Delayed ramp-up in the transition to direct sales and a trough in capital investment
First written in FY2017-Q1. 11 of 31 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-06-09.
Ishii Hyoki moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2025: 5 of 13 companies on the "Worse" side.
2 other companies' latest entry also says "Mitigated".
- FY2026-H1WorsenedAnnual report
「In the printed circuit board field, revenue declined from the same period of the previous year, mainly because capital investment in the field decreased as demand for package substrates for semiconductors stagnated. In the LCD-related field, although customers' demand for replacement production consumables increased despite no significant recovery in LCD panel demand, sales of LCD panel manufacturing equipment declined, and revenue decreased from the same period of the previous year.」
Revenue declined in both fields due to lower capital investment in equipment for package substrates and lower sales of LCD panel manufacturing equipment. - FY2025-H1MitigatedAnnual report
「In the printed circuit board field, demand for package substrates for semiconductors was recovering alongside expanding semiconductor demand, and revenue exceeded the same period of the previous year. In the LCD-related field, LCD panel demand remained stagnant and panel manufacturers continued production adjustments, but revenue exceeded the same period of the previous year as the company captured demand from new entrants and increased sales of LCD panel manufacturing equipment.」
Revenue from both package substrates for semiconductors and LCD panel manufacturing equipment exceeded the same period of the previous year, mitigating the revenue decline caused by the traditional trough in equipment demand and slowing demand in the segment results for the current interim period. - FY2024WorsenedAnnual report
「Although the high order backlog from the previous consolidated fiscal year was steadily converted into sales and equipment sales increased from the previous consolidated fiscal year, demand for major consumer electronics such as personal computers and smartphones, as well as data center investment, has recently slowed. As a result, demand for package substrates for semiconductors has declined, and customers' equipment demand is decreasing.」
Conversion of the previous fiscal year's order backlog into sales progressed, while demand for package substrates and customers' equipment demand declined recently, bringing the risks of a trough in capital investment and slowing demand to the fore. - FY2024-Q3WorsenedAnnual report
「In the printed circuit board field, revenue fell below the same period of the previous year because, despite the steady conversion of the high order backlog from the previous fiscal year into sales, customers' equipment demand declined recently as demand for package substrates for semiconductors slowed. In the LCD-related field, production adjustments by panel manufacturers have continued as LCD panel demand declined following the end of stay-at-home demand, and revenue fell below the same period of the previous year because sales of both production consumables and LCD panel manufacturing equipment declined.」
The order backlog from the previous fiscal year was converted into sales, while the decline in equipment demand associated with weaker demand for package substrates for semiconductors and the decline in sales due to lower LCD panel demand and production adjustments emerged in the results. - FY2024-Q2WorsenedAnnual report
「In the printed circuit board field, revenue was roughly in line with the same period of the previous year, as the high order backlog from the previous fiscal year was steadily converted into sales, although equipment demand has recently slowed.」
The high order backlog from the previous fiscal year was converted into sales, while recent demand for printed circuit board-related equipment has slowed. - FY2023WorsenedAnnual report
「Meanwhile, as LCD panel demand is expected to contract further, investment in large LCD panels is also expected to decline.」
In the LCD-related field, risk recognition broadened from short-term issues such as the traditional trough in capital investment and declining unit sales to the prospect of a structural contraction in LCD panel demand and investment in large panels. - FY2023-Q3RestatedAnnual report
「In the LCD-related field, sales declined from the same period of the previous year, as sales of production consumables decreased alongside lower LCD panel production.」
The decline in production consumables sales and revenue in the LCD-related field due to lower LCD panel production is continuing. - FY2023-Q1MaterialisedAnnual report
「In the LCD-related field, sales declined from the same period of the previous year, as sales of production consumables decreased alongside lower LCD panel production.」
In the LCD-related field, the decline in production consumables sales and revenue associated with lower panel production actually occurred. - FY2022WorsenedAnnual report
「In the near term, demand for LCD panels is increasing and investment in LCD panels is becoming more active. However, from a long-term perspective, the Company expects investment in large LCD panels to decline going forward.」
While indicating a short-term recovery in LCD panel demand and investment, the company expects investment in large LCD panels to decline over the longer term, pointing to a structural decline in addition to a trough in capital investment. - FY2022-Q3WorsenedAnnual report
「In the LCD-related field, production of LCD panels remained at a high level amid rising demand, increasing sales of production consumables. However, the number of inkjet coaters sold declined, and revenue fell from the same period of the previous year.」
Although sales of consumables for LCD panel production increased, revenue in the LCD-related field fell below the same period of the previous year because fewer inkjet coaters were sold. - FY2022-Q2MitigatedAnnual report
「In the LCD-related field, revenue increased from the same period of the previous year as LCD panel production remained at a high level amid rising demand, increasing sales of production consumables.」
Rising demand for LCD panels and high production levels increased consumables sales, pushing revenue in the LCD-related field above the same period of the previous year. - FY2022-Q1RestatedAnnual report
「In the LCD-related field, revenue increased from the same period of the previous year because inkjet coaters that could not be sold in China during the previous year due to travel restrictions were recognized as revenue as planned, while consumables sales increased along with rising demand for LCD panels.」
Recognition of revenue from inkjet coaters whose sales had been delayed by travel restrictions and higher consumables sales continued to drive revenue growth in the LCD-related field. - FY2021-Q2MitigatedAnnual report
「In the LCD-related field, revenue increased from the same period of the previous year because some inkjet coaters in China whose revenue recognition had been delayed by travel restrictions were recognized as revenue during the three months ended 30 September, while consumables sales increased as Chinese customers resumed operations.」
Some inkjet coaters whose revenue recognition had been delayed by travel restrictions were recognized as revenue, and higher consumables sales following the resumption of operations by Chinese customers also contributed to revenue in the LCD-related field exceeding the same period of the previous year. - FY2021-Q1WorsenedAnnual report
「In the LCD-related field, revenue declined from the same period of the previous year because the launch of inkjet coaters in China was affected by travel restrictions, shifting revenue recognition to the second quarter or later, while sales of consumables declined as Chinese customers suspended operations.」
The impact of travel restrictions on inkjet coater launches and the suspension of operations by Chinese customers actually occurred, resulting in a shift in revenue recognition and lower consumables sales. - FY2020MaterialisedAnnual report
「Revenue declined from the previous year because delays in customers' mass-production plans caused by the COVID-19 pandemic resulted in some inkjet coaters scheduled for recognition during the fiscal year being sold in a different period, among other factors.」
In addition to the decline in revenue caused by the conventional lull in capital investment, delays in customers' mass-production plans due to the COVID-19 pandemic and the resulting shift in the timing of inkjet coater sales actually occurred. - FY2020-Q3RestatedAnnual report
「In the LCD-related field, revenue declined from the same period of the previous year as customer capital investment entered a lull during the current fiscal year.」
Revenue in the LCD-related field continues to decline year on year due to the lull in customer capital investment. - FY2020-Q2RestatedAnnual report
「In the LCD-related field, revenue declined from the same period of the previous year as customer capital investment entered a lull during the current fiscal year.」
Revenue in the LCD-related field continues to decline year on year due to the lull in customer capital investment. - FY2020-Q1WorsenedAnnual report
「In the LCD-related field, revenue declined from the same period of the previous year as customer capital investment entered a lull during the current fiscal year.」
The lull in customer capital investment during the current fiscal year was clearly reflected in the LCD-related field, where revenue declined year on year. - FY2019-Q3RestatedAnnual report
「In the LCD-related field, the Company produced and shipped inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer, and revenue was recognized broadly as planned during the nine months ended 31 December. However, the number of units shipped declined from the same period of the previous year, and revenue declined.」
Although revenue from the large order has progressed broadly as planned, the decline in revenue in the LCD-related field caused by lower unit shipments continues. - FY2019-Q2WorsenedAnnual report
「In the LCD-related field, the Company steadily produced and shipped inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer, and revenue was recognized as planned during the six months ended 30 September. However, the number of units shipped declined from the same period of the previous year, and revenue declined.」
Although revenue from the large order continued to be recognized as planned, revenue in the LCD-related field declined in the six months ended 30 September due to a decline in units shipped. - FY2019-Q1WorsenedAnnual report
「In the LCD-related field, the Company steadily produced and shipped inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer, and revenue was recognized as planned during the three months ended 30 June. However, the number of units shipped declined from the same period of the previous year, and revenue declined.」
Although revenue from the large order continued to be recognized as planned, revenue in the LCD-related field fell below the same period of the previous year due to a decline in units shipped. - FY2018MitigatedAnnual report
「In the LCD-related field, the Company steadily produced and shipped inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer. For the fiscal year, revenue was recognized as planned, and revenue increased.」
Production and shipment under the large LCD-related order and full-year recognition of revenue as planned were achieved, easing the previous decline in revenue caused by the lull in capital investment. - FY2018-Q3RestatedAnnual report
「In the LCD-related field, the Company steadily produced and shipped inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer. During the nine months ended 31 December, revenue was recognized as planned.」
Production and shipment under the large LCD-related order and recognition of revenue as planned have continued. - FY2018-Q2RestatedAnnual report
「In the LCD-related field, the Company has been steadily producing and shipping inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer. During the six months ended 30 September, revenue was recognized as planned, and revenue increased.」
Production and shipment under the large LCD-related order and recognition of revenue as planned have continued. - FY2018-Q1MitigatedAnnual report
「In the LCD-related field, the Company has been steadily producing and shipping inkjet coaters under a large order secured in the fiscal year ended January 2017 for a leading LCD panel manufacturer. During the three months ended 30 June, revenue was recognized as planned, and revenue increased.」
In contrast to the lull in LCD-related capital investment in the previous fiscal year, production and shipment under the large order progressed and revenue was recognized as planned, increasing revenue in the field. In the printed circuit board field, revenue will be recognized from the second quarter onward, so some effects will take time to emerge. - FY2017RestatedAnnual report
「The Company acquired 株式会社ＣＡＰ and made it a subsidiary to expand its manufacturing equipment business for printed circuit boards, but the benefits took time to emerge and revenue declined for the fiscal year. The LCD-related field was in a lull in capital investment, but the Company secured a large order for inkjet coaters from a leading LCD panel manufacturer. However, the revenue is scheduled to be recognized in the following fiscal year or later, and revenue declined.」
The benefits of switching to direct sales and acquiring CAP will still take time to emerge, and revenue from the large LCD-related order is scheduled to be recognized in the following fiscal year or later. - FY2017-Q3RestatedAnnual report
「The benefits of switching to direct sales have taken time to emerge, and revenue declined. The LCD-related field was in a lull in capital investment, but the Company secured a large order for inkjet coaters from China's largest LCD panel manufacturer. However, the revenue is scheduled to be recognized in the following fiscal year or later, and revenue declined.」
The Company continues to await the benefits of switching to direct sales, while the lull in LCD-related capital investment also continues. Revenue from the large order is likewise scheduled to be recognized in the following fiscal year or later. - FY2017-Q2MitigatedAnnual report
「The LCD-related field was in a lull in capital investment, but the Company secured a large order for inkjet coaters from China's largest LCD panel manufacturer. However, the revenue is scheduled to be recognized in the following fiscal year or later, and revenue declined.」
Although the Company secured a large order from China's largest LCD panel manufacturer amid a lull in LCD-related capital investment, the order will not be recognized as revenue until the following fiscal year or later, leaving a risk of lower revenue for the current fiscal year. - FY2017-Q1MaterialisedAnnual report
「The benefits of switching to direct sales have taken time to emerge, and revenue declined. …In the LCD-related field, revenue from inkjet coaters declined as the market entered a lull in capital investment.」
The benefits of switching to direct sales have yet to emerge, while a lull in capital investment also occurred in the LCD-related field. Revenue from electronic equipment and component manufacturing equipment was ¥980 million.