Shikino High-Tech（6614 TSE Standard）
＋English Summary on This Page
Manufacture and sale of semiconductor testing and image-related equipment, as well as semiconductor circuit design
1. Corporate Overview
Shikino High-Tech operates the electronic systems business (38.1% of net sales for fiscal year ended March 2022) that manufactures and sells semiconductor testing equipment, etc., the microelectronics business (37.1%) that handles the circuit designs, etc. of semiconductors and the product development business (24.8%) that is engaged in the manufacturing and sales of image processing-related equipment, etc. Each of these businesses not only manufactures and sells its own products, but also engages in contract developments.
The microelectronics business, which has no raw material cost burden, has been a source of revenue. The product development business, however, which is in an up-front investment stage of R&D, has continued to post losses.
2. Financial Analysis
In the period from fiscal year ended March 2016 to fiscal year ended March 2022, net sales and ordinary profit increased by an annual average of 4.7% and 68.7%, respectively, in spite of the impact of the silicon cycle and fluctuation in customers' capital expenditures.
Compared with similar companies, Shikino High-Tech is at a disadvantage in terms of financial stability and size, but it excels with respect to profitability and growth potential.
3. Non-Financial Analysis
The source of the company’s intellectual capital is its technological capabilities that can meet various customer needs.
4. Corporate Strategy Analysis
The company is aiming to achieve sustainable growth by 1) strengthening the competitiveness of its core businesses, 2) accelerating the creation and commercialization of new technologies and products, and 3) expanding into new markets and global strategies.
5. Analyst Evaluation
We forecast a 9.9% year-on-year increase in revenue and a 10.2% increase in operating profit for the fiscal year ending March 2023. This forecast is predicated on an expansion of the electronic systems business due to increased capital investment in power semiconductors and other on-board semiconductors, a return to profitability in the product development business and other factors.
We expect continued growth in Shikino High-Tech’s three businesses over the medium term, with a 7.7% year-on-year increase in revenue and a 9.2% increase in operating profit in fiscal year ending March 2024. In fiscal year ending March 2025, it foresees a 7.5% year-on-year increase in revenue and 8.6% increase in operating profit.
1. Corporate Overview
Shikino High-Tech operates the electronic systems business (38.1% of net sales for fiscal year ended March 2022) that manufactures and sells semiconductor testing equipment, etc., the microelectronics business (37.1%) that handles the circuit designs, etc. of semiconductors and the product development business (24.8%) that is engaged in the manufacturing and sales of image processing-related equipment, etc. Each of these businesses not only manufactures and sells its own products, but also engages in contract developments.
The microelectronics business, which has no raw material cost burden, has been a source of revenue. The product development business, however, which is in an up-front investment stage of R&D, has continued to post losses.
2. Financial Analysis
In the period from fiscal year ended March 2016 to fiscal year ended March 2022, net sales and ordinary profit increased by an annual average of 4.7% and 68.7%, respectively, in spite of the impact of the silicon cycle and fluctuation in customers' capital expenditures.
Compared with similar companies, Shikino High-Tech is at a disadvantage in terms of financial stability and size, but it excels with respect to profitability and growth potential.
3. Non-Financial Analysis
The source of the company’s intellectual capital is its technological capabilities that can meet various customer needs.
4. Corporate Strategy Analysis
The company is aiming to achieve sustainable growth by 1) strengthening the competitiveness of its core businesses, 2) accelerating the creation and commercialization of new technologies and products, and 3) expanding into new markets and global strategies.
5. Analyst Evaluation
We forecast a 9.9% year-on-year increase in revenue and a 10.2% increase in operating profit for the fiscal year ending March 2023. This forecast is predicated on an expansion of the electronic systems business due to increased capital investment in power semiconductors and other on-board semiconductors, a return to profitability in the product development business and other factors.
We expect continued growth in Shikino High-Tech’s three businesses over the medium term, with a 7.7% year-on-year increase in revenue and a 9.2% increase in operating profit in fiscal year ending March 2024. In fiscal year ending March 2025, it foresees a 7.5% year-on-year increase in revenue and 8.6% increase in operating profit.
概要（レポートから抜粋）
1．会社概要
・シキノハイテック（以下、同社）は、半導体検査装置等を製造販売する電子システム事業（22/3期売上高構成比38.1%）、半導体の回路設計等を行うマイクロエレクトロニクス事業（同37.1%）、画像処理関連機器等を製造販売する製品開発事業（同24.8%）を展開している。各事業共に、自社製品だけでなく、受託開発も手掛けている。
・材料費の負担がないマイクロエレクトロニクス事業が収益源となっている一方、研究開発等の先行投資段階にある製品開発事業はセグメント損失が継続している。
2．財務面の分析
・16/3期～22/3期の期間では、シリコンサイクルや顧客の設備投資の変動の影響を受けつつも、売上高は年平均4.7%、経常利益は同68.7%増加した。
・今回選定した類似企業と比べると、財務の安定性や規模では見劣りするものの、収益性や成長性は良好と言える。
3．非財務面の分析
・知的資本の源泉は、様々な顧客ニーズに対応できる技術力にある。
4．経営戦略の分析
・同社は、1）中核事業の競争力強化、2）新技術・新製品の創出早期化、事業化推進、3）新市場、グローバル戦略の拡大により、継続的な成長の実現を目指している。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、23/3期の業績について、パワー半導体等の車載用半導体の設備投資の拡大に伴う電子システム事業の拡大や、製品開発事業の黒字転換等を想定し、前期比9.9%増収、10.2%営業増益と予想した。
・当センターでは、中期的にも3事業において成長の継続を見込んでおり、24/3期は前期比7.7%増収9.2%営業増益、25/3期は同7.5%増収8.6%営業増益と予想している。
・シキノハイテック（以下、同社）は、半導体検査装置等を製造販売する電子システム事業（22/3期売上高構成比38.1%）、半導体の回路設計等を行うマイクロエレクトロニクス事業（同37.1%）、画像処理関連機器等を製造販売する製品開発事業（同24.8%）を展開している。各事業共に、自社製品だけでなく、受託開発も手掛けている。
・材料費の負担がないマイクロエレクトロニクス事業が収益源となっている一方、研究開発等の先行投資段階にある製品開発事業はセグメント損失が継続している。
2．財務面の分析
・16/3期～22/3期の期間では、シリコンサイクルや顧客の設備投資の変動の影響を受けつつも、売上高は年平均4.7%、経常利益は同68.7%増加した。
・今回選定した類似企業と比べると、財務の安定性や規模では見劣りするものの、収益性や成長性は良好と言える。
3．非財務面の分析
・知的資本の源泉は、様々な顧客ニーズに対応できる技術力にある。
4．経営戦略の分析
・同社は、1）中核事業の競争力強化、2）新技術・新製品の創出早期化、事業化推進、3）新市場、グローバル戦略の拡大により、継続的な成長の実現を目指している。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、23/3期の業績について、パワー半導体等の車載用半導体の設備投資の拡大に伴う電子システム事業の拡大や、製品開発事業の黒字転換等を想定し、前期比9.9%増収、10.2%営業増益と予想した。
・当センターでは、中期的にも3事業において成長の継続を見込んでおり、24/3期は前期比7.7%増収9.2%営業増益、25/3期は同7.5%増収8.6%営業増益と予想している。
