Sanko HD Research Memo (3): Global Expansion of "Moving Building Materials." While the domestic market remains a major focus, the European and American businesses have also become important pillars of growth.

Fisco Japan · Jun 17 14:33

■三和ホールディングス＜5929＞の会社概要

2. 事業の概要

同社グループは、2024年3月末現在、同社、連結子会社104社、関連会社12社の計117社で構成されており、ビル商業施設建材製品、住宅建材製品の建築用金属製品の製造・販売及びメンテナンス・サービス事業を、日本、米州、欧州及びアジアで展開している。

具体的な製品は、建材の中でもシャッターやドアなど、“動く建材”が中心となっている。これに加えて、国内では間仕切やフロント製品、エクステリア製品などを、米州では車両用ドア製品などを展開している。また取付工事やメンテンス・サービスも収益の重要な一部となっている。

国内の主要な子会社は、三和シヤッター工業をはじめ、昭和フロント(株)、沖縄三和シヤッター(株)などに、2020年3月期より鈴木シャッターが加わった。国内市場シェアNo.1を誇り、経験豊富な施工技術者、サービス事業の拡大によって安定的な成長を目指す。一方、海外の米州では、北米で強力な販売ネットワークを持ち、米国・カナダで強力なブランド力を誇るODCにより、No.1に磨きをかける。また、欧州ではNFグループがドイツを主軸に欧州各国で事業展開しており、M&A戦略による事業基盤拡大によって、さらなるプレゼンス向上を目指す。さらに、アジアでは三和シヤッター（香港）有限公司、安和金属工業股フン有限公司などがある。グループ各社は、それぞれの地域の事業を担っており、傘下に多数の事業会社や地域販売会社を抱え、製品や事業領域によって複数のブランドを展開している。グループ各社の販路・技術力の活用、市場環境やニーズに迅速に対応できる体制の強化によって、グループの成長スピード加速を目指している。

同社グループは、国内同業他社に先駆けて、グローバルな事業展開を進めてきた。現在では、世界27の国と地域で事業を展開し、主要地域でトップポジションを確立している。同社では、日本、米州（ODC）、欧州（NF）、アジアの4つのセクターに分類して売上高及び営業利益を開示している。

2024年3月期実績ベースでは、日本が売上高の43.5%、営業利益の42.0%を占めており、グループ収益・利益の中核を形成している。海外では、米州のODCが売上高で36.0%、営業利益でも51.4%を占め、円安傾向もあって増収増益で、構成比を拡大した。欧州のNFでも円安傾向が影響し、売上高の18.2%、営業利益の5.8%を占めている。一方、2020年3月期より新たに連結対象となり、黒字転換して間がないアジアは、売上高は2.3%、営業利益も0.9%に留まっており、今後の利益拡大が課題である。

（執筆：フィスコ客員アナリスト　国重希）

Company overview for Sanwa Holdings <5929>.

2. Overview of the business The company group is composed of the company itself, 104 consolidated subsidiaries, and 12 associated companies as of the end of March 2024, and is engaged in the manufacturing, sales, maintenance, and service businesses of metal products for building commercial facility, building material metal products for residences in Japan, the Americas, Europe, and Asia. Specifically, motion building materials, such as shutters and car doors, are the cornerstone of building materials. In addition, in Japan, they also handle partition and front products, exterior products, etc., and in the Americas, they handle car door products. Installation work and maintenance services are also an important part of revenue. Major subsidiaries in Japan include Sanwa Shutter Industry, Showa Front Co., and Okinawa Sanwa Shutter. With the No.1 domestic market share, they aim for stable growth through experienced construction technicians and the expansion of service businesses. On the other hand, in the Americas overseas, they have a strong sales network in North America, and they have polished their No. 1 position with ODC, which has a strong brand power in the United States and Canada. In Europe, the NF Group operates in Germany and other European countries, and aims to improve their presence with expanded business foundations through mergers and acquisitions. Moreover, in Asia, there are Sanwa Shutter (Hong Kong) Ltd., Anwa Metal Industry Co., Ltd., and others. Each group company is responsible for their respective local business, with many business companies and regional sales companies under their umbrella, and they are expanding multiple brands depending on the products and business areas. They aim to accelerate the group's growth speed by utilizing the group's sales channels and technological capabilities, and strengthening the framework that can quickly respond to market environments and needs.

The company group, as of the end of March 2024, consists of the company itself, 104 consolidated subsidiaries, and 12 associated companies, totaling 117 companies, and is engaged in the manufacturing, sales, maintenance, and service businesses of metal products for building commercial facility, building material metal products for residences in Japan, the Americas, Europe, and Asia.

Concrete products include motion building materials, such as shutters and car doors, which are the main focus of building materials. In addition, in Japan, they also handle partition and front products, exterior products, etc., and in the Americas, they handle car door products. Installation work and maintenance services are also an important part of revenue.

Major subsidiaries in Japan include Sanwa Shutter Industry, Showa Front Co., and Okinawa Sanwa Shutter. With the No.1 domestic market share, they aim for stable growth through experienced construction technicians and the expansion of service businesses.

The company group has been promoting global business expansion ahead of domestic competitors. They are currently doing business in 27 countries and regions around the world, and have established a top position in major areas. The company discloses revenue and operating profit by sector, including Japan, the Americas (ODC), Europe (NF), and Asia.

Based on the results for the fiscal year ending March 2024, Japan accounted for 43.5% of total revenue and 42.0% of operating profit, forming the core of the group's revenue and profit. In overseas markets, ODC in the Americas accounted for 36.0% of revenue and 51.4% of operating profit, expanding their composition ratio due to an increase in revenue and profit despite the trend of a weak yen. NF in Europe is also affected by the trend of a weak yen, accounting for 18.2% of revenue and 5.8% of operating profit. On the other hand, Asia, which has become a newly consolidated subsidiary since the fiscal year ending March 2020 and has just turned positive, accounted for only 2.3% of revenue and 0.9% of operating profit, and expanding profits is a challenge for the future.

(Written by FISCO guest analyst Nozomi Kokushige).

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.

三和ＨＤ Research Memo（3）：“動く建材”を世界展開。主力は国内だが欧米事業も重要な柱に成長

Sanko HD Research Memo (3): Global Expansion of "Moving Building Materials." While the domestic market remains a major focus, the European and American businesses have also become important pillars of growth.

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