Meiko
Basic Information
- Stock Code
- 6787
- Industry
- Electrical Equipment
- Category Detail
- Semiconductors & Electronic Components
- Prefecture
- Kanagawa Prefecture
- Establishment Year
- November 1975
- Listing Year
- December 2000
- Official Website
- https://www.meiko-elec.com/
- TSE Information
- TSE Information
- Yahoo! Finance
- Yahoo! Finance
- Other Companies
- Ibiden, Nomura Micro, Yaskawa Electric, Shirai Electronics, Taiyo Technolex, Kyoshin, Nippon Fenoll, Nippon CMK
Overview
Meiko is the leading company in the electrical equipment industry, specializing in printed circuit board design and manufacturing since its founding in 1975. It has production bases domestically and internationally, leveraging advanced technology and global expansion as key strengths.
Current Situation
Meiko achieved consolidated sales of approximately 206.8 billion yen and operating profit of approximately 19.1 billion yen in the fiscal year ending March 2025, maintaining solid performance. Its mainstay printed circuit boards are the largest in Japan, expanding share in the automotive and smartphone markets. With production bases at seven overseas locations, it meets diverse needs of global customers. Having recovered from damage caused by the 2011 Great East Japan Earthquake, it has entered eco-friendly mega-solar power generation and other businesses. In 2015, its joint development of composite material bonding technology with Toshiba and others was highly evaluated, focusing on technological innovation. Emphasizing social issue solutions and sustainability, it has set strategic goals for further business expansion and technological deepening by 2030. Diverse products and solutions, a strong customer base, and proactive R&D will support future growth.
Trivia
Interesting Facts
- Holds position as Japan's largest specialist in printed circuit boards
- Restored factories damaged by Great East Japan Earthquake within a few years
- Mega-solar power plant has capacity to supply electricity to 720 households
- Received Minister of Economy, Trade and Industry Award in 2015 for technology development
- High market share in boards for major customers' smartphones
- Operates 7 factories and 10 affiliates domestically and internationally
- Improved inspection accuracy with AI introduction in wiring board appearance inspection devices
- Management led by President and Representative Director Yusuke Nagaya
- Accelerating overseas expansion with production bases in China and Vietnam
- Attracting attention as a constituent of JPX Nikkei Mid and Small Cap Index
- Main products are printed circuit boards for automotive and smartphones
- Entered environment and energy business utilizing idle land
- Approximately 12,415 consolidated employees, large-scale
- Specializes in precision board manufacturing, demonstrating high technology
- High-quality inspection devices contribute to productivity improvement in Japanese manufacturing
Hidden Connections
- Flexible board technology co-developed with Toshiba has become part of industry standards
- Fukushima factory in Hirota Town was affected by Fukushima Daiichi nuclear accident and shifted to mega-solar business
- Deep ties to international financial markets as Goldman Sachs is a major shareholder
- Products installed in many Japanese-made smartphones, strongly linked to domestic and international electronics industries
- Positioned as a key parts supplier for major domestic automakers
- Local government deeply involved in completion ceremony of Ishinomaki factory after earthquake recovery, contributing to regional economic revitalization
- Affiliates like Meiko Techno bear part of manufacturing, supporting the group's overall technological strength
- Gaining high investor attention as a constituent of JPX Nikkei Mid and Small Cap Index
Future Outlook
Growth Drivers
- Increasing demand for high-precision boards due to 5G and IoT proliferation
- Expanding board demand from electrification and electrification of automobiles
- Board sophistication accompanying higher performance of smartphones
- Improved competitiveness through strengthened overseas production system
- New product creation adapting to stricter environmental regulations
- Manufacturing efficiency improvement from advances in AI and automated inspection technology
- Stabilized orders from recovery in domestic and international manufacturing
- Ongoing growth in industrial electronic equipment market
- Acceleration of shift to sustainable manufacturing processes
- Improved profit margins through shift to high-value-added products
- Global procurement for diversifying geopolitical risks
- Technology innovation promotion through strengthened collaboration with affiliates
Strategic Goals
- Expand global market share in printed circuit board business and maintain top position
- Establish zero environmental impact manufacturing processes
- Realize smart factories utilizing AI and IoT
- Expand renewable energy businesses such as mega-solar
- Achieve over 60% sales ratio in global markets
- Strengthen R&D and commercialization of new materials and technologies
- Expand product lineup to meet diverse customer needs
- Promote talent development and diversity domestically and internationally
- Build sustainable supply chains
- Improve business efficiency and customer service through DX initiatives
Business Segments
Automotive Electronics Board Business
- Overview
- Handles design, manufacturing, and parts inspection for automotive boards requiring high reliability.
- Competitiveness
- Ensuring safety through rigorous quality control systems
- Customers
-
- Automobile manufacturers
- Automotive parts suppliers
- Automotive electronics manufacturers
- EV and hybrid vehicle-related companies
- Products
-
- Multilayer Printed Circuit Boards
- Flexible Printed Circuit Boards
- High Heat-Resistant Boards
- Sensor Boards
- In-Vehicle Communication Circuit Boards
Smartphone and Communication Equipment Board Business
- Overview
- Provides high-performance, thin boards to smartphone and mobile communication equipment manufacturers.
- Competitiveness
- Product differentiation through compact, high-precision processing technology
- Customers
-
- Smartphone manufacturers
- Communication equipment manufacturers
- Mobile carriers
- Mobile component manufacturers
- Products
-
- Thin Flexible Boards
- High-Frequency Compatible Boards
- High-Speed Transmission Boards
- Micro Boards
- Custom Design Boards
Electronic Equipment Inspection Device Business
- Overview
- Provides appearance and quality inspection equipment for printed circuit board manufacturing to improve production efficiency.
- Competitiveness
- High-precision inspection and market share through advanced AI technology
- Customers
-
- Printed circuit board manufacturers
- Electronic component manufacturers
- Quality control departments
- FA equipment adopting companies
- Products
-
- Board Appearance Inspection Machines
- High-Speed Image Processing Systems
- AI Inspection Devices
- Multilayer Board Inspection Devices
Overseas Production Support Business
- Overview
- Supports production efficiency and quality improvement at overseas bases in China, Vietnam, and elsewhere.
- Competitiveness
- Extensive overseas factory operation experience and local responsiveness
- Customers
-
- Overseas manufacturing plants
- Local suppliers
- Logistics providers
- Products
-
- Production Equipment Technology Support
- Quality Control Know-How Provision
- Procurement and Logistics Management
Environment and Energy Business
- Overview
- Mega-solar business utilizing idle land at Fukushima factory and development of environmentally considerate products.
- Competitiveness
- Utilization of local resources and sustainable business model
- Customers
-
- Local governments
- Energy companies
- Environmental businesses
- Products
-
- Mega-Solar Power Generation Equipment
- Environmentally Considerate Board Products
Competitive Advantage
Strengths
- Technological prowess as Japan's largest PCB specialist
- Diverse production bases through global expansion
- High market share in automotive and smartphone products
- Advanced quality control systems
- Development capabilities in advanced materials and bonding technologies
- AI-utilizing inspection equipment development
- Pursuit of sustainability through eco-friendly business entry
- Long-term stable customer base
- Flexible product design and customization capabilities
- Multilayer and high-precision board manufacturing technology
- Solid financial position
- Rapid recovery from Great East Japan Earthquake
- Aggressive overseas production expansion
- Strong talent development and technology succession
- Support for manufacturing sites with wide range of inspection equipment
Competitive Advantages
- Market dominance as Japan's largest PCB specialist
- Product lineup specialized for automotive and smartphone sectors
- Differentiation through advanced PCB bonding technology
- Cost competitiveness from efficient overseas production network
- Balancing inspection accuracy and speed with AI inspection devices
- Sustainable manufacturing and proactive entry into environmental businesses
- Robust business foundation with diverse domestic and international subsidiaries
- Product development responsive to customer needs
- High-value products enabled by high-precision board technology
- Reliable product supply strictly compliant with safety standards
- Stable revenue from long-term customer relationships
- Comprehensive in-house R&D system
- Ability to undertake large investments with strong capital base
- Resilient multi-product deployment against market fluctuations
- Business continuity strength from rapid earthquake recovery
Threats
- China risks and political/economic instability at overseas factories
- Global printed circuit board price decline pressure
- Profit volatility from exchange rate fluctuations
- Impact from slowdown in major customers' smartphone market
- Increasing impact from international trade friction and tariffs
- Intensifying competition from new entrants
- Rising manufacturing costs from stricter environmental regulations
- Supply constraints in supply chain risks
- Logistics disruptions from geopolitical risks
- Delays in responding to global supply chain restructuring
- Reduced orders for related products due to semiconductor shortages
- Decline in competitiveness from delayed response to technological innovations
Innovations
2021: Mass production of molecular-level bonding flexible printed wiring boards
- Overview
- Revolutionary flexible board mass production technology co-developed with Toshiba and others.
- Impact
- Establishes improved product reliability and competitive superiority in the industry.
2022: Development of AI-equipped high-speed board appearance inspection device
- Overview
- Commercialized high-speed, high-precision board inspection device incorporating AI technology.
- Impact
- Succeeded in improving inspection efficiency and reducing defects.
2023: Launch of new eco-print board products for environmental compliance
- Overview
- Line of board products using environmentally considerate materials compliant with RoHS directive.
- Impact
- Responds to strengthening environmental regulations and captures new markets.
2024: Vietnam local smartphone component production expansion project
- Overview
- Established new factory in Vietnam to strengthen printed circuit board production for smartphones.
- Impact
- Expands production capacity and improves cost competitiveness.
2025: Technological innovation in multilayer high-density printed circuit boards
- Overview
- Established manufacturing technology for ultra-high-density multilayer boards for automotive and communication equipment.
- Impact
- Contributes to miniaturization of high-performance electronic devices.
Sustainability
- Operation of mega-solar power plant at Fukushima factory
- Active adoption of environmentally compatible materials
- Promotion of energy-saving in manufacturing processes
- Reduction of waste and improvement of recycling rate
- Participation in local environmental conservation activities
- Strengthening environmental standards compliance in supply chain
- Employee environmental education and awareness activities
- Setting and progress management of CO2 emission reduction targets
- Implementation of sustainable procurement policies
- Information disclosure through CSR reports