Changes in construction equipment manufacturers' production plans and excess inventory
First written in FY2016. 5 of 16 entries say "Restated". Latest entry: FY2026.
Yamashin-Filter Corp. moved to the "Worse" side of this theme in 2019, 1 year before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 12 of 22 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「In the fiscal year ending March 2026, sales to the construction equipment filter business accounted for approximately 9/10 of the Group’s total sales, most of which were OEM products (注).」
The company discloses a structure in which approximately 9/10 of sales are to the construction equipment filter business and most products are OEM products, making it dependent on construction equipment manufacturers’ production and sales plans. - 2026-05-15MitigatedEarnings presentation
「2026年３月期第4四半期の確定受注残は過去最高水準を更新」
北米市場のシェア拡大と東南アジア市場の在庫調整反動増を背景に、確定受注残が過去最高水準となったと記載している。 - FY2025RestatedAnnual report
「The Group sells products for the construction equipment market through construction equipment manufacturers rather than directly to distributors serving end customers. Accordingly, its production plans are structured to be affected by the production plans and component sales plans of construction equipment manufacturers.」
The company continues to operate under a structure centered on OEM products and dependent on construction equipment manufacturers’ production and sales plans, while maintaining appropriate inventory levels through information sharing, monitoring and analysis. - FY2024-Q2MaterialisedAnnual report
「Sales declined 5.6% as the impact of inventory adjustments by major customers and other factors outweighed steady construction equipment operating hours and demand for new equipment.」
Inventory adjustments by major customers actually occurred, and sales in the construction equipment filter business declined 5.6% year on year. - FY2022RestatedAnnual report
「In the fiscal year ended March 2022, sales for the construction equipment filter business accounted for approximately 80% of the Group's sales, most of which were OEM products (Note).」
The Group continues to describe its OEM-focused structure, which is affected by construction equipment manufacturers' production and sales plans, and the risks associated with maintaining appropriate inventory levels. - FY2022-Q2MitigatedAnnual report
「Sales increased 60.7% as production activities at major customers resumed in various countries, increasing new construction equipment production, operating hours and replacement demand for construction equipment as public works investment increased.」
The construction equipment filter business reported 60.7% sales growth due to the resumption of production activities at major customers, increased new construction equipment production and higher replacement demand. - FY2022-Q1MitigatedAnnual report
「Sales increased 71.0% as production activities at major customers resumed in various countries, increasing new construction equipment production and public works investment.」
The resumption of production activities at major customers and the increase in new construction equipment production improved the market environment related to sales and inventory risks affected by manufacturers' production plans. - FY2021-Q2MaterialisedAnnual report
「Although the production activities of major customers, which had stagnated due to the impact of COVID-19, were recovering, demand declined in the Japanese, US, European and Asian markets.」
The stagnation and recovery of major customers' production activities and the decline in demand actually occurred, and sales and inventory risks affected by manufacturers' production plans continued to emerge. - FY2021-Q1MaterialisedAnnual report
「The production activities and supply chains of major customers were significantly affected by lockdowns implemented in various countries continuously from March 2020.」
The production activities and supply chains of construction equipment manufacturers were actually affected, leading to lower sales in the construction equipment filter business and air freight costs incurred to meet delivery schedules. - FY2020MitigatedAnnual report
「In the fiscal year ended March 2020, sales to the construction equipment market accounted for approximately 80% of the Group's sales, most of which were OEM products (Note).」
Although the dependence on sales to the construction equipment market declined from approximately 90% to approximately 80%, the OEM-focused sales structure and inventory risks affected by construction equipment manufacturers' production and sales plans continued. - FY2020-Q3MaterialisedAnnual report
「In Japan, although Typhoon No. 19, which occurred in October 2019, had a significant impact on production by major customers, public investment and capital investment continued to trend upward, and overall demand remained at approximately the previous year's level.」
The Group states that Typhoon No. 19 actually affected the production plans and production activities of major customers. - FY2020-Q1MaterialisedAnnual report
「However, in the first quarter, orders temporarily declined due to the impact of inventory adjustments and other factors specific to major customers, and the Company's sales remained sluggish.」
Inventory adjustments by major customers actually resulted in lower orders, and sales declined 21.5% year on year. - FY2019RestatedAnnual report
「In the fiscal year ended March 2019, sales to the construction equipment market accounted for approximately 90% of the Group's sales, most of which were OEM products (Note). The Company's production plans are structured to be affected by construction equipment manufacturers' production plans and component sales plans.」
The Group continues to maintain its OEM and inventory structure, which depends on construction equipment manufacturers' production plans, and manage inventory at appropriate levels through information sharing, monitoring and analysis. - FY2018RestatedAnnual report
「In the fiscal year ended March 2018, sales to the construction equipment market accounted for approximately 90% of the Group's sales, most of which were OEM products (Note). The Company's production plans are structured to be affected by construction equipment manufacturers' production plans and component sales plans.」
The Group continues to maintain its OEM and inventory structure, which depends on construction equipment manufacturers' production plans, and manage inventory at appropriate levels through information sharing, monitoring and analysis. - FY2017RestatedAnnual report
「In the fiscal year ended March 2017, sales to the construction equipment market accounted for approximately 90% of the Group's sales, most of which were OEM products (Note). The Company's production plans are structured to be affected by construction equipment manufacturers' production plans and component sales plans.」
The Group continues to describe its OEM and inventory structure, which depends on construction equipment manufacturers' plans, and appropriate inventory management through information sharing, monitoring and analysis. - FY2016First statedAnnual report
「The Company's production plans are structured to be affected by construction equipment manufacturers' production plans and component sales plans. The Group regularly exchanges information with construction equipment manufacturers to obtain the latest information on market trends, production plans and component sales plans, and constantly monitors and analyzes these factors to maintain inventory at appropriate levels. However, sudden changes in order quantities or delivery schedules by construction equipment manufacturers could result in excess inventory.」
The Group describes production plan and inventory risks arising from its OEM-focused sales structure, along with responses through information sharing, monitoring and analysis.