Worth reading
60In 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
140
¥100 million (projected operating income for FY2028)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+20.4%
基準 1,370Target1,650hundred million
Operating profit+250.0%
基準 40Target140hundred million
Operating profit margin+5.1pt
基準 2.9Target8%
ROE+10.3pt
基準 2.7Target13%
ROIC+2.7pt
基準 4.3Target7%
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.
Total investment planAmount Approximately ¥20 billion
Investment amount by sectorField Installation of production equipment for large-capacity aluminum electrolytic capacitors for the AI server market / Amount ¥4,840 million, Field Capital investment in production equipment to improve product proposal capabilities in the mass-market (general-purpose products) business / Amount ¥2,460 million, Field R&D investment / Amount ¥1,467 million
Statements about the use of capital
Payout ratio / DOE policyResumption of dividends on common stock. Establishment of policies to achieve continuous dividend payments and expand the shareholder return policy. Numerical targets are not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Implement cost structure reforms and improve the break-even sales level
02Strengthen market competitiveness by establishing an optimal-location production structure
03Strengthen market competitiveness through optimal-location materials procurement and logistics and inventory management
04Approach growth markets
05Expand earnings through the development and expanded sales of new products for the AI server market
06Approach the recovery of market share in the mass-market (general-purpose products) business
07Recover market share by strengthening market proposal capabilities and implementing strategic sales initiatives
08Invest for sustainable growth
09Build a sound financial base to support business activities
Plan assumptionsThe electronic components market is forecast to expand from ¥34.6 trillion in 2025 to ¥43.6 trillion in 2030, representing a CAGR of 4.7%. Estimates are based on publicly available external data., FY2025 results are based on the earnings forecast as of the announcement of the second-quarter results, while FY2028 results are based on the current forecast., The market sizes of the major markets for aluminum electrolytic capacitors are estimated by the Company.
Segment targetSegment name Automotive Market / FY2025 revenue ¥45.5 billion / FY2028 revenue ¥5.13 billion, Segment name Industrial equipment market / FY2025 revenue ¥3.37 billion / FY2028 revenue ¥34.7 billion, Segment name ICT Market / FY2025 revenue ¥32.9 billion / FY2028 revenue ¥3.31 billion, Segment name AI server market / FY2025 revenue ¥10.9 billion / FY2028 revenue ¥2.76 billion, Segment name New energy market / FY2025 revenue ¥5.3 billion / FY2028 revenue ¥8.3 billion, Segment name Consumer electronics market / FY2025 revenue ¥4.5 billion / FY2028 revenue ¥4.7 billion
Size of the Target MarketElectronic Components Market 2025 ¥34.6 trillion / 2030 ¥43.6 trillion / Growth rate CAGR 4.7％ / Major markets for aluminum electrolytic capacitors Automotive Market ¥217.5 billion / ICT Market ¥237.3 billion / Industrial equipment and new energy markets ¥187.5 billion / Consumer electronics market ¥156.0 billion / AI server market ¥43.6 billion / Source The electronic components market estimate is based on publicly available external data. The major markets for aluminum electrolytic capacitors are estimated by the Company.
Risks identified by the company
Actual results may fluctuate in the future due to various factors
Risk that the increase in the D/E ratio associated with debt financing and the reduction of interest-bearing debt to improve financial soundness may be delayed
Risk that the amount of funds raised may vary depending on the share price level
Risk of dilution of common stock if the acquisition claim for common stock consideration attached to the new class of shares is exercised
Reason for revision or withdrawal
Based on the results of the current medium-term management plan, which ends in FY2025, and the basic policy for the new medium-term management plan announced on 27 February 2026, the Company formulated the outline of a new medium-term management plan covering the 3-year period from FY2026 through FY2028.
| Item | Details |
|---|---|
| Plan name | New Medium-Term Management Plan |
| Plan period | 3-year period from FY2026 through FY2028 |
| Progress against the plan | Formulated |
| Sales Target | ¥1,370 hundred million → ¥1,650 hundred million（20.4%） |
| Operating profit target | ¥40 hundred million → ¥140 hundred million（250.0%） |
| Operating profit margin target | 2.9 % → At least 8.0% |
| ROE target | 2.7 % → 13% or more |
| ROIC target | 4.3 % → 7.0% or more |
| Payout ratio / DOE policy | Resumption of dividends on common stock. Establishment of policies to achieve continuous dividend payments and expand the shareholder return policy. Numerical targets are not disclosed. |
| Total investment plan | Amount Approximately ¥20 billion |
| Investment amount by sector | Field Installation of production equipment for large-capacity aluminum electrolytic capacitors for the AI server market / Amount ¥4,840 million, Field Capital investment in production equipment to improve product proposal capabilities in the mass-market (general-purpose products) business / Amount ¥2,460 million, Field R&D investment / Amount ¥1,467 million |
| Segment target | Segment name Automotive Market / FY2025 revenue ¥45.5 billion / FY2028 revenue ¥5.13 billion, Segment name Industrial equipment market / FY2025 revenue ¥3.37 billion / FY2028 revenue ¥34.7 billion, Segment name ICT Market / FY2025 revenue ¥32.9 billion / FY2028 revenue ¥3.31 billion, Segment name AI server market / FY2025 revenue ¥10.9 billion / FY2028 revenue ¥2.76 billion, Segment name New energy market / FY2025 revenue ¥5.3 billion / FY2028 revenue ¥8.3 billion, Segment name Consumer electronics market / FY2025 revenue ¥4.5 billion / FY2028 revenue ¥4.7 billion |
| Plan assumptions | The electronic components market is forecast to expand from ¥34.6 trillion in 2025 to ¥43.6 trillion in 2030, representing a CAGR of 4.7%. Estimates are based on publicly available external data., FY2025 results are based on the earnings forecast as of the announcement of the second-quarter results, while FY2028 results are based on the current forecast., The market sizes of the major markets for aluminum electrolytic capacitors are estimated by the Company. |
| Key initiatives | Implement cost structure reforms and improve the break-even sales level, Strengthen market competitiveness by establishing an optimal-location production structure, Strengthen market competitiveness through optimal-location materials procurement and logistics and inventory management, Approach growth markets, Expand earnings through the development and expanded sales of new products for the AI server market, Approach the recovery of market share in the mass-market (general-purpose products) business, Recover market share by strengthening market proposal capabilities and implementing strategic sales initiatives, Invest for sustainable growth, Build a sound financial base to support business activities |
| Reason for revision or withdrawal | Based on the results of the current medium-term management plan, which ends in FY2025, and the basic policy for the new medium-term management plan announced on 27 February 2026, the Company formulated the outline of a new medium-term management plan covering the 3-year period from FY2026 through FY2028. |
| Size of the Target Market | Electronic Components Market 2025 ¥34.6 trillion / 2030 ¥43.6 trillion / Growth rate CAGR 4.7％ / Major markets for aluminum electrolytic capacitors Automotive Market ¥217.5 billion / ICT Market ¥237.3 billion / Industrial equipment and new energy markets ¥187.5 billion / Consumer electronics market ¥156.0 billion / AI server market ¥43.6 billion / Source The electronic components market estimate is based on publicly available external data. The major markets for aluminum electrolytic capacitors are estimated by the Company. |
| Risks identified | Actual results may fluctuate in the future due to various factors, Risk that the increase in the D/E ratio associated with debt financing and the reduction of interest-bearing debt to improve financial soundness may be delayed, Risk that the amount of funds raised may vary depending on the share price level, Risk of dilution of common stock if the acquisition claim for common stock consideration attached to the new class of shares is exercised |
| Date of board resolution | 27 March 2026 |
| Publication date | 27 March 2026 |
Items this document does not state (6)
Net income targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceNon-financial targetsResults under the previous plan
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 plan reflects the results of the current medium-term management plan, which ends in FY2025, and the basic policy for the new medium-term management plan announced on 27 February 2026. The Company aims to achieve high growth, high profitability, and a sound financial base by improving profitability in the growth and mass-market businesses, optimizing the allocation of management resources, accelerating business expansion in growth markets, and strengthening business development in the mass market.
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