NSW Research Memo (7): The sales revenue and operating profit for the final year of the Medium-Term Plan in March 2025 are expected to reach a record high.

Fisco Japan · Jul 1 12:27

■NSW＜9739＞の今後の見通し

● 2025年3月期の業績見通し

2025年3月期の情報サービス産業界においてはAIの進化に伴うDXのさらなる加速や、日々高度化するサイバー攻撃に対するセキュリティ強化関連投資など、堅調な需要が見込まれる一方で、円安による原価高騰の影響や外資系IT企業の積極的な対日投資による競争激化、少子高齢化に伴う労働力確保の難しさなど、今後の見通しにはネガティブな材料も散見される。このような状況の下、同社グループは現中期経営計画の最終年度を迎え、長年蓄積したノウハウにAIをはじめとする新たな技術を取り入れ、より先進的な開発事業を進めるとともに、持続可能な社会の実現に向けて取り組む計画だ。

2025年3月期の連結業績については、売上高52,000百万円（前期比3.4%増）、営業利益6,000百万円（同2.3%増）、経常利益6,050百万円（同1.8%増）、親会社に帰属する当期純利益4,175百万円（同2.6%減）と、売上高及び営業利益は13期連続となる増収増益を予想する。前期の実績・伸び率に比べて慎重な計画であるが、経営環境の不透明さを織り込んでいるためだ。そのため、営業利益率も11.5%と同0.2ポイントの低下を見込んでいる。また当期純利益の減少予想は、前期の特別利益（土地売却益）がなくなるための反動減である。ただ、同社は従来より、期初には保守的な予想を発表する傾向が強いことから、2025年3月期通期についても計画を達成する可能性が高いと弊社では見ている。

セグメント別では、エンタープライズソリューションは、売上高16,800百万円（前期比0.6%増）、営業利益2,220百万円（同9.0%減）と増収減益を計画し、営業利益率は13.2%（同1.4ポイント低下）を見込んでいる。ただ、減益は業務の一部をサービスソリューションに移す組織改編に伴うもので、実力ベースでは横ばいの予想だ。サービスソリューションは、売上高15,300百万円（同9.4%増）、営業利益1,010百万円（同137.6%増）と増収増益を計画し、営業利益率は6.6%（同3.6ポイント上昇）を見込んでいる。受注は好調で売上は増収が見込まれ、前期の不採算案件による影響を取り戻して正常な状態に戻ることで、稼働率を上げて大幅増益を計画する。ただ、新サービス展開のための先行投資的な要素も多いことから、引き続き利益率は他セグメントに比べて低水準に留まる見通しだ。エンベデッドソリューションは、売上高10,700百万円（同0.5%増）、営業利益1,520百万円（同4.9%減）、営業利益率14.2%（同0.8ポイント低下）とおおむね横ばいの予想だ。またデバイスソリューションは、売上高9,200百万円（同2.7%増）、営業利益1,250百万円（同10.7%減）、営業利益率13.6%（同2.0ポイント低下）を予想する。両セグメントでは、受注残を着実に売上につなげ、生産性向上により高い利益率を維持する計画だ。デバイスソリューションでは、専門性が高い半導体分野の人材不足対策として、東南アジアを中心に海外活用やパートナー連携を拡大し、海外企業からの案件獲得も目指して新規開拓を進める方針だ。ただ、パートナー開拓のための販管費がかかり、効率性改善には時間を要することから、減益を予想している。

（執筆：フィスコ客員アナリスト　国重希）

■Future outlook for NSW ＜9739＞

● Earnings forecast for the fiscal year ending 2025/3

While steady demand is expected in the information service industry for the 2025/3 fiscal year, such as further acceleration of DX due to the evolution of AI and security-strengthening related investments against cyber attacks that are becoming more sophisticated day by day, etc., there are also negative materials scattered about future prospects, such as the effects of rising costs due to the depreciation of the yen, intensification of competition due to aggressive investment in Japan by foreign-affiliated IT companies, and the difficulty of securing a labor force due to declining birthrate and aging population. Under these circumstances, the Group has reached the final year of its current medium-term management plan, and plans to incorporate new technologies such as AI into the know-how it has accumulated over many years, advance more advanced development projects, and work towards the realization of a sustainable society.

Regarding consolidated financial results for the fiscal year ending 2025/3, we anticipate an increase in sales and profit for 13 consecutive terms, with sales of 52,000 million yen (up 3.4% from the previous fiscal year), operating income of 6,000 million yen (up 2.3% from the same period), ordinary income of 6,050 million yen (up 1.8% from the same period), and net income attributable to the parent company of 4,175 million yen (down 2.6% from the same period). This is because it is a careful plan compared to the results and growth rate of the previous fiscal year, but it incorporates the uncertainty of the business environment. Therefore, the operating profit margin is also expected to drop 0.2 points, the same as 11.5%. Also, the forecast for a decrease in net income is a reaction decrease due to the elimination of special profit (land sale gain) for the previous fiscal year. However, since the company has a stronger tendency to announce conservative forecasts at the beginning of the fiscal year ending 2025/3, we believe that there is a high possibility that the plan will also be achieved for the full fiscal year ending 2025/3.

By segment, Enterprise Solutions plans an increase or decrease in sales of 16,800 million yen (up 0.6% from the previous fiscal year) and operating profit of 2220 million yen (down 9.0% from the same period), and the operating profit margin is expected to be 13.2% (down 1.4 points from the same period). However, the decline in profit is due to organizational restructuring where part of the business is transferred to service solutions, and it is expected to remain flat on a competency basis. Service Solutions plans to increase sales and profit with sales of 15,300 million yen (up 9.4% from the same period) and operating profit of 1010 million yen (up 137.6% from the same period), and the operating margin is expected to increase 6.6% (up 3.6 points from the same period). Orders are strong and sales are expected to increase, and by regaining the impact of unprofitable projects in the previous fiscal year and returning to a normal state, we plan to raise the operating rate and increase profits drastically. However, since there are many upfront investment factors for developing new services, it is expected that profit margins will continue to remain at a low level compared to other segments. Embedded solutions are expected to remain generally flat, with sales of 10,700 million yen (up 0.5% from the same period), operating profit of 1520 million yen (down 4.9% from the same period), and operating profit margin of 14.2% (down 0.8 points from the same period). Device Solutions also anticipates sales of 9,200 million yen (up 2.7% from the same period), operating profit of 1,250 million yen (down 10.7% from the same period), and operating profit margin of 13.6% (down 2.0 points from the same period). In both segments, the plan is to steadily lead to sales and maintain high profit margins by improving productivity. In device solutions, it is a policy to expand overseas utilization and partner cooperation mainly in Southeast Asia as a countermeasure against a shortage of human resources in the highly specialized semiconductor field, and proceed with new development with the aim of acquiring projects from overseas companies. However, since sales and administration costs are required to develop partners and it takes time to improve efficiency, a decrease in profit is anticipated.

(Written by FISCO Visiting Analyst Shigeki Kuni)

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.

NSW Research Memo（7）：中計最終年度の2025年3月期は、売上高・営業利益で過去最高更新の見通し

NSW Research Memo (7): The sales revenue and operating profit for the final year of the Medium-Term Plan in March 2025 are expected to reach a record high.

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