Matsuo Electric

Basic Information

Stock Code
6969
Industry
Electrical Equipment
Category Detail
Semiconductors & Electronic Components
Prefecture
Osaka Prefecture
Establishment Year
December 1949
Listing Year
June 1974
Official Website
https://www.ncc-matsuo.co.jp/
TSE Information
TSE Information
Yahoo! Finance
Yahoo! Finance
Other Companies
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Overview

Matsuo Electric is a leading domestic electrical equipment manufacturer specializing in the manufacture and sale of tantalum capacitors and circuit protection devices, founded in 1949.

Current Situation

Matsuo Electric recorded net sales of approximately 4.29 billion yen and operating profit of approximately 254 million yen for the fiscal year ending March 2024, maintaining solid performance. Its main products are tantalum capacitors and circuit protection devices such as fuses, holding a stable share in niche markets. Film capacitors are scheduled to cease orders in November 2024, and the company is reviewing its business portfolio. Manufacturing bases consist of three factories in Osaka, Kyoto, and Shimane, providing high-quality products based on technological development capabilities. Through a third-party allotment of shares in 2022, it became an equity-method affiliate of Taiwan-based Kamaya Electric, strengthening overseas collaboration. Since 2014, it has paid fines in multiple countries due to cartel issues and is pursuing proper business operations. In the future, while considering intensifying competition in the electronic components industry, it will focus on technological innovation and new business development. It is also addressing ESG challenges, aiming for sustainable growth and medium- to long-term profit expansion.

Trivia

Interesting Facts

  • Matsuo Electric is a tantalum capacitor manufacturer with over 70 years of history since founding.
  • The registered trademark NCC stands for New Concepts in Capacitors.
  • NCC has the same abbreviation as Nippon Chemi-Con, but Matsuo Electric has its own independent trademark registration.
  • In 2014, it was charged in an electrolytic capacitor price cartel case and has paid fines in multiple countries.
  • The Fukuchiyama factory was newly established in 1983 and has long served as the core of manufacturing.
  • Listed on the Tokyo Stock Exchange Second Section in 2013, transitioned to Standard Market in 2022.
  • Kamaya Electric is a major shareholder and equity-method affiliate of Matsuo Electric, strengthening overseas ties.
  • Announced end of orders for long-standing film capacitor business in November 2024.
  • A regionally rooted SME with head office and manufacturing base in Toyonaka City, Osaka Prefecture.
  • Cumulative cartel fines reported to total approximately 2.4 billion yen.
  • As of 2024, the president is Chen Yiguang.
  • Also maintains a manufacturing factory in Izumo City, Shimane Prefecture, supporting multi-site production.
  • Has participated in multiple class-action lawsuits and paid settlement amounts.
  • Initially listed on the Osaka Securities Exchange Second Section in June 1974.
  • Main business is manufacturing and sales of tantalum capacitors and circuit protection devices.

Hidden Connections

  • Deep capital and management ties with Taiwan's Hua Xin Technology Group through Kamaya Electric.
  • Contributes to regional economic revitalization centered on Toyonaka City, Osaka.
  • Has accumulated know-how in multinational competition law risk management due to cartel issues.
  • Advancing overseas market expansion by strengthening ties with subsidiaries and equity-method affiliates.
  • Taiwanese company's management participation ratio has increased since the 2022 capital alliance.
  • The company abbreviation NCC is trademarked, distinguishing it from other companies.
  • Has built a unique niche market within the electrical equipment industry, differentiating from competitors.
  • Has stringent compliance system following long-term cartel issue response.

Future Outlook

Growth Drivers

  • Increasing demand for high-reliability capacitors and shift to higher quality
  • Expansion of automotive electronics parts market
  • Electrification of industrial equipment and rising energy-saving needs
  • Overseas expansion through strengthened ties with Taiwan and China group companies
  • Trends toward miniaturization and higher performance in electronic devices
  • Demand for specialized parts due to strengthened safety regulations for electronic components
  • Increasing demand for industrial robots and IoT devices
  • Market expansion for environmentally considerate products
  • New technology adaptation accompanying eco-design of products
  • Maintenance and strengthening of domestic stable supply bases
  • Development of high-function and high-value-added products
  • Advancement of digitalization and automation in manufacturing processes

Strategic Goals

  • Double sales through global market share expansion
  • Achieve domestic top rank in automotive high-reliability parts
  • Complete digitalization of manufacturing processes and energy savings
  • Eco-design all product lines
  • Strengthen custom product rollout tailored to customer needs
  • Deepen overseas group collaboration and expand sales networks
  • Enter new business areas and promote business diversification
  • Enhance compliance and internal controls
  • Promote employee skill development and next-generation technology acquisition
  • Strengthen sustainable procurement and sustainability activities

Business Segments

Parts Supply to Electronics Manufacturers

Overview
Stably supplies high-quality parts to a wide range of electronics manufacturers.
Competitiveness
Manufacturing technology for high-reliability products and integrated domestic production system
Customers
  • Automotive electronics manufacturers
  • Industrial equipment manufacturers
  • Telecommunications equipment manufacturers
  • Medical device manufacturers
  • Home appliance manufacturers
  • Semiconductor manufacturing equipment manufacturers
  • Measurement instrument manufacturers
  • Consumer electronics manufacturers
Products
  • Tantalum capacitors
  • Current fuses
  • Film capacitors
  • Electronic passive components

Electronic Components Supply for Industrial Machinery and Automotive Parts

Overview
Supports stable operation in industrial fields with essential high-quality electronic components.
Competitiveness
Product lineup excelling in durability and safety
Customers
  • Automotive parts companies
  • Industrial machinery manufacturers
  • Machine tool manufacturers
  • Energy-related equipment manufacturers
Products
  • High reliability tantalum capacitors
  • High-speed interrupting fuses
  • Electronic passive components

Product Supply to Overseas Group Companies and Partners

Overview
Implements product supply in overseas markets through collaboration with group and partner companies.
Competitiveness
Global technology sharing and stable supply capabilities
Customers
  • Kamaya Electric Co., Ltd.
  • Hua Xin Technology-related companies
  • Electronics manufacturers in Taiwan and China
Products
  • Tantalum capacitors
  • Circuit protection devices

OEM/Custom Electronic Components

Overview
Handles design and manufacture of custom products tailored to customer needs.
Competitiveness
Flexible technical response and short delivery capabilities
Customers
  • Custom electronic circuit design companies
  • Custom parts manufacturers
Products
  • Custom tantalum capacitors
  • Prototype/custom fuse products

Electronic Components Repair and Maintenance Services

Overview
Provides ancillary services such as inspection and repair of electronic components.
Competitiveness
High-quality service provision by highly skilled staff
Customers
  • Electronics manufacturers
  • Maintenance companies
Products
  • Parts inspection
  • Repair and maintenance services

Competitive Advantage

Strengths

  • High-reliability tantalum capacitor technology
  • Quality control through integrated production system
  • Stable supply from major domestic factories
  • Expertise in circuit protection devices
  • Ability to serve diverse customer base
  • Global collaboration with Taiwan-based Kamaya Electric
  • Over 70 years of history and trust since founding
  • Extensive technological development experience
  • High employee technical skills
  • Flexible custom product response
  • Strict quality control system
  • Stable financial base
  • Excellent customer support
  • Nationwide sales channel network
  • Compliance with environmental regulations

Competitive Advantages

  • One of the few domestic tantalum capacitor specialists
  • Long track record in high-reliability automotive products
  • Balance of product miniaturization and high performance
  • Production cost reduction through group overseas collaboration
  • Improved transparency following cartel issue response
  • Expanded customer options with diverse product lineup
  • Maintains product competitiveness through long-term R&D investment
  • Rapid response via integrated system from manufacturing to sales
  • Continuous order base from customer trust
  • Strong position in industry niche markets
  • Reduced defect rate through thorough quality control
  • Achieves stable delivery times with domestic factory operations
  • Flexible response to customer needs with custom products

Threats

  • Intensifying global electronic components price competition
  • Rapid technological innovation by major multinationals
  • Risk of demand shifts due to alternative technology development
  • Cost increases from new regulations and environmental laws
  • Impact from international parts procurement issues
  • Political and economic instability in overseas markets
  • Changes in parts specifications for electric vehicle market
  • Potential resurgence of legal risks from cartel issues
  • Supply chain disruptions from semiconductor shortages
  • Profit deterioration from exchange rate fluctuations
  • Rising raw material prices
  • Competitive pressure from emerging country manufacturers

Innovations

2024: End of Film Capacitor Orders

Overview
Ceasing production of film capacitor products at the end of November 2024 to promote business concentration.
Impact
Efficiency in revenue structure and resource focus on core businesses

2023: Capital Alliance via Third-Party Allotment

Overview
Conducted third-party allotment with Kamaya Electric Co., Ltd. as allottee to strengthen capital ties.
Impact
Strengthened management base and promotion of overseas collaboration

2022: High-Speed Interrupting Fuse Technology Development

Overview
Developed high-speed interrupting type current fuses, expanding coverage for automotive applications.
Impact
Improved competitiveness in automotive parts market

2021: Enhanced Compact Tantalum Capacitor Products

Overview
Expanded product lineup of high-performance tantalum capacitors to meet miniaturization needs of electronic devices.
Impact
Contributes to new customer acquisition and sales growth

2020: Introduction of Environmentally Friendly Production Processes

Overview
Introduced low-environmental-impact technologies in manufacturing processes, contributing to energy savings and emission reductions.
Impact
Compliance with environmental regulations and improved social evaluation

Sustainability

  • Promotion of energy-saving in manufacturing processes
  • Reduction and proper management of hazardous substances
  • Improvement in industrial waste recycling rate
  • Implementation of green procurement
  • Cooperation in environmental education for local communities
  • Continuous improvement of environmental management system
  • Strengthening of safety and health management
  • Promotion of R&D for eco-friendly products
  • Employee environmental awareness activities
  • Enhanced measures against climate change