49th Report toShareholders(From April 1, 2023 to March 31, 2024)
Securities code: 6787

Financial highlights
Net sales

179,458
Consolidated balance sheet
Previous period(As of March 31, 2023)

million yen（in million yen）

Noncurrent assets

141,260

148,910Gross proﬁt

26,01530,548Selling, general and administrative expenses

16,44018,887

Operating income

9,575

11,660Non-operating income

3,268

3,917

7,951

8,636

202,394229,960

Liabilities

73,672

81,71444,24642,786

117,919

124,501

59,981

69,566

Capital12,88812,888

Capital surplus

13,70014,242Retained earnings

35,56845,146

Treasury stocks△2,176△2,71017,33928,617

13

Net assets
Shareholders equity

Cumulative other comprehensive income

Valuation diﬀerence on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Non-controlling interests
Total net assets
Total liabilities and net assets

179,458

Cost of sales

Investments and other assets

Total liabilities

167,276

127,120
6,418

Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary losses
Net income before income taxes

1,310
14,267

42

542

583

936

10,672

13,873

1,887

2,458

94

Net income

8,784

11,415

Net income (loss) attributable tonon-controlling interests

△62

105

8,847

11,31054

45
28,467△154

1084,475

105,458

202,394229,960

Net income attributable to owners of parent

Key points of the financial results●Cash ﬂows

1,631
11,212

Income taxes

17,425In the fiscal year under review, cash and cash equivalents (hereafter “funds”) increased by 4,028
million yen from the previous consolidated fiscal year to 21,363 million yen.
Net cash generated from operating activities
Funds generated from operating activities were 23,357 million yen, up 7,642 million yen from theprevious consolidated fiscal year. Factors of this increase are net income before income taxes of
13,873 million yen, depreciation and amortization of 11,215 million yen, and an increase of trade
payables of 2,261 million yen. Meanwhile, factors of decrease are exchange gain of 2,066 million yen
and income taxes of 2,544 million yen.
Net cash expended in investment activities
Funds expended in investment activities were 21,586 million yen, down 7,456 million yen from theprevious consolidated fiscal year. Factors of expenditure are acquisition of property, plant andequipment of 21,447 million yen and acquisition of investment securities of 1,058 million yen.

Consolidated statement of cash ﬂows
Previous period(year to date)(April 1, 2023 to March 31, 2024)

Net sales

102,839
112,065

Noncurrent liabilities(April 1, 2022 to March 31, 2023)（in million yen）

11,310Current period(year to date)

91,905

6,999

Current liabilities

Previous period(year to date)million yen

110,489
95,537

Total assets

Consolidated statement of income(As of March 31, 2024)

Intangible assets

Property, plant and equipment

11,660Current period

AssetsCurrent assets

Net income attributable to owners of parent

Operating income

million yen（in million yen）
Current period(year to date)(April 1, 2022 to March 31, 2023)(April 1, 2023 to March 31, 2024)

Net cash generated from operating activities

15,71423,357

Net cash expended in investment activities△29,042△21,586

19,961

681

The eﬀect of changes in the exchange rate on
cash and cash equivalents

250

1,577

Increase (decrease) in cash and cash equivalents

6,884

4,028

Cash and cash equivalents at the
beginning of the period

10,45017,334

Cash and cash equivalents at the end of the period

17,334

21,363

Net cash generated from/expended
in ﬁnancing activities

Net cash generated from financing activities
Funds generated from financing activities are 681 million yen, down 19,280 million yen from theprevious consolidated fiscal year. Factors of gain are an increase of short-term borrowings of 1,551
million yen and proceeds from long-term borrowings of 9,100 million yen. Factors of expenditure are
repayment of long-term borrowings of 7,991 million yen and payment of dividends of 1,730 million yen.

●Consolidated balance sheet

Total assets stood at 229,960 million yen, an increase of 27,565 million yen from the end of theprevious consolidated fiscal year. This increase is mainly due to an increase of 4,018 million yen in
cash and deposits, an increase of 1,654 million yen in accounts receivable-trade, an increase of
2,963 million yen in inventories, and an increase of 1,566 million yen in other, which were all recorded
under current assets. Factors behind the increase in total assets also included an increase of 16,528
million yen in property, plant and equipment, which was recorded under noncurrent assets.
Net assets totaled 105,458 million yen, an increase of 20,983 million yen from the end of the previous
consolidated fiscal year, due primarily to an increase of 9,578 million yen in retained earnings and anincrease of 11,041 million yen in foreign currency translation adjustment.

Interview with the President

To our shareholders
I would like to express my sincere gratitude to all shareholders and investors for theoutstanding support. The following is a report summarizing the operating results for the term
ended March 2024.

Yuichiro Naya, President & CEO

Full-year consolidated results for FY2023/Full-year forecast for FY2024(in 100 million yen)

Full-year forecast Increase/
Full-year results Full-year results Increase/
for FY2024
for FY2022
for FY2023 decrease rate
decrease rate
Net sales

1,673

1,795

7.3%

1,950

8.7%

96

117

21.8%

160

37.2%

112

143

27.2%

150

5.1%

88

113

27.8%

125

10.5%

136.0

145.3

Operating income

5.7%

Ordinary income

6.5%

6.7%

Net income attributableto owners of parent

8.0%

5.3%

Average FX rate
(JPY/USD)

6.3%

8.2%
7.7%
6.4%

145

Net sales from each product application/Forecast for FY2024
Results for FY2022
Operating income(Operating margin)

Sales

Automotive

845

Smartphones/
tablets

271

Semiconductor
package

5

SSD and
IoT modules

100

60
7.1％
11
4.1%
0
0.0%
10
10.0%

Results for FY2023 Forecast for FY2024
Sales

Operating income(Operating margin)

81
8.6％
21
266
7.9%
-15
7 -214.3%
10
85 11.8%

969

947

238
10
77
80

AI appliances/amusement/
other products for industrial
equipment
EMS/development andmanufacture ofelectronic devices

16
187
6.4%
-1
303
-0.5%
96
5.7% 1,795

249
203
1,673

11
240
5.9%
9
336
3.0%
117
6.5% 1,950

Net sales by product speciﬁcation
Multi-layered through PCBs

Rigid ﬂexible PCBs/Flexible PCBs

HDI PCBs

Semiconductor package substrates

OthersResults for
FY2023799

622

Results for
FY2022

756

641

400

722

600

(in 100 million yen)Heat dissipation/Large current/Other PCBs

9 10

810

200

95
9.8%
30
12.6%
-17
-170.0%
12
15.6%
8
10.0%
21
8.8%
11
3.3%
160
8.2%

EMS/Development and manufacture of electronic devices

Forecast for
FY20240Operating income(Operating margin)

Sales

Satellite
communication

Total(in 100 million yen)

43
20

336

9 7
41
303
14
48
20
203
5

800 1,000 1,200 1,400 1,600 1,800 2,000

1,950
1,795
1,673

Business results in FY2023
Uncertainties concerning the future were not eradicated in theelectronic parts industry in this consolidated fiscal year due toincreasing geopolitical tension in addition to inflation and interests risingon a global scale and sluggish economy and consumption in majorcountries with the exception of the U.S. On the other hand, an increasein the number of produced automobiles due to the settlement ofsemiconductor shortage and recovery of demand for smartphones wereobserved.

Amid such circumstances, our group witnessed favorable results interms of sales and profit of automobile PCBs owing to the recovery of
demand for automobiles. While the sales of smartphone PCBs toChinese smartphone manufacturers declined, profit grew as a result of
endeavors to promote the sale of PCBs for high-end models. Regarding
the EMS business, both sales and profit significantly increased due tothe steady performance of projects for commissioned development. In
terms of production, the factory operating rate improved due to a growthof the number of orders received and, coupled with cost reduction
effects, the impact of foreign currency exchange, etc., revenues show atrend of improvement.

As a result, we posted net sales of 179,458 million yen (+7.3% year onyear), up 12,181 million yen from the previous consolidated fiscal year.
In terms of profit, we posted operating income of 11,660 million yen(+21.8% year on year), ordinary income of 14,267 million yen (+27.2%
year on year) and net income attributable to owners of parent of 11,310
million yen (+27.8% year on year).

Forecast for FY2024
In the electronic parts industry in which our group operates business,
demand for high-performance electronic parts is projected to grow invarious fields, such as automatic driving of automobiles andcommunication infrastructure and AI servers that support it.

Regarding the outlook for performance of our group in the next term,
automotive PCBs are projected to drive the overall performance of the
PCB business. Regarding our initiatives, we will forge ahead with sales
promotion targeted at clients that are major foreign-owned enterprises in
addition to our existing Japanese clients. With regard to smartphone
PCBs, we will keep focusing on promoting the sale of PCBs for high-end
smartphones. In addition, we will concentrate on fields with high growthpotential, such as IoT devices and satellite communication. In terms of
production, we will strive for early achievement of profitability of our
Ishinomaki Factory No. 2 and Vietnam Plant No. 3, which are in charge of
producing semiconductor package substrates and communication
module PCBs. Furthermore, we will endeavor to promote thecommissioned development-type products, such as automotive PCBs, inthe EMS business. Regarding profit and loss, we will improve profitability
by enhancing productivity through efforts to automate factories andplants, save labor, and achieve yield improvement.
Consequently, we decided to set our performance forecast as 195,000
million yen in net sales, 16,000 million yen in operating income, 15,000
million yen in ordinary income, and 12,500 million yen in net income
attributable to owners of parent.

Future policies●Management focused on capital cost and share priceAs shown in the chart on the right, we engage in management which
sufficiently focuses on capital cost and ROE in order to meet the expectationsof our stakeholders including our shareholders and achieve sustainablegrowth and elevation of corporate value in the medium/long-term.

Management focused on capital cost and share price●Outline of the Medium-Term Business Plan

The Medium-Term Business Plan, which began in FY2022, has been
affected by the sluggish demand for semiconductors and smartphones,
but is progressing smoothly toward the achievement of 270,000 million yen
in net sales, 30,000 million yen in operating income and 11% in operating
margin in FY2026. Initiatives for realizing the plan are explained below.

Amid such circumstances, we are working toward achieving profitability
at an early stage, proactively forging ahead with acquiring certificationfrom our customers and gaining new business opportunities.

◆ROE

FY2022: 10.5%→FY2023: 10.7%◆PBR

FY2022: 0.97
→FY2023: 1.32

◆PER

FY2022: 8.5→FY2023: 12.3

◆Dividend
FY2022: 55 yen→FY2023: 68 yen●Situation of the new business (semiconductor package substrates)

Despite launching the production of FC-BGA substrates at our
Ishinomaki Factory No. 2 and memory package substrates at our Vietnam
Plant No. 3, the progress of the semiconductor package substrates
business is delayed for about a year, due to the sluggish demand forsemiconductors.

◆Market cap
FY2022: 74,900 million yen→FY2023: 139,000 million yen◆Achievement of theMedium-TermBusiness Plan

◆Expansion ofsales and proﬁt◆Financial targets
Elevation of ROE
Elevation of equity ratio
Improvement of D/E ratio◆Improvement of production
Improvement of yield
Improvement of quality
Improvement of productivity◆Investment in growing
areas to elevate
corporate value◆Investment strategy
Concentration of investment
in cutting-edge PCBs

Net sales(in 100 million yen)

3,000

Operating income(in 100 million yen)
Net sales in mid-term

Net sales

2,300

Operating margin

Operating margin in mid-term

2,000

1,900

1,795

1,673

5.7%

8.2%

117

Results in FY2022

9.6%

7.9%

5.5%

96

11.1%

1,950

1,650

6.5%

1,000

0

600
2,700

Operating income in mid-term

Operating income

400

300

220

200

150

160

90

Forecast for FY2024

Results in FY2023

Plant No.40
Forecast for FY2025 Forecast for FY2026

Vietnam Plant No. 4: Business overview

PCB

Plant No.3

Plant No.1

FPC

Plant No.2

PCB

Thach That - Quoc Oai Industrial Park, Hanoi

Location

EMS

PKG

Total floor area

Noi BaiInternational
AirportApprox. 25 billion yen

Outline of business

Complementing the capacity of Plant No. 2 (PCBs)
High-multilayered and high-density HDI PCBs
Memory module PCBs

Start of operation

Thang Long Plant
Hai Duong Plant(EMS)

Vietnam Plant

Approx. 60,000㎡ (15,000㎡ x four ﬂoors)

Investment amount

Quang Minh Plant
Vietnam Plant

Initiatives

Outline of the Medium-Term Business Plan

●Construction of new plants

The establishment of the supply chain in ASEAN regions is rapidly
progressing globally. We have also been receiving inquiries exceeding thecapacity of our existing plants and therefore decided to construct newplants in Vietnam. Firstly, we are going to construct Plant No. 4 with theobjective of complementing the existing Vietnam Plant No. 2 andproducing high-multilayered and high-density HDI PCBs as well as
memory module PCBs. Secondly, we have decided to construct a Hoa
Binh Plant in Hoa Binh Province, Vietnam, to produce medium- tohigh-multilayered PCBs and HDI PCBs.

Policies

Analysis of current situation

Hoa Binh Plant: Business overview

45 min. by car from
Vietnam Plant

Location

Da River Left Bank Industrial Park, Hoa Binh

Site area

Approx. 93,000㎡

Total floor area

Hoa Binh Plant

Production of each product to be started one after another in FY2025

Approx. 60,000㎡ (Plant No. 1) (*extension possible)

Investment amount

Approx. 50 billion yen (Plant No. 1)

Outline of businessMedium- to high-multilayered and high-density HDI PCBs (Plant No. 1)

Start of operation

Operation to be started in FY2026

Hoa Binh Plant

Shareholder return
Our company recognizes the increase of profits for shareholders as an importantmanagerial mission. For the time being, we will prioritize investment to expand thebusiness scale of our company and focus on increasing sales and profit. We set a
payout ratio guideline at 15%, and shall work toward increasing dividends in stepwith the expansion of profit.

Dividends
FY202255yen
Interim: 27 yen
Year-end: 28 yen

FY2023

FY2024 (forecast)Interim: 27 yen
Year-end: 41 yen

Interim: 36 yen
Year-end: 36 yen

68yen

72yen

We are taking a number of measures for improvement with utmost efforts to elevate our performance and corporate value in order
to live up to the support and expectations of our shareholders and all other stakeholders. We would appreciate your further kind
support and encouragement from now on as well.

MANAGEMENT VOICE

Eizo Shibata

Managing Executive Oﬃcer

VOL.

16

In this fiscal year, we focused on promoting the sale of automotive PCBs in Japan and Europe and newly on
gaining access to major automotive clients in the U.S., China and South Korea, aiming for “No. 1 in the global
market of automotive PCBs.” At the beginning of the fiscal year, we forecasted that the shortage of semiconductors for automotive PCBs would persist, but as the number of orders received picked up, thanks to the recovery of
supply and the adoption of alternative components in the second half of the fiscal year, and we managed to
improve the market share of smartphone PCBs, we achieved 179.5 billion yen in net sales and 11.7 billion yen in
operating income for the full year.
Consequently, the achievement of 100 billion yen in sales of automotive PCBs in the next fiscal year now
appears much closer to reality.
A progress has been made in client approval procedures at several companies and we have begun to receive
orders in the semiconductor package-related business. Moreover, the new Tendo Factory has started to produce
approved PCBs and an order for mass production from a major Tier 1 automotive vendor has been received.
Furthermore, we succeeded in entering the field of satellite communication as a new product category, which is asignificant achievement showing that the orchestrated activities of the production, sales and technology teams
were fruitful. We will keep making all-out efforts to receive orders for next-generation automotive products, such as
BEV and driver assistance.
This year marks the 50th anniversary of the establishment of the company, and Meiko Group shall make utmost
endeavors to achieve the plan for FY2024, 195 billion yen in net sales and 16 billion yen in operating income.
We would appreciate your continued support.

Corporate data (As of March 31, 2024)
Corporate Proﬁle

Stock Information

MEIKO ELECTRONICS CO., LTD.
November 25, 1975
12,888 million yen
11,912 (consolidated)(Japan: 1,328) (Overseas: 10,584)
Outline of Business Design and manufacturing andsales of PCBs and auxiliaryelectronics business

Number of Shares Authorized

Executives

Principal Shareholders

Name
Established
CapitalNo. of Employees

President & CEO
Director and Senior Managing Executive Officer
Director and Senior Managing Executive Officer
Director and Managing Executive Officer
Director and Managing Executive Officer
Director and Executive Officer
Director
Director
Director
Director
Director
Audit & Supervisory Board Member (Standing)
Audit & Supervisory Board Member
Audit & Supervisory Board Member

Yuichiro Naya
Masakuni Shinozaki
Junya Wada
Atsushi Sakate
Yoshihito Kikyo
Shigeru NayaYoon Ho, Shin
Nao Tsuchiya
Yosuke Nishiyama
Takashi Harada
Toshifumi Kobayashi
Takahiro Matsuda
Hiroshi Miyauchi
Kotomi Ejiri*Changes in titles and positions at the Company which took place after the last day of this fiscal year are as follows.

Name
Atsushi Sakate

Shigeru Naya

Before change

After change

Eﬀective dateDirector and Senior Managing Executive Oﬃcer Vice-President & COO
April 1, 2024
General Manager of PCB Business Headquarters General Manager of PCB Business Headquarters
Director and Executive Oﬃcer
Director and Managing Executive Oﬃcer
Representative Director of Meiko Tech Co., Ltd. Representative Director of Meiko Tech Co., Ltd. April 1, 2024
General Manager of Power Electronics Division General Manager of Power Electronics Division

Common stock: 26,000,803 shares(excluding treasury stock of 802,517 shares)

First bond-type stock: 70 shares
Common stock: 3,272
First bond-type stock: 1

Number of Shareholders

Number of shares held
(thousands of shares)% of shares held

Yuichiro Naya

4,704

18.09

The Master Trust Bank of Japan, Ltd. (Trust Account)

3,774

14.52

Custody Bank of Japan, Ltd. (Trust Account)

Name of shareholder

2,864

11.02

CLEARSTREAM BANKING S.A.

947

3.64

BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/ LUXEMBOURG FUNDS/UCITS ASSETS

700

2.69

Meiko Kosan Co., Ltd.

608

2.34

Yuho, Ltd.

521

2.00

Sumitomo Mitsui Banking Corporation

377

1.45

STATE STREET BANK AND TRUST COMPANY 505223

376

1.45

Seiichi Naya

355

1.37

*The Company owns treasury stock of 802,517 shares and is excluded from the above principal shareholders.
The percentages for the total number of issued shares have been calculated after excluding treasury stock.

Shareholding Structure (Common Stock)Aﬃliated Companies
Yamagata Meiko Electronics Co., Ltd.
Meiko Tech Co., Ltd.
Meiko Techno Co., Ltd.
Meiko Embedded Products, Ltd.
Meiko Embedded Technology, Ltd.
Meiko Elec. Hong Kong. Co., Ltd.
Meiko Electronics (Guangzhou Nansha) Co., Ltd.
Meiko Electronics (Wuhan) Co., Ltd.
Guangzhou Sipide Trading Co., Ltd.
Meiko Electronics Vietnam Co., Ltd.
Meiko Electronics Thang Long Co., Ltd.
Meiko Electronics America, Inc.
Meiko Towada Vietnam Co., Ltd.
Meiko Electronics America, Inc.

Number of Shares Issued

Common stock: 70,000,000 sharesFirst bond-type stock: 100 shares

Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics business
Auxiliary electronics businessIndividuals and others 32.29%
Financial institutions 33.37%
Foreign institutions and others

24.56%

Other institutions

5.74%

Financial instruments business operators

1.05%

Treasury stock

2.99%*On April 1, 2024, the name of “Meiko Embedded Products, Ltd.” was changed to “Meiko
Electronic Development Co., Ltd.,” the name of “Meiko Embedded Technology, Ltd.” to “Meiko
Electronic Manufacturing Co., Ltd.” and the name of “Meiko Towada Vietnam Co., Ltd.” to“Meiko Electronics Hai Duong Vietnam Co., Ltd.”

Headquarters: 5-14-15 Ogami, Ayase, Kanagawa, 252-1104 Japan
Tel: 0467-76-6001 (main)
URL:
https://www.meiko-elec.com/

Notes on Forecasts
The information in this report contains future forecasts, such as the plans and business results of the Company.
These forecasts are based on information available at the time when these forecasts were made and certain
preconditions that the Company believes to be reasonable. Please note that actual business results may differ fromthe forecasts herein due to a variety of factors.

Shareholders’ Information
Fiscal year

April 1 to March 31 of the following year

Annual shareholders’ June
meeting
Record dateYear-end dividends: March 31
Interim dividends: September 30
Transfer agent

Sumitomo Mitsui Trust Bank, Limited
1-4-1 Marunouchi, Chiyoda-ku, Tokyo,
100-8233 Japan

Transfer office

Sumitomo Mitsui Trust Bank, Limited Stock
Transfer Agency Dept. 1-4-1 Marunouchi,
Chiyoda-ku, Tokyo, 100-8233 Japan
Sumitomo Mitsui Trust Bank, Limited
Stock Transfer Agency Dept.
2-8-4 Izumi, Suginami-ku, Tokyo,
168-0063 Japan

Address forsending mails

Contact

Tel: 0120-782-031

Stock exchange Prime Market, Tokyo Stock Exchange
Method ofpublic noticeElectronic public notice in our official page
Official Page:
https://www.meiko-elec.com/ir/pa.shtml
In the event of an accident or other
unforeseen
eventsthat
prevent
publication of the electronic public notice,
it will be published in The Nikkei.

Enquiries concerning shareholdings•Shareholders who need to update information onshareholdings, including change of address andmethod of receiving dividends, are advised to contact
the securities companies where securities accounts
are held.
•Shareholders who do not have accounts withsecurities companies and need to process paymentsof dividends are advised to contact Sumitomo Mitsui
Trust Bank, Limited Stock Transfer Agency Dept. asstated above.