Latest Results

Latest Financial Announcements

• Financial Results Briefing for the First Half of the Fiscal Year Ending March 31, 2025

Financial Announcements for the Current Term

• Financial Results Briefing for the First Quarter of the Fiscal Year Ending March 31, 2025

Trends in the Past Three Fiscal Years and the Current Fiscal Year

*Numbers for the full year of the term ending March 2025 are forecasts announced on November 8th, 2025.

Overview of The First Half of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025

Net sales in the first half of the consolidated fiscal year under review amounted to ¥40,809 million, an increase of 10.9% year-on-year, reflecting increased year-on-year sales in VCCS, CTC and FC・MD segment. The Company reported an operating profit of ¥2,105 million, a loss of ¥120 million in the previous year, due to profit in VCCS segment improved significantly and stabilized. Also, both CTC and FC・MD segment turned profitable after the first quarter.
Ordinary profit decreased by 37.5% year-on-year, to ¥1,064 million, reflecting an exchange loss of ¥1,034 million attributable to the strengthening of the yen. Profit attributable to owners of the parent decreased by 40.0% year-on-year, to ¥575 million reflecting due to a decreased ordinary profit and extraordinary loss of ¥241million including business restructuring cost associated with layoff in subsidiary because of sluggish demand in Chinese market.

Overview of Financial Results for Each Segments and Explanation of Consolidated Results Forecast

VCCS (Core product: Antenna for Vehicle)

In the automotive market, the main market for this segment, demand for new vehicles is sluggish in response to the global economic slowdown, although sales are improving trend driven by a stable semiconductors and component supply. A breakdown by region shows that sales in the United States, China, and Japan were flat and slightly decreased.
In these circumstances, mainstay products for automobile manufacturers, such as shark fin antennas and GPS antennas, slightly decreased year-on-year because sales of Japanese automobile manufacturers to the Chinese market were slumped and product adjustments impacted by some customer.
As a result, sales for this segment increased year-on-year, to ¥27,714 million (up 4.6% year-on-year) attributable to the weakening of the yen. The segment reported a profit of ¥1,389 million (up 93.8% year-on-year), due to increased profit associated with an increase in sales and increased production efficiency through stable orders, despite high labor costs at production bases in China and Vietnam associated with the strengthening of the local currencies.

CTC (Core Product: Semiconductor Testing Socket and Probe Card)

In the semiconductor testing market, the main market for this segment, increased year-on-year due to strong demand for testers related to generative AI. However, demand for PCs and smartphones declined significantly, and demand growth for industrial machinery and automobiles was slowing.
In these circumstances, sales of jigs for semiconductor back-end testing, the mainstay product of the Group, increased year-on-year, due to capturing demand for testers related to generative AI despite a decrease in orders for logic semiconductor testing sockets. Sales of jigs for semiconductor front-end testing increased year-on-year because of increasing sales in the turnkey business which offers one-stop solutions services including peripheral devices despite sluggish sales in MEMS probe cards (YPX) for high-frequency electronics components testing.
As a result, sales for this segment increased year-on-year, to ¥7,467 million (up 20.7% year-on-year). The segment reported a profit of ¥789 million (a loss of ¥461 million in the previous fiscal year), due to increased profit associated with an increase in sales and a decline in cost through lower cost of raw materials and improving efficiency by product mix.

FC (Core Product: Fine spring connector for electronics) ・MD (Core Product: Medical devices and units)

In the market for mobile communication terminals, a key market for this segment, sales of wearable terminals are expected to grow given their diversification and greater sophistication, and unit shipments of smartphones were increased year-on-year. Demand for POS terminal market has been growing steadily in a wide range of industries, including those engaging in logistics and manufacturing, with a view toward improvements in operational efficiency through information management.
In these circumstances, sales for FC business, for which fine spring connectors act as core products, increased year-on-year, reflecting sales of the POS terminals were on a recovery trend and an increase in sales of a product for wearable devices, such as wireless earbuds, due resolution of customer's production adjustment.
In MD business, sales increase year-on-year due to strong sales of both unit products and catheter components for a major domestic medical device manufacturer which is a major customer. In addition, sales for the venture ecosystem in which the Company participates as a manufacturing partner were increased.
As a result, sales for this segment increased year-on-year, to 5,461 million (up 39.9% year-on-year). The segment reported a profit of ¥347 million (a loss of ¥46 million in the previous fiscal year) chiefly owing to increased profit associated with an increase in sales in FC business.

Incubation Center (Core Product: Antenna and providing solutions for MaaS/IoT)

The Company has been engaged in full-scale business development efforts, aiming to create new businesses and innovate business models for new growth markets such as MaaS, and IoT as well as the optical communication market for higher-speed and larger-capacity communication. Due to organizational changes implemented during the first half of the fiscal year ended March 31, 2024, development in these new business fields was split off from existing operating departments and classified under Incubation Center as a new reporting segment comprising Platform Business and Advanced Device Business. The MaaS/IoT market, which is a key market for this segment, is expected to grow steadily, reflecting the advance of mobility including car sharing, and the widespread adoption of IoT connecting everything through the Internet.
In these circumstances, Platform business has made progress in expanding sales of MIMO antennas utilizing smart antenna technologies for IoT, and vehicle key management solutions for MaaS and rental cars. For Advanced Device business, which includes the segment, the Company had developed systems for the mass production of optical connector products utilizing photoelectric conversion device technologies for the optical communications market. However, the Company disbanded developmentally this business as a photoelectric conversion project for the semiconductor testing market.
As a result, sales for this segment decreased year-on-year, to ¥163 million (down 21.3% year-on-year). The segment reported a loss of ¥430 million (a loss of ¥337 million in the previous fiscal year), because the segment, which is in the early stages of its development, generates sales at a small scale and involves up-front investment.

Future Outlook

The following are our assumptions for the results forecast for the fiscal year ending March 31, 2025.
・In the automobile market, the main market for the Company, a production adjustment at some automobile manufacturers is expected to be continued until the fiscal year ending March 31, 2025.
・In the semiconductor testing market, the downturn that developed from the second half of the fiscal year ended March 31, 2023 has been bottomed out as well as demand for semiconductor testing related to generative AI is expected to continue to increase.
・In the market for mobile communication terminals, stagnation of the sale of POS terminals and other electronic terminals is expected to be recovered with customers’ liquidating excess inventory.
・In the advanced medical equipment market, demand for minimally invasive medical procedures using catheters and similar products is expected to grow steadily.
・In the MaaS/IoT market, steady growth is expected, reflecting the advance of mobility solutions and widespread adoption of IoT.
・We base our performance forecasts above on an exchange rate of ¥145 against US$ from November 2024 through March 2025(the assumed exchange rate announced in August 2024 was ¥140 against US$).

Our forecast for net sales for the full year is as shown in the table above based on the result and the latest order forecast of the first half for the fiscal year ending March 31, 2025. Our forecast for operating profit for the full year is as shown in the table above based on assumed increases in sales in both CTC and FC・MD segments, despite a decrease in profit in VCCS segment due to a revision of the assumed exchange rate associated with a weakening of the yen. Our forecasts for ordinary profit and profit attributable to owners of parent are as shown in the table above, which incorporate a foreign exchange loss of ¥800 million based on an exchange rate of ¥145 against US$.