ENVALITH
ケミプロ化成株式会社 logo

CHEMIPRO KASEI KAISHA, LTD.

4960・Standard Market・Chemicals

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ケミプロ化成株式会社 logo
CHEMIPRO KASEI KAISHA, LTD.4960

Business

Chemipro Kasei, established in 1982 and listed on the TSE Standard Market, is a fine chemical manufacturer operating two segments: the Chemicals Business (approximately 90% of net sales) and the Home Industry Business (approximately 10%). In the Chemicals Business, the company manufactures and sells UV Absorbers (benzotriazole-based and triazine-based), Antioxidants, Papermaking Chemicals, Electronic Materials (for organic EL applications), and Contract Manufacturing Products, with major customers including large domestic and overseas clients, including a supply agreement with BASF Japan (through September 2029). In the Home Industry Business, the company focuses on Wood Preservative Chemicals as its mainstay product, alongside coatings for home improvement centers, etc. The company operates multiple plants in Himeji, Aioi, Akashi, and Fukushima, and positions itself as a development-oriented company with 20 R&D personnel (9.0% of total employees).

Business Model

In the Chemicals Business, in addition to direct sales and OEM sales of proprietary-brand UV Absorbers and Antioxidants, the company combines Contract Manufacturing Products (approximately 27% of Chemicals Business sales) to stabilize equipment utilization rates. Through a long-term supply agreement with BASF Japan, the company has been granted exclusive overseas sales rights, securing stable orders, while also capturing new customers through the contract business. The Home Industry Business is centered on the manufacture and sale of Wood Preservative Chemicals, complemented by contract-processed products.

Company Strengths

2024年11月締結のBASFジャパンとの供給契約（2029年9月まで）により、紫外線吸収剤（ベンゾトリアゾール系）の国外における実質的独占販売権を付与し、一定量以上の購入を義務付けている。2026年3月期のBASFジャパン向け売上高は1,838百万円（総売上高比20.6%）であり、安定的な受注基盤を形成している。

紫外線吸収剤・酸化防止剤・製紙用薬剤・電子材料・写真薬中間体と幅広い品目を自社製造する有機合成技術力を保有し、受託製造製品は化学品事業売上高の約27%（2,172百万円）を占めるまでに拡大。研究開発費247百万円（対売上高比2.8%）を投じ、産業技術総合研究所とのペロブスカイト太陽電池共同開発も実施している。

2026年3月期末の自己資本比率は39.0%（前期末35.9%から3.1ポイント改善）となり、中期経営計画の目標値39%以上を達成した。短期借入金を300百万円削減し、純資産は4,999百万円（前期末比222百万円増）に拡大。

投資有価証券売却益265百万円等の特別利益も活用し財務基盤の強化を図った。

ENVALITH's Perspective

Sales of the company's mainstay product, UV Absorbers, came to ¥4,289 million in the current period, down ¥635 million (down 12.9%) year on year, as the demand slump that began in the latter half of the previous fiscal year failed to recover. In addition, sales recognition for new products scheduled for this period was deferred due to delays in production. The earnings forecast for FY2027 (ending March 2027) has not been disclosed, citing escalating geopolitical risk and instability in the procurement of naphtha-derived raw materials, reflecting strong uncertainty about the outlook. The interest coverage ratio fell sharply from 17.1x in the previous period to 0.5x in the current period, and the substantial decline in operating cash flow (from ¥1,261 million in the previous period to ¥40 million in the current period) is a source of financial concern.

Net income for the current period increased significantly to ¥294 million (up 130.0% year on year), but this was due to the recognition of extraordinary gains, including a gain on sale of investment securities of ¥265 million and insurance cancellation refunds of ¥41 million. Operating profit, which reflects the earning power of the core business, continued to decline, coming to ¥341 million (down 15.1% year on year), while ordinary profit also fell to ¥128 million (down 26.1% year on year). Production suspension costs of ¥139 million continued to weigh on ordinary profit, and structural cost issues have yet to be resolved.

The equity ratio improved from 35.9% in the previous period to 39.0% in the current period, indicating enhanced financial soundness. On the other hand, inventories (merchandise and finished goods + work in process + raw materials and supplies) increased significantly to a total of ¥3,670 million in the current period, up from ¥3,228 million in the previous period, raising concerns about inventory buildup amid the demand slump. Sales to BASF Japan decreased by ¥403 million year on year, and the emergence of risk from dependence on a specific customer, along with progress in inventory drawdown, will be key points to watch going forward.

Growth Strategy

The company aims to improve profitability under three policies: enhancing earning power, strengthening the profit structure, and pursuing sustainability

The company aims to achieve a recovery in demand for its mainstay product, UV Absorbers (¥4,289 million in the current period, down 12.9% year on year), while also targeting sales contribution from new products in future periods, as procurement difficulties for raw materials prevented their recording in the current period. Establishing a production system for the new products has become an urgent priority.

Sales expansion effects have become evident, with Papermaking Chemicals reaching ¥341 million in the current period (up 37.2% year on year) and Antioxidants reaching ¥946 million (up 3.6% year on year). The company plans to maintain stable sales growth by continuing to cultivate existing customers and develop new ones.

Although production suspension costs were reduced by ¥33 million to ¥140 million in the current period from ¥174 million in the previous period, they continue to significantly weigh on ordinary profit. The company is proceeding with the introduction of new product production at some plants, and absorbing fixed costs through improved utilization rates remains a challenge.

As part of investment to renew its core system, the company acquired intangible fixed assets of ¥108 million, and the balance of software in progress has accumulated to ¥154 million. Improvements in operational efficiency and cost reduction effects are expected once the system becomes operational.

The company aims to achieve an ordinary profit margin of 5% or more under its three policies of "enhancing earning power, strengthening the profit structure, and pursuing sustainability," but the actual result for the current period remained at 1.4%. Due to geopolitical risks and instability in raw material procurement, the company has not disclosed its earnings forecast for FY2027 (ending March 2027), leaving the outlook for achieving this target unclear.

Last updated: July 19, 2026