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Financial results presentation6787Meiko Electronics Co.,Ltd.Electrical Equipment and Precision Instruments

FY2025 Earnings Presentation Materials

Revenue for FY2025 was ¥240.6 billion and operating profit was ¥24.6 billion. For FY2026, the company forecasts revenue of ¥320.0 billion and operating profit of ¥38.0 billion. It plans to invest in a new plant and joint ventures in Vietnam, primarily for AI servers and satellite-related applications, and indicated that it will strengthen development capabilities in its electronic equipment business through M&A.

Worth reading
48Recurring
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
794
¥100 million (increase in FY2026 forecast revenue from FY2025 actual revenue)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFY2025 (full-year actual) / FY2026 (full-year forecast)11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,406 100 million
Operating profit¥246 100 million
Ordinary income¥265 100 million
Net income¥198 100 million
Operating profit marginFY2025 actual: 10.2%; FY2026 forecast: 11.9%. Year-on-year change: Not disclosed.
Full-year earnings forecast
Net Sales
¥3,200 100 million
Operating profit
¥380 100 million
Ordinary income
¥350 100 million
Net income for the current fiscal year
¥270 100 million
What the company explained in this material
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Exchange rate150 JPY/USD
  • Average exchange rate during the period150 JPY/USD
New initiatives
  • Mass production of high-multilayer build-up PCBs for satellites and AI applications and memory module PCBs at Vietnam Plant No. 4
  • Launch of a state-of-the-art plant in Hoa Binh, Vietnam, for high-frequency, high-density build-up PCBs (SLPs)
  • Entry into the high-multilayer PCB business for AI servers through a joint venture with ACCL
  • Expansion of production capacity for state-of-the-art, high-density build-up PCBs through the construction of Vietnam’s Quang Minh Plant No. 3
  • Development of an automated plant for satellite applications through the construction of a new plant in Yen Quang, Vietnam
  • Strengthening of the contract design and development business through the acquisition of FCLコンポーネント
Key KPIsA metric the company considers important as a management benchmark.
  • Average exchange rate during the period
    FY2024152.57
    FY2025151.06
    FY2026 forecast150
  • EBITDA
    FY2025368
    FY2026 forecast554
  • Research and development costs
    FY202560
    FY2026 forecast80
Segment results
Circuit boards
Net Sales
FY2024¥1,706 100 million
FY2025¥1,980 100 million
FY2026 forecast¥2,540 100 million
Operating profit
FY2024¥172 100 million
FY2025¥212 100 million
FY2026 forecast¥334 100 million
Electronic equipment
Net Sales
FY2024¥362 100 million
FY2025¥426 100 million
FY2026 forecast¥660 100 million
Operating profit
FY2024¥19 100 million
FY2025¥34 100 million
FY2026 forecast¥46 100 million
Medium-term management plan targets
FY2028
Net Sales¥4,600 100 million operating profit margin: %
Operating profit¥650 100 million operating profit margin: %
Operating profit margin¥14 100 million operating profit margin: %
Capital expenditures¥700 100 million operating profit margin: %
Research and development costs¥115 100 million operating profit margin: %
Comparison with actual resultsFY2025 actual results and FY2026–FY2028 forecasts are presented
Financial targets
Equity ratio
FY202540.7 %
FY2026 forecast38.2 %
FY2027 forecast36.3 %
FY2028 forecast39.4 %
Debt-to-equity ratio
FY20250.85 times
FY2026 forecast1.07 times
FY2027 forecast1.16 times
FY2028 forecast0.99 times
ROE
FY202514.6 %
FY2026 forecast17.1 %
FY2027 forecast20.1 %
FY2028 forecast21.1 %
ROIC
FY20257.7 %
FY2026 forecast9.6 %
FY2027 forecast10.5 %
FY2028 forecast11.8 %
Market Size / Share
Global PCB market
2023¥10 trillion
2030¥18 trillion
CAGR8.8%
FCLコンポーネント key market sharesThermal printers rank fourth globally, while resistive touchscreen modules hold the leading share of the global market
Number of employees
FCLコンポーネント1,392 people
Business to be transferred573 people
Changes during the period and hiring planAcquisition of approximately 150 engineers
Capital expenditures
FY2025¥497 100 million
FY2026 forecast¥700 100 million
FY2027 forecast¥700 100 million
FY2028 forecast¥700 100 million
Annual Dividend
FY2025115 yen per share
FY2026 forecast160 yen per share
FY2027 forecast200 yen per share
FY2028 forecast260 yen per share
Payout ratio
FY202515 %
FY2026 forecast15 %
FY2027 forecast15 %
FY2028 forecast15 %
DOE
FY20252.1 %
FY2026 forecast2.6 %
FY2027 forecast2.9 %
FY2028 forecast3.1 %
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFY2025 (full-year actual) / FY2026 (full-year forecast)
Net Sales¥2,406 100 million
Operating profit¥246 100 million
Ordinary income¥265 100 million
Net income¥198 100 million
Operating profit marginFY2025 actual: 10.2%; FY2026 forecast: 11.9%. Year-on-year change: Not disclosed.
Full-year earnings forecastNet Sales ¥3,200 100 million / Operating profit ¥380 100 million / Ordinary income ¥350 100 million / Net income for the current fiscal year ¥270 100 million
Segment resultsCircuit boards Net Sales FY2024 ¥1,706 100 million / FY2025 ¥1,980 100 million / FY2026 forecast ¥2,540 100 million / Operating profit FY2024 ¥172 100 million / FY2025 ¥212 100 million / FY2026 forecast ¥334 100 million / Electronic equipment Net Sales FY2024 ¥362 100 million / FY2025 ¥426 100 million / FY2026 forecast ¥660 100 million / Operating profit FY2024 ¥19 100 million / FY2025 ¥34 100 million / FY2026 forecast ¥46 100 million
Key KPIsIndicator name Average exchange rate during the period / FY2024 152.57 JPY/USD / FY2025 151.06 JPY/USD / FY2026 forecast 150 JPY/USD / Year on year against the same period last year Not disclosed, Indicator name EBITDA / FY2025 ¥368 100 million / FY2026 forecast ¥554 100 million / Year on year against the same period last year Not disclosed, Indicator name Research and development costs / FY2025 ¥60 100 million / FY2026 forecast ¥80 100 million / Year on year against the same period last year Not disclosed
Number of employeesFCLコンポーネント 1,392 people / Business to be transferred 573 people / Changes during the period and hiring plan Acquisition of approximately 150 engineers
Assumptions Underlying the Business OutlookExchange rate 150 JPY/USD, Average exchange rate during the period 150 JPY/USD
Medium-term management plan targetsFY2028 Net Sales ¥4,600 100 million (operating profit margin: %) / Operating profit ¥650 100 million (operating profit margin: %) / Operating profit margin ¥14 100 million (operating profit margin: %) / Capital expenditures ¥700 100 million (operating profit margin: %) / Research and development costs ¥115 100 million (operating profit margin: %) / Comparison with actual results FY2025 actual results and FY2026–FY2028 forecasts are presented
Financial targetsEquity ratio FY2025 40.7 % / FY2026 forecast 38.2 % / FY2027 forecast 36.3 % / FY2028 forecast 39.4 % / Debt-to-equity ratio FY2025 0.85 times / FY2026 forecast 1.07 times / FY2027 forecast 1.16 times / FY2028 forecast 0.99 times / ROE FY2025 14.6 % / FY2026 forecast 17.1 % / FY2027 forecast 20.1 % / FY2028 forecast 21.1 % / ROIC FY2025 7.7 % / FY2026 forecast 9.6 % / FY2027 forecast 10.5 % / FY2028 forecast 11.8 %
Annual DividendFY2025 115 yen per share / FY2026 forecast 160 yen per share / FY2027 forecast 200 yen per share / FY2028 forecast 260 yen per share / Interim and Year-End Breakdown Not disclosed
Payout ratioFY2025 15 % / FY2026 forecast 15 % / FY2027 forecast 15 % / FY2028 forecast 15 % / DOE FY2025 2.1 % / FY2026 forecast 2.6 % / FY2027 forecast 2.9 % / FY2028 forecast 3.1 %
Capital expendituresFY2025 ¥497 100 million / FY2026 forecast ¥700 100 million / FY2027 forecast ¥700 100 million / FY2028 forecast ¥700 100 million
Market Size / ShareGlobal PCB market 2023 ¥10 trillion / 2030 ¥18 trillion / CAGR 8.8% / FCLコンポーネント key market shares Thermal printers rank fourth globally, while resistive touchscreen modules hold the leading share of the global market
New initiativesMass production of high-multilayer build-up PCBs for satellites and AI applications and memory module PCBs at Vietnam Plant No. 4, Launch of a state-of-the-art plant in Hoa Binh, Vietnam, for high-frequency, high-density build-up PCBs (SLPs), Entry into the high-multilayer PCB business for AI servers through a joint venture with ACCL, Expansion of production capacity for state-of-the-art, high-density build-up PCBs through the construction of Vietnam’s Quang Minh Plant No. 3, Development of an automated plant for satellite applications through the construction of a new plant in Yen Quang, Vietnam, Strengthening of the contract design and development business through the acquisition of FCLコンポーネント
Items this document does not state (12)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planBreakdown of Factors Affecting the ChangeUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A

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 company cited increasing demand for AI servers and satellite applications, measures to address insufficient capacity at its second plant, expanded production capacity in Vietnam, entry into the new high-multilayer PCB business through its partnership with ACCL, and the acquisition of approximately 150 engineers through FCLコンポーネント.

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FY2025 Earnings Presentation Materials | Meiko Electronics Co.,Ltd. (6787) timely disclosure | Komori