Worth reading
54Recurring
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
100
¥100 million (target sales for the fiscal year ending March 2029)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+0.1%
基準 2,026Target2,029Hundreds of millions of yen
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. 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 marginNot disclosed → At least 10.0% (fiscal year ending March 2029)
Only the target level is shown because the current level for comparison was not provided.Total investment plan¥3.1 billion (fiscal year ending March 2027 to fiscal year ending March 2029)
Investment amount by sectorField Thermal management substrates / Amount ¥1,435 million (Phase 2: ¥935 million, Phase 3: ¥500 million), Field Glass polarizers / Amount ¥300 million (Phase 2: ¥200 million, Phase 3: ¥100 million), Field New light-guide devices and DX / Amount ¥600 million, Field Equipment renewal for existing businesses / Amount ¥765 million
Key initiatives
01Accelerating the transformation of the business portfolio
021. Investment plan supporting growth and the strengthening of the business foundation
032. Shift into growth areas by leveraging technological advantages
043. Strengthen the competitiveness of existing core areas
Plan assumptionsThe plan is based on information currently available and certain assumptions deemed reasonable. It includes market outlooks such as a 2.2x expansion in the AI data center investment market and a 7.9% CAGR for the glass polarizer market.
Segment targetSegment Thermal management substrates / Sales Target ¥4 billion (fiscal year ending March 2029) / Profit Target Not disclosed, Segment Glass polarizers / Sales Target ¥1 billion (fiscal year ending March 2029) / Profit Target Not disclosed
Non-financial targetsIndicator Thermal management substrate production capacity / Target value 8x / Timing Fiscal year ending March 2030, Indicator Glass polarizer production capacity / Target value 3x / Timing Fiscal year ending March 2030
Size of the Target MarketMarket Data center investment market / Figures 2.2x / Source Fuji Keizai, 2024 Comprehensive Survey of the Data Center and AI/Key Device Markets, Market Glass polarizer market / Figures US$2.5 billion (2025) → US$3.945 billion (2031), CAGR 7.9% / Source DiReports, Market 2030 demand for insulating thermal management substrates / Figures Approximately ¥200 billion (of which approximately ¥60 billion is for the high-thermal-conductivity and high-strength market) / Source Global Aluminum Nitride Substrate Market Outlook 2023; Fuji Keizai, 2025 Current Status and Future Outlook of the Compound Semiconductor Market; LightCounting; Internal Estimates; Semiconductor Electrostatic Chuck Market
Risks identified by the company
Future market trends
Consumer Trends
Business Environment
Other unforeseeable factors
| Item | Details |
|---|---|
| Plan name | GROWTH28 |
| Plan period | Fiscal years ending March 2027 to March 2029 |
| Progress against the plan | Formulated |
| Sales Target | ¥4.7 billion (actual for the fiscal year ending March 2026) → ¥10 billion (fiscal year ending March 2029)（Approximately 2x (versus actual for the fiscal year ending March 2026)） |
| Operating profit margin target | Not disclosed → At least 10.0% (fiscal year ending March 2029) |
| Total investment plan | ¥3.1 billion (fiscal year ending March 2027 to fiscal year ending March 2029) |
| Investment amount by sector | Field Thermal management substrates / Amount ¥1,435 million (Phase 2: ¥935 million, Phase 3: ¥500 million), Field Glass polarizers / Amount ¥300 million (Phase 2: ¥200 million, Phase 3: ¥100 million), Field New light-guide devices and DX / Amount ¥600 million, Field Equipment renewal for existing businesses / Amount ¥765 million |
| Segment target | Segment Thermal management substrates / Sales Target ¥4 billion (fiscal year ending March 2029) / Profit Target Not disclosed, Segment Glass polarizers / Sales Target ¥1 billion (fiscal year ending March 2029) / Profit Target Not disclosed |
| Non-financial targets | Indicator Thermal management substrate production capacity / Target value 8x / Timing Fiscal year ending March 2030, Indicator Glass polarizer production capacity / Target value 3x / Timing Fiscal year ending March 2030 |
| Plan assumptions | The plan is based on information currently available and certain assumptions deemed reasonable. It includes market outlooks such as a 2.2x expansion in the AI data center investment market and a 7.9% CAGR for the glass polarizer market. |
| Key initiatives | Accelerating the transformation of the business portfolio, 1. Investment plan supporting growth and the strengthening of the business foundation, 2. Shift into growth areas by leveraging technological advantages, 3. Strengthen the competitiveness of existing core areas |
| Size of the Target Market | Market Data center investment market / Figures 2.2x / Source Fuji Keizai, 2024 Comprehensive Survey of the Data Center and AI/Key Device Markets, Market Glass polarizer market / Figures US$2.5 billion (2025) → US$3.945 billion (2031), CAGR 7.9% / Source DiReports, Market 2030 demand for insulating thermal management substrates / Figures Approximately ¥200 billion (of which approximately ¥60 billion is for the high-thermal-conductivity and high-strength market) / Source Global Aluminum Nitride Substrate Market Outlook 2023; Fuji Keizai, 2025 Current Status and Future Outlook of the Compound Semiconductor Market; LightCounting; Internal Estimates; Semiconductor Electrostatic Chuck Market |
| Risks identified | Future market trends, Consumer Trends, Business Environment, Other unforeseeable factors |
| Publication date | 15 May 2026 |
Items this document does not state (11)
Operating profit targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceResults under the previous planReason for revision or withdrawalDate 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.The company will expand production capacity to meet rapidly growing product demand accompanying the sharp expansion of the AI data center market, with the aim of delivering on the ¥10 billion declaration announced on 30 June 2025.
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.