Naigai Tec Corporation
3374・Standard Market・Wholesale Trade
Business
Naigai Tec Corporation is a group company that mainly targets semiconductor manufacturers, semiconductor manufacturing equipment manufacturers, FPD manufacturing equipment manufacturers, and electronic equipment manufacturers as its primary customers, engaging in the sales of components such as pneumatic equipment, vacuum equipment, and temperature control equipment (Sales Business) as well as contract manufacturing (Contract Manufacturing Business) such as equipment assembly and maintenance services. The consolidated subsidiary Naigai Electronics Corporation handles contract manufacturing, while Noyika Equipment (Shanghai) Trading Co., Ltd. covers the Chinese market. Through a five-business portfolio consisting of Sales (SS Business), Product Development (TS Business), Contract Assembly (MS Business), Precision Processing (PS Business), and Maintenance Support (FS Business), the company positions itself as a leading provider of comprehensive support for semiconductor-related enterprises, offering total solutions to its customers.
Business Model
In the Sales Business, the company has entered into long-term distributorship agreements with domestic manufacturers such as SMC and Koganei, adding the value of technical proposal-based sales to procured components before selling them to customers. In the Contract Manufacturing Business, the company receives orders for equipment assembly and maintenance support, earning service revenue for which labor costs are the main cost component. Through synergies between the two businesses, the company provides an integrated service from parts supply through assembly and maintenance, aiming to lock in customers and diversify revenue streams.
Company Strengths
In FY2026 (ending March 2026), combined sales results for Tokyo Electron Technology Solutions, Tokyo Electron Miyagi, and Tokyo Electron Kyushu totaled ¥22,311 million, accounting for 68.4% of total sales results of ¥32,614 million. The long-term trading relationships built up since the 1960s form an entry barrier that competitors cannot easily replicate in a short period.
Agency agreements were concluded with SMC Corporation in November 1965 and with Koganei Corporation in October 1965, and these have continued for over 60 years through automatic renewal. Multiple long-term agency agreements, including with Nihon Pall, Bosch Rexroth, and others, secure a stable procurement route and support differentiation as a technical trading company.
The company operates five businesses—SS, TS, MS, PS, and FS—and maintains four development sites in Nagaoka, Esashi, Atsugi, and Sendai. Beyond simple parts sales, the company's integrated system covering everything from design and development to assembly, precision processing, and maintenance support responds to diverse customer needs and achieves differentiation from competitors.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥45,281 million in FY2023 (ended March 2023) and has declined for three consecutive periods, reaching ¥32,614 million in FY2026 (ending March 2026), down 7.7% year on year. Operating profit also declined for the first time in two periods, to ¥1,403 million (down 9.6% year on year). As external factors, a slowdown in capital investment for automotive and power semiconductors and customer inventory adjustments in the Sales Business weighed on first-half revenue. On the other hand, progress in passing on increased procurement costs through pricing improved the gross margin to 13.6% (versus 13.1% in the previous period). In the Contract Manufacturing Business, higher labor costs associated with an increase in engineering staff squeezed profit. Operating cash flow improved substantially to ¥1,402 million (versus ¥-278 million in the previous period), aided by a decrease in inventories (¥812 million). For FY2027 (ending March 2027), the company forecasts revenue of ¥40,600 million and operating profit of ¥1,500 million, with the buildup in order backlog to ¥9,301 million serving as a leading indicator of recovery.
Growth Strategy
In "MIRAI2030," the company positions the rapid expansion of the AI market as a growth opportunity, promoting higher value-added contract manufacturing and expansion of its sales foundation
The company formulated a new medium-term management plan "MIRAI2030," with FY2026 (ending March 2027) as its initial year. While inheriting the basic strategy of strengthening the business foundation from "MIRAI2026," the company will promote AI-related upfront investment to capture the rapid expansion of generative AI and physical AI demand as a growth opportunity. The FY2027 (ending March 2027) earnings forecast (net sales of ¥40,600 million, operating profit of ¥1,500 million) incorporates upfront investment based on the MIRAI2030 plan.
To expand the Contract Manufacturing Business, the company is focusing on building a human resource development system utilizing VR and AI, actively promoting early development and reinforcement of personnel, including engineers. The company has increased manufacturing engineers for Maintenance Support and quality improvement, which is a factor pressuring profit in the short term due to increased labor costs, but is positioned as a strategic investment aimed at strengthening order-handling capacity over the medium to long term.
The company is expanding its production areas, and net sales of the Contract Manufacturing Business secured an increase to ¥4,623 million (up 4.1% year on year) in FY2026 (ending March 2026). The order backlog at fiscal year-end expanded sharply to a total of ¥9,301 million, comprising ¥9,025 million for the Sales Business and ¥276 million for the Contract Manufacturing Business, up 44.5% from the previous fiscal year-end, underpinning the substantial sales increase forecast for FY2027 (ending March 2027) (net sales of ¥40,600 million, up 24.5% year on year).
Progress has been made in passing through increased procurement costs to prices, and the gross profit margin for FY2026 (ending March 2026) improved to 13.6% (13.1% in the previous fiscal year). Segment profit for the Sales Business achieved an increase to ¥690 million (up 9.3% year on year), realizing an improvement in profit margin even amid a declining sales phase. Continuing to maintain transactions at appropriate prices remains key to improving profitability.
Last updated: July 19, 2026