Japan Pure Chemical : ┗ Financial Report for Fiscal Year Ended March 31, 2024 （2,473KB） NEW

Financial Report for Fiscal Year Ended March 31, 2024

JAPAN PURE CHEMICAL CO.,LTD.

Securities Code: 4973

April 24, 2024

Glossary(1) （Plating	Method）
Term	Applications		Explanation
Electrolytic	―		Plating method on metal surfaces with
plating		electric current
Pure gold	Printed circuit boards		High-purity gold plating
plating	Semiconductor substrates
Hard gold	Connectors		Gold plating that is hardened with alloy
plating	Printed circuit boards		components
Palladium(Pd)	Lead frames		Used as an undercoat for gold plating.
plating	Connectors		PPF stands for Pre Plated Lead frame.
Electroless	―		Plating method by chemical reaction
plating		without electric current
Immersion	Printed circuit boards		Plating method for forming by replacing
	metal on surface by utilizing solubility
plating
		(ionization tendency) of each metal
Auto catalytic	Printed circuit boards		Plating method capable of forming thick
	coatings by utilizing chemical reaction
plating			with reducing agents
Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.	1

Glossary(2) （Plating Process）

Term	Explanation	Composition of plating
	Stands for Electroless Nickel	0.05μm
ENIG	5μm
Immersion Gold.
30μm
	Composition of plating is Cu-Ni-Au.
	Stands for Electroless Nickel	0.05μm
	Electroless Palladium Immersion	0.05μm
ENEPIG	Gold.	5μm
Composition of plating is Cu-Ni-	30μm
	Pd-Au.
	Stands for Direct Immersion Gold.	0.05μm
DIG	Since Ni plating is omitted, used
for fine pitch compared to ENIG.	30μm
	Composition of plating is Cu-Au.
	Stands for Electroless Palladium	0.05μm
	0.05μm
EPIG	Immersion Gold.
30μm
	Composition of plating is Cu-Pd-Au.

Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.

2

Product Lineup ～ Lineup Expansion and New Field Development ～

Plating Methods Applications

plating	Pure gold
Electrolytic	Hard gold
（Alloy）
	Palladium
plating	(Pd)
Immersion
	gold
Electroless	Auto catalytic
gold
	Auto catalytic
	palladium
	Peripheral fields

Product Lineup

1. Pure gold plating enabling uniform coating even on rough surfaces
2. Pure gold plating with higher hardness

Gold saving hard gold plating for micro connectors: OROBRIGHT BAR7

Palladium plating for thin coating applicable to PPF: PALLABRIGHT NANO2

Immersion gold plating compatible with mid- to high-P Ni: IM-GOLD IB2X

Immersion gold plating with less Ni corrosion: IM-GOLD CN

Immersion gold plating without Ni plating: IM-GOLD PC

Auto catalytic gold plating for thin coating using gold sulfite: HY-GOLD

Auto catalytic gold plating for thin coating using gold cyanide: HY-GOLD CN

Auto catalytic palladium plating for ENEPIG: NEO PALLABRIGHT 2

Direct auto catalytic palladium plating: NEO PALLABRIGHT DP

Base metals (copper, tin, nickel)

Alloy plating

Post-treatment agents

Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.

3

Financial Review for 4Q of FY2023 (1)

Electronic Components Industry

• The pace of demand recovery was slow and weak in consumer applications such as smartphones and PCs due to weak consumer spending in China and the economic slowdown in Europe.
• Demand for industrial equipment such as cloud/data centers and semiconductor equipment/factory automation equipment remained sluggish due to cautious capital investment, despite firm sales for generative AI.
• For automotive electronic components, demand was generally firm due to the continued increase in demand associated with the electrification of vehicles and the shift to electric vehicles, but inventory adjustments were seen due to a slowdown in demand for electric vehicles.

JPC's Financial Review

• Plating chemicals for printed circuit boards and semiconductor substrates. Demand for some cutting-edge semiconductor packaging, such as for generative AI, remained strong, but demand for smartphones and PCs, as well as for these memories, recovered only moderately.
• Plating chemicals for connectors

Solid performance in the automotive sector, but sluggish demand recovery in the smartphone sector and weak demand in the industrial machinery sector resulted in a weak performance.

• Plating chemicals for Leadframes

Demand recovery for smartphones and PCs remained weak, and the fall in the price of palladium also had a negative impact on sales.

Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.

4

Historical Metal Prices

Prices of Copper, Tin and Nickel					Prices of Gold and Palladium
Copper	Tin	Nickel								Gold	Palladium
(yen/g)												(yen/g)
8.00												10,500
												10,000
7.00												9,500
											9,000
												8,500
6.00												8,000
											7,500
5.00												7,000
											6,500
												6,000
4.00												5,500
											5,000
												4,500
3.00												4,000
												3,500
2.00												3,000
											2,500
												2,000
1.00												1,500
											1,000
												500
0.00												0
18/3	18/9	19/3	19/9	20/3	20/9	21/3	21/9	22/3	22/9	23/3	23/9	24/3
Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.			5

Financial Review for 4Q of FY2023 (2)

Net Sales

Operating Profit

Ordinary Profit

Net Profit

Eainings Per

Share(yen)

							(Millions of yen, %)
FY2022			FY2023
1Q～4Q
	1Q	2Q	3Q		4Q		1Q～4Q		Y-o-Y
									Change
16,254	2,843		2,679		2,698		11,419		(29.7%)
3,199
567	54
98	132		69		354		(37.5%)
753	154
108	216		74		553		(26.5%)
569	119
83	168		177		548		(3.7%)
¥97.82	¥20.74						95.26円		―
¥14.42	¥29.28		¥30.82

Sales and operating and recurring profits were down year-on-year due to only a moderate recovery in demand for plating chemicals for consumer products such as smartphones and PCs, and for servers/data centers, as well as sluggish demand for industrial machinery.

Net profit was almost at the same level as the previous year due to a gain

on the sale of a specified investment shares in 4Q.	6
Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.

Net Sales by Final Products and Operating Profit (Quarterly)

	Printed Circuit Boards & Semiconductor Substrates		Connectors & Micro Switches
	Lead Frames											Others
	Operating Profit
(Millions of yen)																		(Millions of yen)
6,000													365	317									400
				274					306
		273	260			225			42	252			38								300
5,000	226						243
			179
							40				28	29
									266	34	282						132
											35					200
4,000										2						42			98
			80											95
			95		57	42	2123209627512383				137					69
								53	54		100
		60			210223792533
3,000	42				17031791									98	39	15
		15761543											21242094	10	1041060	0
	1161	1339														993	987
2,000								756	688	805		773		1038		1572
		557	646	721		638	735				672		731		722	745		1285 607	524	419
1,000	537												659	614
							1,630		1,662
				1,492				1,439				1,433
						1,563	1,5091,512
		1,236		1,258						1,294	1,1141,217	866	837			1,275
	987 1,170		1,211											1,121

0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY2019 FY2020 FY2021 FY2022 FY2023

Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.

7

Net Sales by Export Regions (Quarterly)

(Millions of yen)	Taiwan	Korea	Singapore･Malaysia	China	Others	Export Ratio
3,000					56.4			57.6 318						59.2	60.4 60.6	57.0
							54.0 53.8 54.3 53.5 54.3
2,500	52.5	50.6	53.4			49.5	53.1		56.1					52.2 52.2
		48.4			180	247				532
							286
								240	429	306			351
							446			141
2,000					268				244			301
									270	200
										287		158
			253		222	311	215		995			195
			191	913	572			819		112	151
1,500			196		139							486
	285							743		754		139
			121	627		794				733							171
	307										862				162	283
	161	571						366					758
1,000	118	494		729		486	437		335	270		331		715		131	130
	472			358										520	396
					292			342			126		383
	523		389	356								186		103
			243										170	180
500		288						867	1015			939				206
236			720			724		751		784	720
	373	488	556	471	630		662	626	613	482	519	405
	246
0
	1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
		FY2019			FY2020			FY2021			FY2022			FY2023

(％)

65

55

45

35

25

15

5

Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.

8

Trend of Capex, Depreciation and R&D

(Millions of yen)

Capital investement

Depreciation

R&D

(Millions of yen)

160	101.4	99.6
93.5
140	85.3

93.7	91.2
	86.1

101.5

157.9 100

120	69.2	69.7
100		91.2	71.4
80
60

72.1	68.2	68.2
		68.0

80.2 74.5

80

60

40

40		24.1	25.1	26.9	29.2	29.2	29.2
23.6
20	15.1	13.0
4.3			0.1	3.6	0.3
0

29.3
	20.7	20.7	20.8	21.9
7.2				8.9
0.8	0.4	0.4	1.6

18.7 18.8 18.5 20

9.9 11.9

0

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

2021 Mar

2022 Mar

2023 Mar

2024 Mar

2024/Mar Main Capex:FIB(Analyzer) 64M¥ Production system 66M¥

2025/Mar Main Capex:Plasma processing equipment 20M¥	HP renewal 15M¥
Copyright © JAPAN PURE CHEMICAL CO.,LTD. All rights reserved. May not be copied or reprinted without prior written approval.	9