Genetech Research Memo (1): Significant increase in revenue and profit in the fiscal year ending March 2024, making a strong start as the first year of the medium-term plan.

Fisco Japan · Jun 27 12:01

■要約

1. 会社概要

ゼネテック＜4492＞は、ソフトウェア・ハードウェアの技術及び開発力をベースに、主にエレクトロニクス製品向けのシステム開発、製造業向けエンジニアリング領域における高付加価値ソリューション、特許技術を用いた位置情報サービスを提供する企業である。同社の事業は、システムソリューション事業・エンジニアリングソリューション事業・GPS事業の3事業に大別される。システムソリューション事業では、ソフトウェア・ハードウェアシステム開発事業、ERP導入支援等を行い、エンジニアリングソリューション事業では、3次元CAD/CAMシステム、3Dシミュレーションソフト、製品ライフサイクルマネジメントソフト等販売といった「ものづくり」における最適なソリューションを提供している。また、GPS事業では、震度5以上の緊急地震速報や災害警報に連動し、家族や大切な人の位置情報を自動通知する防災用アプリケーション「ココダヨ」を提供している。同社は1985年の創業以来、日本の組込みシステム開発の第一人者として高度な技術とノウハウを駆使し、最先端の開発実績を重ねてきた。ソフトウェアだけでなく、ハードウェアの開発を専門で行う部隊も有する点が、他の開発会社と明確に一線を画すところである。加えて、これまで数多くの顧客に技術提供してきた実績により、設計開発の上流から下流工程までを一貫して手掛けている。DX関連、デジタルツイン関連、防災関連のツール・ソリューションを提供する企業として、今後も豊富な技術力と提案力による成長が期待されると弊社では見ている。

2. 2024年3月期の業績概要

2024年3月期の業績は、売上高7,147百万円（前期比21.9%増）、営業利益629百万円（同494.5%増）、経常利益635百万円（同468.9%増）、親会社株主に帰属する当期純利益414百万円（前期は23百万円の利益）と、大幅な増収増益となった。システムソリューション事業では、デジタル情報家電分野と自動車分野のソフトウェア開発受注が堅調に推移した。半導体製造装置向けハードウェア開発では部品の納期遅延の影響を受けたが、期初計画を上回る売上高を達成した。また、見積精度向上や人月単価の適正化などにより利益率も向上した。エンジニアリングソリューション事業では、主力商品「Mastercam」は為替影響で利益率が下押し気味となったが、カスタマイズ等の開発業務に注力し前期並みの売上・利益を確保した。「FlexSim」は大企業からの引き合いが強く、売上が大幅に伸長しセグメント利益をけん引した。一方、成長事業のPLM事業は体制整備段階でコストが先行した。GPS事業では、「ココダヨ」サービス全体のインストール数が累計126万件を突破し、(株)NTTドコモの「スゴ得コンテンツ」向けサービスの単価アップなどにより、前期比で増収増益となった。2024年3月期は中期経営計画の初年度にあたるが、売上高は前期比で20%以上の増加に加えて、前期は100百万円程度であった営業利益も600百万円超へと急拡大し、好調なスタートが切れたと弊社では見ている。

3. 2025年3月期の業績見通し

2025年3月期の業績予想は、売上高8,500百万円（前期比18.9%増）、営業利益750百万円（同19.2%増）、経常利益730百万円（同14.9%増）、親会社株主に帰属する当期純利益426百万円（同2.7%増）としている。システムソリューション事業では、エンジニアをPLM事業等にシフトする計画であるため、前期ほどの増収は見込んでいないが、引き続き高単価化による事業拡大に注力する。エンジニアリングソリューション事業では、「Mastercam」「FlexSim」ともに拡販をさらに強化していく。また、PLM事業については、2024年4月に完全子会社化した(株)フラッシュシステムズも加わり、事業単体の黒字化を見込んでいる。GPS事業では、新たな収益源を作るべく新サービスの開発を進める方針だ。足元の事業環境は好調に推移しており、通期予想達成の可能性は高いと弊社では見ている。

■Key Points

・日本の組込みシステム開発の第一人者として、ソフトウェアとハードウェアの両面から、高度な技術とノウハウを持つ

・2024年3月期は全事業の売上高と利益が伸長し、大幅増収増益。見積精度の向上や人月単価の適正化が奏功し、中期経営計画の初年度として好調なスタートを切った

・2025年3月期の業績予想は、堅調な事業環境を背景に増収増益の見込み。PLM・ERPなどの高付加価値事業の体制が整い収益化の実現が期待される

（執筆：フィスコ客員アナリスト　茂木稜司）

■Summary

1. Company Overview

Genetech ＜4492＞ is an enterprise that mainly provides system development for electronic products, high value-added solutions in the engineering area for the manufacturing industry, and location information services using patented technology based on software/hardware technology and development capabilities. The company's business is broadly divided into 3 businesses: system solutions business, engineering solutions business, and GPS business. In the system solution business, we provide software/hardware system development business, ERP implementation support, etc., and in the engineering solutions business, we provide optimal solutions for “manufacturing” such as sales of 3D CAD/CAM systems, 3D simulation software, product lifecycle management software, etc. Also, the GPS business provides a disaster prevention application “Kokodayo,” which automatically notifies location information of family members and loved ones in conjunction with earthquake early warning and disaster warnings with a seismic intensity of 5 or higher. Since its establishment in 1985, the company has made full use of advanced technology and know-how as a leading expert in embedded system development in Japan, and has accumulated cutting-edge development results. The fact that they have teams that specialize not only in software but also in hardware development clearly sets them apart from other development companies. Furthermore, due to our track record of providing technology to many customers so far, we are consistently handling everything from upstream to downstream processes of design and development. As a company that provides DX-related, digital twin-related, and disaster prevention-related tools and solutions, we expect growth with abundant technical capabilities and proposal capabilities in the future.

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

Financial results for the fiscal year ending 2024/3 were net sales of 7,147 million yen (up 21.9% from the previous fiscal year), operating income of 629 million yen (up 494.5% from the same period), ordinary income of 635 million yen (up 468.9% from the same period), and net income attributable to parent company shareholders of 414 million yen (profit of 23 million yen in the previous fiscal year), resulting in a significant increase in sales and profit. In the system solutions business, software development orders in the digital information home appliance field and the automobile field remained steady. Hardware development for semiconductor manufacturing equipment was affected by delays in parts delivery, but sales exceeding initial plans were achieved. Furthermore, profit margins were also improved due to improved estimate accuracy and optimization of monthly unit prices per person, etc. In the engineering solutions business, profit margins for the main product “Mastercam” seemed to be declining due to exchange rate effects, but we secured sales and profits on par with the previous fiscal year by focusing on development work such as customization. “FlexSim” received strong inquiries from large companies, and sales grew drastically, driving segment profits. Meanwhile, in the PLM business, which is a growth business, costs took precedence during the system development stage. In the GPS business, the total number of installations of the “Kokodayo” service exceeded 1.26 million, and sales and profit increased compared to the previous fiscal year due to increases in unit prices for services for “amazing content” by NTT DOCOMO, INC. The fiscal year ending 2024/3 is the first year of the medium-term management plan, and in addition to a 20% increase in sales compared to the previous fiscal year, operating profit, which was around 100 million yen in the previous fiscal year, also rapidly expanded to over 600 million yen, and we believe that a strong start has come to an end.

3. Earnings forecast for the fiscal year ending 2025/3

The earnings forecast for the fiscal year ending 2025/3 is sales of 8,500 million yen (up 18.9% from the previous fiscal year), operating income of 750 million yen (up 19.2% from the same period), ordinary income of 730 million yen (up 14.9% from the same period), and net income attributable to parent company shareholders of 426 million yen (up 2.7% from the same period). In the system solutions business, it is planned to shift engineers to the PLM business, etc., so sales are not expected to increase as much as in the previous fiscal year, but we will continue to focus on business expansion due to higher unit prices. In the engineering solutions business, sales expansion will be further strengthened for both “Mastercam” and “FlexSim.” Also, with regard to the PLM business, Flash Systems Co., Ltd., which became a wholly owned subsidiary in 2024/4, has joined, and the business unit is expected to become profitable. In the GPS business, it is a policy to proceed with the development of new services in order to create new revenue sources. The current business environment has been improving, and we believe that there is a high possibility that the full-year forecast will be achieved.

■Key Points

・As a leading developer of embedded systems in Japan, he has advanced technology and know-how in terms of both software and hardware

・Sales and profits of all businesses grew in the fiscal year ending 2024/3, leading to a significant increase in sales and profit. Improvements in estimate accuracy and optimization of monthly unit prices per person were successful, and we got off to a strong start as the first year of the medium-term management plan

・The earnings forecast for the fiscal year ending 2025/3 is an increase in sales and profit against the backdrop of a strong business environment. The system for high value-added businesses such as PLM and ERP is in place, and it is expected that monetization will be realized

(Written by FISCO Guest Analyst Ryoji Mogi)

The translation is provided by third-party software.

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ゼネテック Research Memo（1）：2024年3月期は大幅な増収増益。中計の初年度として好調なスタートを切る

Genetech Research Memo (1): Significant increase in revenue and profit in the fiscal year ending March 2024, making a strong start as the first year of the medium-term plan.

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