Sansha Electric manufacturing Co.,Ltd.
6882・Standard Market・Electric Appliances
Business
Sansha Electric Manufacturing Co., Ltd. is a power electronics specialist manufacturer founded in 1933, operating two segments: the Semiconductor Business (power semiconductor devices, SiC devices) and the Power Supply Equipment Business (industrial power supplies, power conditioners, UPS, etc.). The company has 9 domestic and overseas subsidiaries and 1 affiliated company, and has built a global structure with sales and manufacturing bases in the United States, Hong Kong, Singapore, and China. Its main customers are manufacturing, infrastructure, data center, and renewable energy-related businesses, and it serves a wide range of industrial applications from small custom power supplies to large power supply systems. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
In the Semiconductor Business, the company sells in-house designed and manufactured Power Modules and SiC devices to industrial equipment manufacturers in Japan and overseas. In the Power Supply Equipment Business, the company offers power supply devices—both standard and custom products—built on power conversion technology, while also expanding service revenue by capturing maintenance demand for power conditioners. In FY2026 (ending March 2026), the Power Supply Equipment Business generated sales of ¥20,283 million, accounting for 76% of the total, making this segment the stable earnings base of the company's structure.
Company Strengths
The Power Supply Equipment Business achieved net sales of ¥20,283 million, segment profit of ¥2,026 million, and an operating margin of 9.99% in FY2026 (ending March 2026). Profit increased 12.2% year-on-year, driven by a combination of fixed cost reductions and higher sales. Power Supplies for Surface Treatment, UPS, and services for data centers function as multiple demand sources, giving the business a revenue structure that diversifies dependence on any single customer.
The Semiconductor Development Group handles everything from power semiconductor chip design to module products and process technology in an integrated manner. In addition to the 1,700V-rated SiC-MOSFET module, the company has completed development of a 1,200V type, and is also developing a second-generation chip that improves SiC wafer utilization efficiency. R&D expenses of ¥1,432 million were invested in FY2026 (ending March 2026), and the highly reliable modules have a track record of adoption in infrastructure fields such as elevators and servo drives.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 76.2% (up 3.7 percentage points from 72.5% in the previous period), with net assets of ¥24,925 million and cash and cash equivalents of ¥6,761 million. Interest-bearing debt was limited to short-term borrowings of ¥2,200 million, and operating cash flow improved significantly to ¥3,370 million. The company has high financial stability and sufficient capacity to fund medium-term capital expenditures and R&D investments with its own resources.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥31,005 million in FY2024 (ended March 2024), then fell sharply before recovering modestly to ¥26,651 million in FY2026 (ending March 2026), up 4.8% year on year. Operating profit also improved to ¥1,386 million, up 29.1% year on year, but due to the recording of an equity-method investment loss of ¥250 million and an impairment loss of ¥245 million, ordinary profit came to ¥1,137 million, down 3.7% year on year, and net income attributable to owners of parent fell 24.2% year on year to ¥381 million, with the bottom line deteriorating. As for external factors, slowing growth in the Chinese market and prolonged inventory adjustment by customers delayed the recovery of the Semiconductor Business, while capturing demand for power supply equipment driven by data center expansion contributed to revenue growth. The equity ratio stood at 76.2%, indicating a solid financial base.
Growth Strategy
Ahead of the final year of the medium-term management plan "CF26," the company is accelerating the expansion of SiC (Silicon Carbide) Products and the capture of power supply demand for data centers.
The company continues to improve SiC chips and expand its product lineup, accelerating sales channel expansion in the high-efficiency and high-voltage fields. It is also focusing on establishing technology for large-capacity devices to capture infrastructure-related demand. A recovery trend in customer demand has been confirmed since the fourth quarter of FY2026 (ending March 2026), and this is positioned as a key driver of the earnings recovery in FY2027 (ending March 2027).
Amid the ongoing expansion of AI and data centers, the company is expanding sales by capturing demand in the field of high-precision Power Supplies for Surface Treatment required for server-related substrates. This has contributed to increased sales in the Power Supply Equipment Business in FY2026 (ending March 2026), and continued capture of demand is expected in FY2027 (ending March 2027) as well.
The company is promoting the standardization of design work to reduce man-hours and shorten lead times, working to improve productivity. Capital expenditure on tangible fixed assets in FY2026 (ending March 2026) was ¥1,215 million. Productivity improvement and development investment are expected to continue in FY2027 (ending March 2027) as well. The fixed cost reduction effect in the Power Supply Equipment Business contributed to a 12.2% increase in segment profit in FY2026 (ending March 2026).
Sales in the services field have expanded against the backdrop of growing maintenance demand for power conditioners. By accumulating after-sales service revenue in addition to product sales, the company aims to stabilize earnings and build long-term relationships with customers. In FY2026 (ending March 2026), the expansion of sales in the services field contributed to increased sales in the Power Supply Equipment Business.
Last updated: July 19, 2026