-ld.10761" data-nzz-referrer="articleTeaser" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--articlelist-a teaser__flag--articlelist-a-regular"><span class="teaser__flag--text"> Mr Market </span> </div> <h2 class="teaser__title teaser__title--articlelist-a teaser__title--regular teaser__title--2">  <span class="teaser__title-name">Komax: Trendwende lässt weiter auf sich warten</span></h2>  <div class="teaser__lead teaser__lead--articlelist-a teaser__lead--regular">Das Zahlenset des Weltmarktführers für Kabelverarbeitungsmaschinen bietet kaum Kursimpulse für die Aktien. Klare Zeichen für eine Wiederbelebung des Geschäfts bleiben aus. Doch es gibt Grund zur Hoffnung. Geduld dürfte bei Komax belohnt werden.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--articlelist-a metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Henning Hölder ✉</span> <time class="metainfo__item metainfo__item--date">12.03.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article></div></div></div></section></section> <div class="cve articlepromobox"></div>   </div></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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{layout:"default",data:[{data:{content:[{component:"header",identifier:bg,id:"doc-1id9iicj50",content:{title:k,lead:F,author:"\u003Ca target=\"_blank\" href=\"mailto:gabriella.hunter@themarket.ch\"\u003EGabriella Hunter\u003C\u002Fa\u003E ✉"},prevElement:a,nextElement:d,firstContentElement:c},{component:i,identifier:d,id:"doc-1id9iicj60",content:{text:"Geschätzte Leserin, geschätzter Leser"},prevElement:bg,nextElement:aD},{id:"doc-cb030d3b",identifier:aD,prevElement:d,nextElement:aE},{id:"doc-e4a1035e",identifier:aE,paidContent:c,prevElement:aD,nextElement:d},{component:i,identifier:d,id:"doc-1id9iikpb0",content:{text:"Die europäische Automobilindustrie befindet sich in einer Jahrhundertkrise. Der Absatz enttäuscht, bei den neuen Elektroautos hinkt man der Konkurrenz aus China und den USA hinterher, Politik und Unternehmen schieben sich gegenseitig die Schuld für das Versagen zu. Selbst das Überleben des deutschen Traditionskonzerns Volkswagen scheint mittlerweile nicht mehr hundertprozentig sicher."},paidContent:c,prevElement:aE,nextElement:d},{component:i,identifier:d,id:"doc-1id9ike420",content:{text:"Mitten drin in dieser Krise: Komax."},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9ikjsh0",content:{text:"Der Schweizer Hersteller von Kabelverbindungsmaschinen durchläuft schwierige Zeiten. Die Aufträge von Autoherstellern respektive deren Zulieferern sind schon länger eingebrochen, für 2024 rechnet Komax deshalb mit einem 20% niedrigeren Umsatz. Damit würde er auf rund 600 Mio. Fr. unter das Niveau von 2022 sinken. Dank strikten Massnahmen zur Kostensenkung soll der Betriebsgewinn auf Stufe Ebit im laufenden Jahr trotz Restrukturierungskosten von rund 10 Mio. Fr. noch leicht positiv ausfallen, 2023 betrug das Ebit 68 Mio. Fr."},paidContent:c,prevElement:d,nextElement:u},{component:bh,identifier:u,id:"doc-1id9in3oo0",content:{title:"Der Boden scheint vorläufig erreicht, ...",id:"subtitle-der-boden-scheint-vorl-ufig-erreicht"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9lfig51",content:{text:"Zumindest im ersten Halbjahr 2025 werde sich indes das Marktumfeld noch nicht wesentlich verändern, schreibt Komax anlässlich des heute stattfinden Kapitalmarkttages. Dies, obwohl der Auftragseingang im ersten Halbjahr 2024 den Tiefpunkt wohl durchschritten hat und in den letzten Monaten endlich leicht höher war als der Umsatz. Trotz dieses leichten Aufwärtstrends werden die Gewinnschätzungen für das kommende Jahr wohl nochmals nach unten angepasst."},paidContent:c,prevElement:u,nextElement:d},{component:i,identifier:d,id:"doc-1id9l681o0",content:{text:"Darauf deutet auch die Marktreaktion hin. Nach einem Minus von gegen 50% seit Jahresbeginn fallen die Aktien am Freitagvormittag erneut."},paidContent:c,prevElement:d,nextElement:aF},{component:"idms-article-comparison",identifier:aF,id:"doc-1id9l67620",content:{idms:{service:"idms",params:{hasExtendedConfig:e,url:"https%3A%2F%2Fboerse.themarket.ch%2Fwidgets%2Finstrument%2F1070215-4-1%3Fperiod%3DYTD",extendedConfig:{showTitle:e,hauptinstrument:K,vergleichsinstrument1:a,vergleichsinstrument2:a,vergleichsinstrument3:a,duration:"YTD"}}}},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9k21ei0",content:{text:"Das Management hat bereits lobenswerte Massnahmen ergriffen, um Komax zukunftsfähiger aufzustellen, insbesondere durch die Optimierung der Standorte. Neben der Aufgabe der Produktion in Japan und zwei bereits angekündigten Schliessungen in Deutschland soll 2025 nun auch das Werk im deutschen Wiedensahl geschlossen werden. Bereits bekannt war, dass die Produktion in der chinesischen Metropole Schanghai nach Tianjin verlagert wird, um Doppelspurigkeiten zu vermeiden. In der Schweiz werden die beiden Standorte in Cham und Rotkreuz an den Hauptsitz in Dierikon verlegt. Zudem hat Komax die Produktion von Testing Bulgaria in die Türkei verlagert."},paidContent:c,prevElement:aF,nextElement:d},{component:i,identifier:d,id:"doc-1id9ink780",content:{text:"Auch die Integration \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fkomax-gelingt-ein-transformativer-schritt-ld.6016\"\u003Eder 2022 übernommenen Schleuniger\u003C\u002Fa\u003E schreitet laut Komax wunschgemäss voran. Insgesamt resultieren durch die Massnahmen auf das Gesamtjahr gerechnet bereits Einsparungen von rund 20 Mio. Fr. Dank der niedrigeren Kostenbasis könnte das Unternehmen in einem Aufschwung überproportional profitieren."},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9ip9hm0",content:{text:"Für mich steht grundsätzlich fest: Komax ist ein gut geführtes Unternehmen, das dank seiner herausragenden Produktpalette eine starke Position in einem lukrativen Markt innehat oder zumindest innehatte. Weltweit werden noch immer mehr als drei Viertel der Kabelverarbeitung manuell vorgenommen. Die herkömmliche Fertigung wird oft als Komax' grösster Konkurrent bezeichnet – und ist gleichzeitig auch die grösste Chance. Durch die zunehmende Automatisierung könnte sich das Unternehmen einen grösseren Markt erschliessen. Gerade weil es die hochwertigsten und am stärksten automatisierten Lösungen anbieten kann."},paidContent:c,prevElement:d,nextElement:u},{component:bh,identifier:u,id:"doc-1id9inkc00",content:{title:"... aber was folgt danach für Komax?",id:"subtitle-aber-was-folgt-danach-f-r-komax"},contentTable:b,paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9iva1h0",content:{text:"Die grosse, noch nicht beantwortbare Frage aber bleibt: Wie wird die weltweite Automobilindustrie mittel- bis langfristig aussehen? Und was bedeutet das für europäische Zulieferer?"},paidContent:c,prevElement:u,nextElement:d},{component:i,identifier:d,id:"doc-1id9j6rt20",content:{text:"Dass China Elektroautos in aller Welt verkaufen will, steht fest, dass etwa die Batterien dafür von chinesischen Herstellern stammen sollen, ebenfalls. Für Schweizer Zulieferer ist der chinesische Markt mittlerweile wohl wichtiger als etwa der deutsche, \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fanalyse\u002Fschweizer-autozulieferer-auf-dem-pruefstand-ld.12538\"\u003Ewie verschiedene Unternehmen an einer von der Zürcher Kantonalbank vorletzte Woche durchgeführten Konferenz durchblicken liessen\u003C\u002Fa\u003E."},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9moenp1",content:{text:"Wenn die Lieferketten nun aber noch weiter gedacht werden und auch die Zulieferer der Zulieferer durch chinesische Unternehmen ersetzt werden sollen, dann wird es noch schwieriger für Komax. Und dafür gibt es durchaus Indizien: Der Elektroautokonzern BYD streckt die Fühler in verschiedene Richtungen aus, \u003Ca target=\"_blank\" href=\"https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fkomax-droht-ungemach-aus-china-ld.11323\"\u003Ewie ich Mitte Juni beschrieben habe\u003C\u002Fa\u003E. Zumal die Devise, wie ich höre, im Land derzeit «China first» lautet. Oder anders gesagt: Alles, was sich in vergleichbarer Qualität von chinesischen Produzenten kaufen lässt, sollen chinesische Unternehmen gefälligst auch von denen beziehen. Der Preiskampf ist enorm."},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9kp8im0",content:{text:"Dabei müssten die Vorzeichen für Komax genau umgekehrt sein: Sie muss in China stark wachsen und Marktanteile gewinnen, um ihre Ziele zu erreichen. Dafür hat das Unternehmen zum Beispiel eine Mehrheit an Hosver, dem führenden chinesischen Hersteller von Maschinen zur Verarbeitung von Hochvoltkabeln, gekauft. Und noch glaubt das Management an die Strategie und ist nicht so pessimistisch mit Blick auf China, auch wenn es etwas vorsichtiger geworden ist. Die vor rund einem Jahr vorgestellten und damals schon sehr ambitionierten Mittelfristziele für 2028 sollen neu 2030 erreicht werden. Sie sehen einen Umsatz zwischen 1 Mrd. und 1,2 Mrd. Fr. vor, bei einem durchschnittlichen jährlichen Wachstum von 6 bis 9%. Der Ebit soll bis dahin auf 120 Mio. bis 160 Mio. Fr. steigen."},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9kr5jt0",content:{text:"Bis dahin kann vieles passieren, zu vieles. Ich habe mir bereits einmal die Finger an den Aktien verbrannt und bleibe an der Seitenlinie, bis mehr Klarheit im Automobilsektor herrscht."},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9ktnnc0",content:{text:"Freundlich grüsst im Namen von Mrs Market"},paidContent:c,prevElement:d,nextElement:d},{component:i,identifier:d,id:"doc-1id9ktuib0",content:{text:"Gabriella 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Die Erholung dürfte sich aber weiter verzögern – und das ganz grosse Risiko ist nicht gebannt.","Analyse","https:\u002F\u002Fthemarket.ch\u002Fmister-market\u002Fzur-zukunft-von-komax-bleiben-fragezeichen-ld.12569","nzzas","preload","1070215-4-1","longformvisual","longformstandard","briefing","briefing-intl","opinion","advertisement-regular","advertisement-longformvisual","advertisement-gallery","advertisement-video","fastly","image\u002Fjpeg","16:9",1.77778,4000,"1:1","4:3",1.33333,"\u002Fanalyse",800,"Die Konkurrenz aus China ist gross: Zur Zukunft von Komax bleiben Fragezeichen",2886,"2024-11-22T13:53:59+02:00","The Market","main","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Strategie","\u002Fstrategie","Meinung","\u002Fmeinung","Interview","\u002Finterview","English","\u002Fenglish","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","\u002Fagb","Impressum","\u002Fimpressum",void 0,"21","48","anonymous","font\u002Fwoff2","font","judi.barrier","judi.advertisement","judi.idms-article-comparison","judi.sharebox","moreToSubject--internal","judi.moreToSubject--internal","embed-teaser","link-box-embed","gallery","video","fullwidth","alias-teaser","matchcard-teaser","headlesslongformvisual","bylinepoc","recipe","Komax droht Ungemach aus China","Schweizer Autozulieferer auf dem Prüfstand","2024-11-18T00:42:53.951Z",100,"Komax: Trendwende lässt weiter auf sich warten",3171,"classification=default,language=de-CH","themarket","https:\u002F\u002Fthemarket.ch","Article","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. 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The Market geht der Frage nach: Welche Unternehmen sind krisentauglich, welche leiden besonders?",1267,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F15\u002Fb0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?crop=1267,713,x0,y44&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F15\u002Fb0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?crop=800,800,x234,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F15\u002Fb0e48cb4-b9fd-4ddd-b282-c0c4946320fb.jpeg?crop=1067,800,x100,y0&width=1024&quality=75&auto=webp","ld.12538","2024-03-12T11:14:57.638Z","Das Zahlenset des Weltmarktführers für Kabelverarbeitungsmaschinen bietet kaum Kursimpulse für die Aktien. Klare Zeichen für eine Wiederbelebung des Geschäfts bleiben aus. Doch es gibt Grund zur Hoffnung. 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