Daito Chemix Corporation
4366・Standard Market・Chemicals
Business
Founded in 1938, Daito Chemix is a fine chemicals manufacturer based in Osaka, comprising two segments: the Chemical Products Business (approximately 91% of net sales) and the Environment-Related Business (approximately 9%). In the Chemical Products Business, the company manufactures and sells photoresist materials for semiconductors, display materials, Imaging Materials, and Pharmaceutical Intermediates, with major domestic manufacturers such as FUJIFILM, Sumitomo Chemical, and Tokyo Ohka Kogyo as key customers. In the Environment-Related Business, its subsidiary Nippon Ecology handles Industrial Waste Treatment and Chemical Recycling. The company has also established an increased production system for photosensitive materials through its Korean joint venture, DAITO-KISCO Corporation, and the group as a whole manufactures and supplies high-value-added chemical products.
Business Model
The company builds close joint development relationships with customer companies, focusing on contract manufacturing of advanced photoresist materials and functional coloring materials. Its integrated production system spanning the Technology Development Center, Shizuoka Plant, and Fukui Plant supports everything from small-lot trial production to mass production. The top four customers by sales (Fujifilm, Miki Sangyo, Sumitomo Chemical, and Tokyo Ohka Kogyo) account for approximately 73% of total sales, reflecting a concentrated customer structure, with long-term business relationships underpinning the stability of earnings.
Company Strengths
In the development of ArF immersion materials and EUV materials, the company maintains close relationships with top-tier manufacturers in the semiconductor and flat panel display fields and promotes joint development. It has established an integrated product development system spanning from small-scale trial production to mass production, supported by the trial production line at the Technology Development Center, the dedicated mass-production line at the Fukui Plant, and ultra-trace element analysis equipment.
In FY2026 (ending March 2026), sales to Fujifilm amounted to ¥4,220 million (21.7% of composition), to Sumitomo Chemical ¥4,104 million (21.1%), and to Miki Sangyo ¥4,142 million (21.3%), with the top three companies accounting for approximately 64% of total sales. Sales to each company also increased compared to the previous fiscal year, and these long-term business relationships contribute to a stable earnings base.
In addition to the Chemical Products Business, the company has a two-pillar structure in which its subsidiary, Nippon Ecology, handles Industrial Waste Treatment and Chemical Recycling. R&D expenses for FY2026 (ending March 2026) totaled ¥1,206 million (¥1,132 million for Chemical Products and ¥73 million for Environment), maintaining a level of approximately 6.2% of net sales. Capital expenditures of ¥1,977 million were also made, continuing to strengthen production capacity and technological capabilities.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) reached ¥19,476 million (up 4.5% year on year), marking a new high over the past five fiscal years. Operating profit rose to ¥872 million (up 2.9%) and ordinary profit to ¥894 million (up 9.1%), securing profit growth, but profit attributable to owners of parent declined slightly to ¥791 million (down 3.5%). The main factor squeezing net income was a sharp increase in total income taxes, from ¥33 million to ¥222 million. Comprehensive income improved significantly to ¥1,621 million from ¥426 million in the previous period, driven by an increase in valuation difference on available-for-sale securities (¥697 million) and other factors. As an external factor, expanding semiconductor demand provided a tailwind for Electronic Materials, while prolonged inventory adjustments in Pharmaceutical Intermediates and higher selling, general and administrative expenses held back margin improvement. The operating margin remained flat at 4.5%, a level that has stayed low since its sharp decline from 10.9% in FY2022 (ended March 2022).
Growth Strategy
Under the three-year medium-term management plan, the company is concurrently pursuing expansion of Electronic Materials, capital investment, and strengthening of the Environment-Related Business.
In FY2026 (ending March 2026), sales volume and sales value of photosensitive materials for semiconductors both increased, with Electronic Materials sales reaching ¥12,042 million, up 6.9% year on year. Organic EL-related materials also showed signs of demand recovery, and the segment continues to be promoted as a key growth driver under the medium-term plan.
In FY2026 (ending March 2026), the increase in tangible and intangible fixed assets was ¥1,979 million (a substantial increase from ¥657 million in the previous fiscal year), and construction in progress surged from ¥51 million to ¥1,098 million, indicating that upfront investment for enhancing production capacity in future periods is now in full swing. The company secured ¥3,100 million in proceeds from long-term borrowings to fund these investments.
In the Industrial Waste Treatment field, active efforts to secure contracted work led to sales of ¥1,154 million, up 12.6% year on year, while in Chemical Recycling, entry into new fields resulted in sales of ¥579 million, up 2.2% year on year. Overall sales of the Environment-Related Business reached ¥1,734 million, up 8.9% year on year, putting the business on a growth trajectory, with capital investment also expanding by ¥218 million year on year.
The annual dividend for FY2026 (ending March 2026) was ¥8 per share (payout ratio of 32.6%), a change from ¥16 per share (post-split adjusted) in the previous fiscal year, but total dividends paid increased to ¥257 million from ¥171 million in the prior year. For FY2027 (ending March 2027), the company plans a dividend of ¥9 per share (projected payout ratio of 34.1%), maintaining a performance-linked return policy.
Last updated: July 19, 2026