Nihon Seimitsu Co., Ltd.
7771・Standard Market・Precision Instruments
Watch-related
Nissey Precision's core segment. Manufactures and sells watch bands and exterior parts, accounting for approximately 74% of net sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥5,878 million | ¥5,250 million | ↑ |
| Segment profit | ¥174 million | ¥139 million | ↑ |
| Segment assets | ¥3,029 million | ¥2,406 million | ↑ |
| Depreciation | ¥122 million | ¥123 million | — |
| Increase in tangible and intangible fixed assets | ¥46 million | ¥90 million | ↓ |
| Orders received | ¥6,131 million | +18.8% year on year | ↑ |
| Order backlog | ¥747 million | +51.2% year on year | ↑ |
Business Details
Manufactures and sells watch bands and exterior parts such as bezels made of urethane, titanium, and ceramic. Manufacturing is carried out at ASEAN production bases in Vietnam (NISSEY VIETNAM CO.,LTD.) and Cambodia (NISSEY CAMBODIA CO.,LTD.), with sales conducted through the Company and its Hong Kong branch. Major customers are Casio Computer Co., Ltd. and CASIO COMPUTER(HK) LTD., which together accounted for 71.2% of total sales in the fiscal year under review (Casio Computer 43.0%, CASIO HK 28.2%).
Recent Overview
Net sales increased 12.0% due to recovery in domestic orders and growth in exterior parts; segment profit rose 25.6% year on year.
Net sales in the Watch-related segment for the fiscal year under review were ¥5,878 million (up ¥628 million, or +12.0%, year on year). Watch bands for domestic customers increased approximately 18% due to the resolution of the impact from a system failure at a customer that occurred in October of the previous year. Watch exterior parts also increased approximately 14% due to higher orders from domestic customers. Meanwhile, watch bands for overseas customers decreased approximately 27% due to difficulty in acquiring new orders. Segment profit increased to ¥174 million (from ¥138 million in the previous period). The order backlog increased 51.2% year on year to ¥747 million, a favorable leading indicator for the next fiscal year. Watch-related net sales for the next fiscal year (FY2027 (ending March 2027)) are projected to decrease to ¥5,619 million (down ¥259 million year on year).
Key Products
Growth Drivers
- Recovery in orders for watch bands from the major domestic customer (Casio Computer) due to resolution of the previous year's system failure impact (up approximately 18%)
- Increased orders for watch exterior parts from domestic customers (up approximately 14%)
- Significant buildup in order backlog (up 51.2% year on year to ¥747 million), contributing to sales in the next fiscal year
- Improved manufacturing efficiency through strengthening of ASEAN production bases (Vietnam and Cambodia)
- Continued efforts to acquire new orders through enhanced proposal-based sales activities
Risks
- Difficulty in acquiring new orders for watch bands from overseas customers (CASIO COMPUTER(HK) LTD., etc.) (down approximately 27% in the current period)
- Risk of sales concentration in the Casio Computer group (71.2% of total sales combined)
- Sharp fluctuations in foreign exchange rates (impact on sales and profit when the yen appreciates)
- Risk of demand fluctuation due to trends in U.S. and Chinese trade policy
- Risk of rising outsourcing processing costs due to increased outsourced production
- Conservative outlook for the next fiscal year with projected decrease in net sales (¥5,619 million, down ¥259 million year on year)
Last updated: June 26, 2026