Yokowo Co., Ltd.

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Latest Results

Latest Financial Announcements

Financial Announcements for the Current Term

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Trends in the Past Three Fiscal Years and the Current Fiscal Year

22/3 23/3 24/3 25/3
Net sales
(million yen)
1Q 16,021 18,926 18,181 20,877
FY 66,848 77,962 76,895 80,000
Operating profit
(million yen)
1Q 1,129 1,087 ▲258 1,056
FY 4,684 4,739 1,617 4,100
Ordinary profit
(million yen)
1Q 1,287 3,057 1,156 2,017
FY 6,529 5,675 3,710 3,000
Profit attributable to owners of parent
(million yen)
1Q 916 2,031 828 1,728
FY 4,663 3,147 1,511 2,000
Basic earnings per share
(yen)
1Q 40.80 87.16 35.35 74.17
FY 202.28 135.01 64.86 85.80

*Numbers for the full year of the term ending March 2025 are forecasts announced on Augest 8th, 2025.

Overview of The First Quarter of Consolidated Financial Results for the Fiscal Year Ending March 31, 2025

Net sales in the first quarter of the consolidated fiscal year under review amounted to ¥20,877 million, an increase of 14.8% year-on-year, reflecting increased year-on-year sales in VCCS, CTC and FC・MD segment.
The Company reported an operating profit of ¥1,056 million, a loss of ¥258 million in the previous year, due to profit in VCCS segment improved significantly and stabilized. Also, both CTC and FC・MD segment turned profitable.
Ordinary profit increased by 74.5% year-on-year, to ¥2,017 million, reflecting an exchange gain of ¥967 million attributable to the weakening of the yen and an increased operating profit. Profit attributable to owners of the parent increased by 108.7% year-on-year, to ¥1,728 million reflecting due to an increased ordinary profit and a decrease in the tax burden ratio by improved collection of deferred tax asset.

Overview of Financial Results for Each Segments and Explanation of Consolidated Results Forecast

VCCS (Core product: Antenna for Vehicle)

In the automotive market, the main market for this segment, sales are improving trend driven by a stable semiconductors and component supply, amid a decline in demand for electric vehicles (EVs) and an increase in demand for hybrid vehicles (HVs) mainly in the United States. A breakdown by region shows that the number of units sold in China increased while sales in the United States were flat, and sales in the Japanese market decreased.
In these circumstances, mainstay products for automobile manufacturers, such as shark fin antennas and GPS antennas, increased year-on-year by the weakening of the yen and strong sales in other regions although sales of Japanese automobile manufacturers to the Chinese market were slumped.
As a result, sales for this segment increased year-on-year, to ¥14,433 million (up 12.9% year-on-year). The segment reported a profit of ¥653 million (up 321.8% year-on-year), due to increased profit associated with an increase in sales and increased production efficiency through stable orders, despite high labor costs at production bases in China, Vietnam, and the Philippines associated with the strengthening of the local currencies.

CTC (Core Product: Semiconductor Testing Socket and Probe Card)

In the semiconductor testing market, the main market for this segment, increased year-on-year due to strong demand for testers related to generative AI. However, demand for PCs and smartphones declined significantly, and demand growth for industrial machinery and automobiles was slowing.
In these circumstances, sales of jigs for semiconductor back-end testing, the mainstay product of the Group, increased year-on-year, due to capturing demand for testers related to generative AI despite a decrease in orders for logic semiconductor testing sockets. Sales of jigs for semiconductor front-end testing decreased year-on-year because of sales in MEMS probe cards (YPX) for high-frequency electronics components testing decreased despite slightly improved sales in the turnkey business which offers one-stop solutions services including peripheral devices.
As a result, sales for this segment increased year-on-year, to ¥3,606 million (up 5.6% year-on-year). The segment reported a profit of ¥378 million (a loss of ¥131 million in the previous fiscal year), due to a decline in cost through lower cost of raw materials and improving efficiency by product mix.

FC (Core Product: Fine spring connector for electronics) ・MD (Core Product: Medical devices and units)

In the market for mobile communication terminals, a key market for this segment, sales of wearable terminals are expected to grow given their diversification and greater sophistication, and unit shipments of smartphones were increased year-on-year. Demand for POS terminal market has been growing steadily in a wide range of industries, including those engaging in logistics and manufacturing, with a view toward improvements in operational efficiency through information management.
In these circumstances, sales for FC business, for which fine spring connectors act as core products, increased year-on-year, reflecting sales of POS terminals were on a recovery trend and an increase in sales of a product for wearable devices, such as wireless earbuds, due resolution of customer's production adjustment.
In MD business, sales increase year-on-year due to strong sales of both unit products and catheter components for a major domestic medical device manufacturer which is a major customer.
In addition, sales for the venture ecosystem in which the Company participates as a manufacturing partner were increased.
As a result, sales for this segment increased year-on-year, to 2,749 million (up 46.8% year-on-year). The segment reported a profit of ¥225 million (a loss of ¥109 million in the previous fiscal year) chiefly owing to increased profit associated with an increase in sales in FC business.

Incubation Center (Core Product: Antenna and providing solutions for MaaS/IoT)

The Company has been engaged in full-scale business development efforts, aiming to create new businesses and innovate business models for new growth markets such as MaaS, and IoT as well as the optical communication market for higher-speed and larger-capacity communication. Due to organizational changes implemented during the first quarter of the fiscal year ended March 31, 2024, development in these new business fields was split off from existing operating departments and classified under Incubation Center as a new reporting segment comprising Platform Business and Advanced Device Business. The MaaS/IoT market, which is a key market for this segment, is expected to grow steadily, reflecting the advance of mobility including car sharing, and the widespread adoption of IoT connecting everything through the Internet.
In these circumstances, Platform business has made progress in expanding sales of MIMO antennas utilizing smart antenna technologies for IoT, and vehicle key management solutions for MaaS and rental cars. For Advanced Device business, which includes the segment, the Company has developed systems for the mass production of optical connector products utilizing photoelectric conversion device technologies for the optical communications market.
As a result, sales for this segment decreased year-on-year, to 87 million (down 21.1% year-on-year). The segment reported a loss of ¥205 million (a loss of ¥180 million in the previous fiscal year), because the segment, which is in the early stages of its development, generates sales at a small scale and involves up-front investment.

Future Outlook

The following are our assumptions for the results forecast for the fiscal year ending March 31, 2025.
・In the automobile market, the main market for the Company, a production adjustment at some automobile manufacturers is expected to be continued until the fiscal year ending March 31, 2025.
・In the semiconductor testing market, the downturn that developed from the second half of the fiscal year ended March 31, 2023 has been bottomed out as well as demand for semiconductor testing related to generative AI is expected to continue to increase.
・In the market for mobile communication terminals, stagnation of the sale of POS terminals and other electronic terminals caused by the global recession is expected to be recovered with customers’ liquidating excess inventory.
・In the advanced medical equipment market, demand for minimally invasive medical procedures using catheters and similar products is expected to grow steadily.
・In the MaaS/IoT market, steady growth is expected, reflecting the advance of mobility solutions and widespread adoption of IoT.
We base our performance forecasts above on an exchange rate of ¥145 against US$ from August through September 2024(the assumed exchange rate announced in May 2024 was the same). After September 2024, we set an exchange rate of ¥140 against US$ (the assumed exchange rate announced in May 2024 was¥140 against US$).
Based on those assumption, our forecast for net sales for the first half and the full year is as shown in the table above.

➀ Forecasts for the first six months of the fiscal year (first half)
Our forecast for net sales for the first half is as shown in the table above based on the result and the latest order forecast of the first quarter for the fiscal year ending March 31, 2025.
Our forecast for operating profit for the first half is as shown in the table above. This reflects projected year-on-year decreases in net sales in VCCS segment because of production adjustments by customers, despite an anticipated year-on-year increase in profit in CTC segment due to an increase in profit driven by improvements in product mix.
Our forecasts for ordinary profit and profit attributable to owners of parent are as shown in the table above, which incorporate a foreign exchange loss of ¥650 million based on an exchange rate of ¥145 against US$.

➁ Full-year forecasts
Our forecast for net sales for the full year is as shown in the table above based on reviewing order forecasts in each segment and decreased sales impact in line with reviewing our exchange rate of ¥140 against US$ (the assumed exchange rate announced in May 2024 was ¥140 against US$) in consideration of the strengthening of the yen.
Our forecast for operating profit for the full year is as shown in the table above based on a decrease in net sales in VCCS segment because of production adjustments by customers, slowed down profit margin in CTC segment caused by increased domestic production ratio, and decrease profit associated with a decrease in sales in both CTC and FC・MD segment by reviewing assumed exchanged rate.
Our forecasts for ordinary profit and profit attributable to owners of parent are as shown in the table above, which incorporate a foreign exchange loss of ¥1,100 million based on an exchange rate of ¥140 against US$.