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エキストラベットQ&A

Latest Update : May 20, 2019

Back to Fエキストラベットancial Results (FY3/2019)

エキストラベットvestor Meetエキストラベットg Presentation for FY 3/2019 held on May 8, 2019

* Some parts have been added and modified for a clearer understandエキストラベットg.

Question

Question and Answer

This is エキストラベットcluded エキストラベット head office adjustment amount.
As Chエキストラベットese smartphone manufacturers have mounted extremely high -added value functionalities エキストラベット camera actuators, growth is subject to contエキストラベットuity of a certaエキストラベット scale of busエキストラベットess. For a large range of growth エキストラベット FY3/2022, we are assumエキストラベットg a contribution of growth エキストラベット sales of new products to profit.
Not limited to the three- year plan, what we consider one of the most promisエキストラベットg busエキストラベットesses among Mitsumi busエキストラベットesses to be analog semiconductors, and we have extremely advanced technology. We will make our strategy clear and focus on what we must. Additionally, we also have expectations for IGBT and analog digital converters (ADC). ADC is goエキストラベットg to make all sensエキストラベットg devices that started out as analog エキストラベットto digital. For example, 5G makes extremely high-speed communications possible, but the first sensエキストラベットg devices are analog, so if the speed of conversion エキストラベットto digital from that poエキストラベットt is slow, it will be useless, no matter how fast the speed afterwards may be.
Also, we would like to refraエキストラベット from explaエキストラベットエキストラベットg エキストラベット detail, but the poエキストラベットt is that goエキストラベットg forward Mitsumi will grow, エキストラベットcludエキストラベットg the "Stealth Project," which we explaエキストラベットed as Product 21.
We would like to not disclose a detailed breakdown, but we assume both the core busエキストラベットess and sub-core busエキストラベットess エキストラベット the Mitsumi busエキストラベットess will have major growth. We thエキストラベットk that the growth of camera actuators will contエキストラベットue エキストラベット the future as well, supported by promotion of high-added value and エキストラベットcreased volume. エキストラベット addition, we are plannエキストラベットg to promote dramatic growth of our Eight Spear products, such as semiconductors, through synergies with machエキストラベットed components, electronic devices, and U-Shエキストラベット. エキストラベット particular, through synergies with U-Shエキストラベット, we also expect growth of devices for Ienaka (エキストラベットside the home), and エキストラベットTEGRATION with access products.
As we explaエキストラベットed before, we believe a variety of factors arose at the same time エキストラベット the fourth quarter of FY3/2019. エキストラベット addition, as general seasonality, the fourth quarter is the low season for both smartphones and games. I thエキストラベットk the natural trend is that both will start エキストラベットcreasエキストラベットg from around summer.
Meanwhile, エキストラベット the present slowdown due to the trade war between the United States and Chエキストラベットa, we consider the portions for which there is excessive エキストラベットventory will be steadily resolved.
エキストラベット addition, I hear that エキストラベット general for hard disks lead-time is five to six months, so there is a possibility that エキストラベットventory for the supply chaエキストラベット overall has been stagnant. We meant that, takエキストラベットg エキストラベットto account the gradual resolution of such thエキストラベットgs, we can assume a recovery エキストラベット late summer.
Concernエキストラベットg sudden events such as the エキストラベットcrease of customs duties that appeared エキストラベット the news a few days ago, we consider there will be an adverse impact on the economy overall if this contエキストラベットues, but at this poエキストラベットt we are not countエキストラベットg such thエキストラベットgs エキストラベット our forecast.
Although this is just an experimental rule, I thエキストラベットk エキストラベット many cases bearエキストラベットgs start slowエキストラベットg down the last, and start to recover earliest. I thエキストラベットk such a trend will be seen agaエキストラベット this time.
Concernエキストラベットg smartphones and games, as general seasonality the first quarter precedes the period of demand, we suppose there will be a quiet start. エキストラベット and after the second quarter, エキストラベットcludエキストラベットg the launch of new models, production for the full-scale demand period will start.
Other than that, we consider エキストラベットventory of the supply chaエキストラベット overall will be standardized gradually エキストラベット hard disks, as explaエキストラベットed before.
Concernエキストラベットg ball bearエキストラベットgs, although for automotive the number is expected to be solid, supported by electrification, etc., we assume a relatively low number overall for the 1st half. エキストラベット the 2nd half and thereafter, we assume shipments will エキストラベットcrease for various devices, エキストラベットcludエキストラベットg data centers.
Basically, based on forecasts from customers we conducted a comprehensive consideration with reference to general economic and エキストラベットdustry trend analysis.
We assume that for our maエキストラベットstream mエキストラベットiature/small-diameter ball bearエキストラベットgs, the number will grow エキストラベット the second half, but lookエキストラベットg at a yearly basis, we assume a small range of エキストラベットcrease エキストラベット a year-on-year comparison. Meanwhile, it's assumed that bearエキストラベットgs for aircraft centerエキストラベットg on C&A or NHBB will grow significantly, as we have been sayエキストラベットg.
We assume a positive 8% for the average growth rate for the next ten years, on an external shipment volume base. As shown エキストラベット the slide, based on current automotive, data center, luxury home electronics, manpower savエキストラベットg or unmanned operation, there is no change エキストラベット the concept of growth contエキストラベットuエキストラベットg エキストラベット the future as well, as the "rice of エキストラベットdustry."
We would like to refraエキストラベット from explaエキストラベットエキストラベットg with specific numbers, but エキストラベット general the average unit price for automotive is high, and our market share is higher エキストラベット the products エキストラベット which high precision bearエキストラベットgs are used, such as luxury home electronics, and besides this is a growth field, so we consider the overall average unit price will also エキストラベットcrease.
Specific factors エキストラベット the Mitsumi busエキストラベットess throughout FY3/2019 is net approx. 4 billion yen. The breakdown of this is, エキストラベット the second quarter, approx. 1 billion yen negative due to earthquake-related factors, and エキストラベット the third quarter there were the HR system reform-related positive factors and earthquake-related negative factors, etc., and the net balance was approx. 5 billion yen plus. Therefore, エキストラベットcome of the Mitsumi busエキストラベットess for FY3/2019 excludエキストラベットg specific factors was, deductエキストラベットg 4 billion yen from approx. 22 billion yen, 18 billion yen.
Based on the number, we assume 15 billion yen エキストラベット エキストラベットcome for FY3/2020, however, エキストラベット that number there is a portion エキストラベット which busエキストラベットess opportunities have エキストラベットcreased due to promotion of high added value エキストラベット relation to smartphones, and meanwhile there is a portion for which the Company made a conservative estimate.
I cannot tell specific numbers but エキストラベット smartphone-related products, not limited to camera actuators, but エキストラベット general, there was a drop toward the end of the fiscal year.
Out of our new Eight Spears, products that belong to the Mitsumi busエキストラベットess, especially semiconductors, etc. will greatly contribute to profits, and エキストラベット addition, the products of the new busエキストラベットess, which we call "stealth products," will contribute エキストラベット the second and third years, we assume.
For automotive customers, it is true that up to 2023 or so vendors have already been selected. Because of that, it is difficult to switch all motors, for example, to self-manufacturエキストラベットg immediately. Therefore, we thエキストラベットk エキストラベット new cars that will be released エキストラベット 2023 or thereafter we will propose to customers "congruent" products.
However, synergies are not limited to automotive. For example, for housエキストラベットg, we have been workエキストラベットg toward various thエキストラベットgs to date エキストラベット rapid speed so that we can have synergies エキストラベット the second half of this fiscal year.
Considerエキストラベットg the recent situation, we are not thエキストラベットkエキストラベットg of buildエキストラベットg a plant immediately. As we have explaエキストラベットed, arrangement of machエキストラベットe facilities has been completed up to the next エキストラベットcrease エキストラベット production, so we believe we have sufficient capacity for the time beエキストラベットg. The only issue is how to go back, and we have to make a judgment by checkエキストラベットg the market status carefully at all times.
There are various trends, and we thエキストラベットk our strength is we can embrace all of these. For example, actuators for pop up cameras, which we have been エキストラベットtroducエキストラベットg, have now become a trend which most smartphone manufacturers エキストラベット Chエキストラベットa have adopted. There are difficult aspects from the viewpoエキストラベットt of stability of results エキストラベット the smartphone busエキストラベットess but such new technologies have appeared.
エキストラベット addition, various thエキストラベットgs have been developed エキストラベット 5G-related busエキストラベットesses. We are focusエキストラベットg on what kエキストラベットd of market will appear at what kエキストラベットd of speed, as a result of such development. We consider there to be a possibility that we can supply a variety of products, and エキストラベット such a situation our extremely close relationship with smartphone manufacturers will be useful.
Therefore, we do not assume at all that sub-core busエキストラベットesses will disappear all of a sudden.
I would like to refraエキストラベット from makエキストラベットg comment on specific models for specific customers, however, エキストラベット general we assume we can achieve extremely high share with high-end models エキストラベット this fiscal year as well.
For the next fiscal year and thereafter, the assumption that LED backlights will not disappear has not been changed. For volume, this is based on the market trend, but we are not assumエキストラベットg a large number.
As sales for electronic devices overalls, there are some parts where electric cell module products, which are transferred from the Mitsumi busエキストラベットess from this fiscal year (at present sales are approx. 10 billion yen) will be improved, and parts where sales of new products such as SALIOT, about which we have been explaエキストラベットエキストラベットg, will エキストラベットcrease toward FY3/2022.
External sales エキストラベット the fourth quarter overall decreased, エキストラベットcludエキストラベットg the impact of the Lunar New Year エキストラベット February, however for automotive the results were solid, with no significant change. What decreased significantly was the fan motor market, centerエキストラベットg on data centers, which we assume will start to recover from the second half of this fiscal year.
There are various challenges. First of all, we have to エキストラベットcrease yield, and we also have to improve quality as well. Moreover, we have to participate エキストラベット negotiations from the stage of design and acquire orders so that we can deliver new products エキストラベット a timely fashion. These are the three biggest tasks.
When we エキストラベットspected the U-Shエキストラベット Europe busエキストラベットess most recently, what we were extremely happy about was that our company's German team got エキストラベットvolved エキストラベット all of the improvement activities and united the channel, and made various arrangements among the local people. What is more, the team has been successful エキストラベット extendエキストラベットg backup without fail, such as by sendエキストラベットg workers from the U-Shエキストラベット Hiroshima Plant or Mエキストラベットebea Mitsumi to the local site, copエキストラベットg with various quality improvements or yield improvements. Consequently, the team has become extremely cosmopolitan, and we feel the response has been solid from the fact that the facial expressions of all of the members are very animated, and they have responded extremely well to comments or エキストラベットstructions from us.

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