Up-to-date Electrical Research Memo (5): In the second quarter of the fiscal year ending in March 2025, both revenue and operating profit fell short of the initial plan.

Fisco Japan · Nov 29, 2024 10:05

■上新電機＜8173＞の業績動向

1. 2025年3月期第2四半期の業績概要

2025年3月期第2四半期累計の連結業績は、売上高が前年同期比2.8%減の191,986百万円、営業利益が同59.9%減の1,838百万円、経常利益が同60.9%減の1,777百万円、親会社株主に帰属する中間純利益が同29.4%減の2,196百万円となり、期初に発表した第2四半期の業績予想である売上高198,000百万円、営業利益4,600百万円、経常利益4,600百万円、親会社株主に帰属する中間純利益3,200百万円に対し、全ての項目において下振れての着地となった。特に売上高に比べて営業利益以下の未達幅が大きくなっているが、これは前年同期と比較して売上総利益率が26.8%から26.5%へと0.3ポイント低下、一方で販管費率は24.5%から25.5%へと1.0ポイント上昇したことによる。また、売上高が未達となった最大の要因はテレビ、冷蔵庫や洗濯機など白物家電とゲームなどエンターテインメント分野の販売減少にある。品種別の売上増減をみると、テレビは前年同期比4.7%減、冷蔵庫は同7.1%減、洗濯機・クリーナーは同5.6%減、電子レンジ・調理器具は同6.6%減と軒並みマイナス、また、ゲーム・模型・玩具・楽器は同17.8%減と大幅減となった。同社も含めた家電業界全体として、主力取り扱い商品であるテレビ、パソコン、ゲーム機などがコロナ禍で在宅頻度が増えたことによる需要の先食いが過去数年間であり、その反動による調整の影響もあったとみられるが、他社と比べて前年同期比での落ち込み幅が大きい品種があるうえ、第2四半期の1店舗当たり売上高も前年同期比2.9%減と出店を意識的に抑制するなかでマイナスとなっている点はやや気がかりだ。

十分な財務安全性を有する。第2四半期で政策保有株のうちアシックス株を一部売却し、投資有価証券売却益1,831百万円を計上。持ち合い解消の流れはポジティブ

2. 財務状況と経営指標

2025年3月期第2四半期末の財務状況は、資産合計は前期末比7,004百万円減少の225,771百万円となった。主な減少要因は流動資産が6,421百万円の減少と大半を占めており、現金及び預金が239百万円、売掛金が4,095百万円、棚卸資産が2,193百万円それぞれ減少した。固定資産は同584百万円減少の108,185百万円と、有形固定資産、無形固定資産ともに目立った動きはなかった。一方、負債合計は同6,002百万円減少の122,160百万円となった。主な減少要因は、流動負債では支払手形及び買掛金が3,779百万円増加した一方、短期有利子負債が11,391百万円と大幅に減少した。固定負債では、長期借入金が4,600百万円増加した。純資産合計は同1,003百万円増加の103,610百万円となった。

経営指標を見ると、2025年3月期第2四半期の自己資本比率は45.9%となっており、バランスシートは十分な財務安全性を有している。また、前期末時点での投資有価証券の残高は8,017百万円であったが、2024年7月12日に公表されている通り、同社保有株のうちアシックス＜7936＞株を第2四半期に848,000株（一部）売却し、投資有価証券売却益1,831百万円を計上している。もともと同社の政策保有株はダイキン工業＜6367＞とアシックスが時価ベースでは最大の構成比であったため、残っている保有株の大半はダイキン工業株（158,900株、9月末時価で約3,190百万円相当）である。

（執筆：フィスコ客員アナリスト　永岡宏樹）

■Performance trends of Joshin Denki ＜8173＞

1. Summary of financial results for the 2nd quarter of the fiscal year ending March 31, 2025

Consolidated consolidated financial results for the 2nd quarter of the fiscal year ending 2025/3 are sales of 191986 million yen, down 2.8% from the same period last year; operating profit down 59.9% to 1838 million yen; ordinary profit down 60.9% to 1777 million yen; and interim net profit attributable to parent company shareholders fell 29.4% to 2196 million yen, sales of 198000 million yen, which is the earnings forecast for the second quarter announced at the beginning of the fiscal year. Profit was 4600 million yen, ordinary income 4600 million yen, and interim net income attributable to parent company shareholders of 3200 million yen, and it landed downward in all categories. In particular, the margin below operating profit has increased compared to sales, and this is due to the fact that the gross profit margin dropped 0.3 points from 26.8% to 26.5% compared to the same period last year, while the SG&A expenses ratio rose 1.0 point from 24.5% to 25.5%. Also, the biggest reason sales did not reach sales is the decline in sales in the entertainment sector such as white goods such as televisions, refrigerators, and washing machines, and games. Looking at the increase or decrease in sales by type, televisions fell 4.7% from the same period last year, refrigerators fell 7.1%, washing machines and cleaners fell 5.6%, microwaves/cookware fell 6.6%, which was negative across the board, and games, models, toys, and musical instruments fell 17.8% from the same period. The consumer electronics industry as a whole, including the company, has seen an advance in demand in the past few years due to an increase in the frequency of staying at home due to the COVID-19 pandemic, which are the main products handled, and it seems that adjustments were also affected by adjustments due to that reaction, but there are varieties with a large drop compared to the same period last year compared to other companies, and sales per store in the 2nd quarter also fell 2.9% from the same period last year, and it is somewhat worrisome that it is negative in consciously suppressing store openings .

It has sufficient financial security. In the second quarter, some ASICS shares were sold out of policy holdings, and a profit of 1831 million yen was recorded from the sale of investment securities. The trend of dissolving relationships is positive

2. Financial Status and Management Indicators

As for the financial situation at the end of the second quarter of the fiscal year ending 2025/3, total assets decreased 7004 million yen from the end of the previous fiscal year to 225771 million yen. The main factors of decline were a decrease in current assets of 6421 million yen, accounting for the majority, and cash and deposits decreased by 239 million yen, accounts receivable by 4095 million yen, and inventory assets by 2193 million yen, respectively. Fixed assets decreased by 584 million yen to 108185 million yen, and there was no noticeable movement in both tangible fixed assets and intangible fixed assets. Meanwhile, total debt decreased by 6002 million yen to 122160 million yen. The main reason for the decline was that notes payable and accounts payable increased by 3779 million yen in current liabilities, while short-term interest-bearing debt declined drastically to 11391 million yen. In terms of fixed liabilities, long-term loans increased by 4600 million yen. Total net assets increased by 1003 million yen to 103610 million yen.

Looking at management indicators, the capital adequacy ratio for the second quarter of the fiscal year ending 2025/3 is 45.9%, and the balance sheet has sufficient financial security. Also, the balance of investment securities as of the end of the previous fiscal year was 8017 million yen, and as announced on 2024/7/12, ASICS ＜7936＞ shares (partial) were sold in the 2nd quarter out of the company's shares, and a profit of 1831 million yen from the sale of investment securities was recorded. Originally, Daikin Industries (6367) and ASICS had the largest composition ratio in terms of market value as the company's policy holdings, so most of the remaining shares held are Daikin Industries shares (158,900 shares, equivalent to about 3190 million yen at market value at the end of September).

(Written by FISCO Visiting Analyst Hiroki Nagaoka)

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

上新電機 Research Memo（5）：2025年3月期第2四半期は期初計画に対し売上高、営業利益ともに下振れて着地

Up-to-date Electrical Research Memo (5): In the second quarter of the fiscal year ending in March 2025, both revenue and operating profit fell short of the initial plan.

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