V Technology Co., Ltd.
7717・Prime Market・Precision Instruments
FPD Equipment Business
Core business providing FPD manufacturing equipment, inspection equipment, and OLED-related materials
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (external customers) | ¥31,964 million (FY2026 (ending March 2026)) | ¥29,809 million (FY2025 (ended March 2025)) | ↑ |
| Segment operating profit | ¥3,220 million (FY2026 (ending March 2026)) | ¥912 million (FY2025 (ended March 2025)) | ↑ |
| Depreciation | ¥413 million (FY2026 (ending March 2026)) | ¥473 million (FY2025 (ended March 2025)) | ↓ |
| Segment operating margin | approx. 10.1% (FY2026 (ending March 2026)) | approx. 3.1% (FY2025 (ended March 2025)) | ↑ |
Business Details
Provides development, design, manufacturing, sales, and related services for manufacturing equipment, inspection equipment, and other equipment used in the manufacturing processes of flat panel displays such as LCD and OLED. Also supplies materials including OLED Deposition Masks. Major customers are Chinese panel manufacturers, with Xiamen Tianma Optoelectronics (sales of ¥8,143 million, 17.63% of total) and Guangzhou China Star Optoelectronics (¥6,466 million, 14.00%) disclosed as top customers. By region, sales to China account for approximately 70% of consolidated sales, reflecting the structural concentration in that market.
Recent Overview
Solid market conditions for large panels drove operating profit to expand more than 3.5x year on year
In FY2026 (ending March 2026), the FPD Equipment Business saw solid market conditions centered on large-panel applications, with sales of ¥31,964 million (up 7.2% year on year). Although the delivery timing of some equipment was delayed, operating profit surged approximately 3.5x to ¥3,220 million from ¥912 million in the prior year, and the operating margin improved significantly from approximately 3.1% to approximately 10.1%. This segment has become a key driver of the overall consolidated earnings recovery.
Key Products
Growth Drivers
- Recovery and expansion of capital investment for large-panel applications in China
- Increased willingness among customers to invest in capital equipment amid improving panel market conditions
- Improved visibility of future sales due to the order backlog accumulated at the end of the prior period
- Strengthened response to China export regulation risks through the establishment of local production capabilities in China
- Synergies with the equipment business from the materials business, including OLED Deposition Masks
Risks
- Impact on equipment sales to China from tightening and expansion of U.S. export controls to China
- Risk of changes in customers' capital expenditure plans due to rising geopolitical tensions between the U.S. and China
- Customer concentration risk from sales concentration in the top two Chinese panel manufacturers (Tianma 17.63%, China Star 14.00%)
- Risk of timing mismatches in revenue recognition, as seen in the delayed delivery of some equipment
- Risk of customers curbing capital expenditure due to deteriorating panel market conditions
- Risk of a long-term slowdown in growth of the FPD equipment market
Last updated: June 24, 2026