売上高構成比は2024年3月期がシステム開発事業40.9%、サポート&サービス事業30.4%、パーキングシステム事業28.6%、2025年3月期上期がシステム開発事業41.8%、サポート&サービス事業31.3%、パーキングシステム事業26.9%だった。パーキングシステム事業がコロナ禍の影響を受けた時期があるものの、おおむねIT関連事業（システム開発事業、サポート&サービス事業）が7割、パーキングシステム事業が3割で推移している。またセグメント別利益構成比は2024年3月期がシステム開発事業41.8%、サポート&サービス事業23.1%、パーキングシステム事業34.9%、2025年3月期上期がシステム開発事業39.2%、サポート&サービス事業20.0%、パーキングシステム事業40.6%だった。パーキングシステム事業の構成比がコロナ禍の影響で2021年3月期から2022年3月期にかけて大きく落ち込む局面があったが、その後は回復に転じている。■Overview of NCD<4783>'s Business
6. Transition by Segment
The sales volume by segment (external customer sales) for the past six periods (from FY March 2019 to FY March 2024) and the first half of FY March 2025, along with their composition ratios, operating profit by segment (pre-adjustment for corporate costs, etc.) and composition ratios, as well as the transition of profit rates by segment are as follows.
The revenue composition ratio for FY March 2024 was 40.9% for the System Development business, 30.4% for the Support & Services business, and 28.6% for the Parking System business. For the first half of FY March 2025, it was 41.8% for the System Development business, 31.3% for the Support & Services business, and 26.9% for the Parking System business. Although the Parking System business experienced some impact from the pandemic, generally, IT-related businesses (System Development and Support & Services) accounted for 70%, while the Parking System business accounted for 30%. Additionally, the profit composition ratio by segment for FY March 2024 was 41.8% for the System Development business, 23.1% for the Support & Services business, and 34.9% for the Parking System business. For the first half of FY March 2025, it was 39.2% for the System Development business, 20.0% for the Support & Services business, and 40.6% for the Parking System business. There was a significant decline in the composition ratio of the Parking System business due to the pandemic from FY March 2021 to FY March 2022, but it has turned to recovery thereafter.
Looking at the business segments, the System Development business has been on an upward trend in both revenue and segment profit. Revenue surpassed 10 billion yen for the first time in FY March 2024. The profit margin increased to 14.8% in FY March 2024 and the first half of FY March 2025 as a result of measures such as thorough project management and quality control. The revenue and segment profit of the Support & Services business are also on an expansion trend. Although the profit margin decreased in FY March 2020 (4.9%) due to one-time costs associated with receiving large new projects, it has stabilized in the 10% range since FY March 2022, showing an upward trend. In FY March 2024, it rose to 11.0%. The Parking System business was significantly impacted by the pandemic in FY March 2021, but has shown a recovery trend since FY March 2022. In FY March 2024, revenue, segment profit, and profit margin surpassed the pre-pandemic level of FY March 2019. Furthermore, in the first half of FY March 2025, the effect of price revisions contributed to a sharp increase in the profit margin to 23.8%.
In IT-related businesses, thorough project management and quality control are being emphasized, while the Parking System business is promoting Business Process Reengineering (BPR).
7. Risk Factors, Revenue Characteristics, Challenges, and Countermeasures
As general risk factors, in the IT-related businesses (System Development and Support & Services), there is a possibility that sales and profits may fluctuate depending on large project orders and the profitability of individual projects. As a countermeasure, the company conducts profitability checks from the estimation stage in the order committee, and after receiving orders, it strictly checks the progress and quality management of the project in the deliberative council, thereby thoroughly managing projects and quality to prevent unprofitable situations and maintain profitability. The company is also promoting efficiency through business process improvements on an overall basis. Additionally, by promoting nearshore utilization in Nagasaki and Fukuoka, further cost reductions are being pursued. Moreover, as the System Development business expands its maintenance and operation service contracts after development, and the Support & Services business builds up ongoing contracts, both are expanding their stock revenue, resulting in a stable revenue structure.
In the parking system business, the main source of revenue comes from the accumulation of managed locations and managed units, which leads to income from parking fees and stock sales related to entrusted management operations. The proportion of flow sales from equipment sales, which fluctuate based on bids and other factors, has decreased. Although performance was temporarily affected by the COVID-19 pandemic, it has since recovered due to the resumption of economic activities and human movement, as well as the results of BPR including price revisions. By the end of the fiscal year in March 2024, performance has rebounded to exceed the levels before the pandemic, and further expansion of performance is accelerating for the fiscal year ending March 2025.
(Authored by FISCO guest analyst Masanobu Mizuta)
