Fujipream Corporation
4237・Standard Market・Chemicals
Business
Fuji Pream Corporation operates two business segments centered on its proprietary "precision bonding technology": the Precision Bonding and High-Performance Composite Materials Division, which manufactures LCD Display Components, Touch Panel Sensor Substrates, and Automotive Parts; and the Environmental Living Space and Engineering Division, which handles Solar Cell Modules, Film Laminate Glass, and FA equipment. The group structure includes one parent company and three consolidated subsidiaries, with panel manufacturers and the automotive parts industry as its main customers, covering everything from material procurement to manufacturing and sales in an integrated manner. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company procures glass and functional films from materials manufacturers, and performs bonding processing with micron-level precision using its own in-house production lines, sensory inspection, and multi-skilled worker training systems, delivering the products to panel manufacturers and others. In the solar cell and FA equipment business, it provides manufacturing, installation, and sales as an integrated offering. Revenue is mainly derived from product sales, and the company continuously advances its technology and develops new applications through R&D investment.
Company Strengths
The precision bonding technology is a proprietary line built by the company's own production technology development division, employing a system that combines sensory inspection with multi-skilled worker training to meet diverse quality standards for each customer. This in-house system, which competitors would find difficult to replicate in a short period, is explicitly stated in the securities report and positioned as the core of differentiation.
Across the group, 22 employees (10.1% of total employees) are engaged in research and development, with an Advanced Technology Development Office and a Business Development Promotion Department established. The company continues R&D across multiple areas, including the advancement of precision bonding (curved surface compatibility, dissimilar material bonding, space environment adaptation, etc.), perovskite solar cell encapsulation technology, and prototyping of lightweight automotive modules.
The company made Iinuma Gauge Manufacturing Co., Ltd. (now Premmatec) a subsidiary in 2021, and Toyosha Manufacturing Co., Ltd. a subsidiary in 2024, incorporating mechanical design and manufacturing technology as well as automotive parts processing functions into the group. Through this, the company aims to deepen its involvement in the automotive parts industry and create synergies through in-house parts processing.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥19,235 million in FY2022 (ending March 2022) and has declined for five consecutive periods, reaching ¥8,115 million in FY2026 (ending March 2026), down 23.6% year on year. Operating profit/loss fell into the red for the first time in FY2026 (ending March 2026), recording a loss of ¥78 million (versus a profit of ¥220 million in the prior period), and the operating margin deteriorated from 2.1% in the prior period into negative territory. Extraordinary losses included an impairment loss on fixed assets of ¥2,027 million (Precision Bonding and High-Performance Composite Materials Division: ¥1,250 million; Environmental Living Space and Engineering Division: ¥777 million), a valuation loss on investments in affiliated companies of ¥189 million, and directors' retirement benefits of ¥50 million, resulting in a net loss attributable to owners of the parent of ¥2,301 million. External factors pressuring performance included delayed demand recovery in the display and touch panel markets, the slowdown of the Chinese economy, and intensifying competition with overseas manufacturers. Meanwhile, operating cash flow improved to ¥1,451 million (from ¥437 million in the prior period), mainly due to an increase in accounts payable of ¥1,827 million.
Growth Strategy
Aiming to achieve earnings recovery through the full-scale contribution of the display mass production project and deepening technology in precision bonding and next-generation solar cells
In the Precision Bonding and High-Performance Composite Materials Division, the display mass production project is incorporated into the consolidated earnings forecast for FY2027 (ending March 2027) to the extent reasonably expected based on supply conditions with the customer. This is the most critical initiative, as its realization is directly linked to achieving net sales of ¥13,800 million (up 70.1% year on year) and operating income of ¥454 million.
The Company continues to develop high-value-added products utilizing advanced equipment and new materials, aiming to expand orders for automotive displays and industrial touch panels. However, in FY2026 (ending March 2026), the expansion of adoption remained limited, and combined with the impact of lower capacity utilization, the Precision Bonding Division's operating loss widened to ¥149 million, with results yet to materialize.
Perovskite solar cells, a next-generation type of solar cell, are at the R&D stage with a view toward future commercialization, and their contribution to earnings is currently limited. In parallel, the Company is strengthening its production system for building-integrated Solar Cell Modules, aiming for differentiation in niche markets.
The Company is promoting more efficient intra-group collaboration and improving the productivity of existing businesses by utilizing Toyosha Seisakusho's parts processing and manufacturing functions and Premateq Co., Ltd.'s machine design and manufacturing technology. While some improvement was seen in FY2026 (ending March 2026), challenges remain regarding profitability improvement and the creation of new projects.
In the Environmental Living Space and Engineering Division, the Company is developing overseas sales systems, including in emerging Asian countries; however, demand for equipment varies by region and field, and equipment sales were sluggish in FY2026 (ending March 2026). Efforts to expand sales channels over the medium to long term are continuing.
Last updated: July 19, 2026