ENOMOTO Co.,Ltd
6928・Standard Market・Electric Appliances
Business
Enomoto Co., Ltd. is a precision electronic components manufacturer founded in 1967, which manufactures and sells three product groups based on its die-molding technology: Lead Frames for Power Semiconductors, Lead Frames for Opto Devices (for LEDs), and Connector Components. The company operates four domestic plants (in Yamanashi, Aomori, and Iwate) and two overseas plants (in the Philippines and China), with major customers including automotive, smartphone, industrial equipment, and consumer equipment manufacturers. Its strength lies in precision processing technology that combines metal pressing, crimping, and resin molding, and it has a track record of business with major customers such as Nichia Corporation and Fujikura Conec (Thailand). The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company has established an integrated production system spanning mold design and manufacturing, prototyping, mass production, plating, and resin molding across 6 domestic and overseas plants, capturing added value by selling directly to component manufacturers. Through in-house plating processes and automation/efficiency improvements in manufacturing processes, the company aims to reduce manufacturing costs while improving profitability by enhancing the product mix through an increased proportion of high-value-added products (such as micro connectors and lead frames for high-end LEDs).
Company Strengths
The company's proprietary technology combining "punching and bending" with "crushing and drawing" as well as resin molding achieves world's smallest-class component processing. Its capability to address products requiring extreme miniaturization, such as components for micro-connectors used in smartphones, forms a technological entry barrier that competitors find difficult to replicate in a short period.
The company operates four domestic plants (Yamanashi, Aomori, Iwate) and two overseas plants (Philippines, China), conducting integrated production from design through manufacturing, covering metal press processing, plating processing, and resin molding. The order backlog for FY2026 (ending March 2026) stood at ¥3,111,007 thousand (up 18.0% year on year), and this accumulation of orders underpins customer trust in the company's stable order-taking and supply system.
In December 2025, the company concluded a capital and business alliance agreement with Nichia Corporation. Under the agreement, the company obtained preferential consideration as a manufacturing subcontractor for new projects involving lead frames for LEDs. Sales to Nichia Corporation in FY2026 (ending March 2026) expanded significantly to ¥4,277,735 thousand (14.0% of total sales), up from 9.3% in the previous fiscal year, reflecting the effect of the alliance on business performance.
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥25,244 million in FY2024 (ended March 2024), then accelerated its recovery to ¥26,880 million (+6.5%) in FY2025 (ended March 2025) and ¥30,415 million (+13.2%) in FY2026 (ending March 2026). Operating profit expanded roughly tenfold from ¥160 million in FY2024 (ended March 2024) to ¥1,651 million in FY2026 (ending March 2026), with the operating margin continuing to improve from 0.6% to 2.3% to 5.4%. Growth drivers were the full-scale ramp-up of mass production of Lead Frames for Opto Devices (for LEDs) (+54.0%) and strong performance in Connector Components (+19.2%). External tailwinds included front-loaded demand for automotive applications in the first half of the period due to U.S. tariff policy, and strong sales of current-model smartphones, while continued inventory adjustments for industrial equipment weighed on Lead Frames for Power Semiconductors (-5.8%). Operating cash flow improved significantly to ¥2,499 million (versus ¥732 million in the prior period), and financial soundness remained strong, with the equity ratio staying at a high level of 67.8%.
Growth Strategy
Maximizing profitability through three axes: shifting to high value-added products, smart factory transformation, and strengthening production capacity
The extension of the Tsugaru Plant, implemented as the 1st STEP of the long-term management vision, established a mass production system for high-end LED products for consumer equipment. In FY2026 (ending March 2026), sales of Lead Frames for Opto Devices (for LEDs) grew significantly, up 54.0% year on year, with the investment effect becoming apparent.
The Company continues to take on the challenge of Connector Components for micro connectors, which require an even higher level of technical capability. Connector Components overall grew 19.2% year on year in FY2026 (ending March 2025), with both smartphone-related and automotive-related products performing solidly. This has contributed to improved profitability through product mix improvement.
The Company is promoting cost reductions in the plating process in response to soaring metal prices. Automation and efficiency improvements in manufacturing processes have enhanced the ability to absorb fixed costs, contributing to an operating margin of 5.4% in FY2026 (ending March 2026) (up from 2.3% in the previous fiscal year). Efforts toward realizing a smart factory continue to be strengthened.
Based on precision composite processing technology combining metal and resin, the Company is actively pursuing new customer development for growth fields such as xEV, ADAS, AI, and industrial robots. It aims to capture medium- to long-term growth in demand for electronic components while reducing dependence on specific customers and products.
Last updated: July 19, 2026