Shoei Pharmaceuticals Research Memo (5): In the March 2024 term, there will be a decrease in revenue and profit due to the decline in the palm oil market, but gross profit will reach an all-time high.

Fisco Japan · Jul 3 11:25

■業績動向

1. 2024年3月期決算の概要

(1) 損益状況

昭栄薬品＜3537＞の2024年3月期業績は、売上高22,595百万円（前期比7.9%減）、営業利益440百万円（同9.8%減）、経常利益651百万円（同3.2%減）、親会社株主に帰属する当期純利益491百万円（同1.5%増）となった。

天然油脂価格相場の低迷により販売価格が低下したこと、加えて海外経済の減速懸念や中国経済の変化発展などから自動車関連や繊維油剤関連の国内主要得意先からの受注及び販売数量も低下したことで主力の化学品が減収となり、全体も減収となった。

一方で輸入商材の拡販に努めたことが利益率を下支えし、円安により輸出原材料が堅調に推移したことなどから売上総利益率は8.4%（前期は7.7%）と改善した。この結果、売上総利益額は前期比0.3%増の1,891百万円となり過去最高を記録した。しかしながら販管費の増加（前期比3.9%増）を吸収できなかったことから、営業利益は前期比で減益となった。

同社は受取配当金や不動産賃貸料などにより営業外収益が営業外費用を大きく上回っていることから、経常利益は営業利益よりも大きくなる傾向にある。そのため経常利益の減益幅は営業利益よりは小さくなり、法人税等の金額が前期よりも少額であったことから、親会社株主に帰属する当期純利益は前期比でわずかに増益となった。

(2) 財務状況とキャッシュ・フローの状況

2024年3月期末の財務状況では、流動資産が11,068百万円（前期末比1,509百万円増）となった。主に現金及び預金が664百万円、受取手形及び売掛金（電子記録債権含む）が862百万円それぞれ増加し、棚卸資産が39百万円減少したことによる。固定資産は5,747百万円（同508百万円増）となった。主に減価償却による有形固定資産の減少12百万円、投資その他資産の増加520百万円による。この結果、資産合計は前期比2,017百万円増の16,815百万円となった。

負債合計は8,678百万円（前期末比1,250百万円増）となった。主に支払手形及び買掛金の増加1,162百万円、短期借入金の減少50百万円、繰延税金負債の増加125百万円による。純資産合計は前期比767百万円増の8,137百万円となった。主に親会社株主に帰属する当期純利益の計上による利益剰余金が369百万円、その他有価証券評価差額金が341百万円それぞれ増加したことによる。この結果、2024年3月期末の自己資本比率は48.4%（前期末は49.8%）となった。

2024年3月期のキャッシュ・フローの状況は、営業活動によるキャッシュ・フローが818百万円の収入となった。主な収入は税金等調整前当期純利益651百万円、減価償却費13百万円、棚卸資産の減少48百万円、仕入債務の増加1,128百万円で、主な支出は売上債権の増加846百万円であった。投資活動によるキャッシュ・フローは18百万円の支出となった。主に投資有価証券の取得による支出21百万円であった。財務活動によるキャッシュ・フローは、172百万円の支出となった。主な支出は短期借入金の減少50百万円、配当金の支払額122百万円であった。この結果、2024年3月期中に現金及び同等物は640百万円増加し、期末残高は1,901百万円となった。

2. 2024年3月期の事業セグメント別動向

(1) 化学品事業

化学品事業の売上高は20,520百万円（前期比9.1%減）、営業利益は530百万円（同11.6%減）と減収減益となった。販売価格に影響を及ぼす天然油脂相場価格が1年を通じて前期と比べ低価格水準で推移した結果、販売価格も低調に推移した。さらに海外経済の減速懸念や中国経済の変化発展により、自動車関連や繊維油剤関連の国内主要得意先からの受注も低調に推移した。利益率については輸入商材の拡販や円安による輸出原材料が好調であったことから、利益率を下支えした。

国内の商慣習では、パーム油価格動向を反映してオレオケミカル製品の販売価格が決定され、それをベースに同社の仕入価格が決定されるという流れになる。したがってパーム油の国際相場の動向は同社の販売価格に直接的な影響を与えることになるが、2024年3月期はそれがマイナス方向に働いた。

(2) 日用品事業の動向

日用品事業の売上高は750百万円（前期比9.6%減）、営業利益76百万円（同12.4%減）と減収減益で着地した。一部定番商品（洗浄剤や用途別脱臭剤等）の売行きは堅調に推移したが、全体では物価上昇に伴う買い控えなどにより低迷し、利益面でも円安や原材料高、包材・物流費等のコストアップの影響を受けて厳しい事業環境が続いた。販路別では、主力の生協ルートやネット・販売ルートの割合が増加したが、量販店ルートや業務用ルートの比率が低下した。

(3) 土木建設資材事業の動向

土木建設資材事業の売上高は1,325百万円（前期比18.8%増）、営業利益0百万円（前期は28百万円の営業損失）となった。土木建設資材（地盤改良工事及びコンクリート補修補強工事）の工事は、東京外かく環状道路のトンネル工事や大阪万博関連の道路工事物件等で回復傾向となり、工事に使用される材料・添加剤等の販売は堅調に推移した。環境改善薬剤の販売は、新規に受注した鉄道の大型トンネル工事物件により好調であった。この結果、セグメント利益はわずかながら黒字回復した。

（執筆：フィスコ客員アナリスト　寺島　昇）

■Performance Trends

1. Overview of financial results for the fiscal year ending March 31, 2024

(1) Profit and loss situation

Shoei Pharmaceutical's financial results for the fiscal year ended 2024/3 were sales of 22,595 million yen (down 7.9% from the previous fiscal year), operating income of 440 million yen (down 9.8% from the same period), ordinary profit of 651 million yen (down 3.2% from the same period), and net income attributable to parent company shareholders of 491 million yen (up 1.5% from the same period).

Sales prices declined due to sluggish natural oil and fat price rates, and in addition, orders and sales volumes from major domestic customers related to automobiles and textile oils also declined due to concerns about a slowdown in overseas economies and changes and developments in the Chinese economy, etc., so sales of the main chemical products declined, and overall sales also declined.

Meanwhile, efforts to expand sales of imported products underpinned profit margins, and the gross profit margin improved to 8.4% (7.7% in the previous fiscal year) due to a steady trend in export raw materials due to the depreciation of the yen. As a result, gross profit increased 0.3% from the previous fiscal year to 1,891 million yen, a record high. However, since it was not possible to absorb the increase in SG&A expenses (3.9% increase from the previous fiscal year), operating profit declined compared to the previous fiscal year.

Since the company's non-operating income greatly exceeds non-operating expenses due to dividends received, real estate rental fees, etc., ordinary income tends to be larger than operating income. Therefore, the range of decline in ordinary profit was smaller than operating income, and since the amount of corporate tax etc. was smaller than the previous fiscal year, net income attributable to parent company shareholders increased slightly compared to the previous fiscal year.

(2) Financial Status and Cash Flow Status

As for the financial situation at the end of the 2024/3 fiscal year, current assets were 11,068 million yen (up 1,509 million yen from the end of the previous fiscal year). Mainly due to an increase of 664 million yen in cash and deposits, 862 million yen in notes receivable and accounts receivable (including electronic record receivables), respectively, and a decrease of 39 million yen in inventory assets. Fixed assets were 5,747 million yen (up 508 million yen from the same period). Mainly due to a decrease of 12 million yen in tangible fixed assets due to depreciation and an increase of 520 million yen in investments and other assets. As a result, total assets increased 2,017 million yen from the previous fiscal year to 16,815 million yen.

Total liabilities were 8,678 million yen (up 1,250 million yen from the end of the previous fiscal year). Mainly due to an increase of 1,162 million yen in notes payable and accounts payable, a 50 million yen decrease in short-term loans, and an increase of 125 million yen in deferred tax liabilities. Total net assets increased 767 million yen from the previous fiscal year to 8,137 million yen. Mainly due to an increase of 369 million yen in retained earnings due to the recording of net income attributable to parent company shareholders, and 341 million yen in other securities valuation differences, respectively. As a result, the capital adequacy ratio at the end of the 2024/3 fiscal year was 48.4% (49.8% at the end of the previous fiscal year).

As for the cash flow situation for the fiscal year ending 2024/3, cash flow from operating activities was income of 818 million yen. The main income was net income before tax adjustments of 651 million yen, depreciation and amortization expenses of 13 million yen, a decrease of 48 million yen in inventory assets, and an increase of 1,128 million yen in purchase debt, and the main expenses were an increase of 846 million yen in sales receivables. Cash flow from investment activities amounted to 18 million yen of expenditure. The expenditure was 21 million yen, mainly due to the acquisition of investment securities. Cash flow from financial activities amounted to 172 million yen of expenditure. The main expenses were a decrease of 50 million yen in short-term loans and a dividend payment of 122 million yen. As a result, cash and equivalent goods increased by 640 million yen during the fiscal year ending 2024/3, and the balance at the end of the fiscal year ended was 1,901 million yen.

2. Trends by business segment for the fiscal year ending 2024/3

(1) Chemicals business

Sales in the chemicals business declined to 20,520 million yen (down 9.1% from the previous fiscal year), and operating profit declined to 530 million yen (down 11.6% from the same period). As a result of the market price of natural oils and fats, which affects sales prices, moving at a lower price level compared to the previous fiscal year throughout the year, sales prices also remained sluggish. Furthermore, due to concerns about a slowdown in overseas economies and changes and developments in the Chinese economy, orders from major domestic customers related to automobiles and textile lubricants also remained sluggish. As for profit margins, profit margins were underpinned by the expansion of sales of imported products and strong sales of export raw materials due to the depreciation of the yen.

In domestic commercial practice, sales prices of oleochemical products are determined by reflecting palm oil price trends, and the company's purchase price is determined based on that. Therefore, trends in the international market price of palm oil will have a direct impact on the company's sales price, but this worked in a negative direction in the 2024/3 fiscal year.

(2) Trends in the daily necessities business

Sales in the daily necessities business reached 750 million yen (down 9.6% from the previous fiscal year), and operating profit declined to 76 million yen (down 12.4% from the same period). Sales of some standard products (detergents, deodorants for specific applications, etc.) remained steady, but overall, they were sluggish due to refraining from purchasing due to rising prices, etc., and in terms of profit, a tough business environment continued due to the effects of depreciation of yen, high raw materials, and cost increases in packaging materials and logistics costs. By market channel, the ratio of main co-op routes and net/sales routes increased, but the ratio of mass retailer routes and commercial routes declined.

(3) Trends in the civil engineering and construction materials business

Sales in the civil engineering and construction materials business were 1,325 million yen (up 18.8% from the previous fiscal year), and operating profit was 0 million yen (operating loss of 28 million yen in the previous fiscal year). Construction of civil engineering materials (ground improvement work and concrete repair and reinforcement work) showed a recovery trend due to tunnel construction on the Tokyo Outer Ring Road and road construction properties related to the Osaka Expo, etc., and sales of materials, additives, etc. used in construction remained steady. Sales of environmental improvement drugs were strong due to newly ordered large railway tunnel construction properties. As a result, segment profits recovered slightly to surplus.

(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.

昭栄薬品 Research Memo（5）：2024年3月期はパーム油市況下落などにより減収減益も、売上総利益は過去最高

Shoei Pharmaceuticals Research Memo (5): In the March 2024 term, there will be a decrease in revenue and profit due to the decline in the palm oil market, but gross profit will reach an all-time high.

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