Investment Thesis
FY2026 record revenue ¥211.26B (+11.5%) driven by AI/datacenter coaxial connectors (+34.2% YoY) and industrial; automotive steady. FY2027 guidance: ¥230B revenue, ¥46B OP (+7%) — approaches FY2022 record. New ZE150HV (1000V/10A EV connector) won CES 2026 Innovation Award in Vehicle Tech. Near-zero debt, net cash >¥80B, dividend raised to ¥505/share (+3.1%), guided ¥520 FY2027. FCF ~¥36B.
Risk
AP01 MONITORING: Revenue at ALL-TIME RECORD (¥211.26B) — two consecutive record years. Op margin declining 20.3% vs 22-23% FY2022 peak — copper/gold input cost inflation only partially passed through. Amphenol ($16.2B rev) and TE Connectivity expanding EV connector portfolios with scale advantages; Chinese customers demanding discounts. No specific 800V OEM design wins publicly confirmed for HVH-280/ZE150HV. FY2027 ¥46B OP target requires successful cost pass-through.
Monitoring Trigger
UPGRADE if: op margin recovers above 22% OR 800V platform OEM design win announced. REDUCE if: op margin falls below 18% for 2+ quarters OR revenue misses ¥230B FY2027 by >10%. Watch Q1 FY2027 earnings (~Aug 2026) for margin trend.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Multi-Pin Connectors | ¥121B | 60% | Automotive, industrial, EV HV connectors |
| Coaxial Connectors | ¥50B | 25% | RF, antenna, 5G |
| Other | ¥30B | 15% | Custom solutions |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | Marelli (Tier 1) | Automotive connectors | Sole recipient of Marelli Supplier Excellence Co-Innovation Award 2024 |
| confirmed | Unnamed leading EV OEM | AU1 USB Type-C connector | Press release Mar 2026 — adopted for production |
| confirmed | Nissan | GT17HN connector in Leaf TCU | Teardown confirmed |
| confirmed | Global EV OEMs (target) | ZE150HV connector (1000V/10A, board-to-wire, EV/HEV powertrain) | ZE150HV won CES 2026 Innovation Awards Honoree in Vehicle Tech — designed for 400V-1000V EV architectures. Production OEM wins not yet announced. |
Recent News
Primary IR Documentation
Values and insights cited from official company IR releases (earnings, 決算短信, MoUs, presentations).
Cites: Primary IR portal — presentations, financial statements, integrated report
https://www.hirose.com/corporate/en/ir/
Cites: Full-year FY2026 tanshin (IFRS) — backs 20.3% op margin, 42.6% gross margin, near-zero debt, ¥80B+ FCF thesis
https://www.hirose.com/medias/20260511HRS4Q_tanshin_e.pdf
Cites: World's-first board-to-board connector combining high current + vibration resistance for EV/HEV — high-spec EV connector thesis
https://www.hirose.com/corporate/en/additional/pressreleases/FX31_202507