Axcel Research Memo (1): The plan for the March 2025 period is based on conservative assumptions. The newly introduced DX app for AI fields has also been well received.

Fisco Japan · Aug 15 15:31

■要約

アクセル＜6730＞は、遊技機（パチンコ、パチスロ）向けグラフィックスLSI（以下、G-LSI）市場で約50%のシェアを握るファブレス半導体メーカー。LSI開発販売関連事業で培った開発力を生かして、AI、ブロックチェーン技術（Web3.0）領域で新規事業展開を進めている。

1. 2024年3月期の業績概要

2024年3月期の連結業績は、売上高で前期比21.4%増の17,570百万円、経常利益で同35.1%増の2,449百万円と3期連続増収、4期連続増益となった。収益柱の遊技機向けG-LSIが市場環境やリユース率の低下により販売数量で同約25%増加し、平均単価も販売ミックス変化等により同1割強上昇したことにより、売上高で約39%増と大幅増収となったことが増収増益要因となった。新規事業関連は、大型プロジェクトが顧客事由により期中で終了した影響もあって売上高で同1.6%増の632百万円と微増にとどまり、セグメント損失も381百万円（前期は405百万円の損失）となった。

2. 2025年3月期の業績見通し

2025年3月期業績は売上高で前期比24.3%減の13,300百万円、経常利益で同55.1%減の1,100百万円を見込んでいる。業績予想の前提となる遊技機の販売台数は同13%減の140万台、G-LSIのリユース率は同5ポイント上昇の25%とし、G-LSIの販売数量を同27%減の約47万個と減少見込みとしたことが主因だ。ただ、遊技機大手メーカー5社が公表している業界販売台数は平均で横ばい見通しとなっていることを考えると、G-LSIの販売数量も上振れする公算が大きいと弊社では見ている。一方、新規事業関連では2024年2月にリリースしたAI領域のDXアプリ「aillia DX Insight」が期待される。同アプリはセキュアな環境でChatGPTを利用できるほか、AIによる音声認識、テキスト作成、画像検索など複数の機能を搭載し、マルチOSに対応している。既に、複数企業に導入が決定するなど初動は好調のようだ。同アプリのけん引により、新規事業関連の売上高は前期比18.7%増の750百万円となり損失額も縮小する見通しだ。

3. 今後の成長戦略

同社は今後の成長戦略として、LSI開発販売関連を安定的な収益を獲得するキャッシュ・カウ事業と位置付け、引き続き経営リソースを積極投入するとともに、成長ポテンシャルの高いAI、Web3.0領域などの新規事業関連にリソースを投下し、第2、第3の収益柱を育成することで高成長を目指す方針だ。AI領域では「aillia DX Insight」の拡販を推進していくほか、組み込み機器分野での展開も期待される。また、2025年の大阪・関西万博の中核事業である「シグネチャープロジェクト」において提供されるアバターを用いたシアターコンテンツに同社の高性能なAI技術が活用されており、認知度の向上によって売上成長が加速する可能性がある。一方、ブロックチェーン技術領域では、2023年5月にブロックチェーンの要素技術を取り入れたコンテンツ流通基盤ソリューションを展開する(株)&DC3及びその親会社のセルシス＜3663＞と戦略的パートナーシップを締結しており、同社が保有するアプリケーション暗号化技術を使用したライセンス管理ソリューションの共同開発を進めている。2025年3月期中には完成する見込みで、売上高も一部計上される見通しだ。高セキュアな流通プラットフォームを構築することでブロックチェーン技術領域の拡大を進めていく。新規事業関連については2026年3月期に売上高10億円以上を目指しており、同水準を達成すれば利益も黒字化されそうだ。また、M&A・アライアンス戦略も積極的に進めていく意向で、AI技術を必要としているSIerやアプリ開発会社などを対象としているようだ。

■Key Points

・2024年3月期業績は遊技機向け半導体需要の拡大により連続2ケタ増収増益を達成

・2025年3月期は保守的で上振れの公算大

・遊技機向けファブレス半導体企業から世の中の革新に貢献する先端テクノロジー企業を目指す

（執筆：フィスコ客員アナリスト　佐藤　譲）

■Summary

Accelerator ＜6730＞ is a fabless semiconductor manufacturer that holds a market share of approximately 50% in the graphics LSI (hereafter, G-LSI) market for gaming machines (pachinko, pachislot). Utilizing development capabilities cultivated through LSI development and sales related businesses, we are proceeding with new business development in the AI and blockchain technology (Web 3.0) areas.

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

Consolidated financial results for the fiscal year ending 2024/3 were net sales of 17,570 million yen, up 21.4% from the previous fiscal year, and ordinary profit of 2,449 million yen, up 35.1% from the same period, increasing sales for 3 consecutive terms, and 4 consecutive terms. G-LSI for game machines, which is the revenue pillar, increased by about 25% in sales volume due to a decline in the market environment and reuse rate, and the average unit price also rose by more than 10% due to changes in sales mix, etc., which led to a drastic increase in sales of about 39%, which was a factor in the increase in sales and profit. Regarding new businesses, sales only increased slightly to 632 million yen, up 1.6% from the same period, partly due to the impact of large-scale projects being terminated mid-term due to customer reasons, and segment losses were 381 million yen (loss of 405 million yen in the previous fiscal year).

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

The financial results for the fiscal year ending 2025/3 are expected to be 13,300 million yen, down 24.3% from the previous fiscal year in terms of sales, and 1100 million yen, down 55.1% from the same period in ordinary income. The main reason is that sales volume of gaming machines, which is a prerequisite for earnings forecasts, fell 13% to 1.4 million units, and the G-LSI reuse rate rose 5 points to 25%, and the sales volume of G-LSI was expected to decrease 27% to about 0.47 million units. However, considering that the industry sales volume announced by the five major game machine manufacturers is expected to be flat on average, we believe that there is a large probability that G-LSI sales volume will also rise. Meanwhile, in relation to new businesses, the AI DX application “aillia DX Insight,” which was released in 2024/2, is expected. In addition to being able to use ChatGPT in a secure environment, the application is equipped with multiple functions such as speech recognition, text creation, and image search using AI, and is compatible with multiple OS. It seems that initial performance is strong, as implementation has already been decided to be introduced to multiple companies. Sales related to the new business are expected to increase 18.7% from the previous fiscal year to 750 million yen due to the driving force of the same application, and losses will also shrink.

3. Future growth strategy

As a future growth strategy, the company positions LSI development and sales related activities as a cash cow business that acquires stable profits, and aims for high growth by continuing to actively invest management resources, investing resources into new business-related businesses such as AI and Web 3.0 regions with high growth potential, and fostering the second and third profit pillars. In addition to promoting sales expansion of “aillia DX Insight” in the AI area, development in the embedded equipment field is also expected. Also, the company's high-performance AI technology is being utilized for theater content using avatars provided in the “Signature Project,” which is the core business of the 2025 Osaka-Kansai Expo, and there is a possibility that sales growth will accelerate due to increased awareness. Meanwhile, in the blockchain technology area, a strategic partnership was concluded with &DC3 Co., Ltd., which develops content distribution infrastructure solutions incorporating blockchain element technology, and its parent company Celsis (3663) in 2023/5, and they are proceeding with joint development of license management solutions using application encryption technology owned by the company. It is expected to be completed during the 2025/3 fiscal year, and sales are also expected to be partially recorded. We will advance the expansion of the blockchain technology area by constructing a highly secure distribution platform. For new business-related matters, we are aiming for sales of 1 billion yen or more for the fiscal year ending 2026/3, and it is likely that profits will also become profitable if the same level is achieved. Also, the intention is to actively advance the M&A alliance strategy, and it seems that it targets SIers and application development companies that need AI technology.

■Key Points

・Financial results for the fiscal year ending 2024/3 achieved a continuous 2-digit increase in sales and profit due to the expansion of demand for semiconductors for gaming machines

・The fiscal year ending 2025/3 is conservative and likely to improve

・Aiming to become an advanced technology company contributing to global innovation from a fabless semiconductor company for gaming machines

(Author: FISCO Visiting Analyst Joe Sato)

The translation is provided by third-party software.

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アクセル Research Memo（1）：2025年3月期計画は保守的な前提。新たに投入したAI領域のDXアプリも好評

Axcel Research Memo (1): The plan for the March 2025 period is based on conservative assumptions. The newly introduced DX app for AI fields has also been well received.

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