FY2024 Third Quarter Financial Results
January 31, 2025
MARUWA Co., LTD.（5344）
１．Overview
FY2024 cumulative total (Apr. ~ Dec.) | FY2023 cumulative total | ||
Increase/Decrease | (Apr. ~ Dec.) | ||
from last year | |||
Net sales | 53,141 | ＋18.0% | 45,026 |
Operating profit | 19,734 | ＋37.1% | 14,393 |
Ordinary profit | 20,034 | ＋33.9% | 14,967 |
Net profit | 13,965 | ＋31.7% | 10,603 |
（Unit: Million; Currency: YEN）
2025 MARUWA CO., LTD.
２．Quarterly consolidated operating results
Record-high 3Q performance. Maintained the strong performance of 2Q, which was the best quarterly performance ever.
New energy vehicles and next generation high-speed communications drive growth.
（Unit: Million; Currency: YEN）
25,000 | FY2021 | FY2022 | FY2023 | FY2024 | 50% | ||||||||||
20,000 | 40% | ||||||||||||||
15,000 | 30% | ||||||||||||||
10,000 | 20% | ||||||||||||||
5,000 | 10% | ||||||||||||||
0 | FY21 | FY22 | FY23 | FY24 | 0% | ||||||||||
2Q | 3Q | 4Q | 2Q | 3Q | 4Q | 2Q | 3Q | 4Q | 2Q | 3Q | |||||
1Q | 1Q | 1Q | 1Q | ||||||||||||
Net sales | |||||||||||||||
11,112 | 13,610 | 15,347 | 14,273 | 13,954 | 15,714 | 14,908 | 14,227 | 12,722 | 15,341 16,962 16,537 16,243 18,579 18,319 | ||||||
Operating profit | 3,182 | 4,744 | 5,434 | 4,854 | 4,749 | 5,866 | 5,423 | 4,102 | 3,530 | 5,118 | 5,744 | 5,408 | 5,640 | 7,148 | 6,944 |
Operating profit % | 28.6% | 34.9% | 35.4% | 34.0% | 34.0% | 37.3% | 36.4% | 28.8% | 27.7% | 33.4% | 33.9% | 32.7% | 34.7% | 38.5% | 37.9% |
2025 MARUWA CO., LTD.
３．Sales breakdown by market
■Sales amount by market
Tele-communication: Business performance has increased for the next generation high-speed communications.
Automobile: New energy vehicles have remained strong.
SPE: Strong demand for generative AI, but weakness in general-purpose memory due to market conditions.
■By market
12.9% | ||
FY2023 3Q | 13.5% | 37.1% |
FY2024 3Q (Oct. ~ Dec.) | FY2023 3Q | |||
YoY | ||||
70 | ||||
communication | ＋11% | 63 | ||
Tele- | ||||
Automobile | 40 | ＋14% | 35 | |
SPE | 26 | △4% | 27 | |
Industrial | 23 | ±0% | 23 | |
equipment | ||||
Lighting | 26 | ＋18% | 22 | |
※ The above figures are preliminary. Amounts are rounded to the nearest 100 million. | （Unit: Million; Currency: YEN） |
15.9%
20.6%
FY2024 3Q | ||
14.1% | ||
Tele- | 12.4% | 37.8% |
communication | ||
Automobile | 14.1% | |
SPE | ||
21.6% | ||
Industrial | ||
equipment | ||
Lighting |
2025 MARUWA CO., LTD.
５．FY2024 year-end forecast
Latest forecast | FY2023 year-end | Forecast as of | ||
Increase/Decrease | ||||
from last FY | result | April 25, 2024 | ||
Net sales | 72,100 | ＋17.1% | 61,564 | 70,300 |
Operating | 26,600 | ＋34.3% | 19,801 | 23,000 |
profit | ||||
Operating | 36.9% | ＋4.7Pt | 32.2% | 32.7% |
profit % | ||||
（Unit: Million; Currency: YEN）
※For details of the revised forecast, please refer to the "Notice of Revision of Earnings Forecast" disclosed on January 29, 2025.
※Regarding "Ordinary income" and "Profit attributable to owners of parent", they are expected to fluctuate mainly due to foreign exchange factors. Therefore, we have omitted to describe forecasts due to the uncertainty of exchange rate trends at this time.
2025 MARUWA CO., LTD.
６．Outlook for FY2024（Market trends・Internal condition）
Market | Trends | ||
Automobile | ・New energy vehicles (HV, PHV, BEV) sales remain strong. | ||
・Focus on strengthening production systems through factory construction to | |||
meet demand. | |||
Tele- | ・Demand continues to be strong for next-generation high speed | ||
communication | communications. | ||
・Full recovery of the general-purpose memory market is expected to be delayed | |||
SPE | until the next fiscal year or later. | ||
・On the other hand, the demand environment has increased due to the | |||
development speed and expansion of generative AI. | |||
Industrial | ・Performance of power module-related businesses is expected to expand over | ||
the medium to long term. | |||
equipment | |||
・A temporary adjustment phase is expected in 4Q. | |||
Lighting | ・ Lighting for the high-end new condominium market increased, and business for | ||
public LED lighting installation projects remained steady. | |||
2025 MARUWA CO., LTD.
７．Capital investment・Depreciation
■Capital investment | ■ Depreciation/Percentage of sales |
Investment in new plants and building for mid to long-term growth, and focusing on investment to improve productivity
The new factory plan is all on schedule
Steadily lead to improved competitiveness and productivity.
【Capital investment】 | After the next term | 【Depreciation】 | 【Depreciation/Year and sales amount】 | ||||||||||
16,000 | Increase in investment | Depreciation | Percentage of sales | ||||||||||
8,000 | 40.0% | ||||||||||||
12,000 | Current term | ||||||||||||
6,000 | Current term 30.0% | ||||||||||||
(estimated) | |||||||||||||
(estimated) |
8,000
4,000
0
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | After |
（Unit: Million; Currency: YEN） | FY25 | |||||
4,000 20.0%
2,000 | 10.0% | |
0 | 0.0% | ||||||
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 |
2025 MARUWA CO., LTD.
2025 MARUWA CO., LTD.