Company overview

1. Company Overview

天昇電気工業＜6776＞は、1936年（昭和11年）に創業した歴史のある合成樹脂（プラスチック）成形品メーカーである。ラジオのキャビネットを木製からプラスチック化したのは同社であり、その後も長い歴史のなかで、様々な合成樹脂の成形加工を手掛けてきた。その間に培われた技術力をベースに、その前段階の金型事業、さらに後工程の塗装などの加工工程へも事業領域を拡げ、生産においても、国内のみならず海外生産へも進出している。現在では、自動車部品、家電・OA機器や機構部品、さらに大型コンテナや感染性医療廃棄物容器など多分野へ展開している。

2. History

同社の創業は1936年に遡るが、それ以降一貫してプラスチックの成形加工を事業として行ってきた。言い換えれば、プラスチック加工の老舗であり名門でもある。

株式については、1961年に東京証券取引所第2部に上場しており、現在までに幾多の主要株主の変遷があったが、現在ではプラスチックコンテナやパレットの大手メーカーである三甲(株)の関連会社が筆頭株主（2024年3月期末現在33.6%保有）、三井物産＜8031＞が第2位（同13.8%）となっている。さらに2019年9月、保有する自己株式417,800株（発行済み株式数の2.46%）をタキロンシーアイ＜4215＞に売却した。

なお長期にわたり同社を牽引してきた三井物産出身の石川忠彦（いしかわただひこ）氏は取締役会長となり、現在は三井化学＜4183＞出身の藤本健介（ふじもとけんすけ）氏が代表取締役社長を務めている。

3. Business Description

(1) Main Products and Main Destinations

The core business is the manufacturing and sales of various plastic products and components. There are several methods for processing plastics, but the company manufactures products using injection molding. Additionally, not only the manufacturing of final products, but there are also cases where product design, mold design and manufacturing, molding, painting, printing, inspection, and delivery are consistently carried out in collaboration with customers from the initial development stage.

The company's segments are divided into "Japan Molding Related Business," "China Molding Related Business," "American Molding Related Business," and "A-REIT ETF Related Business," with the revenue ratios for the interim period of the fiscal year ending March 2025 being 71.3%, 2.2%, 25.4%, and 1.0%, respectively. The company's segments are divided by sales region into Japan, China, and America, and are not separated by product content. The "A-REIT ETF Related Business" entails leasing land and buildings in Sagamihara, Kanagawa Prefecture, and land in Nihonmatsu, Fukushima Prefecture, generating stable revenue each period. For the fiscal year ending March 2024, excluding the "A-REIT ETF Related Business," the main destinations for molding related business (estimated) are about 60% related to automobiles, about 25% original (in-house) products, and about 15% home appliances and OA equipment. Products are manufactured in five domestic factories (Fukushima, Yabuki, Gunma, Saitama, Mie), one domestic subsidiary factory, and two overseas factories (China, Mexico).

a) Automotive Related

Manufactures and sells various products such as interior and exterior parts, engine room components, and dashboards. There are transactions with all major auto manufacturers, but it does not belong to any specific group. Additionally, there are transactions with many Tier 1 and Tier 2 component manufacturers.

b) Original (In-house) Products

These are products independently developed by the company, including a multi-purpose box for various products (tenbako), barrel-shaped containers (tentaru), containers specifically for medical waste (mipper), rainwater retention infiltration tanks, and conductive PCB storage racks (tensatruck). The profit margin for original products is high.

c) Home Appliances and OA

Mainly manufactures enclosures for LCD Televisions and lighting fixtures, as well as various OA equipment, Precision Instruments, Medical Devices, and structural and functional components.

(2) Characteristics and Strengths

a) Technological capabilities cultivated over a long time and trust from customers

Since its founding, the company has been engaged in the manufacturing of Plastics products, and the technological capabilities cultivated during this period are high. Furthermore, it possesses a variety of equipment not just for manufacturing final products but also for various processes. This combination allows the company to meet the diverse needs of many customers, leading to trust from customers and often being approached from the planning stages of new products.

b) Cutting-edge technology and various production facilities

The company has not only DKM Injection Machines for manufacturing products but also various other equipment. For example, facilities for mold making/design, film decoration, prototype production, printing/Hot Stock, painting, assembly, and measurement/testing, combined with cutting-edge technology utilizing Computers, create a system that consistently provides the best proposals to customers.

c) Special technologies

Additionally, the company possesses special technologies such as the following, responding to various requests from customers.

1) Weldless / Gloss Molding Technology: Achieves no paint finish using special molds and molding techniques, producing a gloss similar to that of lacquerware.

2) Special Printing (Carbon Fiber Coating): Utilizes unique technology to perform special coating on Carbon Fiber.

3) Film Decoration: Attaches and transfers film to products using vacuum and pressure technology. It can also express tactile sensations.

(3) Competition

Many manufacturers exist in the market for injection-molded products. However, many of the products handled by the company are not general-purpose products determined by price, but rather products designed for each user, in which the company participates from the planning stage. Therefore, there are few companies that compete head-on with this company, but management is considering entering a wide range of fields, not just injection-molded products.

(Written by FISCO guest analyst Noboru Terashima)