ENVALITH
株式会社 J-MAX logo

J-MAX Co., Ltd.

3422・Standard Market・Metal Products

Official website
株式会社 J-MAX logo
J-MAX Co., Ltd.3422

Business

J-MAX Co., Ltd. is a specialized automotive parts manufacturer founded in 1960, operating as a global supplier with production sites in Japan (Gifu and Okayama), Thailand, and China (Guangzhou, Wuhan, and Fujian). Its core products are Automotive Body Press Parts, Automotive Electrification Press Parts, precision press parts, and equipment such as dies, welding jigs, and inspection tools. Major customers include Honda Motor Co., Ltd. and its affiliated companies (Guangqi Honda and Dongfeng Honda), Topre Corporation, and Contemporary Amperex Technology Co., Limited (CATL), a leading Chinese automotive battery manufacturer. Of the consolidated net sales of ¥51,919 million, overseas subsidiary sales accounted for 62.6%, with the China segment representing the largest sales scale.

Business Model

The company works closely with automakers' R&D departments to build an integrated production system spanning joint development, procurement of production equipment, pressing, and welding. It manufactures Automotive Body Press Parts, electrification parts, and Dies, etc. at its Japan, Thailand, and China bases, securing stable revenue through continuous delivery to major customers. In addition, it has a structure in which equipment sales such as dies and jigs temporarily boost revenue when new models are launched. Within the group, Japan is responsible for technology and R&D, and there is also a mechanism whereby royalties are received from overseas subsidiaries based on technical assistance agreements.

Company Strengths

Sales to Contemporary Amperex Technology Co., Limited (CATL) surged approximately 3.8-fold from ¥1,774 million in the previous consolidated fiscal year to ¥6,792 million in the current consolidated fiscal year, with its share of total sales expanding from 3.8% to 13.1%. A significant increase in production of electrification parts in the China segment was the main driver of the earnings recovery, and the company has a track record of supply in the world's largest NEV market.

The company possesses press-forming and die-making technologies for ultra-high-tensile-strength steel and other materials cultivated since its founding, and is promoting the application of these technologies from body structural parts to electrification parts. It has built an integrated production system spanning joint development with automakers, procurement of production equipment, pressing, and welding, and sales of Dies, etc. (Press Dies, Welding Jigs, Inspection Tools) in the current consolidated fiscal year reached ¥1,125 million, a substantial increase year on year.

In 2017, the company entered into a capital and business alliance with TOPRE Corporation, which is now the largest shareholder holding 20.15% of total shares issued. Sales to TOPRE in the current consolidated fiscal year amounted to ¥8,421 million (16.2% of total sales), making it the company's largest customer, and this long-term business relationship forms a stable sales base.

ENVALITH's Perspective

In FY2026 (ending March 2026), net sales were ¥51,919 million (up 10.2% year on year), operating profit was ¥1,858 million (versus ¥19 million in the previous period), and profit attributable to owners of parent was ¥891 million (versus a loss of ¥3,282 million in the previous period), marking a substantial improvement. All segments—Japan, Thailand, and China—achieved ordinary income surpluses, confirming an exit from the loss-making phase that had continued through the previous period. The main drivers were the continued increase in production of electrification parts in China and the emerging effects of structural reforms, and the bottoming out of earnings is clear.

The company's forecast for FY2027 (ending March 2027) calls for net sales of ¥50,000 million (down 3.7% year on year), a decline mainly attributable to continued production cuts by Japanese OEMs in Thailand and China. In addition, interest expenses surged to ¥652 million in FY2026 (ending March 2026) (versus ¥453 million in the previous period), and interest-bearing debt levels remain elevated (short-term borrowings of ¥11,363 million, long-term borrowings of ¥9,594 million, and bonds payable of ¥2,500 million). The equity ratio declined to 30.8% from 32.2% in the previous period, and this financial burden could constrain profit growth.

The company has disclosed that achievement of the KPIs (net sales, operating profit, ROA) under its mid- to long-term five-year plan, "J-VISION 30," will be delayed by roughly three years from the original schedule. The transition to becoming an electrification supplier is beginning to show concrete results through expanded orders from in-vehicle battery manufacturers in China, but monetization of electrification initiatives in Japan and Thailand remains a work in progress. Whether the forecasted operating profit of ¥2,400 million (up 29.1% year on year) for FY2027 (ending March 2027) can be achieved will be a key point for verifying the sustainability of the recovery.

Growth Strategy

"J-VISION 30," aiming for sustainable growth through two pillars: transformation into an electrification supplier and structural reform

Continuing to expand orders and production of Automotive Electrification Press Parts for on-board battery manufacturers. Achieved China segment net sales of ¥26,911 million (up 22.3% year on year) and ordinary income of ¥724 million in FY2026 (ending March 2026). Strengthened production capacity through the new consolidation of Fujian Marujun New Energy Automotive Technology Co., Ltd. Promoting continuous cost reduction and enhanced responsiveness to increasingly polarized customer needs.

Expanded production capacity through the establishment of a new production base in the Western Japan region (Okayama Plant). In FY2026 (ending March 2026), Japan segment profit decreased due to a temporary increase in variable costs associated with the Okayama Plant's operation, but sales of Dies, etc. (Press Dies, Welding Jigs, Inspection Tools) increased (¥1,125 million) due to the launch of new models. Policy is to drive overall group growth through expansion of new order sources and promotion of R&D.

Continuing structural reforms centered on personnel optimization, downsizing of the die business, and fixed cost reduction. The Thailand segment turned profitable in FY2026 (ending March 2026), recording ordinary income of ¥75 million (versus an ordinary loss of ¥92 million in the previous fiscal year). Overall profitability improved despite recording special retirement benefits of ¥405 million and business structural reform expenses of ¥64 million. Aiming to strengthen the profit structure through the continued effect of fixed cost reductions.

Net sales, operating income, and ROA have been set as KPIs in the medium- to long-term five-year plan "J-VISION 30" (FY2024 (ending March 2024) to FY2028 (ending March 2028)). Due to changes in the business environment stemming from the shift to electrification, the company has disclosed that achievement of the target values is now expected to be delayed by approximately three years from the original schedule. Transformation into an electrification supplier focused on electrification and weight reduction has been added to the basic strategy.

Last updated: July 19, 2026