同社は売上高成長率20～25%成長を想定して調整後営業利益の黒字化を2026年通期よりも前倒しして達成することを目指している。ARR及び課金カメラ台数の推移が堅調に増加するなか、リカーリング収益の高いため、中長期的なトップラインの成長は想定しやすい。今後は営業黒字への転換のタイミングを見極めたいところだが、順調に赤字幅を縮小していることから黒字転換は近い将来に達成しそうだ。株価は上場来高値4000円を付けて以降、直近は500円から900円のレンジで推移している。底値圏での推移が続く中、トップラインの成長とともに株価推移にも注目しておきたい。Safie ＜4375＞ develops and operates the cloud-based video platform “Safie (Safie).”
“Safie” is a recording service provided on a subscription basis, and at the same time, it is a platform where various video analysis services and collaboration services can be added in addition to recording. The characteristics of “Safie” are high image quality, low cost, and safety, and anyone can easily use it with a smartphone or computer, and it is used in a wide range of industries such as retail, dining out, real estate, construction, security, and local governments. Applications in these industries are not limited to crime prevention, but are also being introduced to improve productivity and business, such as visualizing work processes and the status of facilities. In addition to direct sales, we have built a sales partner network of over 100 companies, mainly major companies, and the sales ratio via sales partners is 56%. Capital and business alliances have been formed with NTT Group, Canon Group, SECOM Group, Kansai Electric Power Group, etc. ARR (annual ordinary income) at the end of 2024/3 was 9.73 billion yen (up 26.1% from the previous year), and the number of paid cameras was 0.245 million units, with a 54% market share.
Sales for the first quarter of the fiscal year ending 12/24 were 3,446 million yen, up 36.5% from the same period last year, and operating profit and loss landed in deficit of 99 million yen (deficit of 182 million yen in the same period last year). In addition to strong sales of the Safie One, which has a higher unit price than conventional models, there is a system in place where outdoor projects and projects requiring installation work can be carefully outsourced, and spot profits have been steadily built up. The ratio of recurring revenue to sales was over 70%, and the gross profit margin landed at 49.4%. Sales for the fiscal year ended 2012/12 are expected to increase 20.2% from the previous fiscal year to 14,200 million yen, and gross profit is expected to increase 24.7% from the same period to 7,070 million yen.
The company aims to achieve a surplus in adjusted operating profit ahead of the full fiscal year 2026, assuming a sales growth rate of 20 to 25%. As trends in ARR and the number of paid cameras increase steadily, recurring revenue is high, so it is easy to anticipate medium- to long-term top-line growth. Going forward, I would like to determine the timing of the transition to an operating surplus, but since the deficit is steadily being reduced, it seems that a surplus conversion will be achieved in the near future. The stock price has recently been in the range of 500 yen to 900 yen since the listing high of 4000 yen was added. As the trend in the bottom price range continues, I would like to keep an eye on stock price trends along with top-line growth.
