Toray Industries (3402) Investor update summary

DI business outlook and strategy

• DI revenue was ¥181.3bn in FY2022 and ¥166.4bn in FY2023; FY2025 target is ¥250bn, mainly from semiconductor and display applications.

• Growth business fields are targeted to reach 59% of total revenue in FY2025, toward a longer-term goal of about 60%.

• Strategy emphasizes differentiated, high-growth semiconductor and display businesses, cross-functional collaboration, entry barriers and ROIC improvement while maintaining financial soundness.

• Semiconductor markets are forecast to expand at 10% annually and OLED displays at 7%, driven by ICT demand and wider OLED adoption in tablets and notebooks.

Products and customer solutions

• Integrated offerings span materials, manufacturing and inspection equipment, water-treatment membranes and analytical services for semiconductor, electronic-component and display customers.

• Semiconductor polyimide materials benefit from over 50 years of experience; capacity expansion is underway in Japan, with product development targeting NMP- and PFAS-free alternatives.

• Dry film resist holds the leading share in the high-end market; DMSO production is being expanded to meet demand, including replacement of regulated solvents such as NMP.

• MLCC films hold the leading market share, with new Gifu production facilities planned for 2025; a closed-loop recycled PET film system is in commercial use.

• OLED polyimide materials for pixel-defining and planarization layers hold the leading share; development targets foldable displays, higher brightness and environmental compliance.

Semiconductor inspection equipment

• FY2023 revenue was ¥3.0bn for NGR electron-beam equipment and ¥5.9bn for INSPECTRA optical inspection; TASMIT revenue was ¥8.9bn.

• NGR offers 1.8nm resolution and Die-to-Database comparison; its focus is advanced logic and DRAM, with exposure-equipment monitoring methods developed with customers.

• INSPECTRA provides full-surface wafer inspection at 3μm sensitivity and 100 wafers per hour; expansion targets automotive power semiconductors and inspection across more manufacturing stages.

• Three overseas demo centers—in Shanghai, Hsinchu and Europe—support pre-sales testing and expansion across Asia and Europe.