Worth reading
87Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
1200
¥100 million (net sales target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+15.4%
基準 1,040Target1,200Hundreds of millions of yen
Operating profit+134.4%
基準 32Target75Hundreds of millions of yen
ROE+2.5pt
基準 6.5Target9%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
Operating profit margin3.1% → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planRevenue of ¥110 billion, operating profit of ¥9.5 billion, and an operating margin of 8.6% → Revenue of ¥104 billion, operating profit of ¥3.2 billion, and an operating margin of 3.1%（Revenue: down 5.5%; operating profit: down 66.3%）-5.5%Calculated from the two disclosed figures
Total investment planApproximately ¥27 billion (approximately ¥15 billion in growth investment and approximately ¥12 billion in replacement investment during the fiscal years ending March 2027 to March 2029)
Investment amount by sectorField Growth Investment / Amount Approximately ¥15 billion, Field Renewal investment / Amount Approximately ¥12.0 billion
Statements about the use of capital
Payout ratio / DOE policyThe company will adopt a DOE of 3% during the mid-term management plan period and aims to provide stable dividends.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyThe company is considering flexible share buybacks. Depending on funding needs, it will flexibly allocate funds between share buybacks and additional investment. The amount, timing, and terms of any buybacks are not disclosed.
Self-assessment of PBR and share priceThe company recognizes initiatives to improve its PBR as a key topic for dialogue with shareholders and investors. No specific PBR assessment is disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Improve the sales top line
02Enhance cost competitiveness
03Develop a medium- to long-term workforce plan
04Review of the shareholder return policy
05Strengthening Governance
06Establishment of a corporate value enhancement committee
Plan assumptions1.5% growth in vehicle production volumes from 2024 to 2030, 4.9% growth in automotive printed wiring board volumes from 2024 to 2030, 18.4% growth in automotive build-up substrate volumes from 2024 to 2030, 7.2% CAGR in demand for high-frequency and high-speed transmission, 7% CAGR in demand for heat dissipation, 18.4% CAGR in the automotive HDI market from 2025 to 2030
Size of the Target MarketMarket Total potential market for printed wiring boards (TAM) / Scale ¥6 trillion / Source Future Market Insight、WIE GUY REPORTS、Data Research Insights Hub、Future Business Insights、Mordor Intelligence, Market Automotive Market / Scale ¥1.54 trillion / Source Same as above, Market New markets, including communications and infrastructure / Scale ¥4.06 trillion / Source Same as above, Market Automotive printed wiring board volumes / Growth rate 4.9% CAGR (2025–2030) / Source Fuji Chimera Research, Comprehensive Survey of Automotive Electronic Devices & Components 2026, and company research
Risks identified by the company
Uncertainty in the global automotive market arising from energy policy, trade policy, the situation in the Middle East, and other factors
Risk of declining market share due to intensifying price competition and an increase in the number of market participants
Matching technologies in new fields to market needs and making the necessary capital investments
Impact of foreign exchange rates and tariffs
Recurrence of serious incidents, including system deficiencies, at the Thailand plant
Reason for revision or withdrawal
Global competition intensified against a backdrop that included weak market conditions. The EV market slowed due to the impact of environmental regulations and trade policies. Sales growth was insufficient and personnel costs rose, while low order volumes at the new plant in Thailand meant that depreciation expenses affected profit.
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan |
| Plan period | Fiscal years ending March 2027 to March 2029 |
| Progress against the plan | Formulated |
| Sales Target | 1,040 Hundreds of millions of yen → 1,200 Hundreds of millions of yen（+15.4%） |
| Operating profit target | 32 Hundreds of millions of yen → 75 Hundreds of millions of yen（+134.4%） |
| Operating profit margin target | 3.1% → Not disclosed |
| ROE target | 6.5% → Over 9% |
| Payout ratio / DOE policy | The company will adopt a DOE of 3% during the mid-term management plan period and aims to provide stable dividends. |
| Treasury share acquisition policy | The company is considering flexible share buybacks. Depending on funding needs, it will flexibly allocate funds between share buybacks and additional investment. The amount, timing, and terms of any buybacks are not disclosed. |
| Self-assessment of PBR and share price | The company recognizes initiatives to improve its PBR as a key topic for dialogue with shareholders and investors. No specific PBR assessment is disclosed. |
| Total investment plan | Approximately ¥27 billion (approximately ¥15 billion in growth investment and approximately ¥12 billion in replacement investment during the fiscal years ending March 2027 to March 2029) |
| Investment amount by sector | Field Growth Investment / Amount Approximately ¥15 billion, Field Renewal investment / Amount Approximately ¥12.0 billion |
| Plan assumptions | 1.5% growth in vehicle production volumes from 2024 to 2030, 4.9% growth in automotive printed wiring board volumes from 2024 to 2030, 18.4% growth in automotive build-up substrate volumes from 2024 to 2030, 7.2% CAGR in demand for high-frequency and high-speed transmission, 7% CAGR in demand for heat dissipation, 18.4% CAGR in the automotive HDI market from 2025 to 2030 |
| Key initiatives | Improve the sales top line, Enhance cost competitiveness, Develop a medium- to long-term workforce plan, Review of the shareholder return policy, Strengthening Governance, Establishment of a corporate value enhancement committee |
| Results under the previous plan | Revenue of ¥110 billion, operating profit of ¥9.5 billion, and an operating margin of 8.6% → Revenue of ¥104 billion, operating profit of ¥3.2 billion, and an operating margin of 3.1%（Revenue: down 5.5%; operating profit: down 66.3%） |
| Reason for revision or withdrawal | Global competition intensified against a backdrop that included weak market conditions. The EV market slowed due to the impact of environmental regulations and trade policies. Sales growth was insufficient and personnel costs rose, while low order volumes at the new plant in Thailand meant that depreciation expenses affected profit. |
| Size of the Target Market | Market Total potential market for printed wiring boards (TAM) / Scale ¥6 trillion / Source Future Market Insight、WIE GUY REPORTS、Data Research Insights Hub、Future Business Insights、Mordor Intelligence, Market Automotive Market / Scale ¥1.54 trillion / Source Same as above, Market New markets, including communications and infrastructure / Scale ¥4.06 trillion / Source Same as above, Market Automotive printed wiring board volumes / Growth rate 4.9% CAGR (2025–2030) / Source Fuji Chimera Research, Comprehensive Survey of Automotive Electronic Devices & Components 2026, and company research |
| Risks identified | Uncertainty in the global automotive market arising from energy policy, trade policy, the situation in the Middle East, and other factors, Risk of declining market share due to intensifying price competition and an increase in the number of market participants, Matching technologies in new fields to market needs and making the necessary capital investments, Impact of foreign exchange rates and tariffs, Recurrence of serious incidents, including system deficiencies, at the Thailand plant |
| Publication date | 19 May 2026 |
Items this document does not state (6)
Net income targetROIC targetCost of capitalSegment targetNon-financial targetsDate of board resolution
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.Under the previous mid-term management plan, both revenue and operating profit are expected to fall short of target. At the same time, the company expects the market for automotive printed wiring boards, centered on HDI, to expand, along with market opportunities in new fields. The company identifies insufficient sales growth, rising personnel costs, the slowdown in the EV market, and insufficient order volumes at its new plant in Thailand as key challenges.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.