IIF Research Memo (10): Accelerating Growth through Expansion of Existing Business and Promotion of New Business Development, under the Mid-Term Vision (1)

Fisco Japan · Jul 25 02:10

■中期的な経営方針

中期的な経営方針としてインターネットインフィニティー＜6545＞は、レコードブック事業をはじめとする既存事業を着実に成長させ、既存事業から生み出したキャッシュを新規事業の創出に重点投資することで、成長スピードを加速させることを掲げている。中期ビジョン「IIF Vision2030 リアル×テクノロジーで『健康な未来』を創造する」のもと、超高齢社会における課題解決を主要ミッションとし、テクノロジーを積極的に活用しながら既存事業の競争力向上、新規事業の創出に注力する。具体的には、AI等を活用したソリューションの開発、リアルで蓄積したデータの活用、介護現場のDXを推進する。これにより、既存事業の競争力と収益性を高めるとともに、業績拡大スピードを加速し、企業価値をさらに向上させる。加えて、外部要因に左右されづらい安定収益基盤の構築にも引き続き注力する。自社内で介護保険制度外の新規事業を創出するとともに、シナジーを見込める領域に関してはM&Aを積極的に検討し、収益基盤の多様化を推し進める考えだ。これらにより、最終年度である2028年3月期に売上高7,395百万円、営業利益980百万円、親会社株主に帰属する当期純利益574百万円、ROE22.0%、売上高営業利益率13.3%の達成を目指す。

同社は2023年6月、コロナ禍の収束を機に「中期ビジョン2025」「中期戦略における重点戦略」について再度整理を行い、新たに「IIF Vision2030 リアル×テクノロジーで『健康な未来』を創造する」を策定した。2024年6月には足元の業績動向などを考慮し、成長戦略を最新版にアップデートした。主にレコードブック事業と在宅サービス事業の業績見通しを上方修正し、連結ベースの売上高と営業利益は前回開示の計画を上回る水準で推移することを見込んでいる。また、2026年3月期からは、新規事業も業績の拡大に寄与する見通しだ。既存事業の着実な成長と新規事業の創出によってトップラインが伸びるなか、各事業の収益性をさらに高める戦略で、営業利益率も前回開示の見通しを上方修正した。中長期的に高齢化というトレンドは継続することが想定され、同社のヘルスケアサービスに対する需要は堅調に推移することが予想される。さらに、足元ではレコードブック事業の稼働率が向上していることに加えて、収益性の高いWebソリューション事業の業績も好調である。コロナ禍の影響を一定程度受けたものの、2025年3月期以降はコロナ禍前の成長スピードに回帰する見込みだ。

また、M&Aなどを含めた構造改革も引き続き推進する。既述のとおり、2023年3月期には2件のM&Aを実行した。介護の予防から中重度利用者向けまで、すべてのステージでサービスを提供できる事業体制を構築し、中長期的に健康寿命延伸に貢献する方針だ。加えて、介護保険制度の改定に左右されづらい収益基盤の構築にも注力する。

（執筆：フィスコ客員アナリスト　清水陽一郎）

The midterm management policy As its medium-term management policy, Internet Infinity (6545) aims to steadily grow existing businesses such as the record book business and accelerate its growth speed by investing cash generated from existing businesses into new business creation. Under the medium-term vision "IIF Vision2030: Creating a" Healthy Future "with Real x Technology," it focuses on tackling issues in an ultra-aging society as its main mission, actively utilizing technology to improve the competitiveness of existing businesses and focus on creating new businesses. Specifically, it develops solutions utilizing AI and other technologies, utilizes data accumulated in reality, and promotes DX in the nursing field. This will enhance the competitiveness and profitability of existing businesses, accelerate business expansion, and further enhance corporate value. In addition, it will continue to focus on building a stable revenue base that is less affected by external factors. It aims to create new businesses outside the nursing care insurance system within the company while actively considering M&A in areas where synergy can be expected to promote diversification of revenue base. With these, it aims to achieve sales of 739.5 billion yen, operating profit of 98 billion yen, net income attributable to parent shareholders of 57.4 billion yen, ROE of 22.0%, and operating margin of 13.3% in the final fiscal year ending March 2028.

The company reorganized its "Mid-Term Vision 2025" and "Key Strategies in Mid-Term Strategy" on the occasion of the end of the Corona disaster in June 2023, and newly formulated "IIF Vision 2030: Creating a" Healthy Future "with Real x Technology". In June 2024, we will update our growth strategy to the latest version, taking into account the current business trends. It expects that the consolidated base sales and operating income will move at a level higher than the plan disclosed last time, mainly by revising upward the performance outlook for the record book business and the home service business. In addition, it is expected that new businesses will also contribute to expanding business performance from the fiscal year ending March 2026. It is a strategy to further improve the profitability of each business while expanding the top line through steady growth of existing businesses and creation of new businesses, and the operating profit margin has also been upwardly revised from the previous outlook. The trend of aging in the medium to long term is expected to continue, and demand for the company's healthcare services is expected to continue to be strong. In addition, the operating rate of the record book business is improving at the moment, and the performance of the highly profitable web solution business is also good. Although it was affected to some extent by the Corona disaster, it is expected to return to the growth speed before the Corona disaster from the fiscal year ending March 2025.

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In addition, it will continue to promote structural reform, including M&A. As mentioned earlier, it executed two M&As in the fiscal year ended March 2023. It aims to build a business structure that can provide services at all stages, from prevention of nursing care to heavy users, and contribute to the extension of healthy life expectancy in the medium to long term. In addition, it will focus on building a revenue base that is less affected by revisions to the nursing care insurance system.

(Written by FISCO Guest Analyst Yoichiro Shimizu)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

IIF Research Memo（10）：中期ビジョンのもと、既存事業拡大、新規事業展開積極化で成長を加速させる（1）

IIF Research Memo (10): Accelerating Growth through Expansion of Existing Business and Promotion of New Business Development, under the Mid-Term Vision (1)

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