アドバンストパッケージ直描装置は受注計上進展

Research evidence excerpt

アドバンストパッケージ直描装置は受注計上進展

nted to ¥6.4bn. In 4Q, the company recorded orders

for multiple direct imaging systems, driven primarily by anticipated demand from major

customers in the package substrate sector. Regarding LAMDI (direct imaging system

developed for interposers), the company successfully completed development of a 0.5-

micron-compatible version and secured an order from NEDO. Orders for semiconductor wafer

manufacturing and laboratory applications also saw substantial growth, reaching ¥6.1bn.

While the photomask segment remained weak as Chinese customers adjusted investment,

orders for advanced packaging and for semiconductor wafer manufacturing/laboratory

applications expanded significantly. FPD-related 4Q orders were ¥18.8bn, slightly below target,

but still up.

FY3/27 guidance: Sales ¥60.0bn (+13.2% YoY) and OP ¥5.5bn (+45.9%). Guidance revised vs.

med-term plan for sales of ¥66.0bn and OP ¥7.4bn (announced on 30 Apr), but still expecting

YoY growth. Guidance for semiconductor/photomask sales of ¥31.4bn (+60% YoY) and FPD

equipment ¥27.2bn (-15%). Our comments: The company is pursuing a growth strategy

centered on the expansion of the semiconductor and photomask businesses. Advanced

packaging (a key pillar of this strategy) faces intense competition, particularly in the interposer

segment, which has seen a significant influx of new entrants. The company has successfully

secured customers in the lithography equipment field for packaging substrates, receiving

multiple orders for mass production use. Furthermore, it has recently secured an order from

NEDO specifically for interposer applications. Regarding the photomask business, while the

market is currently adjusting due to surge in new entrants by local Chinese photomask