Continued growth in AI semiconductor applications will determine whether the FY2027 plan is achieved

Consolidated revenue was ¥35.244 billion, operating profit was ¥5.810 billion, and net income attributable to owners of the parent was ¥3.560 billion in FY2026. The company's FY2027 plan calls for revenue of ¥40.003 billion, operating profit of ¥7.610 billion, and net income of ¥4.963 billion. Based on FY2026 results, the plan assumes revenue growth of 13.5%, operating profit growth of 31.0%, and net income growth of 39.4%, with profit growth outpacing revenue growth. The planned operating margin is 19.0%, an increase of approximately 2.5 percentage points from approximately 16.5% in FY2026.

Growth is centered on wafer-handling systems for advanced AI semiconductors. In FY2026, TB/DB for WLP used in AI advanced semiconductor packages grew, while the company secured some volume-production orders for PLP. TB/DB for HBM dies also advanced to the volume-production process evaluation stage. In FY2027-Q1, it will be necessary to distinguish how far progress has reached in order booking, shipment and revenue recognition, rather than simply tracking increases in inquiries or evaluation projects. For HBM and PLP in particular, disclosure distinguishing projects that remain under evaluation from those for volume-production customers will be important.

The timing of customers' capital investment affects revenue recognition, and the company has historically indicated a tendency for fourth-quarter revenue to be higher because of the timing of orders from Asian customers. By contrast, the company explained that in FY2026, continued deliveries under large orders during the first half were expected to level out fourth-quarter revenue. In FY2027-Q1, it will be necessary to assess, together with orders and order backlog, whether there has been any reversal from large projects carried over from the previous year and whether new AI-related projects have offset shifts in delivery timing.

At present, the company has not disclosed standalone FY2027-Q1 revenue and operating profit forecasts, the revenue mix of AI-related products, the breakdown between volume and unit price, or quarterly profit plans. Accordingly, Q1 should not be assessed by mechanically dividing the full-year plan of ¥40.003 billion in revenue and ¥7.610 billion in operating profit by four. Instead, the focus should be on explanations of backlog conversion, the product mix of shipments, and profitability improvements toward the 19.0% operating margin.