Yamaichi Electronics (6941) Q4 2024 earnings summary

Executive summary

• FY2023 net sales fell 22.5% YoY to ¥36.4bn; operating income declined 67.9% to ¥2.9bn as semiconductor demand weakened and costs rose.

• FY2024 guidance targets a recovery to ¥46.0bn in sales and ¥7.5bn in operating income, with demand expected to improve across key markets.

Financial highlights

• FY2023 ordinary income was ¥2.8bn and net profit ¥2.0bn, down from ¥9.4bn and ¥7.2bn, respectively, in FY2022; EPS was ¥100.43.

• FY2023 foreign exchange changes added ¥2.4bn to net sales and ¥0.7bn to operating income YoY.

• Operating cash flow was ¥3.2bn, free cash flow was negative ¥0.9bn, and cash and cash equivalents ended the period at ¥13.0bn.

• Total assets were ¥51.0bn and net assets ¥38.2bn at March 2024; cash and deposits decreased ¥4.12bn, partly reflecting factory construction spending.

Outlook and guidance

• FY2024 forecast: net sales ¥46.0bn, operating income ¥7.5bn, ordinary income ¥7.2bn, net profit ¥5.0bn, and EPS ¥244.58.

• FY2024 forecast assumes USD/JPY 145 and EUR/JPY 155; full-year capital investment is planned at ¥3.9bn and depreciation at ¥2.7bn.

• FY2025 medium-term targets remain net sales above ¥50.0bn and operating income above ¥10.0bn, despite FY2023 falling short of plan.