ENVALITH
株式会社中北製作所 logo

NAKAKITA SEISAKUSHO CO.,LTD.

6496・Standard Market・Machinery

Official website
株式会社中北製作所 logo
NAKAKITA SEISAKUSHO CO.,LTD.6496

Business

株式会社中北製作所は1930年創業、大阪府大東市に本拠を置く舶用・産業用バルブメーカーである。自動調節弁、バタフライ弁（LNG用超低温対応含む）、遠隔操作装置の3品種を主力とし、国内外の造船所・発電プラント向けに製品を供給する。

主要顧客には三菱重工業（売上高比率10.0%）をはじめとする大手造船・重工メーカーが含まれる。2024年12月には韓国のACE VALVE CO., LTD.を子会社化し、同年11月には中国・無錫に現地法人を設立するなど、海外展開を本格化させている。

東京証券取引所スタンダード市場上場。

Business Model

The basic business model is build-to-order manufacturing of a wide variety of products in small quantities based on customer specifications, providing a one-stop service from design through manufacturing and maintenance. Sales are primarily direct deliveries to shipyards and plant manufacturers, with some sales also made through trading companies. In the current consolidated fiscal year, orders received totaled ¥29,445 million and the order backlog stood at ¥24,527 million, maintaining a level exceeding net sales, while continued orders for repair and maintenance-related parts also support the earnings base.

Company Strengths

Since its founding in 1930, the company has been engaged in the design and manufacture of Automatic Control Valves, Butterfly Valves, and Remote Control Devices for 95 years, obtaining ISO9001 certification in 1994. In ultra-low-temperature Butterfly Valves for LNG carriers, the company supplies products to major shipbuilding nations in Japan, South Korea, and China through a business alliance with Sasakura Corporation, demonstrating its capability to respond to specialized applications.

As of the end of the current consolidated fiscal year (May 31, 2025), the order backlog reached ¥24,527 million (Automatic Control Valves ¥7,708 million, Butterfly Valves ¥11,538 million, Remote Control Devices ¥5,281 million), exceeding the current period's net sales of ¥23,768 million. Against the backdrop of substantial order backlogs in the shipbuilding industry, medium-term sales visibility has been secured.

As of the end of the current consolidated fiscal year, total net assets amounted to ¥25,456 million (of which retained earnings were ¥22,583 million), with an equity ratio of approximately 69.8% against total assets of ¥36,452 million. Against outstanding borrowings of ¥3,078 million, the company held cash and cash equivalents of ¥5,491 million, ensuring sufficient substantive liquidity on hand.

ENVALITH's Perspective

In FY2026 (ending May 2026), the company posted revenue of ¥29,254 million (up 23.1% year-on-year), operating profit of ¥1,561 million (up 34.9%), and ordinary profit of ¥2,265 million (up 56.5%), demonstrating strong growth at the upper profit levels. On the other hand, profit attributable to owners of parent came in at ¥1,724 million (down 0.3% year-on-year), essentially flat. Since the prior period's net income had been boosted by a gain on sale of investment securities of ¥968 million (extraordinary income), once this extraordinary gain is stripped out, the underlying performance can be assessed as a substantive increase in profit.

The consolidated earnings forecast for FY2027 (ending May 2027) calls for revenue of ¥30,000 million (up 2.5% year-on-year), operating profit of ¥1,450 million (down 7.1%), ordinary profit of ¥2,100 million (down 7.3%), and net income of ¥1,600 million (down 7.2%), with declines expected at every profit level. While revenue is projected to increase only slightly, profit margins are expected to decline, which is presumed to reflect the rising trend in selling, general and administrative expenses (¥3,268 million in FY2026 (ending May 2026)) and changes in the cost structure. Changes in order composition (a decline in orders for Automatic Control Valves) may also affect profit margins.

Cash flow from operating activities in FY2026 (ending May 2026) was an outflow of ¥290 million (compared with an outflow of ¥2,518 million in the prior period), marking the second consecutive year of negative operating cash flow, mainly due to a decrease in trade payables of ¥1,863 million. In investing activities, acquisitions of tangible and intangible fixed assets surged to ¥2,281 million (up 163.2% year-on-year), reflecting a sharp increase in capital expenditure, with the shortfall being funded through financing activities (borrowings). The cash balance at period-end stood at ¥4,880 million, down ¥610 million from the prior period. Amid continued expansion in shipbuilding demand as an external environment factor, how the company manages the increase in working capital accompanying rising orders remains a key point of focus.

Growth Strategy

Five pillars: strengthening proposal-based sales for marine and land use, M&A, overseas expansion, and development of decarbonization-related products

Promoting product development for next-generation fuel vessels, exemplified by securing orders for low-temperature Butterfly Valves for liquefied hydrogen carrier ships. Backed by the Japan-U.S. shipbuilding cooperation memorandum and the government's shipbuilding industry revitalization roadmap, orders received for Butterfly Valves expanded to ¥16,797 million, an increase of ¥5,222 million year on year.

Against the backdrop of increasing power demand accompanying data center construction driven by generative AI demand, strengthening proposal-based sales for land-use related projects such as power plants. Sales of Automatic Control Valves expanded to ¥9,737 million, an increase of ¥1,088 million year on year, and this business is being developed as a revenue pillar second to the marine business.

Made ACE VALVE CO., LTD. of Korea a subsidiary in December 2024, transitioning to a consolidated management structure. The provisional accounting treatment related to the business combination was finalized in the interim period of FY2026 (ending May 2026). Export sales reached ¥4,886 million (16.7% of net sales), an increase of ¥1,224 million year on year. Investments in affiliated companies also increased to ¥200 million.

The cost of sales ratio rose slightly to 83.5% in FY2026 (ending May 2026) (from 82.6% in the previous fiscal year), making continued productivity improvement and cost reduction activities a challenge. Acquisitions of tangible and intangible fixed assets amounted to ¥2,281 million (up 163.2% year on year), with capital investment being actively pursued to advance production capacity expansion and efficiency improvements in parallel.

Focusing on securing orders for repair and maintenance-related parts for previously delivered products to build a stable revenue base. Aiming to improve revenue stability against economic fluctuations by expanding aftermarket revenue in the order-based production business.

Last updated: July 17, 2026