RS Technologies Co., Ltd.
3445・Prime Market・Metal Products
Business
RS Technologies Co., Ltd. is a semiconductor materials specialist group established in 2010, having taken over the Wafer Reclaim Business from Rasa Industries. In its core Wafer Reclaim Business, the company reclaims and processes used monitor wafers from semiconductor manufacturing processes and supplies them to semiconductor manufacturers both domestically and internationally. It operates a three-site structure across Japan (Sannomaki Plant), Taiwan (Tainan Plant), and China, with major foundries such as TSMC as key customers. In addition, the company manufactures and sells 5–8 inch Prime Silicon Wafers for the Chinese market, and also handles sales of Optical Pickup / In-Vehicle Camera Modules and semiconductor-related equipment components. Consolidated net sales for FY2025 (ending December 2025) reached ¥76,707 million. It is a multinational group comprising 13 consolidated subsidiaries and 3 equity-method affiliates.
Business Model
In the Wafer Reclaim Business, the company takes custody of used monitor wafers from semiconductor manufacturers and provides a service that restores them to near-new quality through processes such as stripping, polishing, and cleaning before returning them. Since a single wafer can be reclaimed 10 to 20 times, this aligns with customers' cost-reduction needs and secures continuous orders. In the Prime Silicon Wafer Manufacturing and Sales Business, the company supplies substrate materials to domestic semiconductor manufacturers through a joint venture in China. In the Semiconductor-Related Equipment & Components, etc. business, sales scale has been rapidly expanding through the manufacture and sale of items such as Optical Pickup / In-Vehicle Camera Modules, and the combination of these three businesses diversifies the company's sources of revenue.
Company Strengths
In FY2025 (ending December 2025), the Wafer Reclaim Business recorded external customer sales of ¥27,528 million and operating income of ¥10,167 million, achieving an operating margin of approximately 36.9%. Sales to TSMC expanded from ¥10,193 million in the previous fiscal year to ¥13,616 million in the current fiscal year, with its share of the company's sales rising to 17.8%. The three-location structure in Japan, Taiwan, and China underpins its competitive advantage.
The company invested in surface polishing equipment (¥3,854 million) at the Sannomotoki Plant and concluded a long-term land lease agreement (through 2044) for the second Tainan plant site, continuing to expand its reclaim capacity for 12-inch (300mm) high-end applications. In FY2025 (ending December 2025), production output in the Wafer Reclaim Business grew steadily to ¥27,564 million, up +18.0% year on year.
In FY2025 (ending December 2025), the Semiconductor-Related Equipment & Components, etc. segment newly commenced transactions with Sony Semiconductor Solutions Corporation, recording ¥15,127 million (19.7% of total sales). Sales of optical pickups, boosted by the consolidation of Aixin Precision Components (Huizhou) Co., Ltd., pushed the segment's sales up +85.7% year on year to ¥30,244 million.
ENVALITH's Perspective
Performance Trend
Revenue expanded 2.2x over five years, from ¥34,621 million in FY2021 to ¥76,707 million in FY2025. In Q1 of FY2026 (ending December 2026), the company achieved higher revenue and profit, with revenue of ¥19,153 million (+8.7% YoY) and operating profit of ¥3,630 million (+21.0% YoY), while gross margin improved to 32.2% (30.2% in the same period last year). Operating margin also rose to 19.0% (from 17.0%), with improved profitability in the Semiconductor-Related Equipment & Components, etc. business contributing to the increase in the company's overall margin. In terms of market conditions, growing demand for monitor wafer reclaiming driven by the expansion of generative AI demand has provided a tailwind. For the full year, the company expects revenue of ¥84,000 million (+9.5% year on year) and operating profit of ¥15,400 million (+7.8% year on year), both increasing.
Growth Strategy
Multi-pronged growth through advancement of 12-inch reclaim technology, mass production of prime wafers, and profitability improvement in the semiconductor-related equipment and components business
Continuing capital investment for capacity expansion at the Sannomaki Plant (Japan) and the Tainan Plant (Taiwan), while advancing sophistication of 12-inch high-end reclaim technology. Segment profit of ¥2,710 million was maintained in the first quarter of FY2026 (ending December 2026), reflecting high profitability, and demand capture is progressing against a backdrop of expanding generative AI-related demand.
Continuing to expand sales of Prime Silicon Wafers (5–8 inch) to the Chinese market. External customer sales in the first quarter of FY2026 (ending December 2026) grew significantly to ¥5,784 million (up 28.8% from ¥4,491 million in the same quarter of the prior year). Building on the establishment of 8-inch world-standard crystal technology, the company aims to open new markets by establishing a 12-inch Prime Silicon Wafer mass production system.
Maintaining sales scale centered on Optical Pickup / In-Vehicle Camera Modules sales while advancing profitability improvement. Segment profit in the first quarter of FY2026 (ending December 2026) improved significantly to ¥240 million from ¥8 million in the same quarter of the prior year, indicating progress in monetization. In parallel, the company is also diversifying its revenue sources through establishing an overseas production system for the Electrolyte Solution for Storage Batteries business and expanding renewable energy business operations in China.
The annual dividend forecast for FY2026 (ending December 2026) is ¥55 per share (an increase of ¥10 from ¥45 in the previous fiscal year). Against the forecast earnings per share of ¥376.54, the dividend payout ratio is approximately 14.6%. The company maintains its policy of increasing dividends, continuing to expand shareholder returns in line with business growth.
Last updated: July 17, 2026