Latest Results
Latest Financial Announcements
Financial Announcements for the Current Term
- Financial Results Briefing for the First Half of the Fiscal Year Ending March 31, 2025
- 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
| 22/3 | 23/3 | 24/3 | 25/3 | ||
|---|---|---|---|---|---|
| Net sales (million yen) |
3Q | 48,727 | 60,278 | 57,104 | 61,830 |
| FY | 66,848 | 77,962 | 76,895 | 82,000 | |
| Operating profit (million yen) |
3Q | 3,752 | 5,100 | 747 | 3,100 |
| FY | 4,684 | 4,739 | 1,617 | 4,000 | |
| Ordinary profit (million yen) |
3Q | 4,459 | 6,619 | 1,764 | 3,713 |
| FY | 6,529 | 5,675 | 3,710 | 3,650 | |
| Profit attributable to owners of parent (million yen) |
3Q | 3,200 | 4,422 | 963 | 2,557 |
| FY | 4,663 | 3,147 | 1,511 | 2,350 | |
| Basic earnings per share (yen) |
3Q | 139.28 | 189.72 | 41.35 | 109.70 |
| FY | 202.28 | 135.01 | 64.86 | 100.81 | |
*Numbers for the full year of the term ending March 2025 are forecasts announced on February 12th, 2025.
Overview of The Consolidated Financial Results for the Nine Months Ended December 31, 2024
Net sales in the nine months ended December 31, 2024 under review amounted to ¥61,830 million, an increase of 8.3% year-on-year, reflecting increased sales in the VCCS, CTC and FC/MD segments. Operation profit came in at ¥3,100 million, an increase of 314.6% year-on-year, because profit of the VCCS segment improved stabilized. Also, both CTC and FC/MD segments turned profitable following the first quarter. Ordinary profit increased by 110.4% year-on-year to ¥3,713 million, reflecting an exchange gain of ¥564 million attributable to the weakening of the yen. Profit attributable to owners of the parent increased by 165.3% year-on-year to ¥2,557 million reflecting the increased ordinary profit despite the extraordinary loss of ¥251million including business restructuring cost associated with layoff in a subsidiary because of sluggish demand in the Chinese market in the second quarter of the fiscal year. The average exchange rate for the nine months ended December 31, 2024 was ¥152.61 against the US dollar, while the closing rate was ¥158.18 against the US dollar.
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 slowing in response to the global economic slowdown, although sales are on an 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 or slightly decreased.
In these circumstances, mainstay products for automobile manufacturers, such as shark fin antennas and GPS antennas, slightly decreased year-on-year because of a slump in sales of Japanese automobile manufacturers to the Chinese market and an impact of production adjustments by some customers.
As a result, sales for this segment increased year-on-year to ¥41,793 million (up 0.6% year-on-year) due in part to the weakening of the yen. The segment reported the profit of ¥2,092 million (up 4.2% year-on-year), due in part to improved production efficiency through the review of production system and stable receipt of orders, despite increase in shipping and other logistics costs and higher 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 remained still stagnant, 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 turning upward sales in MEMS probe cards (YPX) for high-frequency electronics components testing and increased sales in the turnkey business which offers one-stop solutions services including peripheral devices.
As a result, sales for this segment increased year-on-year to ¥11,440 million (up 24.6% year-on-year). The segment reported a profit of ¥961 million (a loss of ¥726 million in the previous fiscal year), due to increased profit associated with an increase in sales and improved product mix despite temporary technical issue response costs.
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 a recovery of orders received of the POS terminals due in part to resolution of the end of customers' production adjustment and continued solid sales of wearable devices such as wireless earbuds.
In the MD business, sales increased 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 remained solid.
As a result, sales for this segment increased year-on-year, to 8,375 million (up 38.2% year-on-year). The segment reported a profit of ¥651 million (a profit of ¥41 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. 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 in the second quarter as a photoelectric conversion project for the semiconductor testing market.
As a result, sales for this segment decreased year-on-year, to ¥218 million (down 26.4% year-on-year). The segment reported a loss of ¥616 million (a loss of ¥592 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 full-year outlook for the fiscal year ending March 31, 2025 is based on the following assumptions:
・The automotive market, the main market for the Company, remains generally at the same level throughout the current fiscal year.
・While the market for logic semiconductor testing for PCs and smartphones remains sluggish, demand for semiconductor testing for generative AI continues expanding.
・In the market for mobile communication terminals, demand for POS terminals and other electronic terminals recovers moderately as excess inventory is cleared.
・In the advanced medical equipment market, demand for minimally invasive medical procedures using catheters and similar products grows steadily.
・The MaaS/IoT market sees steady growth, reflecting the advance of mobility solutions and widespread adoption of IoT.
・The Company bases its financial results forecasts on an exchange rate of ¥150 (¥145 at the time of the previous forecast announcement) against the US dollar from February 2025 until the end of the current fiscal year.
Net sales have been revised as indicated in the table above based on the results for the nine months ended December 31, 2024 of the current fiscal year and the latest forecast for orders, above the assumptions outlined. Operating profit has also been revised as indicated in the table above based on the fact that, although increased sales are expected to lead to higher profits in the FC/MD segment, a decline in sales and rising logistics costs in the VCCS segment are anticipated to reduce profits there. Additionally, the CTC segment continues to be partially affected by one-off costs to address technical issues. Ordinary profit and profit attributable to owners of the parent have been revised as indicated in the table above, due to anticipated foreign exchange losses of ¥350 million at an assumed exchange rate of ¥150 against the US dollar.