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YOKOWO CO.,LTD.

6800・Prime Market・Electric Appliances

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株式会社ヨコオ logo
YOKOWO CO.,LTD.6800

VCCS

Yokowo's stable earnings foundation segment centered on in-vehicle antennas

PeriodCurrentPreviousChange
Net Sales¥56,096 million¥55,961 million—
Operating Income¥2,198 million¥2,838 million↓
Net Sales YoY+0.2%——
Operating Income YoY-22.5%—↓
Segment Assets¥46,048 million¥40,978 million↑

Business Details

The VCCS segment develops and provides antenna systems leveraging antenna technology, microwave technology, and modularization technology to meet the needs for miniaturization, integration, low-profile design, and smart functionality of in-vehicle antennas. Its core products are the Shark Fin Antenna and GPS Antenna, with automakers including Toyota Motor North America, Inc. as major customers. The segment operates globally across Europe, the U.S., Japan, and Asia, with overseas production bases in Vietnam, the Philippines, and other locations. Under the new medium-term management plan, it is positioned as a cash cow business, tasked with allocating generated cash to growth businesses.

Recent Overview

Sales flat, but operating income down 22.5% YoY due to rising labor costs and U.S. tariff impact

In the fiscal year under review (FY2026, ending March 2026), VCCS segment net sales were ¥56,096 million (+0.2% YoY), remaining roughly flat versus the prior year. Sales of core products were sluggish due to the impact of semiconductor shortages affecting certain customers. Operating income declined significantly to ¥2,198 million (-22.5% YoY); although production efficiency improved on stable orders, this was offset primarily by rising per-unit labor costs at production sites and increased cost burden from U.S. tariffs. Capital expenditures centered on renewal of mass production equipment in Vietnam (YOKOWO VIETNAM CO., LTD.) and the Philippines (YOKOWO MANUFACTURING OF THE PHILIPPINES, INC.), with total investment of ¥1,541 million. The order backlog declined slightly to ¥4,426 million (-2.5% YoY).

Key Products

product
Shark Fin Antenna

A representative product of in-vehicle antennas, featuring a shark-fin-shaped design that achieves miniaturization, integration, and a low-profile form. It is widely supplied globally to automakers and forms the core of VCCS segment sales.

product
GPS Antenna

A GPS antenna provided for in-vehicle navigation systems. Leveraging antenna technology and microwave technology, it is supplied to automakers as a product that achieves high-precision positional information reception.

product
Antenna System for ADAS

An antenna product developed and brought into mass production for ADAS (Advanced Driver Assistance Systems). Mass production began during the fiscal year under review, contributing to sales expansion in new application areas. Expansion into new growth markets such as India is also being pursued.

Growth Drivers

  • Expansion of the business foundation through entry into new growth markets such as India
  • Sales expansion in new application areas following the start of mass production of ADAS products
  • Promotion of fixed-cost structure reform through optimization of production sites
  • Stable order base centered on sales to Toyota Motor North America, Inc. (¥13,476 million)
  • Improved production efficiency through renewal of mass production equipment at the Vietnam and Philippines production sites

Risks

  • Increased cost burden and changes in the automotive sales environment due to the impact of U.S. tariff policy
  • Continued rise in per-unit labor costs at production sites
  • Lost sales opportunities due to semiconductor shortages at certain customers
  • Structural changes in the automotive market, including slowing growth rate of EV sales volumes
  • Prolonged risk of dependence on the Chinese market and geopolitical risk

Last updated: June 24, 2026