Meiko Electronics Co., Ltd.
6787・Prime Market・Electric Appliances
Business
Meiko Electronics Co., Ltd. is a specialist manufacturer of electronic circuit boards founded in 1975, listed on the Prime Market of the Tokyo Stock Exchange. The group, including 15 consolidated subsidiaries, designs, manufactures, and sells a diverse range of electronic circuit boards centered on Automotive Boards, AI servers, data centers, satellite communications, and smartphones. Domestically, the company operates plants in Kanagawa, Tendo, Ishinomaki, and other locations, while overseas it has established Vietnam and China as its main production bases. Consolidated net sales for FY2026 (ending March 2026) reached a record high of ¥240,574 million, and the company has built a stable supply system for high-value-added boards within the electronic components industry.
Business Model
The company has an integrated in-house structure covering design, manufacturing, and sales, supplying electronic circuit boards for diverse applications including automotive, information & communications, and smartphones. Its earnings structure is designed to enhance profitability by expanding the share of high value-added Build-up Board and high-layer-count multilayer boards. It combines mass production at overseas factories, primarily in Vietnam, with the manufacturing of high value-added products at domestic factories, achieving both cost competitiveness and technological strength.
Company Strengths
The company operates multiple plants in Vietnam, including Meiko Electronics Vietnam, Thang Long, Hai Duong, and Hoa Binh, with overseas capital expenditure accounting for ¥42,822 million of the total capital expenditure of ¥49,669 million in FY2026 (ending March 2026). The Hoa Binh plant is scheduled to begin mass production from FY2026, and construction of the Hoa Binh No. 2 plant, Quang Minh No. 3 plant, and Yen Quang plant is also underway, continuously strengthening production capacity to meet expanding demand.
The company possesses manufacturing technology for high-value-added products such as Build-up Board, high-multilayer boards, embedded component boards, and flexible boards. In FY2026 (ending March 2026), a significant increase in high-value-added Build-up Board pushed the gross profit margin up 1.8 percentage points year-on-year to 21.0%. Joint development with university research institutions also began from FY2025, with R&D expenses of ¥8,418 million invested.
The company has a customer base diversified across applications including automotive (autonomous driving and driver assistance), AI servers/data centers, satellite communications, and smartphones. In FY2026 (ending March 2026), order intake reached ¥279,626 million (up 30.2% year-on-year), and the order backlog rose sharply to ¥81,469 million (up 92.6% year-on-year), reflecting a product portfolio that provides simultaneous access to multiple growth markets.
ENVALITH's Perspective
Performance Trend
Revenue increased 59% over five periods, from ¥151,275 million in FY2022 (ended March 2022) to ¥240,574 million in FY2026 (ending March 2026). Operating profit bottomed out at ¥9,575 million in FY2023 (ended March 2023) before recovering to a record ¥24,572 million in FY2026 (ending March 2026). The operating margin improved significantly, from 5.7% in FY2023 (ended March 2023) to 10.2% in FY2026 (ending March 2026). Amid a favorable external market environment driven by expanding demand for Boards for Information & Communications (AI Servers, Satellite Communications), a substantial increase in high-value-added Build-up Board, along with improved factory utilization and productivity gains, boosted profit leverage. For FY2027 (ending March 2027), the company forecasts revenue of ¥320,000 million and operating profit of ¥38,000 million, with the launch of a new plant in Vietnam as a key assumption. Comprehensive income surged to ¥30,908 million (up 137.3% year on year), and an increase in the foreign currency translation adjustment account (¥11,192 million) also contributed to the expansion of net assets.
Growth Strategy
Sustainable growth through new factory startups, expanded sales of high-value-added products, and product lineup expansion via M&A
Production start at the Vietnam fourth factory (boards for satellite communications and AI servers), in which aggressive investment has been ongoing, and at the Hoa Binh factory (new customers for boards for smartphones/tablets), has been incorporated into the FY2027 (ending March 2027) earnings forecast. Capital expenditures for tangible fixed assets expanded to approximately twice the prior period level, reaching ¥49,835 million in FY2026 (ended March 2026), with construction in progress accumulating to ¥50,854 million.
As demand for supply chain construction in the ASEAN region is expected to exceed the production capacity of existing and under-construction factories, Meiko Electronics Yen Quang Co., Ltd. (capital of US$50 million, 100% ownership) was established on April 22, 2026. Construction of the new factory aims to further expand production capacity over the medium to long term.
Decided on March 13, 2026, with share acquisition scheduled for completion on June 1, 2026 (planned). Keyboards, touch panels, thermal printers, connectors, server control units, automotive electrical units, wireless modules, and other products will be added to the product lineup, strengthening the provision of advanced technological development capabilities to customers. The combined company will be named Meiko Elec Component Co., Ltd.
A significant increase in sales of high-value-added Build-up Boards is driving the sharp expansion of profit in FY2026 (ended March 2026). The company will continue to promote factory automation, labor reduction, and yield improvement, aiming for further improvement from the operating margin of 10.2% (FY2026, ended March 2026). The operating margin forecast for FY2027 (ending March 2027) is 11.9% (¥38,000 million ÷ ¥320,000 million).
Last updated: July 19, 2026