AINABO HD Research Memo (2): Housing equipment and exterior construction companies. The main business is exterior construction of tiles and sidings, as well as housing equipment construction.

Fisco Japan · Jun 6 15:32

■事業概要

1. 事業内容

2024年9月期第2四半期末現在、純粋持株会社であるアイナボホールディングス＜7539＞の下、連結子会社8社、非連結子会社8社を擁してグループを形成している。事業セグメントは、戸建住宅事業と大型物件事業に分かれている。2023年9月期の各セグメントの売上高は戸建住宅事業73,545百万円（売上比率85.4%）、大型物件事業12,540百万円（同14.6%）、営業利益は戸建住宅事業2,830百万円、大型物件事業569百万円となった。各事業は工事内容はほぼ同じだが、受注先（受注金額）の規模が異なる。前者は主に一般住宅用の工事で、中小ゼネコンや一般工務店などからの受注である。後者は主に大手ゼネコン等からの受注である。両事業にはそれぞれサブセグメントがある。戸建住宅事業は外壁工事、住設工事、建材販売、住設販売に、大型物件事業はタイル販売・工事、住設販売・工事にそれぞれ分かれている。2023年9月期における各サブセグメントの連結売上高に対する比率は、戸建住宅事業の外壁工事が20.0%、住設工事が25.4%、建材販売が18.8%、住設販売が21.2%、大型物件事業のタイル販売・工事が4.2%、住設販売・工事が10.4%となっている。

2. セグメント及びサブセグメントの概要

(1) 戸建住宅事業

主に地場の中小ゼネコンや工務店、ハウスメーカーやビルダーから受注する案件※を主に扱っている。施主からの直接受注は少ない。

※工事に伴うタイル資材や住設機器の販売高はそれぞれの工事部門に含まれている。

a) 外壁工事

一般住宅や小型マンション、店舗等の内外壁タイル、床タイル、エクステリア等の工事を行う。タイルだけでなくサイディング（外壁材）など様々な素材に対応している。

b) 住設工事

主にシステムキッチン、バス、トイレ等の水回りや各種リフォーム工事、太陽光発電システムの設置工事等を行う。基本的には外壁工事とは別受注となるが、案件によっては同時受注となる場合もある。バスルームの工事件数は年間2万件近くに上り、業界では最大手クラスである。

c) 建材販売

一般住宅、店舗、中小マンション向けの各種建材の卸売りを行っている。タイル建材の販売が比較的多い。主な販売先は工務店や地場のハウスビルダーなどで、二次卸業者への販売は行っていない。

d) 住設販売

建材販売と同様に工務店や地場のハウスビルダーなどへ住設機器の販売を行っている。

(2) 大型物件事業

工事内容は戸建住宅事業とほぼ同じであるが、大手ゼネコンを受注先とする大型物件（ビル、マンション等）を扱っている。大林組＜1802＞、(株)鴻池組、長谷工コーポレーション＜1808＞からの受注が比較的多い。

a) タイル販売・工事

内外装タイル、床タイル、石材の販売及び工事などを行う。

b) 住設販売・工事

システムキッチン等のマンション住宅設備やビル空調設備などの販売及び工事を行う。

3. 主な仕入先と販売先

同社の得意先は大手ゼネコンを筆頭に約7千社に上る。ただ、これらの顧客が常に稼働しているわけではない。また1件当たりの金額も数百万円から1億円以上と様々であるため、未収入金管理が経営上の重要な要素となる。主な仕入先は建材や住設機器ではLIXIL＜5938＞が最も多く、そのほかにTOTO＜5332＞、リンナイ＜5947＞、クリナップ＜7955＞、大建工業(株)などがある。また工事を行う下請け業者は大小合わせて2千社近くになるが、この中の半数近くは同社専業の下請け業者である。

4. 競合、特色、強み

同社のような外壁工事や建材・住設機器の販売を行っている企業は数多くあり、それぞれの分野で多くの競合会社が存在する。事業全体において競合会社を挙げるのは簡単ではないが、あえて挙げるならば、(株)小泉、渡辺パイプ(株)だろう。ただし外壁工事の分野では、近年は施工会社が減る傾向にあり競合会社は少なくなっている。このような業界の中で同社は、以下のような特色を生かして同業他社との差別化を図っている。

同社の特色の1つは、総合技術研修センターを有していることである。ここで多くの下請け会社に対して専門性の高い技術研修を行い、施工をサポートしている。また同社が研修を行うことで、様々な工種への対応を可能にしている。さらに、この技術センターで各現場の施工が予定どおりに進捗しているかを半年に1回チェックすることで、個人差による工事仕上がりのばらつきを減らしている。

自家保険制度を設けていることも、同社の特色の1つだ。これは下請け業者から出来高の一部を徴収し、協力会社にプールすることで、万が一下請け業者（作業員）が事故等で業務を行えなくなった場合に協力会社で定められた規程分の所得を補償するものだ。この制度により、同社と下請け業者との信頼関係が厚くなり、職人の定着率の向上や工事の仕上がり精度の高まりにつながっていると言う。

また同社の場合、通常行う売上管理や原価管理、工事進捗管理に加えて、請求管理、入金管理、未収入金管理まで徹底的に管理している。具体的には、各案件において仕入と売上を少額であっても行単位で管理し、損益計算書上の管理だけでなく貸借対照表上の管理・チェックも行っている。近年では建材販売を行う企業が工事施工分野に進出するケースは多いが、未収入金管理が複雑で手間が掛かるため「見えない参入障壁」になっており、競合企業の多くは工事事業から徹退しやすい傾向にあると言う。貸借対照表上の管理については、工事の進捗状況を見ながら見極める能力が重要であることから、同社の特色であり強みとも言えるだろう。その結果として、同社の2024年9月期第2四半期末のネットキャッシュ（現金及び預金－借入金）は9,088百万円と豊富であり、健全性は高いと言える。

（執筆：フィスコ客員アナリスト　寺島　昇）

■Business Overview

1. Business content

As of the end of the 2nd quarter of the fiscal year ending 2024/9, a group has formed a group with 8 consolidated subsidiaries and 8 unconsolidated subsidiaries under Ainavo Holdings ＜7539＞, which is a pure holding company. The business segment is divided into the detached housing business and the large property business. Sales for each segment for the fiscal year ended 2023/9 were 73,545 million yen (sales ratio 85.4%), large property business 12,540 million yen (same 14.6%), operating profit was 2,830 million yen for the detached housing business, and 569 million yen for the large property business. Construction details are almost the same for each business, but the scale of the order recipient (order amount) is different. The former is mainly construction for general housing, and orders are received from small to medium general contractors, general construction companies, etc. The latter are mainly orders received from major general contractors, etc. Both businesses have their own sub-segments. The detached housing business is divided into exterior wall construction, housing construction, building materials sales, and housing sales, and the large property business is divided into tile sales/construction, and housing sales/construction, respectively. The ratio of each subsegment to consolidated sales for the 2023/9 fiscal year is 20.0% for exterior wall construction, 25.4% for housing construction, 18.8% for building materials sales, 21.2% for housing sales, 4.2% for tile sales and construction for the large property business, and 10.4% for housing sales and construction.

2. Overview of segments and sub-segments

(1) Detached housing business

It mainly deals with projects* that receive orders from local small to medium general contractors, construction companies, house makers, and builders. There are few direct orders from clients.

* Sales of tile materials and housing equipment associated with construction are included in each construction division.

a) Exterior wall construction

We carry out construction of interior and exterior wall tiles, floor tiles, exteriors, etc. of general houses, small condominiums, stores, etc. It is compatible not only with tiles but also with various materials such as siding (exterior wall material).

b) Housing construction

We mainly carry out plumbing work for system kitchens, baths, toilets, etc., various remodeling work, and installation work for solar power generation systems. Basically, it is a separate order for exterior wall construction, but depending on the project, it may be ordered at the same time. The number of bathroom construction incidents rises to close to 20,000 per year, making it one of the largest companies in the industry.

c) Sales of building materials

We wholesale various building materials for general housing, stores, and small to medium condominiums. Sales of tile building materials are relatively high. The main sales destinations are construction companies and local house builders, etc., and sales to secondary wholesalers are not carried out.

d) Housing sales

Similar to selling building materials, they sell housing equipment to construction companies and local house builders.

(2) Large property business

Construction details are almost the same as the detached housing business, but they handle large properties (buildings, condominiums, etc.) with major general contractors receiving orders. There are relatively many orders from Obayashi Corporation ＜1802＞, Konoike Corporation, and Haseko Corporation ＜1808＞.

a) Tile sales/construction

We sell and construct interior and exterior tiles, floor tiles, and stone materials.

b) Housing sales/construction

We sell and construct condominium housing equipment such as system kitchens, and building air conditioning equipment, etc.

3. Main suppliers and sales destinations

The company's customers are around 7,000 companies, led by major general contractors. However, these customers are not always up and running. Also, since the amount of money per case varies from several million yen to 100 million yen or more, unearned income management is an important factor in management. LIXIL (5938) is the most common supplier for building materials and housing equipment, and in addition to that, TOTO ＜5332＞, Rinnai ＜5947＞, Cleanup ＜7955＞, and Taiken Kogyo Co., Ltd. Also, the number of subcontractors that carry out construction is close to 2,000 companies, large and small, and nearly half of these are subcontractors that specialize in the company.

4. Competitions, characteristics, strengths

There are many companies that sell exterior wall construction and building materials and housing equipment like this company, and there are many competitors in each field. It's not easy to name competitors in the overall business, but if I had to name them, they would be Koizumi Co., Ltd. and Watanabe Pipe Co., Ltd. However, in the field of exterior wall construction, construction companies have been decreasing in recent years, and the number of competitors has decreased. Within such an industry, the company is trying to differentiate itself from other companies in the same industry by utilizing the following characteristics.

One characteristic of the company is that it has a comprehensive technical training center. Here, highly specialized technical training is carried out for many subcontractors, and construction support is provided. Also, by conducting training, the company makes it possible to handle various types of work. Furthermore, by checking once every six months whether construction at each site is progressing as planned at this technical center, variations in construction results due to individual differences are reduced.

The fact that it has a self-insurance system is also one of the company's characteristics. This is by collecting a portion of the turnover from subcontractors and pooling them into partner companies to compensate for income according to regulations determined by the partner company in the unlikely event that the subcontractor (worker) is unable to perform work due to an accident, etc. It is said that this system has strengthened the relationship of trust between the company and subcontractors, leading to an improvement in the retention rate of craftsmen and an increase in the finish accuracy of construction work.

Also, in the case of the company, in addition to sales management, cost management, and construction progress management that is normally performed, it thoroughly manages billing management, payment management, and unearned income management. Specifically, in each project, purchases and sales are managed on a line-by-line basis, and not only management on profit and loss statements, but also management and checks on balance sheets are carried out. In recent years, there are many cases where companies that sell building materials advance into the construction field, but since unearned income management is complicated and takes time and effort, it has become an “invisible entry barrier,” and it is said that many competitors tend to easily retreat from the construction business. As for management on balance sheets, the ability to make assessments while observing the progress of construction is important, so it can be said that it is a characteristic and strength of the company. As a result, the company's net cash (cash and deposits-loans) at the end of the second quarter of the 2024/9 fiscal year was abundant at 9,088 million yen, and it can be said that soundness is high.

(Written by FISCO Visiting Analyst Noboru Terashima)

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

アイナボＨＤ Research Memo（2）：住設・外壁工事会社。主力事業はタイルやサイディングの外壁工事と住設工事

AINABO HD Research Memo (2): Housing equipment and exterior construction companies. The main business is exterior construction of tiles and sidings, as well as housing equipment construction.

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