Will the sharp profit growth in Q1 continue through FY2027 H1 and the full-year plan?

In Q1, covering April to June 2026, revenue was ¥21.934 billion, operating profit was ¥1.378 billion, ordinary profit was ¥1.476 billion, and net income attributable to owners of the parent was ¥1.017 billion. Compared with revenue of ¥17.059 billion and operating profit of ¥385 million in the same quarter of the previous year, revenue increased 28.6% and operating profit increased 257.7%. Operating profit growth substantially outpaced revenue growth, making this a quarter in which both sales volume and margins improved, rather than one driven solely by higher product prices.

The FY2027 full-year forecasts presented in the Q1 earnings presentation are revenue of ¥92.2 billion, operating profit of ¥5.06 billion, ordinary profit of ¥5.19 billion, and net income attributable to owners of the parent of ¥3.59 billion. From the initial forecasts of ¥84.0 billion in revenue and ¥4.31 billion in operating profit, revenue was revised up by approximately 9.8% and operating profit by approximately 17.4%. Q1 progress against the full-year forecasts was 23.8% for revenue, calculated as ¥21.934 billion divided by ¥92.2 billion, and 27.2% for operating profit, calculated as ¥1.378 billion divided by ¥5.06 billion. However, the materials do not state an official progress rate against the full-year forecasts or provide the company's own assessment of whether Q1 exceeded plan.

Assuming cumulative FY2027 H1 results reach 50% of the full-year forecasts on a simple basis, cumulative revenue would be ¥46.1 billion and cumulative operating profit would be ¥2.53 billion, providing one benchmark for comparison. This is not an interim target published by the company. To meet the full-year forecasts after the Q1 results, revenue of ¥70.266 billion and operating profit of ¥3.682 billion will be required from Q2 onward, implying a plan to build substantial profit in the second half. In the H1 results, it will be necessary to assess not only year-on-year changes but also how much revenue and operating profit have been secured against the full-year forecasts.

The key issues next time will be whether the increase in sales volumes for semiconductor manufacturing equipment continued in Q2, whether price revisions and higher raw-material prices are still reflected in the gross margin, and whether sales volumes of standard-stock products remained high. If the Q1 operating margin of 6.3% is maintained for H1 as a whole, confidence in the full-year forecasts will increase. If the margin declines sharply in Q2, however, it will be necessary to reassess whether Q1's profit growth depended on temporary inventory effects or market-price factors.