ソシオネクスト: 26年4-6月決算プレビュー

Research evidence excerpt

ソシオネクスト: 26年4-6月決算プレビュー

IdeaM図表4: Socionext: Annual NRE revenues by applications

(US$mn)

293 Other

300 275

250 258 260 254 26

250 217 32 18 19 39 Industrial

193 19 42 34 32 38

200 60

24 75 54 Smart devices

150 50 61 31 53 155

143 141

46 DC / Network 100 56 75

126 113

50 88 52 65 51 58 65 Automotive 46

19 20 21 22 23 24 25 26e 27e (FY)

Source: Company data, Morgan Stanley Research. e = Morgan Stanley Research estimates

図表5: Socionext: Earnings forecast

(yen billions) FY23 FY24 FY25 FY26 FY27 FY28

FY Ce e (old) e (new) e (old) e (new) e (old) e (new)

US$/Yen Rate 145 153 151 130 155 156 155 155 155 155

Forex change impact (YoY, bn)

Sales 11.7 8.5 0.3 -20.8 4.2 5.4 0.0 -1.6 0.0 0.0

OP 2.5 3.2 0.9 -5.2 1.1 1.4 0.0 -0.5 0.0 0.0

Net Sales 221.2 188.5 200.8 215.0 236.0 237.8 262.8 282.5 280.7 303.7

Constant currency growth 9% -19% 6% 17% 15% 16% 11% 19% 7% 8%

Product 182.9 146.6 161.8 193.9 194.2 216.1 234.5 229.0 252.0

Non-recurring Engineering 37.6 41.0 38.3 41.4 42.9 45.9 47.2 51.0 51.0

Other 0.8 0.9 0.7 0.7 0.8 0.7 0.8 0.7 0.8

Automotive 41.1 38.8 62.7 78.6 77.9 80.9 80.2 80.9 80.2

Datacenter / Network 82.0 50.7 50.8 71.1 73.6 92.4 114.1 106.3 131.3

Smart devices 46.8 48.3 42.3 40.2 40.2 41.4 40.6 43.4 42.6

Industrial 38.9 36.2 34.6 35.7 35.7 37.5 37.1 39.3 39.0

Other 12.5 14.5 10.5 10.5 10.5 10.6 10.5 10.7 10.7

Gross Profit 110.0 103.9 89.8 98.3 100.4 107.2 114.1 118.1 124.8

Gross Margin 49.7% 55.1% 44.7% 41.7% 42.2% 40.8% 40.4% 42.1% 41.1%

Product gross margin 39.2% 42.3% 31.4% 29.0% 29.2% 28.0% 28.2% 29.0% 29.0%

R&D 53.3 59.8 58.5 61.4 62.7 66.3 68.0 72.6 74.4

SG&A 21.2 19.1 18.9 19.4 19.6 20.0 20.2 21.0 21.2

Operating Profit 35.5 25.0 12.4 14.0 17.5 18.1 20.9 26.0 24.5 29.2

Operating margin 16.1% 13.3% 6.2% 6.5% 7.4% 7.6% 7.9% 9.2% 8.7% 9.6%