Sanwa Technos Research Memo (2): For the interim period ending in March 2025, there will be a decrease in sales and profits, but each stage's profits will exceed the Financial Estimates.

Fisco Japan · Dec 24 14:02

■サンワテクノス＜8137＞の業績動向

1. 2025年3月期第2四半期（中間期）の業績概要

2025年3月期第2四半期（中間期）の連結業績は、売上高で前年同期比21.9%減の69,426百万円、営業利益で同52.1%減の1,650百万円、経常利益で同54.6%減の1,681百万円、親会社株主に帰属する中間純利益で同58.7%減の1,271百万円と減収減益となったものの、各段階利益は予想数値を上回って着地した。予想数値比での上振れ要因は、期中平均レートが152.25円/米ドルと前提レート（137.90円/米ドル）に対して円安で推移したことに加えて、売上総利益率の改善や経費抑制の効果などによる。

同社が事業領域とする産業用エレクトロニクス・メカトロニクス業界では市況低迷による設備投資の減少や部品手配の調整が続くなかで、制御機器や電機品、電子部品、設備機器などの売上が減少した。受注高についても前年同期比15.6%減の64,027百万円と減少基調が続いているが、半期ベースで見ると前下期比で4.9%増と約3年ぶりに増加に転じ、受注水準としては底を打ったものと見られる。2024年9月末の受注残高は46,964百万円と直近のピークから5割の水準まで減少したが、売上月数に換算すると4.1ヶ月分と2020年以前が約2ヶ月分の水準であったことからするとまだ高い水準にあり、下期も受注残高の解消が続くものと考えられる。

2025年3月期第2四半期（中間期）の営業利益増減要因について見ると、売上総利益率の改善（前年同期比1.0ポイント上昇）で381百万円、為替レートの変動で76百万円※、その他経費の抑制で191百万円の増益要因となったが、売上高減少に伴う利益減2,440百万円をカバーできなかった。売上総利益率の改善要因は、利益を重視した営業活動に取り組んだことや相対的に利益率の低かったアジア地域での太陽光関連業界向け大型案件が前期で一巡したことなどが挙げられる。営業外収支は為替差損益の悪化（-219百万円）を主因として、同227百万円のマイナスとなった。また、特別利益として当期も投資有価証券売却益を167百万円計上した（前年同期は557百万円計上）。同社は資本コストや株価を意識した経営の実現に向けた施策の1つとして、2024年3月期より政策保有株式を段階的に売却する方針を打ち出しており、その一環となる。売却資金は成長投資のほか株主還元に充当する方針としている。

※ 期中平均為替レートは152.25円/米ドルと前年同期の134.85円/米ドルから約17円/米ドルの円安となり、国内事業会社で30百万円の増益要因となった。また、海外事業会社は仕入販売取引で3百万円、期末換算レート差で43百万円の増益要因となった。

自動車関連（EV）業界向けの電子部品や制御機器が増加、地域別では欧米地域が増収

2. 部門別、地域別動向

同社は売上高について、取扱商品別に電機・電子・機械の3部門に分けて内訳を開示しているほか、地域別セグメント情報として売上高及び営業利益を開示している。

(1) 部門別売上高の動向

電機部門の主な商材は、サーボモータやモーションコントローラ、インバータ、マシンコントローラ、パワーコンディショナなどが挙げられ、主に安川電機＜6506＞の製品を取り扱っている。主要顧客としてはSCREENホールディングス＜7735＞、KOKUSAI ELECTRIC＜6525＞、パナソニックホールディングス＜6752＞、ニコン＜7731＞、ダイフク＜6383＞などが挙げられる。売上高は、自動車関連（EV）業界向けの制御機器（制御盤）の販売が増加した一方で、FA業界向けの制御機器（制御盤）や太陽光関連業界向けの電機品（サーボモータ、スカラロボット）の販売が減少し、前年同期比20.8%減の14,903百万円と前下期からの減少傾向が続いた。ただ、四半期ベースで見ると前第4四半期の5,833百万円を底にして、当第1四半期は7,220百万円、第2四半期は7,683百万円と2四半期連続で増加するなど回復感が出始めている。

電子部門の主な商材は、コンデンサやコネクタ、リレー、スイッチなどの一般電子部品のほか、ファンモーターやステッピングモーター、LED、電源装置など多岐にわたっている。主要顧客としてはデンソー＜6902＞、安川電機、三菱電機＜6503＞、オムロン＜6645＞、富士電機＜6504＞などが挙げられる。売上高は、自動車関連業界向けの電子部品（光学ユニット）の販売が増加した一方で、FA業界向けの電子機器（産業用PC）や電子部品（ケーブル、コネクタ等）の販売が減少し、同23.3%減の43,387百万円となった。設備投資関連機器の需要低迷に加えて、顧客先による部材の在庫調整が継続し減少要因となった。ただ、四半期ベースでは当第1四半期の21,962百万円を底にして第2四半期は26,425百万円と増加に転じており、当面の底は打ったものと弊社では見ている。

機械部門の主な商材は、安川電機のロボットのほか搬送装置や減速機などが挙げられる。主要顧客はデンソーやSUBARU＜7270＞、富士フイルムホールディングス＜4901＞、AGC＜5201＞、SUMCO＜3436＞などが挙げられる。売上高は、半導体製造装置業界向け設備機器（除振台）の販売が減少し、同11.8%減の6,135百万円となった。

(2) セグメント別業績動向

日本の売上高は前年同期比17.3%減の50,079百万円、営業利益は同50.7%減の1,029百万円となった。自動車関連（EV）業界向けの制御機器（制御盤）や自動車関連業界向けの電子部品（光学ユニット）の販売が増加したものの、FA業界向けの制御機器（制御盤）や電子機器（産業用PC）及び電子部品（ケーブル、コネクタ等）、半導体製造装置業界向けの設備機器（除振台）の販売減少が響いて減収減益となった。

アジアの売上高は同31.9%減の23,251百万円、営業利益は同61.0%減の509百万円となった。前年同期の売上に大きく寄与した太陽光関連業界向け電機品（サーボモータ、スカラロボット）の販売が減少したほか、FA業界向けの電子部品（コネクタ、端子台等）及び電子機器（ティーチングペンダント）や、半導体製造装置業界向けの電子機器（産業用PC）の販売も減少した。なお、アジア向けについては大半を占める中国のほか東南アジア向けについても減少したが、2024年3月期より新たに進出したインドについては現地に進出する日系インフラ企業向けの販売を開始するなど順調に立ち上がったようだ。インドでは自動車産業だけでなく、半導体などエレクトロニクス産業も自国内で育成する方針を政府が打ち出しており、電機品や電子部品、設備機器等の現地での需要を取り込むべく注力すべき市場と同社では位置付けている。

欧米の売上高は同0.3%増の3,349百万円、営業利益は同59.5%減の54百万円となった。FA業界向け電子部品（ファンモータ、コネクタ等）の販売が減少したものの、自動車関連業界向け及び生活用品業界向け産業用ロボットの販売が増加した。

（執筆：フィスコ客員アナリスト　佐藤　譲）

■ The performance trends of SANWA TECHNOLOGIES <8137>

1. Overview of the second quarter (interim period) of the fiscal year ending March 2025

For the second quarter of the fiscal year ending March 2025, the consolidated performance showed a revenue of 69,426 million yen, down 21.9% compared to the same period last year, operating profit of 1,650 million yen, down 52.1% year-on-year, ordinary profit of 1,681 million yen, down 54.6% year-on-year, and a net profit attributable to parent company shareholders of 1,271 million yen, down 58.7% year-on-year, indicating a decline in both sales and profits. However, profits at each stage exceeded the forecast figures. The upward factors compared to the forecast figures included the average exchange rate during the period being 152.25 yen/USD, which was a depreciation of the yen against the assumed rate (137.90 yen/USD), along with improvements in gross profit margin and cost control effects.

In the industrial electronics and mechatronics industries where the company operates, there has been a decrease in capital investment due to Stunk market conditions and adjustments in parts procurement, leading to a decline in sales of control equipment, electrical goods, Electronic Components, and equipment. The order volume has also decreased by 15.6% year-on-year to 64,027 million yen, continuing the downward trend, but on a half-year basis, it has increased by 4.9% compared to the previous half, marking the first increase in about three years, suggesting that the order level has bottomed out. As of the end of September 2024, the order backlog was 46,964 million yen, reduced to 50% of the recent peak, but when converted into months of sales, it equates to 4.1 months, which is still a high level compared to about 2 months before 2020, and it is expected that the resolution of the order backlog will continue in the second half.

Looking at the factors for the increase and decrease in operating profit for the second quarter of the fiscal year ending March 2025, the improvement in gross profit margin contributed 381 million yen (up 1.0 points year-on-year), fluctuations in Exchange Rates contributed 76 million yen*, and cost controls contributed 191 million yen; however, this could not cover the profit decrease of 2,440 million yen due to declining sales. The factor for the improvement in gross profit margin includes the focus on profit-oriented sales activities and the completion of large projects for the solar-related industry in the Asia region, which previously had relatively low profit margins. Non-operating income showed a deterioration in foreign exchange gains and losses (-219 million yen), resulting in a negative of 227 million yen. Additionally, a special gain from the sale of investment securities was recorded at 167 million yen for this period (557 million yen for the same period last year). The company has announced a policy to gradually sell policy-held stocks from the fiscal year ending March 2024 as one measure towards realizing management that considers capital costs and stock prices. The proceeds from the sales are planned to be used for growth investments and returning to shareholders.

The average exchange rate during the period was 152.25 yen/USD, which represents a depreciation of about 17 yen/USD compared to 134.85 yen/USD in the same period last year, resulting in an increase of 30 million yen for domestic business companies. Moreover, overseas business companies gained 3 million yen due to procurement and sales transactions and 43 million yen from end-of-term exchange rate differences.

Electronic Components and control equipment for the automotive-related (EV) industry have increased, with the Regional trends showing growth in Europe and the U.S.

2. Trends by department and region

The company discloses revenue by dividing it into three sectors: electrical, electronic, and machinery, as well as revenue and operating profit in regional segment information.

(1) Trends in sales by sector.

The main products in the electrical sector include Servo Motors, motion controllers, inverters, machine controllers, and power conditioners, mainly handling products from Yaskawa Electric <6506>. Major customers include SCREEN Holdings <7735>, KOKUSAI ELECTRIC <6525>, PANASONIC CORP <6752>, NIKON <7731>, and Daifuku <6383>. Revenue from control equipment (control panels) for the automotive-related (EV) industry increased, while sales of control equipment (control panels) for the FA industry and electrical products (Servo Motors, Scara Robots) for the solar-related industry decreased, resulting in a year-on-year decrease of 20.8%, to 14,903 million yen, continuing a downward trend from the previous half. However, on a quarterly basis, after hitting a low of 5,833 million yen in the previous fourth quarter, the first quarter recorded 7,220 million yen, and the second quarter increased to 7,683 million yen, indicating signs of recovery over two consecutive quarters.

The main products in the electronic sector include general electronic components such as capacitors, connectors, relays, and switches, as well as a wide range of fan motors, stepping motors, LEDs, and power supplies. Major customers include DENSO <6902>, Yaskawa Electric, Mitsubishi Electric Corp. Unsponsored ADR <6503>, Omron <6645>, and Fujitsu <6504>. Revenue decreased by 23.3%, to 43,387 million yen, as sales of electronic components (optical units) for the automotive industry increased while sales of electronic equipment (industrial PCs) and electronic components (cables, connectors, etc.) for the FA industry declined. In addition to sluggish demand for equipment-related investments, customer inventory adjustments of materials continued, contributing to the decrease. However, on a quarterly basis, revenue increased from 21,962 million yen in the first quarter to 26,425 million yen in the second quarter, suggesting that the bottom has been reached.

The main products in the machinery sector include Yaskawa Electric's robots, conveyors, and reducers. Major customers include DENSO, SUBARU CORP Unsponsored ADR <7270>, Fujifilm Holdings Corporation Unsponsored ADR <4901>, AGC <5201>, and SUMCO <3436>. Revenue decreased by 11.8% to 6,135 million yen due to a decline in sales of equipment (vibration isolation tables) for the semiconductor manufacturing equipment industry.

(2) Trends in performance by segment.

Revenue in Japan decreased by 17.3% year-on-year to 50,079 million yen, and operating profit decreased by 50.7% to 1,029 million yen. Although sales of control equipment (control panels) and electronic components (optical units) for the automotive-related (EV) industry increased, the decline in sales of control equipment (control panels), electronic equipment (industrial PCs), electronic components (cables, connectors, etc.), and equipment (vibration isolation tables) for the semiconductor manufacturing equipment industry affected revenue and profit.

Revenue in Asia decreased by 31.9% to 23,251 million yen, and operating profit decreased by 61.0% to 509 million yen. Sales of electrical products (Servo Motors, Scara Robots) for the solar-related industry, which greatly contributed to revenue in the previous year, decreased, as well as sales of electronic components (connectors, terminal blocks, etc.) and electronic equipment (teaching pendants) for the FA industry, and electronic equipment (industrial PCs) for the semiconductor manufacturing equipment industry. Revenue for Asia decreased from both China, which accounts for a large portion, and Southeast Asia. However, regarding India, which was newly entered in the fiscal year ending March 2024, sales targeting Japanese infrastructure companies operating locally began smoothly. The government is promoting the development of not only the automotive industry but also the semiconductor and electronics industry domestically, and the company positions India as a market where it should focus on capturing local demand for electrical products, electronic components, and equipment.

Revenue in North America and Europe increased by 0.3% year-on-year to 3,349 million yen, while operating profit decreased by 59.5% to 54 million yen. Although sales of Electronic Components for the FA industry (such as fan motors and connectors) declined, sales of industrial robots for the automobile-related industry and daily necessities industry increased.

(Written by FISCO guest analyst, Jo Sato)

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

サンワテクノス Research Memo（2）：2025年3月期中間期は減収減益も、各段階利益は予想数値上回る

Sanwa Technos Research Memo (2): For the interim period ending in March 2025, there will be a decrease in sales and profits, but each stage's profits will exceed the Financial Estimates.

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