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4040 東証スタンダード(化学)

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南海化学

新規上場会社紹介レポート

(公開日 2023.04.25)

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NANKAI CHEMICAL(4040 TSE Standard)

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Manufacturer of basic chemicals mainly caustic soda

Manufacturer of Basic Chemicals Mainly Caustic Soda
NANKAI CHEMICAL is a basic chemical manufacturer that handles caustic soda and its co-products. It was a group company of NAKAYAMA STEEL WORKS, but became independent through an MBO in 2013.

It is a medium-sized caustic soda manufacturer. In addition, as the second pillar, NANKAI CHEMICAL has clarified its policy to expsand the environmental recycling business.

The company’s business consists of the chemicals business and various salt businesses, with the chemicals business accounting for 81.1% of net sales and almost all of the operating profit in fiscal year ended March 2022. The chemicals business is divided into basic chemicals (50.5% of total sales), functional chemicals (11.2%), agriculture (12.9%) and environmental recycling (6.5%).

Chemicals Business
Caustic soda, a basic chemical, is strongly alkaline and is used in a wide range of applications such as metal dissolution and refining, impurity removal, bleaching and neutralization, and is supplied to industries including steel, papermaking, cosmetics, detergents and chemical industries. Since transportation costs are high for supplying to remote areas, the supply destinations are mainly the Kansai region, where the company’s plants are located.

The company also handles products that utilize hydrogen and chlorine, which are co-products of caustic soda production. They include synthetic hydrochloric acid and sodium hypochlorite used for bleaching, sterilization and neutralization applications for medical and food fields, chlorine disinfectants and sanitizers and water treatment flocculants used in wastewater treatment.

As functional chemicals, the company mainly handles food additives primarily for food manufacturers such as sodium acetate used to improve the shelf life of food and glucosamine used as a material in health foods, as well as intermediates used in pharmaceuticals, agricultural chemicals, electronic materials and the like.

In the agriculture field, NANKAI CHEMICAL handles chloropicrin, which is used as a soil fungicide.

As environmental recycling, the company collects waste sulfuric acid from waste sulfuric acid suppliers, and refines sulfuric acid for sale.

Various Salt Businesses
NANKAI CHEMICAL processes and provides raw salt imported from Australia and Mexico. It is used for food production and snow melting on roads and such.

概要(レポートから抜粋)

南海化学は、苛性ソーダ(水酸化ナトリウム)及び苛性ソーダ生成時に生じる併産物の応用品を取り扱う基礎化学品メーカーである。

前身となる企業は1906年創業で、1939年に中山製鋼所(5408東証プライム)と合併、1951年に分離したが長く中山製鋼所のグループ企業だった。中山製鋼所が同社株式を売却する方針となったのを機に、13年にMBOにより独立した。

生産量で見ると苛性ソーダメーカーとしては中堅規模であり、小ロットながらニッチな領域の製品の展開を得意としている。また、基礎化学品に次ぐ第2の柱として環境リサイクルビジネスに積極的に打って出る方針を明確にしている。

南海化学の事業は、化学品事業、各種塩事業の2つの報告セグメントに分類される。売上高では化学品事業が8割強を占め、営業利益でも化学品事業が大半を占めている。

また、製品区分別に見ると、化学品事業の基礎化学品が全体の売上高の約半分を占めている。

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