FY2017 Q2 Results Briefing
Financial Results
Nov 16, 2017

（証券コード：6787）

１

FY2017 2Q Results

2The prospect in the future

3The new product development

1

FY2017 Q2 The settlement of accounts highlights

Netsales１. The sales are 53.2 billion yen of the year-on-year comparisonincrease by 16.3 %, changing smoothly.
･ It changes together for the loading, the smart phone solidly.
･ The build-up substrate increases substantially.

１. The operating profit is 3.86 billion yen of the year-on-year comparisonincrease by 1.2 billion yen.

Operatingincome

２. The ordinary profit is 2.82 billion yen of the year-on-year comparisonincrease by 2.68 billion yen.
３. The net profit is 2.14 billion yen of the year-on-year comparisonincrease by 2.52 billion yen

2FY2017 Q2 Consolidated Performance （100million yen）
FY2016Q2

FY2017
Q2

Net Sales

457.4

532.1

Operatingi n c o m e

26.6

38.6

5.8%

7.3%

Ordinaryi n c o m e

1.4

28.2

0.3%

5.3%

Net
i n c o m e

▲3.8

21.4

▲0.8%

4.0%

Exchange rate

105.35111.26（ Y e n / U S D ）Year-to-yearincrease%+74.7+16.3%+12.0+45.1%+26.8+1914.3%

+25.2

-3

Analysis of operatinng profit change 2016 Q2→２０１７Q2（100million yen）
Yield improvement
Increase in sales

variable cost

Fixed cost

FY2016 performance(exchange rate105.35Yen/us$)

SG&A

FY2017 performance(exchange rate111.26Yen/us$)4

Net Sales, Operating income
Net Sales（100million yen）

Net Sales

Operatingincome

The operating
profit ratio(total)

7.3%

4.2%

200234

223

6.0%

5.9%

5.8%

300

252

5.9%

30277

255

250

23.520

17.3
15.0

100

Operatingincome

16.315.1

9.3

1000
16Ｑ１

16Ｑ2

16Ｑ3

16Ｑ4

17Q1

17Q25

The management index（100million yen）
350

23.9%

24.7%

300
250

25.3%
282249

27.3%

26.8%

28.7%
315

28526%

292

256

16%
13.4%

200
3.7%

150

6.3%

6%

7.5%

-4%

-2.9%
100-14%50
0-24.0%
2016Q1-24%
2016Q2
Net Worth

2016Q3

2016Q4

2017Q1

Capital adequacy ratio

ROE

2017Q2

Interestbearing debt

578

554

565527532

506

D/E Ratio

2.51

2.29

2.24

2.02

2.02

1.82

6

By product Application
Automobiles
Office equipment
non-PCB（100 million yen ）Smartphones
Digital home appliances

Storageohers12(2.3%)

FY2017 Q223524154(44.2%)(28.9%)＋33＋18(7.2%)30(7.3%)＋24(27.3%)

532

39(5.6%)(8.3%)

38(4.5%)＋75(20.2%)(16.3%)

27457

11(2.4%)FY2016 Q2

121

217

(26.5%)(47.5%)

26(5.7%)23(5.0%)0200(5.9%)32(7.0%)400
7By product specification
Double-sided PCB Four-layerPCB
HDI PCBothers（100 million yen ）Six layers or more
Non-PCB12

FY201738Q2(7.1%)

150(28.2%)(2.3%)

83211(15.6%)(39.7%)

38532(7.1%)＋7(4.9%)＋7(9.2%)＋45＋75(27.1%)(16.3%)

5(1.1%)FY201640Q2(8.8%)14376(31.3%)(16.6%)

166(36.3%)

27457(5.9%)0200

4008FY2017 Q2 Product Revenue
FY2016Q2
Sales（100million yen）

FY2017Q2

Operatingi n c o m e

Sales%

Automotive
Smartphones

217.1
121.3

Storage
Office equipment

59.7

Others

59.3

Total

457.4

Digital home appliances

Operatingi n c o m e%

14.8
6.8%

7.5
6.2%

4.1
6.9%

0.2
0.3%

26.6
5.8%

235.4
153.766.0
77.0
532.1

16.1
6.8%

15.7
10.2%

4.2
6.4%

2.6
3.4%

38.6
7.3%

9

Smartphone global market share(2017/4-9)
VendorShipment Volumemarket share

１ SamSung

156.8

23.6%

２ Apple

86.9

13.1%

３ Huawei

68.3

10.3%

４ Oppo59.4

9.0%

５ Vivo

48.8

7.4%

６ Xiaomi

41.5

6.3%

Total663.8
出典：Trendforce Smartphone Top610１

FY2017 2Q Results

２

The prospect in the future3

The new product development

11

The prospect in the future・The good condition continues about Automotive and Smartphone.
Overview

・It does productivity up, yield improvement, continuing them.
・It reduces a fixed cost and SG&A expenses.
・It does manpower saving.
・It accelerates the production which increased a domestic investment

Depreciation

and used a high technique.
・It constructs a tip substrate factory for Automotive and Smart phone
to Vietnam.

Concerns

・The rise of the raw material price12

FY2017 Full-year forecast
FY2016（100million yen）

FY2017
Original plan Revised plan

Net Sales

959.1

1,030

1,060

Operatingi n c o m e
Ordinaryi n c o m eNeti n c o m e57.96276

1.8％

3.5％

4.2%

Exchange rate

108.69110.00110.00（ Ye n / U S D ）

6.0%

29.8

3.1%

17.7

6.0%

464.5%

367.2%

56

5.3%

45Year-toyear(%)+100.9+10.5%+18.1+31.3%+26.2+87.9％+27.3+154.2％13

2018 Investments（ 100 million yen）

Domestic

overseas

120

10069
50

0

Depreciation

100313128

273

410

FY2016FY2016FY2017FY20186455

5764592014

FY2018 Foreign capital investment ～Vietnam Plant No. 3～
A factory to produce automotive and smartphone-friendly tip board, starts in April next year

Automotivehigh frequency
High current
High heatdissipation

Smartphone
MSAP

Construction
DateCompletion
Date

Investment

Total floor
area

Impedance control

April 2018

April 20193-year total
120MUSD

46,000㎡15

FY2018Domestic investment～Yamagata,Ishinomaki～

Accelerating the production using advanced technology
Field

Automotive

Substrate typeUsehigh frequency

Millimeter-wave radar

High current

LED lamp

High heatdissipation

Smartphone

MSAPPower supply unit
EV・PHV・Charging
equipment
High-precision substrate
Impedance control substrate16About the business alliance with Hokuriku Electric Industry Co., Ltd..

Contents

module implementing 、 sensor joint development(It effectively uses a mutual sales network, a manufacturing base, a technology）
・The expansion of the customer approachCustomer

・The support for the request of Local production for local consumption
・The compatible with the new technical needs

It utilizes the base of the module implementing mutually.

base・Japan（Hokuriku Electric）
・China（Hokuriku Electric）
・Thailand（Hokuriku Electric）
・Vietnam（Meiko）
17

１FY2017 2Q Results

２

The prospect in the future3

The new product development

18

The printed-board technology which is demanded from the Automotive &Smartphones

19

The millimeter wave radar substrate (The automatic operation)usecharacteristic

The forward-cardiac-failure-theory one detection sensor for a car.
The high frequency substrate of the hybrid structure.
The high-precision pattern formation.

～ It produces at the Japanese factory of 2018 years.

The overseas factory mass production schedule of 2020 years ～■ The millimeter wave radar substrate■The millimeter wave radar substrate section
The camera substrate

出典：日経BP20

The camera substrate (The automatic operation)

usecharacteristic

The outside world recognition sensor for the car
The high density build-up substrate .
Further speeding-up support .

～ The mass production supports at the Japanese factory from 2013. ～■The ADAS camera■The ADAS camera substrate section

出典：日経BP21

Metal based High Dissipation PCB(EV)use

The LED headlamp for the car
It makes high radiation by the direct LED chip implementing to the cavity substrate.

～ It produces at the Japanese factory of 2017 years.
The overseas factory mass production schedule of 2020 years ～characteristic■The usual structure image
The LED chip■The new structure image■The cavity substrate section

The LED chip
The LED chip
The component side( The cavity base )Via

Metal base
The usual substrate
The radiation ：LED～Via～metal base

The cavity substrate
The radiation：LED～metal base22

Thick copper substrate(EV)usecharacteristic

The junction box, the converter, the EV battery for the car
Thick copper substrate
Heavy-current's making a high-power～ It produces at the Japanese factory &The overseas factory mass production schedule of 2013 years ～■The heavy-current - high voltage unit ■Thick copper substrate section■The development article section

出所：矢崎総業株式会社ホームページ

23

Power IC built-in substrate(EV)use

The power unit for the car

characteristic

The support by the the heavy-current - high radiation
Small-sized - the lightening of an unit
～ It is a mass production target since 2020 years.
The customer and the joint development ～■The usual structure ( The power IC surface implementing ) ■The power IC radiation effectpower ICThe radiation course

51 ℃ of surface
implementing

46 ℃ of part
built-in

The printed-board■The new structure ( Power IC built-in substrate )■The power IC built-in substrate section

The radiation course

power ICThe radiation course

24

The high density build-up substrate （Smartphone）

use
characteristic

The main board, the module substrate of the next-generation smart phone

The main board, the module substrate of the next-generation smart phone～ It produces at the Japanese factory &The overseas factory mass production schedule of 2018 years ～■Smart phone built-in part

■The etcher method ■ＭＳＡＰ method25

http://www.meiko-elec.com/