ENVALITH
株式会社カーメイト logo

CAR MATE MFG. CO., LTD.

7297・Standard Market・Transportation Equipment

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株式会社カーメイト logo
CAR MATE MFG. CO., LTD.7297

Business

Carmate Co., Ltd. is an automotive accessories manufacturer founded in 1966, listed on the Standard Market of the Tokyo Stock Exchange. In its Automotive-related Business (approximately 90% of sales composition), the company manufactures and sells a wide variety of products including child seats, roof carriers, tire chains, air fresheners, and drive recorders. Its Outdoor, Leisure & Sports-related Business (approximately 10% of sales composition) handles snowboarding-related products and bicycle-related products. Major customers include Autobacs Seven (16.4% of sales), Amazon Japan (12.0% of sales), and Yellow Hat (10.0% of sales), among others, with sales conducted through automotive specialty stores, home centers, and e-commerce channels. The company has built a global structure with a manufacturing subsidiary in Shenzhen, China, and a sales subsidiary in the United States.

Business Model

Product development and manufacturing are conducted under a dual structure spanning Japan and China, with sales to consumers through domestic and overseas retail channels as well as e-commerce routes. Annual R&D expenditure amounts to ¥1,656 million (FY2026 (ending March 2026)), and product competitiveness is maintained by launching new products every spring and autumn. The structure leverages a manufacturing subsidiary in Shenzhen, China, and a local subsidiary in the United States to achieve both cost control and overseas expansion.

Company Strengths

The R&D division, including the 'Future Development Center', employs more than 100 engineers across mechanical, chemical, and electronics fields, driving product development spanning 11 genres. R&D expenses for FY2026 (ending March 2026) totaled ¥1,656 million. New products are launched to the market every spring and autumn, with a combined total of 108 patent and utility model registrations domestically and overseas, and 861 design and trademark registrations.

At the end of FY2026 (ending March 2026), the current ratio stood at 735.3% (improved from 693.4% in the previous period), and the debt dependency ratio was 6.4% (down from 7.2% in the previous period). The company held cash and cash equivalents of ¥9,055 million, with net assets of ¥15,203 million. Its basic policy is to fund capital expenditures through internal funds, while maintaining financial soundness by securing liquidity via a commitment line agreement in case of emergency.

The company operates a Chinese manufacturing subsidiary established in 1996 (Car Mate Auto Accessories (Shenzhen)) and a US sales subsidiary established in 1999 (Car Mate USA), building a system that balances manufacturing cost control with overseas market development. The dual-pole development structure spanning Japan and China, which enables parallel development of products for both the Japanese and Chinese markets, represents an organizational asset that is difficult for competitors to replicate in the short term.

ENVALITH's Perspective

In FY2026 (ending March 2026), operating profit was ¥604 million (up ¥303 million year on year), and net income attributable to owners of parent was ¥281 million, marking a turnaround to profitability from the previous period's net loss (-¥332 million). It has been confirmed that the previous period's net loss was due to a one-time factor from impairment losses, and earnings normalization is progressing. On the other hand, net sales came to ¥14,563 million, marking a fifth consecutive period of declining revenue, leaving top-line recovery as a remaining challenge.

Due to a correction dated June 18, 2026, both consolidated and non-consolidated figures for corporate bonds due within one year were revised from ¥240 million to ¥440 million, and fixed liabilities for corporate bonds were revised from ¥910 million to ¥710 million. This was a misclassification between the current and fixed portions of corporate bonds, with no change to total liabilities, and the impact on the actual financial condition is judged to be minor. However, continued attention to disclosure accuracy remains necessary.

As an external factor, amid the continuing maturation and contraction trend of the domestic car accessories market, expansion of exports through the U.S. local subsidiary and the development of new sales channels and new customers are the main drivers of sales recovery. In addition, exchange rate fluctuations (yen depreciation/appreciation) affect both procurement costs from China and export profitability, requiring continued monitoring. The degree of dependence on sales to Autobacs Seven Co., Ltd. (¥2,801 million) is also a risk that warrants close attention.

Growth Strategy

Aiming to achieve sales recovery and improved profitability through new product launches, overseas expansion, and development of new sales channels

Continuing to pursue cost ratio improvements through curbing losses on product valuation, utilizing the Chinese manufacturing subsidiary, and enhancing procurement efficiency. Results have become evident, with operating profit for FY2026 (ending March 2026) doubling (from ¥301 million to ¥604 million).

Working to expand exports utilizing the US local subsidiary and the Chinese manufacturing subsidiary. This is being promoted as a group-wide policy, but as indicated by the continued decline in net sales, it has not yet reached the stage of offsetting the decline in domestic sales.

Continuing to launch new products centered on solid categories such as Chemical Products (Air Fresheners, Deodorizers, etc.), and promoting the development of new customers and sales channels outside existing channels. Contribution to sales recovery remains a work in progress.

Promoting cost ratio improvements and SG&A expense reductions for snowboarding-related products and bicycle-related products. Segment profit of ¥88 million was recorded (net sales of ¥1,504 million), maintaining profitability despite the small scale.

Last updated: July 19, 2026