Worth reading
68In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
—
Displayed only when the document provides numerical figures.Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet SalesNot disclosed → ¥15,550 million
Operating profitNot disclosed → ¥3,295 million
Net income for the current fiscal yearNot disclosed → ¥2,274 million
ROENot disclosed → 14.5%（FY2031）
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planFY2023 14.3% / FY2024 25.2% / FY2025 29.3% / FY2026 24.4% → FY2023 20.9% / FY2024 33.1% / FY2025 33.4% / FY2026 34.8%
Total investment planamount Approximately ¥4 billion / period The next 5 years
Investment amount by sectorField Increase sales and maintain margins / Investment amount ¥1 billion–¥1.5 billion, Field Increase production and supply capacity / Investment amount ¥2 billion–¥2.5 billion, Field Build the management infrastructure needed to support growth / Investment amount ¥500 million–¥1 billion
Statements about the use of capital
Payout ratio / DOE policyThe basic policy is a payout ratio of 25%, with a dividend policy implemented over the next 5 years that sets DOE of approximately 2% as the lower limit.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Expand operations in growth markets (stable growth)
02Reduce dependence on specific customers: diversify the customer and market portfolio
03Stabilize profitability: strengthen standard products and the recurring-revenue business
04Expand investment: improve production capacity and technological capabilities and strengthen the management infrastructure
05Increase shareholder value: strengthen and stabilize shareholder returns
06Expand standard products
Plan assumptionsFor future domestic perovskite solar cell production capacity, the Japanese government's target is 1 GW by 2030, while the total based on information published by individual companies is estimated by the company at around 3 GW., Projected sales of solar panel recycling equipment are calculated based on assumptions including approximately 150,000 tonnes of panel waste in 2032, the proportion of panels subject to recycling, equipment operating rates at customers, processing capacity, market share and equipment prices., Solar panel waste volumes will be affected by the end of the feed-in tariff (FIT) scheme, repowering and the establishment of legislation governing recycling.
Segment targetSegment Solar Cell Manufacturing Equipment / Sales Target ¥9.8 billion (FY2031) / Profit Target Not disclosed, Segment Solar panel recycling equipment / Sales Target ¥3 billion (FY2031) / Profit Target Not disclosed, Segment Factory Automation Equipment / Sales Target ¥1.7 billion (FY2031) / Profit Target Not disclosed, Segment Components / Sales Target ¥850 million (FY2031) / Profit Target Not disclosed, Segment Environment-related services / Sales Target ¥200 million (FY2031) / Profit Target Not disclosed
Size of the Target MarketFuture perovskite solar cell production capacity: Japanese government target of 1 GW, total based on information published by individual companies (company estimate) of around 3 GW (as of 2030), Projected sales of perovskite-related equipment over the next 5 years: ¥16 billion in Japan and ¥11 billion overseas, Projected sales of solar panel recycling equipment over the next 5 years: ¥8.5 billion in Japan and ¥1.5 billion overseas, Domestic solar panel waste: approximately 150,000 tonnes in 2032. Source: Prepared by the company based on the Ministry of Economy, Trade and Industry's "Promoting the Recycling of Solar Panels" (15 July 2026)
Risks identified by the company
High earnings volatility
The short-term earnings outlook is uncertain
Dependence on specific customers
Sales of components to First Solar are expected to remain flat due to changes in inventory management resulting from the consolidation of production operations in the United States
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | 5 years from the fiscal year ending August 2027 through the fiscal year ending August 2031 |
| Progress against the plan | Formulated |
| Sales Target | Not disclosed → ¥15,550 million |
| Operating profit target | Not disclosed → ¥3,295 million |
| Net income target | Not disclosed → ¥2,274 million |
| ROE target | Not disclosed → 14.5%（FY2031） |
| Payout ratio / DOE policy | The basic policy is a payout ratio of 25%, with a dividend policy implemented over the next 5 years that sets DOE of approximately 2% as the lower limit. |
| Total investment plan | amount Approximately ¥4 billion / period The next 5 years |
| Investment amount by sector | Field Increase sales and maintain margins / Investment amount ¥1 billion–¥1.5 billion, Field Increase production and supply capacity / Investment amount ¥2 billion–¥2.5 billion, Field Build the management infrastructure needed to support growth / Investment amount ¥500 million–¥1 billion |
| Segment target | Segment Solar Cell Manufacturing Equipment / Sales Target ¥9.8 billion (FY2031) / Profit Target Not disclosed, Segment Solar panel recycling equipment / Sales Target ¥3 billion (FY2031) / Profit Target Not disclosed, Segment Factory Automation Equipment / Sales Target ¥1.7 billion (FY2031) / Profit Target Not disclosed, Segment Components / Sales Target ¥850 million (FY2031) / Profit Target Not disclosed, Segment Environment-related services / Sales Target ¥200 million (FY2031) / Profit Target Not disclosed |
| Plan assumptions | For future domestic perovskite solar cell production capacity, the Japanese government's target is 1 GW by 2030, while the total based on information published by individual companies is estimated by the company at around 3 GW., Projected sales of solar panel recycling equipment are calculated based on assumptions including approximately 150,000 tonnes of panel waste in 2032, the proportion of panels subject to recycling, equipment operating rates at customers, processing capacity, market share and equipment prices., Solar panel waste volumes will be affected by the end of the feed-in tariff (FIT) scheme, repowering and the establishment of legislation governing recycling. |
| Key initiatives | Expand operations in growth markets (stable growth), Reduce dependence on specific customers: diversify the customer and market portfolio, Stabilize profitability: strengthen standard products and the recurring-revenue business, Expand investment: improve production capacity and technological capabilities and strengthen the management infrastructure, Increase shareholder value: strengthen and stabilize shareholder returns, Expand standard products |
| Results under the previous plan | FY2023 14.3% / FY2024 25.2% / FY2025 29.3% / FY2026 24.4% → FY2023 20.9% / FY2024 33.1% / FY2025 33.4% / FY2026 34.8% |
| Size of the Target Market | Future perovskite solar cell production capacity: Japanese government target of 1 GW, total based on information published by individual companies (company estimate) of around 3 GW (as of 2030), Projected sales of perovskite-related equipment over the next 5 years: ¥16 billion in Japan and ¥11 billion overseas, Projected sales of solar panel recycling equipment over the next 5 years: ¥8.5 billion in Japan and ¥1.5 billion overseas, Domestic solar panel waste: approximately 150,000 tonnes in 2032. Source: Prepared by the company based on the Ministry of Economy, Trade and Industry's "Promoting the Recycling of Solar Panels" (15 July 2026) |
| Risks identified | High earnings volatility, The short-term earnings outlook is uncertain, Dependence on specific customers, Sales of components to First Solar are expected to remain flat due to changes in inventory management resulting from the consolidation of production operations in the United States |
| Date of board resolution | 7 October 2026 |
| Publication date | 7 October 2026 |
Items this document does not state (7)
Operating profit margin targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceNon-financial targetsReason for revision or withdrawal
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The business environment has improved, making it possible to establish a medium-term earnings outlook. The company aims to achieve both earnings stability and sustainable growth, reduce its cost of capital and obtain an appropriate valuation from the stock market, while pursuing proactive investment and stable shareholder returns.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.