Sanji Industry Research Memo (1): In March 2024, the order backlog was smoothly digested and operating profit increased by 114.2% compared to the previous year.

Fisco Japan · Jun 17 12:21

■要約

三機工業＜1961＞の主要事業は、オフィスビル、学校、病院、ショッピングセンター、工場、研究施設などの建築設備（主に空調設備）及びプラント設備（上下水道処理施設等）の企画・設計・製作・監理・施工・販売・コンサルティングなどである。同社の強みは、多岐にわたる事業を横断的に融合させる総合エンジニアリングと100年近い実績から培われた高い技術力と信用力である。

1. 2024年3月期：受注残を順調に消化し営業利益は前期比114.2%増。次期繰越高も高水準

2024年3月期の業績は、売上高が221,920百万円（前期比16.3%増）、営業利益が11,586百万円（同114.2%増）、経常利益が12,750百万円（同104.1%増）、親会社株主に帰属する当期純利益が8,951百万円（同88.4%増）となった。前期の売上高が一部工事の工程見直し等により低水準であったことに加え、手持ち工事を順調に消化したことから売上高は大幅増となった。売上総利益率は、利益率改善に向けた内部努力に加えて好採算工事が進捗したことで15.6%（前期14.2%）と大きく改善した。一方で販管費は、ほぼ予算どおりの6.7%増に留まったことから営業利益は前期比で大幅増となった。受注高も232,396百万円（前期比1.7%増）と堅調であり、期末の次期繰越高は198,902百万円（同5.6%増）と高水準を維持した。

2. 2025年3月期の業績見通し：営業利益は前期比7.9%増を見込む

2025年3月期については、受注高が210,000百万円（前期比9.6%減）、次期繰越高が183,902百万円（前期末比7.5%減）、売上高が225,000百万円（前期比1.4%増）、営業利益が12,500百万円（同7.9%増）、経常利益が13,000百万円（同2.0%増）、親会社株主に帰属する当期純利益が8,800百万円（同1.7%減）と予想している。売上総利益率は15.8%（同0.2ポイント上昇）の見込みで、販管費は同0.2%減を予想している。同社は、「予想売上高の約70%は現在の手持ち工事で計上できる見込み」と述べていることから、この予想が達成される可能性は高く、今後の期中受注や工事の進捗状況によっては上方修正の可能性もあると弊社では見ている。

3. 中期経営計画“Century 2025”Phase3は順調に進捗

同社は2016年3月に、創立100周年の2026年3月期に向けて、2017年3月期から10年間の長期ビジョン“Century 2025”を発表した。その目標達成のために10年間を3つのPhaseに分け、中期経営計画に基づく事業戦略を推進してきた。この長期ビジョンの最終目標（Phase3の目標）は、ステークホルダーからもっと「選ばれる」会社と定めている。定量目標は、最終年度である2026年3月期に売上高2,200億円、売上総利益率16.5%、経常利益120億円、配当性向50%以上、ROE8.0%以上としており、現時点でこの目標は変えていないが、2024年3月期で目標をほぼ達成しつつあることから、同社は「計画の見直しを検討中」と述べた。重要なことは、施工品質・生産性の向上、働き方改革、成長投資など目に見えないところで同社が質的にもどのように変わっていくかだと弊社は考えている。今後の同社のさらなる「質的な変化」に注目したい。

4. 株主還元にも前向きで2025年3月期の配当性向は51.3%を予定

同社は、これまでの安定配当や近年の増配に加え、自社株買いなど積極的な株主還元を実施してきた。年間配当については、2023年3月期75円（特別配当5.0円含む）、2024年3月期85.0円（同15.0円含む）を行った。自己株式取得では、2022年3月期に1,000千株を取得したことに続き、2023年3月期に1,500千株、2024年3月期に1,420千株を取得した。この結果、過去10年間（2015年3月期から2024年3月期まで）の総還元性向（加重平均）は79.4%に達している。進行中の2025年3月期は、普通配当で85.0円（予想配当性向51.3%）を予定している。今後の自己株式取得については、中期経営計画に基づいて今後2年間で208万株を取得する予定だ。単に業績向上を目指すだけでなく、株主還元においても積極的な同社の姿勢は大いに評価すべきだろう。

■Key Points

・三井系の国内トップクラスの建築設備会社。利益率改善策を実施中

・2024年3月期の営業利益は前期比114.2%増、2025年3月期も同7.9%増益を目指す

・株主還元に前向きで2025年3月期は85円配当（配当性向51.3%）を予定。自社株買いにも前向き

（執筆：フィスコ客員アナリスト　寺島　昇）

■Summary

The main business of Sanki Industries (1961) is planning, design, manufacture, supervision, construction, sales, and consulting of construction equipment (mainly air conditioning equipment) and plant equipment (water and sewerage treatment facilities, etc.) for office buildings, schools, hospitals, shopping centers, factories, research facilities, etc. The company's strengths are comprehensive engineering, which integrates a wide range of businesses in a cross-cutting manner, and high technical capabilities and creditworthiness cultivated from nearly 100 years of experience.

1. Fiscal year ended 2024/3: Operating profit increased 114.2% from the previous fiscal year due to steady absorption of backlog orders. The next carryforward is also at a high level

Financial results for the fiscal year ending 2024/3 were net sales of 221,920 million yen (up 16.3% from the previous fiscal year), operating income of 11,586 million yen (up 114.2% from the same period), ordinary profit of 12,750 million yen (up 104.1% from the same period), and net income attributable to parent company shareholders of 8,951 million yen (up 88.4% from the same period). In addition to the fact that sales for the previous fiscal year were at a low level due to process reviews etc. of some construction, sales increased drastically due to the smooth digestion of hand-held construction. The gross profit margin improved significantly to 15.6% (14.2% in the previous fiscal year) as profitable construction progressed in addition to internal efforts aimed at improving profit margins. Meanwhile, since SG&A expenses remained at a 6.7% increase almost in line with the budget, operating profit increased drastically compared to the previous fiscal year. The volume of orders received was also strong at 232,396 million yen (up 1.7% from the previous fiscal year), and the carry-over to the next fiscal year at the end of the fiscal year remained high at 198,902 million yen (up 5.6% from the same period).

2. Earnings forecast for the fiscal year ending March 31, 2025: Operating profit is expected to increase 7.9% from the previous fiscal year

For the fiscal year ending 2025/3, it is anticipated that order volume will be 210,000 million yen (down 9.6% from the previous fiscal year), the carryforward to the next fiscal year will be 183,902 million yen (down 7.5% from the previous fiscal year), sales will be 225,000 million yen (up 1.4% from the previous fiscal year), operating profit will be 12,500 million yen (up 7.9% from the same period), ordinary profit attributable to parent company shareholders will be 8,800 million yen (down 1.7% from the same period). The gross profit margin is expected to be 15.8% (up 0.2 points from the same period), and SG&A expenses are expected to decrease 0.2% from the same period. Since the company has stated that “approximately 70% of expected sales are expected to be recorded with current handheld construction,” there is a high possibility that this forecast will be achieved, and we believe that there is a possibility of upward revisions depending on future mid-term orders received and construction progress.

3. Phase 3 of the Mid-Term Management Plan “Century 2025” is progressing smoothly

In 2016/3, the company announced a long-term vision “Century 2025” for 10 years from the fiscal year ending 2017/3 for the fiscal year ending 2026/3, which is the 100th anniversary of its founding. In order to achieve this goal, 10 years have been divided into 3 phases, and a business strategy based on the medium-term management plan has been promoted. The ultimate goal (Phase 3 goal) of this long-term vision is defined as a company that is more “selected” by stakeholders. The quantitative target is sales of 220 billion yen, gross profit margin of 16.5%, ordinary profit of 12 billion yen, dividend payout ratio of 50% or more, and ROE of 8.0% or more for the fiscal year ending 2026/3, which is the final year, and although this target has not changed at the moment, it is almost achieving the target for the fiscal year ending 2024/3, the company stated that it is “considering reviewing the plan.” We believe that what is important is how the company will change qualitatively in an invisible way, such as improvements in construction quality and productivity, work style reforms, and growth investments. I would like to pay attention to the company's further “qualitative changes” in the future.

4. Shareholder returns are also positive, and the dividend payout ratio for the fiscal year ending 2025/3 is expected to be 51.3%

In addition to stable dividends up until now and dividend increases in recent years, the company has actively implemented shareholder returns, such as stock buybacks. Annual dividends were 75 yen (including a special dividend of 5.0 yen) for the fiscal year ending 2024/3 and 85.0 yen (including 15.0 yen) for the fiscal year ending 2024/3. In the treasury stock acquisition, following the acquisition of 1,000 thousand shares in the fiscal year ending 2022/3, 1,500 thousand shares were acquired in the fiscal year ending 2023/3, and 1,420 thousand shares were acquired in the fiscal year ending 2024/3. As a result, the total return ratio (weighted average) for the past 10 years (from the fiscal year ending 2015/3 to the 2024/3 fiscal year) has reached 79.4%. The ongoing fiscal year ending 2025/3 is scheduled to be 85.0 yen (expected payout ratio of 51.3%) as a normal dividend. As for future treasury stock acquisitions, it is planned to acquire 2.08 million shares over the next 2 years based on the medium-term management plan. In addition to simply aiming to improve business performance, the company's aggressive stance on shareholder returns should be greatly appreciated.

■Key Points

・Mitsui's top domestic construction equipment company. Measures to improve profit margins are being implemented

・Operating profit for the fiscal year ending 2024/3 is up 114.2% from the previous fiscal year, and we aim for a 7.9% increase in profit for the fiscal year ending 2025/3

・We are positive about shareholder returns and are planning a dividend of 85 yen (dividend payout ratio of 51.3%) for the fiscal year ending 2025/3. Positive for stock buybacks

(Written by FISCO Visiting Analyst Noboru Terashima)

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三機工業 Research Memo（1）：2024年3月期は受注残を順調に消化し、営業利益は前期比114.2%増

Sanji Industry Research Memo (1): In March 2024, the order backlog was smoothly digested and operating profit increased by 114.2% compared to the previous year.

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