Q. What are the photo -locked "AKERUN" photocins listing, hardware+SaaS?

Ah.Overwhelming height of gross profit margin.Therefore, it is possible to invest much in sales pipe expenses.

This article is a joint production between Kanekoshinji and MASM.

スマートロック入退室管理システム「Ahkerun」を提供している株式会社Photosynth（フォトシンス）が、2021年9月30日に東京証券取引所、マザーズ市場への新規上場が承認されました。

A smart lock is a type of IoT (Internet of Things: things are connected to the Internet), and is an electronic lock that can be used by smartphones and IC cards that can be used to enter and exit or manage.

There are various advantages, such as using a smart lock that eliminates physical keys, can manage locking remotely, and manage the log of who entered and out.

SDKI in March 2021.INC.が発表した調査によると、スマートロック市場の成長可能性は2020年から2026年の間で年平均成長率（CAhGR）12.It is estimated to be 23 %, and is also attracting attention as a market that can expect great growth.

2026 Forecast, what is the growth of the smart lock market (Mirai Collaboration)

In this article, we will look at the business content, growth potential, and important KPI from the securities report at the time of the listing of Photosins.

In addition, the HESAAS (HARDWARE ENABLED Software as ASERVICE (SaaS), which is a combination of hardware and software), analyzes the cloud recording service "Safie" and the high -performance cloud POS cash register "Smaggi" as a comparison target.Then, I will unravel the indicable indicators.

What is photocin

First, I will explain the outline of the Photosinsian company and business.

Photosins is a company established in September 2014 and has a mission to "realize a keyless society."

President and CEO Kawase Kawase is from Gaiax Co., Ltd., which has developed a business centered on social media and sharing economy areas, and has produced many entrepreneurs.

Photosins has been attracting attention since its establishment, and has been adopted by the National R & D corporation (NEDO) under the Ministry of Economy, Trade and Industry (NEDO) as the first and subsidies for R & D venture support projects.

設立当初はtoC向けの家庭用の後付け型スマートロック「Ahkerun Smart Lock Robot」を提供していましたが、現在はtoB向けの「Ahkerun入退室管理システム（Ahkerun Pro）」をメインにサービスを展開しています。

Ahkerun Proはドアに貼り付けるだけ、Ahkerunコントローラーは簡易工事だけで、大規模な工事不要でハードウェアを簡単に設置でき、導入のハードルが低いことが特徴です。

Since physical keys are unnecessary and locked with smartphones and IC cards, it is easy to see when "when", "who" and "where" has come and in and out, so it is easy to improve security, to manage attendance and equipment management.There is also the merit of being.

In addition, if you introduce a smart lock in a share office or fitness gym, it will be possible to reduce or unmanned business, and operate business efficiently.

The competitive advantage of photocinity business model and product is that the introduction of security systems to buildings, which has been high in hurdles, is solved by wireless communication (Bluetooth Low Energy) technology.

この技術により、電気工事技師が不要になり、クラウドシステムを利用するのでシステム開発や運用などを請け負う企業も必要なく、Ahkerunを導入することができます。

サービス利用料についてはホームページなどでは公開されていませんが、新規上場申請のための有価証券報告書によると、Ahkerun入退室管理システムの費用は月額1.It is 80,000 yen.

Analysis about growth

Next, let's look at the growth of photocasins.

AhRR（年間経常収益）は、直近の2020年12月期で12.1億円、YoY（前年同期比）+32%となっており、直近5年間のCAhGR（Compound Ahnnual Growth Rate：年平均成長率）は、+129 %と急成長しています。

However, if you list the YOY growth rates for each year, you can see that the growth rate is slow.

2017 YOY+561.4 %

2018 YOY+107.9 %

2019 YOY+51.7 %

2020 YOY+32.3 %

5年間のCAhGRの高さは、AhRRがまだ大きくなかった2017年度にYoYが5倍以上成長したことが大きく影響しています。

補足として、フォトシンスの売上の90％はサブスクリクション収益ですが、AhRRの算出方法は年度末のMRR（月間計上収益）を12倍する形になっているため、後述する売上よりもAhRRの方が大きくなっています。

Sales were 11 in the fiscal year ending December 2020.It is 800 million yen, YOY+51%.In fiscal 2017 and FY2018, the growth rate is nearly YOY+150%, and the sales scale is larger than at that time, and the growth rate is slow, but it still keeps the high growth rate of YOY+50%or more.I am.

Sales in the last 2021 January-June quarter were 7.It is 200 million yen, and it seems that the growth rate will continue to slow down, but it is noteworthy how much sales will accumulate in the latter half of July-December.

Important SaaS business KPI analysis

Next, we will analyze the important KPI as the SaaS business.

First, let's look at the "40 % rule", which is an index that shows the soundness of the growth of SaaS companies.The 40 % rule is an indicator that if the sales growth rate + operating profit margin is 40 % or more, it will be healthy as a SaaS business.

If the growth rate is high, even if the operating margin is slightly lower, it will be healthy as a business, and if the growth rate is low, a high profitability (operating profit margin) is required.

Looking at the track record of Photosins in FY2020, the sales growth rate is YOY+50..98%, operating margin is -56.Because it is 72%, -5 when combined.74 %と、40％ルールの基準を大きく下回っています。

次に、AhRPAh（Ahverage Revenue per Ahccount：1アカウント当たりの売上）を見てみると、2020年度の売上が約11.With 800 million yen, the number of contractors (account number) is 3,700, so you can calculate that there are 26,485 yen/month sales per account.

Ahkerun入退室管理システムは1ドアあたり1.It is described that it is 80,000 yen/month, so if you calculate simple calculations, about 1 per company.5個のドアにAhkerunをインストールしていると予想できます。

Finally, let's look at LTV (Life Time Value).

Cancellation rate is 1 in the last 2020.Using 48%, gross profit margin in 2020 82.Calculating from 11%, LTV is about 1.47 million yen.

Ahkerunのアカウントを1件獲得すると、将来的に約147万円の利益がもたらされるという計算になります。

Photosins' future growth strategy

We will work on the listing and consider how Photosins will grow in the future.

まずtoB領域における戦略は、三井不動産と資本提携を結び、オフィスビルを中心としたビルの入退館管理のための「Ahkerun来訪管理システム」（現在ベータ版）の実証実験を行いながら、開発・提供に取り組んでいます。往来のオフィスや施設の扉から、ビルの入退館ゲートなどへと、適用範囲の拡大や多様化を狙っています。

toC領域においては、住宅領域にAhkerun事業を広げていくために、2021年1月に建築用錠前の国内大手である美和ロックとの合弁会社「株式会社MIWAh Ahkerun Technologies」を設立しています。

While the fluidity of things is increasing, such as the progress of digitalization, the rise in EC usage due to corona, and the effect of using the sharing economy are increasing, while there are various issues in the spread of them.

For example, an increase in the work load on home delivery crisis, the need for home at the time of receipt, the trouble of receiving the key when using the facility, security at the entry and exit of an apartment house, and the psychological anxiety of users.It is a barrier to expanding use of convenient services.

それらの課題を、Ahkerunのスマートロックを中心とした管理ツールを活用することで解決していくことができると考えており、市場拡大を狙っています。

Horizontal comparison with Suffy Smagg

Finally, in the case of HESAAS (Hardware Enabled Software as a Service), the horizontal comparison with the sephey that provides a cloud video platform and the Suma Reshi, which provides a cloud POS cash register, is based on the half-year data from 2021 to June 2021.Let's look at it.

The sales are 38 billion yen for Suffy, but the gross profit margin is 38, probably because of the cost of the camera..It stops at 65%.On the other hand, the gross profit margin of Photosins is 89..It is overwhelmingly high at 78%, and it is as high as HESAS.

It is thought that photocinth is so low because the smart lock has a simple structure compared to security cameras and cash register systems, and it does not require high -performance CPU, camera, and display.

Another thing that stands out in photocins data is the size of the deficit of operating profit.

This major factor is the sales rate of sales of 133.44 %という売上を超える販管費への投資によるものであり、ここまで強気に販管費に投資できるのは、LTVが高いからだと考えられます。LTVが高いのは、前述したように、売上総利益率が圧倒的に高い（ハードウェア原価の低い）ことが大きく影響していることに加え、解約率の低さも貢献していると言えます。

Small register, which has a lower cancellation rate than the photocasin, is 0 cancellation rate.54 %と1％を大きく下回っています。スマレジの解約率が低いのは、POSレジは日々のオペレーションを回す上で欠かせない上に、POSデータ（顧客の消費行動をデータ化したもの）が蓄積されるため、スイッチングコストが高いということが大きな要因であると考察されます。

I've seen the comparison between Sefi, Smagg and Photosins so far, but Bit keys, which are likely to be threatened by other companies in the same industry, are not listed and show rapid growth.

創業3年目で90億円を超える資金調達をしており、2020年度の売上はYoYで3倍以上と急成長をしているようです。初期費用は無料で月額利用料も税込5,000円とAhkerunの3分の1以下の金額を実現しています。

Smart locks have great expectations as a market, but competition with competitors may intensify.

summary

今回は、マザーズ市場への新規上場が承認されたフォトシンスの主要事業である、Ahkerun事業の事業内容や決算概要、主要KPIなどを分析してきました。

In addition, we performed KPI analysis as a SaaS business, horizontal comparison with HESAAS companies, Sefi and Smagg Research, and analyzed the indicators of photocins.

The following data you have seen is as follows.

The index that stands out as the answer of the Q this time is 89..It was an overwhelmingly high sales rate of 8%.

It is thought that LTV can be enhanced because of its very low cost rate business, and even if it becomes a business deficit, it is possible to continue investing in positive.

今回の上場に係る有価証券報告書の情報では、CAhC（顧客獲得コスト）の算出ができなかったため、投資回収期間や投資効率を見ることができませんでした。

I would like to pursue information including those in the financial results disclosed in the future and deepen the analysis.