EleMatec Research Memo (5): In the fiscal year ending March 2024, although revenue and profits will decrease, operating profit is the second highest level in the past 10 years.

Fisco Japan · Jun 18 11:05

■業績の動向

1. 2024年3月期の業績概要

エレマテック＜2715＞の2024年3月期の業績は、売上高194,457百万円（前期比18.9%減）、営業利益8,429百万円（同30.1%減）、経常利益7,595百万円（同31.8%減）、親会社株主に帰属する当期純利益5,367百万円（同30.3%減）となった。

マーケット別では、Automotiveは客先の生産増や新規商材の採用等により同21.2%の増収となったが、Digital Electronicsでは主に液晶等のディスプレイ関連や電子部品・半導体等の販売が低調になり同30.8%の減収となった。Broad Marketもドライブレコーダーが低迷したアフターマーケットや白物家電、産業機器が低調であったことから同21.4%の減収となった。地域別では、自動車関連が堅調であった欧米は増収となったが、日本を含めたそれ以外の地域は減収となった。

売上総利益率は前期比1.0ポイント改善し12.4%となった。在庫の評価損130百万円を計上したが、円安や製品構成の変化（比較的利益率の高いAutomotiveの比率が上昇）によって原価率は改善した。減収により売上総利益は同12.0%減となったが、販管費は、同2.2%増の15,674百万円となった。販管費の内訳としては、人件費は為替の影響に伴う海外給与の増加があったものの、業績連動賞与が減少したことから、ほぼ横ばいであった。荷造運賃は減収に伴い221百万円減少したが、貸倒損失（315百万円）の計上、旅費交通費等の増加、本社移転に伴う費用の発生などから、その他経費が564百万円増加した。

為替は円安によりプラスに影響した。同社によれば、1円の変動で売上高は約1,300百万円、経常利益は約70百万円の影響を受けるという。2024年3月期の対米ドル平均レートは、144.59円（前期は135.50円）となり、売上高で約6,800百万円、経常利益で約400百万円のプラス効果があった。

前期が好決算であったことから、営業利益は前期比で大幅減益となったが、過去10年間では2番目に高い水準であり、必ずしも悲観する結果ではなかったと言える。また為替（円安）の影響もあるが、営業利益率も過去と比較して高い水準を維持しており、中長期で見た営業利益推移は依然として上昇トレンドにあると言えるだろう。

Automotiveは客先の生産増と新規商材の採用等で続伸だが、Digital Electronics、Broad Marketは前期の反動もあり減収

2. マーケット別売上高

Digital Electronicsは71,294百万円（前期比31,720百万円減、同30.8%減）となった。主な内訳では、液晶、タッチパネル（TP）、バックライト（BL）などのディスプレイ関連が主要顧客の生産減の影響で16,811百万円減、電気・電子部品、半導体も主に海外顧客の生産調整により6,595百万円減、TOY、ホビーも主要顧客の生産減で6,566百万円減となった。

Automotiveは客先での自動車生産が増加したことに加え、新規商材の採用などもあり44,431百万円（前期比7,778百万円増、同21.2%増）と堅調に推移した。

Broad Marketは、78,730百万円（前期比21,393百万円減、同21.4%減）となったが、主にドライブレコーダーの普及が一巡し不調であったことからアフターマーケットが11,801百万円減、主にエアコンを中心とした白物家電が2,851百万円減、一部の半導体製造装置などの産業機器が1,810百万円減となった。

3. 地域別状況

地域別売上高（決算短信ベース）は、日本が106,628百万円（前期比20.0%減）、中国が40,379百万円（同25.3%減）、その他アジアが29,373百万円（同15.3%減）、欧米が18,075百万円（同2.2%増）となった。欧米が堅調であったのは、主に自動車関連が伸びたことによる。

セグメント利益は、日本が2,729百万円（前期比44.3%減）、中国が2,379百万円（同38.5%減）、その他アジアが1,580百万円（同3.0%減）、欧米が804百万円（同43.9%増）となった。

（執筆：フィスコ客員アナリスト　寺島　昇）

■Performance Trends

1. Financial Summary for the Fiscal Year Ending March 31, 2024

Elematec's financial results for the fiscal year ended 2024/3 were sales of 194,457 million yen (down 18.9% from the previous fiscal year), operating income of 8,429 million yen (down 30.1% from the same period), ordinary profit of 7,595 million yen (down 31.8% from the same period), and net income attributable to parent company shareholders of 5,367 million yen (down 30.3% from the same period).

By market, automotive sales increased by 21.2% due to increased production at customers and adoption of new products, etc., but in Digital Electronics, sales were sluggish, mainly display-related such as liquid crystals, etc., and sales of electronic components, semiconductors, etc. were sluggish, and sales declined by 30.8% from the same period. Sales at Broad Market also declined by 21.4% from the same period due to sluggish aftermarket where drive recorders were sluggish, white goods, and industrial equipment were sluggish. By region, sales increased in Europe and America, where automobile-related activities were strong, but sales declined in other regions, including Japan.

The gross profit margin improved 1.0 point from the previous fiscal year to 12.4%. An inventory valuation loss of 130 million yen was recorded, but the cost ratio improved due to depreciation of yen and changes in product structure (the ratio of automotive with relatively high profit margins rose). Gross profit decreased 12.0% from the same period due to a decrease in sales, but SG&A expenses increased 2.2% from the same period to 15,674 million yen. As a breakdown of SG&A expenses, labor costs remained almost flat due to an increase in overseas salaries due to the effects of exchange rates, due to a decrease in performance-linked bonuses. Packing fares decreased by 221 million yen due to a decrease in sales, but other expenses increased by 564 million yen due to the recording of debt loss (315 million yen), an increase in travel expenses, transportation expenses, etc., and the occurrence of expenses associated with the relocation of the head office.

The exchange rate was positively affected by the depreciation of the yen. According to the company, sales will be affected by about 130 million yen and ordinary profit of about 70 million yen due to changes of 1 yen. The average rate against the US dollar for the fiscal year ended 2024/3 was 144.59 yen (135.50 yen in the previous fiscal year), and there was a positive effect of about 6,800 million yen in sales and about 400 million yen in ordinary income.

Since the previous fiscal year had good financial results, operating profit declined drastically compared to the previous fiscal year, but it was the second highest level in the past 10 years, and it can be said that the result was not necessarily pessimistic. There is also an effect of exchange (depreciation of yen), but operating profit margins have also maintained a high level compared to the past, and it can be said that operating profit trends in the medium to long term are still on an upward trend.

Automotive continues to grow due to increased production at customers and adoption of new products, etc., but Digital Electronics and Broad Market also saw a decline in sales due to reactions from the previous fiscal year

2. Sales by market

Digital Electronics was 71,294 million yen (down 31,720 million yen from the previous fiscal year, down 30.8% from the same period). According to the main breakdown, display-related items such as LCD, touch panels (TP), and backlights (BL) decreased by 16,811 million yen due to production declines from major customers, electric/electronic components and semiconductors also decreased 6,595 million yen, mainly due to production adjustments from overseas customers, and TOY and Hobbies also decreased 6,566 million yen due to production declines by major customers.

Automotive remained steady at 44,431 million yen (up 7,778 million yen from the previous fiscal year, 21.2% increase from the same period), in addition to an increase in automobile production at customer sites, due to adoption of new products, etc.

Broad Market was 78,730 million yen (down 21,393 million yen from the previous fiscal year, down 21.4% from the same period), but the aftermarket declined by 11,801 million yen, mainly because the spread of drive recorders was sluggish, white goods, mainly air conditioners, decreased 2,851 million yen, and industrial equipment such as some semiconductor manufacturing equipment decreased by 1,810 million yen.

3. Status by region

Sales by region (based on financial statements) were 106,628 million yen (down 20.0% from the previous fiscal year) in Japan, 40,379 million yen (down 25.3% from the same period) in China, 29,373 million yen (down 15.3% from the same period) in the rest of Asia, and 18,075 million yen (up 2.2% from the same period) in Europe and the United States. The reason why Europe and America were strong was mainly due to growth in automobile-related markets.

Segment profit was 2,729 million yen (down 44.3% from the previous fiscal year) in Japan, 2,379 million yen (down 38.5% from the same period) in China, 1,580 million yen (down 3.0% from the same period) in the rest of Asia, and 804 million yen (up 43.9% from the same period).

(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.

エレマテック Research Memo（5）：2024年3月期は減収減益も、営業利益は過去10年間で2番目の高水準

EleMatec Research Memo (5): In the fiscal year ending March 2024, although revenue and profits will decrease, operating profit is the second highest level in the past 10 years.

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