Resonac Holdings
4004.TMEDIUMScore: 46.4SiC Substrates · Weight: 5%· Data as of 2026-05-06
Investment Thesis
Dual-engine semiconductor materials play: (1) SiC substrate supplier to Infineon/Rohm with confirmed multi-year agreements; 8-inch mass production started 2025. (2) Semiconductor back-end materials (CMP, photoresist) for AI chip packaging. FY2026 PAT guided ¥77B (2.7x YoY from ¥29B); semiconductor segment at record quarterly operating profit. Back-end AI materials now primary earnings driver.
Risk
D/E 1.33 = high leverage. SiC EV segment slowing (EV demand softness). Stock at 52-week high +102% in 6 months — peak earnings trap watch (AP01) for SiC cyclical component. Chinese SiC competitors (TanKeBlue, SICC) 17%+ share each. ¥140B planned fixed cost increase in Back-end Materials for FY2026 = margin risk if AI demand disappoints.
Monitoring Trigger
May 12 earnings: (1) FY2025 actual vs ¥98B core OP forecast; (2) FY2026 guidance ¥140B core OP + ¥77B PAT confirmation; (3) Semiconductor segment quarterly margin trajectory; (4) Any named 8-inch SiC customer deals.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Semiconductor & Electronic Materials | ¥499B | 35% | SiC substrates, CMP, photoresist |
| Mobility | ¥285B | 20% | Auto chemicals |
| Innovation Enabling | ¥285B | 20% | Advanced materials |
| Chemicals | ¥356B | 25% | Petrochemicals, industrial gases |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Rohm | SiC epitaxial wafers for power chips | Primary Japanese SiC substrate customer |
| probable | Infineon / onsemi / STMicro | SiC substrates | Ships to automakers in NA and EU |
| confirmed | Soitec (France) | Bonded SiC wafer JV | Joint development Sept 2024 |
| confirmed | Infineon Technologies | SiC substrates (6-inch + 8-inch ramp) | Multi-year supply + co-development agreement covering double-digit % of Infineon SiC demand over next decade; 6-inch supply + 8-inch transition supported |
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
Cites: Primary IR portal — financial results, news releases, IR calendar
https://www.resonac.com/ir
Cites: Most recent quarterly earnings release
https://www.resonac.com/sites/default/files/2026-05/e_tanshin2026q1.pdf
Cites: SiC substrate press release; Resonac has ongoing Infineon SiC materials cooperation
https://www.resonac.com/news/2024/09/24/3292.html