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System Research (3771) · FactAdvancedLatest Earnings (2026-10-28): "Restated"

IT Investment Demand and Engineer Shortages in Nagoya and Tokyo

First written in FY2016. 18 of 39 entries say "Advanced", first in FY2020-Q3. Latest entry: 2026-10-28.

39entries
11years
4from disclosures
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How it moved
ProgressHeldSoftenedWorseRestatedFY2016 – FY2020-Q2AdvancedFY2022-Q1 – FY20262016: 320162017: 420172018: 420182019: 420192020: 420202021: 420212022: 320222023: 320232024: 220242025: 320252026: 52026
Same theme, other companies
Growing DX Investment, IT Talent Shortages and Competition to Attract TalentA theme 21 companies write about · 7 as a headwind · 11 as a tailwind

The whole theme swung hardest in 2018: 1 of 7 companies on the "Worse" side.

13 other companies' latest entry also says "Restated".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Showing 14 of the 21 companies compared. The sentences above are computed from all 21.
Full recordFilings, disclosures and news, newest first
  1. FY2026AdvancedAnnual report

    「The software investment plan for March 2026 was up 10.5% year on year, indicating that IT investment demand remains strong, driven by the promotion of DX (digital transformation) to improve operational efficiency and address labor shortages, as well as the renewal of companies' core systems.」

    Strong IT investment demand driven by DX and the renewal of core systems continues, with corporate software investment plans up 10.5% year on year.
  2. FY2026-H1AdvancedAnnual report

    「IT investment demand from manufacturers, including our major customers in the automotive-related business, remained firm, resulting in SI services revenue of ¥5,346 million, up 5.4% year on year.」

    IT investment demand among manufacturers, including major customers in the automotive-related business, remained firm, and SI services revenue increased 5.4% year on year.
  3. FY2026-H1AdvancedAnnual report

    「According to the Bank of Japan's September 2025 Tankan (Short-Term Economic Survey of Enterprises), the software investment plan for September 2025 was up 12.9% year on year, indicating that corporate IT investment demand remains strong, driven by efforts to address labor shortages through the use of DX (digital transformation) technologies and the renewal of core systems.」

    The company continues to recognize strong IT investment demand, with corporate software investment plans up 12.9% year on year, driven by DX and the renewal of core systems.
  4. FY2025AdvancedAnnual report

    「SI services, which mainly involve building corporate systems, benefited from firm IT investment demand among our major customers, including automotive-related companies, and increased orders for contract projects, resulting in revenue of ¥10,480 million, up 14.1% year on year.」

    Firm IT investment demand from major customers and increased orders for contract projects drove a 14.1% year-on-year increase in SI services revenue.
  5. FY2025-H1AdvancedAnnual report

    「IT investment demand from our major customers in the automotive-related business remained firm, resulting in SI services revenue of ¥5,071 million, up 18.4% year on year.」

    IT investment demand in the automotive-related business remained firm, and SI services revenue increased 18.4% year on year.
  6. FY2024AdvancedAnnual report

    「SI services, which mainly involve building corporate systems, benefited from firm IT investment demand among major customers, including automotive-related manufacturers and financial institutions, and increased orders for contract projects, resulting in revenue of ¥9,179 million, up 11.6% year on year.」

    Firm IT investment demand from major customers and increased orders for contract projects drove an 11.6% year-on-year increase in SI services revenue.
  7. FY2024-Q2AdvancedAnnual report

    「IT investment demand from major customers, including automotive-related companies, electrical equipment manufacturers, wholesalers and retailers, remained firm, resulting in revenue of ¥4,279 million, up 5.7% year on year.」

    IT investment demand from major customers, including automotive-related companies, electrical equipment manufacturers, wholesalers and retailers, remained firm, and revenue from SI services increased 5.7% year on year.
  8. FY2024-Q1AdvancedAnnual report

    「IT investment demand from major customers in the automotive, financial and food manufacturing industries remained firm, and revenue from SI services was ¥2,051 million, up 4.8% year on year.」

    IT investment demand from major customers in the automotive, financial and food manufacturing industries remained firm, and revenue from SI services increased 4.8% year on year.
  9. FY2023-Q3AdvancedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from major customers in the automotive and electrical equipment manufacturing, financial and transportation industries, and orders received for contract projects increased, resulting in revenue of ¥6,102 million, up 18.5% year on year.」

    IT investment demand from the automotive and electrical equipment manufacturing, financial and transportation industries remained firm, and revenue from SI services increased 18.5% year on year on the back of increased orders for contract projects.
  10. FY2023-Q1AdvancedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from major customers, including automotive manufacturers, and revenue from SI services was ¥1,955 million, up 21.6% year on year.」

    IT investment demand from major customers, including automotive manufacturers, remained firm, and revenue from SI services increased 21.6% year on year.
  11. FY2022AdvancedAnnual report

    「Against the backdrop of a recovery in IT investment demand from major customers, including automotive-related manufacturers, orders received for contract projects recovered, and revenue was ¥7,191 million, up 15.3% year on year.」

    IT investment demand from major customers recovered, and orders received for contract projects also recovered. Revenue from SI services increased 15.3% year on year.
  12. FY2022-Q3AdvancedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand among the Company’s major manufacturing customers, and orders received for contract projects increased, resulting in revenue of ¥5,147 million, up 20.9% year on year.」

    IT investment demand in the manufacturing sector remained firm, and revenue from SI services increased 20.9% year on year on the back of increased orders for contract projects.
  13. FY2022-Q2AdvancedAnnual report

    「Against the backdrop of a recovery in capital investment demand among the Company’s major manufacturing customers, orders received for contract projects increased, and revenue was ¥3,313 million, up 18.6% year on year.」

    Orders received for contract projects increased against the backdrop of a recovery in capital investment demand in the manufacturing sector, and revenue from SI services increased 18.6% year on year.
  14. FY2022-Q1AdvancedAnnual report

    「SI services, centered on corporate system development, benefited from a recovery in capital investment demand among the Company’s major manufacturing customers, which increased orders received, and revenue from SI services was ¥1,607 million, up 16.8% year on year.」

    Capital investment demand in the manufacturing sector recovered, increasing SI services orders received, while revenue also increased 16.8% year on year.
  15. FY2021WorsenedAnnual report

    「Major customers, including automotive-related manufacturers, experienced a weak order environment, with IT investment postponed or reduced amid continuing uncertainty over the outlook due partly to the prolonged spread of COVID-19 and the global semiconductor shortage.」

    IT investment demand from major customers deteriorated from the previous view that it was firm and resilient to a weak order environment caused by postponements and reductions.
  16. FY2021-Q3WorsenedAnnual report

    「The SI services business, which focuses on system development for companies, experienced weak order conditions as major customers, including automotive-related manufacturers, postponed or reduced IT investments. Revenue was ¥4,256 million, down 12.3% year on year.」

    The filing describes a deterioration from the previous view of firm IT investment demand, with a weak order environment caused by major customers postponing or reducing investment, and a 12.3% year-on-year decline in SI services revenue.
  17. FY2021-Q2WorsenedAnnual report

    「Some customers adopted a rigorous approach to evaluating and selecting IT investments, particularly large-scale projects, resulting in a decline in the number and scale of projects. As a result, orders declined mainly in the manufacturing sector, including the automotive-related manufacturing industry, which comprises the company’s major customers, and revenue from SI services was ¥2,792 million, down 10.9% year on year.」

    The view of IT investment demand has changed from strong and firm to a decline in the number and size of projects, particularly large-scale projects, and a decrease in orders.
  18. FY2021-Q1RestatedAnnual report

    「SI services, centered on corporate system development, benefited from resilient IT investment demand from manufacturers, including the Company’s major customers in the automotive sector, and revenue from SI services was ¥1,375 million, up 2.2% year on year.」

    The filing states that IT investment demand from manufacturers, the Company’s major customers, remained resilient even during COVID-19. This time, there is no direct mention of a shortage of engineers.
  19. FY2020AdvancedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, distributors and service industries, and revenue was ¥6,802 million, up 11.0% year on year.」

    IT investment demand from manufacturers, distributors and service industries remained firm, and revenue from SI services increased 11.0% year on year.
  20. FY2020-Q3AdvancedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, and distributors, and revenue was ¥4,858 million, up 12.7% year on year.」

    IT investment demand from manufacturers and distributors remained firm, and revenue from SI services increased 12.7% year on year.
  21. FY2020-Q2RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, and revenue was ¥3,135 million, up 8.6% year on year.」

    The view that IT investment demand from manufacturers, including automotive-related manufacturers, is firm continues. Revenue from SI services increased 8.6% year on year.
  22. FY2020-Q1RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from major customers, including automotive-related manufacturers, and revenue was ¥1,345 million, up 1.4% year on year.」

    The view that IT investment demand from major customers, including automotive-related manufacturers, is firm continues.
  23. FY2019RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, and from the financial, securities and insurance industries, and revenue was ¥6,124.069 million, up 2.6% year on year.」

    The view that IT investment demand from automotive-related manufacturers, manufacturers, and the financial, securities and insurance industries is firm continues.
  24. FY2019-Q3RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, and from the financial, securities and insurance industries, and revenue was ¥4,309.455 million, up 7.8% year on year.」

    The view that IT investment demand from automotive-related manufacturers, manufacturers, and the financial, securities and insurance industries is firm continues.
  25. FY2019-Q2RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from major customers, including automotive-related manufacturers, and revenue was ¥2,886.224 million, up 11.2% year on year.」

    The view that IT investment demand from major customers remains firm continues. Revenue from SI services increased 11.2% year on year.
  26. FY2019-Q1RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from major customers, including automotive-related manufacturers, and revenue was ¥1,325.867 million, up 12.1% year on year.」

    The filing reconfirms the view that IT investment demand from major customers is firm. This time, there is no direct mention of a shortage of engineers.
  27. FY2018RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, and distributors, and revenue was ¥5,963.433 million, up 4.2% year on year.」

    The market view that IT investment demand from manufacturers and distributors is firm continues.
  28. FY2018-Q3RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, distributors and service industries, but revenue was ¥3,997.347 million, down 1.6% year on year, partly because engineers capable of meeting customer requirements had been in short supply since the previous year.」

    The filing reconfirms the supply-demand situation in which IT investment demand from manufacturers, distributors and service industries is firm while engineers capable of responding to requirements are in short supply.
  29. FY2018-Q2RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from manufacturers, including automotive-related manufacturers, and service industries, but revenue was ¥2,594.224 million, down 4.1% year on year, partly because engineers capable of meeting customer requirements had been in short supply since the previous year.」

    The filing reconfirms the supply-demand situation in which IT investment demand from manufacturers and service industries is firm while engineers capable of responding to requirements are in short supply.
  30. FY2018-Q1RestatedAnnual report

    「Against this backdrop, IT investment demand from major customers, including automotive-related manufacturers, remained firm, and revenue from SI services was ¥1,182.345 million, up 2.3% year on year.」

    IT investment demand from major customers remained firm, and revenue from SI services increased 2.3% year on year.
  31. FY2017RestatedAnnual report

    「Against this backdrop, IT investment demand in the Nagoya and Tokyo areas has been strong, particularly among manufacturers, including the Company’s major customers in the automotive sector. At the same time, however, there is a shortage of engineers.」

    The annual results also confirm strong IT investment demand in the Nagoya and Tokyo areas alongside a shortage of engineers capable of meeting that demand.
  32. FY2017-Q3RestatedAnnual report

    「SI services, centered on corporate system development, benefited from firm IT investment demand from automotive-related manufacturers, financial institutions, securities companies and service industries, but revenue was ¥4,066.135 million, down 0.0% year on year, partly because engineers capable of meeting customer requirements were in short supply.」

    The filing reconfirms the supply-demand situation in which IT investment demand from automotive-related manufacturers, financial institutions, securities companies and service industries is firm while engineers capable of responding to requirements are in short supply.
  33. FY2017-Q2RestatedAnnual report

    「IT investment demand from automotive-related manufacturers, financial institutions and securities companies remained firm, but revenue was ¥2,707.035 million, down 2.2% year on year, partly because engineers capable of meeting customer requirements were in short supply.」

    The filing reconfirms the supply-demand situation in which IT investment demand from major customers is firm while engineers capable of responding to requirements are in short supply.
  34. FY2017-Q1RestatedAnnual report

    「IT investment demand from major customers, including automotive-related manufacturers, remained firm, but engineers capable of meeting customer requirements were in short supply. Revenue from SI services was ¥1,155.522 million, up 0.09% year on year.」

    The filing again shows the combination of firm IT investment demand from major customers and a shortage of engineers.
  35. FY2016First statedAnnual report

    「IT investment demand in the Nagoya and Tokyo areas has been strong, particularly among manufacturers, including the Company’s major customers in the automotive sector. At the same time, however, there is a shortage of engineers.」

    The market view is that IT investment demand is strong in the main regions, while the supply side is experiencing a shortage of engineers.
Moved together

"Increases in Net Sales and Profit and Improvement in ROE" moved the same way as this thread, in the same document, in 18 of its 38 moves.

181614131210★123456
  1. ★This thread
  2. 1Increases in Net Sales and Profit and Improvement in ROE18×
  3. 2Recovery in the Information Services Industry and Growth in Software Demand16×
  4. 3Recurring Orders and Repeat Transactions from Existing Customers14×
  5. 4High SE Utilization and Improved Gross Margin13×
  6. 5Development of Cloud Services and E-commerce-Related Business12×
  7. 6Addressing highly specialized business areas10×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
System Research's next results are scheduled for 2026-10-28. Read the earnings preview It last moved in the Earnings of 2026-10-28: "Restated".
News
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