Yubi AI Research Memo (8): Increased revenue and reduced profit are expected for the fiscal year ending in March 2025 due to aggressive research and development and business investment.

Fisco Japan · Jun 26 01:38

■今後の見通し

1. 2025年3月期の業績見通し

ユビキタスAI＜3858＞の2025年3月期の連結業績は、売上高4,022百万円（前期比15.6%増）、営業利益40百万円（同44.1%減）、経常利益38百万円（同56.6%減）、親会社株主に帰属する当期純損失22百万円（前期は32百万円の利益）と増収減益の見通しだ。売上は、前期は半期分だったグレープシステムの売上が通期で寄与する。2024年8月に吸収合併するエイムとグレープシステムのオフィスを統合し受託開発の連携・受注強化を進めるほか、成長が見込めるIoT機器のセキュリティ対策など品質向上支援ツール群の販売強化を進めていく計画だ。営業利益はグレープシステムにおいて連結前に発生した費用の処理がなくなるため営業利益が34百万円改善し1百万円の黒字となるが、それ以外の既存事業においては、強化した収益力をさらなる成長につなげるための人材開発、研究開発、販促強化などへの積極的な投資を計画し、39百万円と前期を65百万円下回る見込みだ。のれん償却前の営業利益は133百万円と前期の償却前利益より5百万円下回る水準で推移する見通しだ。ただし、のれん償却費93百万円（ライトストーン38百万円、グレープシステム55百万円）は税法上損金算入されず法人税などが膨らむため当期純損失を予想する。なお、計画に織り込まれていないが、「HEXAGON」におけるスタートアップ企業と協業での受託開発、製造業DXでのソリューション提案などの取り組みが進んでおり、収益の実現化が期待される。

2. 事業セグメント別業績見通し

(1) SP事業

SP事業は売上高831百万円（前期比20.5%増）、営業利益は19百万円（同10.6%増）を見込む。Linux/Android搭載機器向けに高速起動製品を展開していくとともに、自動車・IoT分野を中心とした組込み機器向けのネットワーク、セキュリティ関連製品を国内外パートナーとの協業も含めて展開する計画だ。グレープシステム製品の売上が通期分で186百万円と前期の2.4倍を見込む。グレープシステム以外の既存事業は、過年度に採用された顧客製品の出荷が開始されロイヤルティ収入による安定した売上増加によって売上高は645百万円と前期比5.4%増を見込む。営業利益は、既存事業においては高速起動製品の新たな半導体・OSへ対応するための研究開発投資などもあり17百万円と前期を3百万円下回るが、グレープシステムの営業利益が2百万円と5百万円改善し、前期比増益となる見通しだ。

(2) SD事業

SD事業は売上高1,339百万円（前期比7.8%増）、営業損失56百万円（前期は14百万円の損失）を見込む。ソフトウェア開発品質向上支援ツール、サイバーセキュリティの需要増加に対応する検証ツール・サービスの販売を強化する。一方で収益面に関しては、注力製品の販売強化に向けた人員の先行投入により費用負担が増え、前期比減収での着地見込みとなっている。

(3) SS事業

SS事業は売上高1,002百万円（前期比51.0%増）、営業利益64百万円（同53.3%増）を見込む。グレープシステムの売上が通期で反映する。また、グレープシステムと連携して受託開発力を強化し、製品販売関連の受託開発、製品販売を伴わない既存顧客からの受託開発を積極的に獲得していく。連結前に発生した費用を前期に一括処理したグレープシステムの利益が改善するため、営業利益は改善する見込みだ。

(4) DA事業

DA事業は売上高850百万円（前期比-3.8%減）、営業利益13百万円（同51.9%減）を見込む。パッケージ製品を中心とした安定した売上を確保するが、前期に発生した官庁向けの大口受注が剥落するため減収、減益を見込む。AIの普及に伴い増加する統計などへのデータ解析機会へのアプローチを強化する。

（執筆：フィスコ客員アナリスト　松本章弘）

■Future Outlook LeTech <3497> expects an increase in sales and ordinary income of more than 20%, with sales of 2.14 billion yen (+33.8% YoY), operating income of 150 million yen (+7.7% YoY), ordinary income of 100 million yen (+21.7% YoY), and net income of 1.03 billion yen (-11.4% YoY) for the July 2024 term, and has maintained its initial forecast (announced in September 2023).

1. Performance Outlook for March 2025

Ubiquitous AI <3858>'s consolidated performance for the fiscal year ending March 2025 is expected to have sales of 40.22 billion yen (+15.6% YoY), operating profit of 400 million yen (-44.1% YoY), ordinary profit of 380 million yen (-56.6% YoY), and a net loss of 220 million yen attributed to the parent company's shareholders (compared to 32 million yen profit in the preceding fiscal year). The increase in revenue and decrease in profit are anticipated. In the product structure, Grape System's revenue for the full year is expected to contribute because the revenue in the preceding year was only for a half of the year. To enhance collaboration and order reception, we plan to integrate the offices of Aim and Grape System, which we will merge in August 2024. We also have a plan to strengthen the sales of quality improvement support tools, such as IoT device security measures, in which growth is expected to enable further development. Operating profit is expected to improve to 1 million yen in black from the current operating loss of 34 million yen in Grape System due to the absence of expenses incurred before consolidation. In addition, for the existing businesses other than Grape System, we will invest more aggressively in talent development, research and development, and sales promotion to further leverage the strengthened revenue power to promote growth. Operating profit is expected to be 39 million yen, which is 65 million yen lower than the previous fiscal year. Operating profit before goodwill amortization is forecasted to be below the previous fiscal year's amortization profit by 5 million yen, at 133 million yen. However, the goodwill amortization of 93 million yen (38 million yen for Light Stone and 55 million yen for Grape System) is not included in the deductible loss for tax purposes, which is expected to result in a net loss for the fiscal year. Meanwhile, initiatives such as commissioned development in collaboration with HEXAGON's startup companies and manufacturing DX to stoneco are being advanced, even though they are not included in the plan, and the realization of revenue is expected.

2. Business segment performance outlook.

Sub-segment trends (1) SP business

The SP business expects sales of 831 million yen (+20.5% YoY) and operating income of 190 million yen (+10.6% YoY). We're planning to deploy fast-boot products for Linux/Android-based devices, as well as network and security-related products for embedded devices focused on the automotive and IoT sectors in cooperation with domestic and overseas partners. Grape System's product revenue is expected to double to 186 million yen for the full year compared to the previous year. Sales for existing businesses other than Grape System are expected to increase by 5.4% YoY to 645 million yen due to the start of shipments of customer products adopted in previous fiscal years, leading to stable revenue growth through royalty income. Operating income is planned to be 170 million yen, which is 3 million yen lower than the previous fiscal year, reflecting investments in research and development to support fast-boot products for new semiconductors and OSs and the active investment in human resource development, research and development, and sales promotion to leverage the strengthened revenue power for further growth. However, operating profit is expected to improve as the goodwill amortization expenses occurred before consolidation disappear in Grape System, resulting in a gain of 2 million yen compared to a loss of 5 million yen in the previous fiscal year.

(2) SD Business

The SD business expects sales of 133.9 billion yen (+7.8% YoY) and an operating loss of 56 million yen (compared to a loss of 14 million yen in the previous fiscal year). We will strengthen sales of quality improvement support tools for software development and verification tools and services to respond to the increasing demand from cybersecurity. On the other hand, in terms of revenue, it is expected to land in a year-on-year decline due to increased cost burdens from the pre-entry of personnel in charge of strengthening the sale of focused produced.

(3) SS Business

The SS business expects sales of 100.2 billion yen (+51.0% YoY) and an operating profit of 64 million yen (+53.3% YoY). The sales of Grape System will be reflected for the full year, and we will actively acquire commissioned development that does not involve product sales from existing customers, as well as commissioned development and product sales related to product sales in cooperation with Grape System. Operating profit is expected to improve because Grape System's profit will improve due to the elimination of expenses incurred before consolidation.

(4) DA Business

The DA business expects sales of 85 million yen (-3.8% YoY) and an operating profit of 13 million yen (-51.9% YoY). We will strengthen our approach to data analysis opportunities, such as statistics that are expected to increase with the spread of AI. While securing stable sales centered on package products, we anticipate a decrease in sales and profits due to the drop in large orders from government agencies that occurred in the previous fiscal year.

(Written by FISCO Guest Analyst Akira Matsumoto)

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ユビAI Research Memo（8）：2025年3月期は積極的な研究開発・事業投資により増収、減益予想

Yubi AI Research Memo (8): Increased revenue and reduced profit are expected for the fiscal year ending in March 2025 due to aggressive research and development and business investment.

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