ENVALITH
アマテイ株式会社 logo

Amatei Incorporated

5952・Standard Market・Metal Products

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アマテイ株式会社 logo
Amatei Incorporated5952

Business

Amatei Co., Ltd. is a nail and screw specialist manufacturer tracing its origins to its founding in 1901, listed on the Standard Market of the Tokyo Stock Exchange and the Main Market of the Nagoya Stock Exchange. The parent company handles the "For Construction & Packaging" segment, manufacturing, procuring, and selling Standard Nails, Special Nails & Various Connected Nails, Construction Materials, Nail Guns, and other products, while the consolidated subsidiary NATEC Co., Ltd. handles the "For Electrical & Transport Equipment" segment, manufacturing and selling Screws for Precision Equipment & Resin Screws, Screws for Automotive Parts & Special Fastening Components, and other products. The main raw material, wire rod, is procured from Kobe Steel, Ltd. and others through ITOCHU Marubeni Steel Inc. Consolidated net sales for FY2026 (ending March 2026) were ¥5,374 million, with the For Construction & Packaging segment accounting for approximately 71% and the For Electrical & Transport Equipment segment accounting for approximately 29%. The main customer is Daito Steel Co., Ltd. (22.5% of net sales).

Business Model

For Construction & Packaging, the company centers on high-value-added domestically produced items (Special Nails, patented products, etc.) while also handling overseas OEM production to meet a wide range of customer needs. For Electrical & Transport Equipment, it manufactures and sells special screws and fastening components under licensing agreements with companies such as Germany's EJOT, securing profitability by concentrating on high-value-added functional components. Reducing manufacturing costs through automation and labor savings in production, along with inventory and cost control through production management aligned with demand, form the foundation for generating profit.

Company Strengths

According to the company's securities report, it holds a patented product suited to cedar wood, "Kiware Saikyo Kugi II Sugi Taio" (anti-splitting nail for cedar), and possesses an overwhelming advantage in high-value-added products. While imports account for roughly 80% of total domestic nail demand, the company continues to pursue a differentiation strategy centered on domestically produced products, leveraging its long-accumulated technological capabilities, quality control, and stable supply capacity.

Consolidated subsidiary Natec manufactures and sells DELTA PT SCREW and ALtracs based on a technology licensing agreement (concluded in 2001) with EJOT GmbH of Germany. The company maintains a product lineup capable of meeting demand for special fastening components related to EV/HV batteries and motors as well as autonomous driving, and secured segment sales of ¥1,566 million in FY2026 (ending March 2026).

As of the end of FY2026 (ending March 2026), the equity ratio improved to 31.6% (up from 28.4% at the end of the previous fiscal year), and net assets increased to ¥1,572 million. While reducing long-term borrowings by ¥250 million and shrinking total assets by ¥259 million, the company achieved an ROE of 9.6%, surpassing the medium-term management plan target of 9.1% in the first year. Operating cash flow was secured at ¥341 million, maintaining a financial structure in which capital expenditures of ¥114 million are funded from internal resources.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved a 3.7% increase in net income (¥147 million) despite a 3.7% decline in revenue, demonstrating strong cost management capability. However, the company's forecast for FY2027 (ending March 2026) projects revenue of ¥5,500 million (+2.3%) alongside a decline in operating income to ¥215 million (-8.9%) and net income to ¥135 million (-8.4%), indicating an anticipated profit decrease. It is necessary to closely examine whether there are structural cost-increase factors that cause profit to decline even as revenue rises.

Sales For Construction & Packaging came to ¥3,808 million (down 4.0% year on year), marking a second consecutive year of decline. This reflects the combined effects of a decrease in new housing starts driven by the declining birthrate and population decline, rising housing prices due to surging material costs, buyer hesitancy amid rising interest rates, and a reaction to the rush in construction starts ahead of the revised Building Standards Act. As an external factor, the structural downward trend in housing starts is irreversible, and the key point for mid- to long-term evaluation will be how quickly new demand—such as non-residential wooden construction and Special Nails—can offset this decline.

The order backlog For Electrical & Transport Equipment shrank significantly to ¥207 million (down 33.5% year on year), and orders received also fell sharply to ¥1,461 million (down 21.1% year on year). The impact of production adjustments at some automotive industry customers has become apparent, and this could exert downward pressure on the segment's performance in FY2027 (ending March 2026). As external factors, continued attention should be paid to the effects that developments in U.S. trade policy and worsening Japan-China relations could have on automotive-related demand.

Growth Strategy

Under the new medium-term management plan (FY2026–FY2028), the company aims for consolidated net sales of ¥6,000 million and ROE of 9.1%.

Against the quantitative target of ROE 9.1% set for the final year of the new medium-term management plan (FY2028, ending March 2028), the company achieved an actual ROE of 9.6% in the first year, FY2026 (ending March 2026). The equity ratio also improved to 31.6%, and long-term borrowings were reduced by ¥250 million year on year, demonstrating steady progress in strengthening the financial foundation.

Against the backdrop of government and Forestry Agency policies promoting the use of domestic timber, the use of wood in non-residential mid-to-high-rise buildings is being promoted, and demand is expected to grow for the company's original special nails and high-performance products. The company will also leverage the increasing trend toward the two-by-four construction method as a tailwind to diversify its revenue base For Construction & Packaging.

The company is strengthening manufacturing and sales of high-value-added functional components, mainly targeting special fastening components related to EV/hybrid vehicle batteries and motors, and precision components related to autonomous driving and sensors. However, the order backlog for FY2026 (ending March 2026) declined sharply by 33.5% year on year, and close attention must be paid to the short-term impact on business performance.

For Construction & Packaging, the company pursues an optimal combination of overseas OEM products and domestically produced products, maintaining a gross profit margin of 18.7% even as sales volume declines. By continuing to improve productivity, enhance yield rates, and reduce fixed costs, the company is strengthening its structure to secure profits even under conditions of declining revenue.

Last updated: July 19, 2026