Risk from customer industries and market fluctuations
First written in FY2016. 7 of 36 entries say "Worsened", first in FY2019-Q1. Latest entry: 2026-11-13.
Nitchitsu moved to the "Worse" side of this theme in 2017, 2 years before the typical company in this theme (2019).
The whole theme swung hardest in 2020: 82 of 106 companies on the "Worse" side.
27 other companies' latest entry also says "Restated".
- 2026-11-13RestatedResults
「当社グループを取り巻く事業環境については、機械関連事業の舶用機器部門では、国内造船所の手持工事量が引き続き高水準で推移しており、堅調な需要が継続しています。産業機器部門では、重電・製鉄業界の更新投資の需要が継続しております。」
舶用機器の高水準の手持工事量と、重電・製鉄の更新投資需要の継続が示された。 - FY2026High shipbuilding backlog, uneven semiconductor demand, improving real estate marketAnnual report
「Although new orders at domestic shipyards remained sluggish, the order backlog continued to build, securing construction volumes for the time being. …Semiconductor-related demand is expected to remain uneven depending on the application, and an overall recovery is still expected to take time.」
Shipbuilding secured construction volumes through its order backlog, while new orders remained sluggish. Semiconductor-related conditions varied by application, and real estate continued to see declining vacancy rates and rising rents. - FY2026-H1Strong marine demand, semiconductor demand bottoming out, improving real estate market conditionsAnnual report
「Regarding the business environment surrounding our Group, in the marine equipment division of the machinery-related business, the order backlog at domestic shipyards has remained at high levels, and solid demand has continued. In the industrial equipment division, demand for replacement investment in the heavy electrical equipment and steelmaking industries has continued. In the resources-related business, demand for the core encapsulant products has shown signs of bottoming in the sluggish semiconductor market. In office leasing, the decline in the average vacancy rate at office buildings in Tokyo and the upward trend in rents have continued.」
The order backlog for marine equipment and replacement investment demand in the heavy electrical equipment and steelmaking industries were described as high and ongoing. Demand for semiconductor encapsulants showed signs of bottoming, while office leasing continued to see declining vacancy rates and rising rents. - FY2025Solid marine demand, but sluggish new orders and slower semiconductor recoveryAnnual report
「Although domestic shipyards have accumulated a substantial order backlog, signs of some stagnation have emerged in new orders, and construction volumes are expected to remain subject to certain constraints due to labor shortages and other factors. Semiconductor-related demand appears to be bottoming out, but the pace of recovery is slow, and the overall inventory adjustment is expected to continue for an extended period.」
Shipbuilding had a high order backlog, but new orders stagnated and construction was constrained by labor shortages. Semiconductor-related demand showed signs of bottoming, but recovery was slow. - FY2025-H1Strong marine demand, weak semiconductor demand, improving real estate market conditionsAnnual report
「Regarding the business environment surrounding our Group, in the marine equipment division of the machinery-related business, orders received and the order backlog at domestic shipyards have remained at high levels, and solid demand has continued. In the industrial equipment division, demand for hydroelectric power generation, steelmaking and related areas has continued. In the resources-related business, demand for semiconductors for industrial equipment and automobiles has remained sluggish, delaying the recovery in demand for encapsulants and other products. In office leasing, the average vacancy rate in Tokyo has been declining, while rents have been rising.」
Demand conditions varied by sector. Marine equipment benefited from high order and backlog levels, demand for hydroelectric power and steelmaking-related equipment continued, semiconductor-related demand remained weak with recovery delayed, and real estate saw declining vacancy rates and rising rents. - FY2024ReframedAnnual report
「Within the business fields of our group, the machinery-related business serves industries such as thermal power generation and steelmaking, which are significantly affected by the social trend toward decarbonization, and is affected by trends in capital investment by these customer industries. The high-silica segment of the resources-related business is subject to substantial market fluctuations due to factors such as the silicon cycle, and its main customer industries are electronics-related fields, where specifications change frequently with continuing technological innovation. Its exposure to market trends is therefore unavoidable.」
The explanation of risks from demand and industry conditions was reorganized and expanded to cover not only fluctuations in demand for shipbuilding and other sectors, but also the impact of decarbonization on capital investment in thermal power generation and steelmaking facilities, as well as market fluctuations including the silicon cycle. - FY2024-Q3Continued recovery in marine demand; semiconductor weakness; rising rentsAnnual report
「Regarding the business environment surrounding our company, demand in the marine equipment division of the machinery-related business continued to recover, with orders at shipyards remaining steady. Demand in the industrial equipment division was seen in hydroelectric power generation and the steelmaking-related sector, although conditions remained difficult in thermal power generation. In the resources-related business, the semiconductor market remained weak and recovery in demand for encapsulants and other products was delayed. In the rental office building business, the average vacancy rate for office buildings in Tokyo was trending lower, while rents, which had continued to fall, recently began to rise.」
The recovery trend in marine equipment demand continued. The semiconductor market remained weak and recovery in demand for encapsulants and other products continued to be delayed, while office vacancy rates trended lower and rents began to rise. - FY2024-Q2Continued recovery in marine demand; weak semiconductor market; declining vacancy ratesAnnual report
「Regarding the business environment surrounding our company, demand in the marine equipment division of the machinery-related business recovered, reflecting the accumulation of orders at domestic shipyards in the previous fiscal year. Demand in the industrial equipment division was seen in hydroelectric power generation and the steelmaking-related sector, although conditions remained difficult in thermal power generation. In the resources-related business, the semiconductor market remained weak, and demand for encapsulants and other products showed signs of weakness. In the rental office building business, the average vacancy rate for office buildings in Tokyo is currently trending lower, but rents continue to trend lower.」
Marine equipment demand continued to recover. In industrial equipment, thermal power generation remained difficult, while demand was seen in hydroelectric power generation and the steelmaking-related sector. In the resources-related business, the semiconductor market remained weak, and in real estate, vacancy rates began trending lower, but rents continued to fall. - FY2024-Q1Marine demand recovered, but resources and real estate markets remained weakAnnual report
「Regarding the business environment surrounding our company, demand in the marine equipment division of the machinery-related business recovered, reflecting the accumulation of orders at domestic shipyards in the previous fiscal year. Demand in the industrial equipment division was seen in hydroelectric power generation, among other areas, but conditions remained difficult in thermal power generation and the steelmaking-related sector. In the resources-related business, some end-use consumer goods showed signs of weakness in the semiconductor-related field. In the rental office building business, the average vacancy rate for office buildings in Tokyo was flat, but rents continued to trend lower.」
Marine equipment demand showed signs of recovery, while thermal power and steelmaking-related sectors remained difficult, some end-use consumer goods showed weakness in the semiconductor-related field, and rental office rents continued to fall. - FY2023WorsenedAnnual report
「In the shipbuilding industry, newbuild orders slowed somewhat due to falling market conditions for container ships and bulk carriers and rising materials prices. Although domestic shipyards secured a high level of work in hand through the recovery in orders since the year before last, construction volume remained low due to weak orders through fiscal 2020 and labor shortages, among other factors.」
Construction volume remained low even after the recovery in shipbuilding orders, while rising materials prices and falling market conditions caused newbuild orders to slow somewhat. - FY2023-Q3Slowing shipbuilding orders and a worsening real estate market, despite recovery in some demandAnnual report
「Regarding the business environment surrounding our company, demand in the marine equipment division of the machinery-related business recovered, reflecting the accumulation of orders at domestic shipyards from the previous fiscal year. Demand in the industrial equipment division was seen in hydroelectric and wind power generation, but conditions remained difficult in thermal power generation and the steelmaking-related sector. In the resources-related business, demand remained generally firm in the semiconductor-related field, although some end-use consumer goods showed signs of weakness. In the rental office building business, the average vacancy rate for office buildings in Tokyo shifted from flat to rising, while rents continued to trend lower.」
Marine equipment demand showed signs of recovery and resources-related demand was generally firm, while thermal power and steelmaking-related sectors remained difficult, and rental office vacancy rates began to rise as rents continued to fall. - FY2023-Q2WorsenedAnnual report
「In the rental office building business, the average vacancy rate for office buildings in Tokyo shifted from flat to rising, while rents continued to trend lower.」
In the rental office building business, the average vacancy rate shifted from flat to rising, and rents continued to fall. Of the risks from customer industries and market fluctuations, real estate market conditions have deteriorated. - FY2023-Q1Recovery in marine demand; vacancy rates flat, but rents continued to fallAnnual report
「Regarding the business environment surrounding our company, demand in the marine equipment division of the machinery-related business recovered, reflecting the accumulation of orders at domestic shipyards from the previous fiscal year. Demand in the industrial equipment division was seen in hydroelectric and wind power generation, but conditions remained difficult in thermal power generation and the steelmaking-related sector. In the resources-related business, demand remained generally firm in the semiconductor-related field, although some end-use consumer goods showed signs of weakness. In the rental office building business, the average vacancy rate for office buildings in Tokyo was flat, but rents continued to trend lower.」
Marine equipment demand showed signs of recovery and semiconductor-related demand was generally firm, while thermal power and steelmaking-related sectors remained difficult and rental office rents continued to fall. - FY2022-Q3Signs of a bottom in demand and a leveling off in vacancy ratesAnnual report
「In the machinery-related business, demand for marine equipment finally showed signs of bottoming out toward year-end. Demand was seen for industrial equipment related to hydroelectric and wind power generation. In the resources-related business, supply and demand in the semiconductor and information and communications-related fields remain tight. In the rental office building business, the average vacancy rate for office buildings in Tokyo showed signs of leveling off in some areas, but rents continued to trend lower.」
Signs of a bottom in marine equipment demand and a leveling off in office vacancy rates were reported, while rents continued to fall and supply and demand remained tight in the resources-related business. - FY2022-Q2WorsenedAnnual report
「Regarding the business environment surrounding our company, demand for marine equipment in the machinery-related business remained extremely weak because the pace of construction failed to increase due to poor orders through the previous year and supply constraints for steel plate, among other factors, despite progress in orders at domestic shipyards. Demand was seen for industrial equipment related to hydroelectric and wind power generation. In the resources-related business, supply and demand in the semiconductor and information and communications-related fields remain tight. In the rental office building business, the average vacancy rate for office buildings in Tokyo continues to rise, while rents are trending lower.」
In marine equipment, demand became extremely weak as construction failed to accelerate due to supply constraints for steel plate and other factors. Rental office buildings continued to see rising vacancy rates and falling rents, while supply and demand in semiconductors and information and communications remained tight. - FY2022-Q1Mixed demand conditions; worsening rental marketAnnual report
「Regarding the business environment surrounding our company, demand for marine equipment in the machinery-related business remained weak as the number of vessels under construction recently declined, despite progress in orders at domestic shipyards. Demand for industrial equipment in both the heavy electrical equipment and steelmaking-related sectors is showing signs of recovery, but conditions remain difficult at present. In the resources-related business, supply and demand in the semiconductor and information and communications-related fields remain tight. In the rental office building business, the average vacancy rate for office buildings in Tokyo continues to rise, while rents are trending lower.」
Although orders at shipyards progressed, demand for marine equipment remained weak as the number of vessels under construction declined, and industrial equipment also remained in difficult conditions. Tight supply and demand in semiconductors and information and communications continued, while rental office buildings saw rising vacancy rates and falling rents. - FY2021WorsenedAnnual report
「In the shipbuilding industry, newbuild orders were already sluggish, and the spread of COVID-19 caused newbuild negotiations to stall, resulting in an extremely difficult order environment.」
The sluggishness of newbuild orders was compounded by the stalling of negotiations due to COVID-19, worsening the demand environment for the machinery-related business. - FY2021-Q3RestatedAnnual report
「Against this backdrop, production activity in the automobile and electronic components-related sectors, among others, was beginning to recover, but difficult conditions continued in industries related to our company, including shipbuilding and housing. In the machinery-related business, weak orders at domestic shipyards continued, and demand for industrial equipment remained weak, particularly in the heavy electrical equipment and steelmaking-related sectors. In the resources-related business, demand for housing-related materials remained weak, while demand in the semiconductor and information and communications-related fields continued to be firm. In the rental office building business, the average vacancy rate for office buildings in Tokyo was on an upward trend due to the expansion of teleworking and other factors.」
Difficult conditions in shipbuilding, housing and other sectors, weak machinery-related demand, weak housing-related materials demand and rising office vacancy rates continued, while semiconductor and information and communications-related demand was described as firm. - FY2021-Q2RestatedAnnual report
「Against this backdrop, production activity in the automobile and electronic components-related sectors, among others, was beginning to normalize, but difficult conditions continued in industries related to our company, including shipbuilding and housing. In the machinery-related business, weak orders at domestic shipyards continued, and demand for industrial equipment remained weak, particularly in the heavy electrical equipment and steelmaking-related sectors. In the resources-related business, demand for housing-related materials remained weak, while demand in the semiconductor and information and communications-related fields remained firm. In the rental office building business, the average vacancy rate for office buildings in Tokyo was on an upward trend due to the expansion of teleworking.」
Difficult conditions in shipbuilding, housing and other sectors, weak machinery-related demand, weak housing-related materials demand and rising office vacancy rates continued, while semiconductor and information and communications-related demand was described as firm. - FY2021-Q1WorsenedAnnual report
「Against this backdrop, the effects of the COVID-19 pandemic began to emerge across many industries related to our company, including shipbuilding, automobiles and housing. In the machinery-related business, weak orders for bulk carriers at domestic shipyards continued, and demand for industrial equipment was also weak in both the heavy electrical equipment and steelmaking-related sectors. In the resources-related business, demand in the semiconductor and information and communications-related fields remained firm, while demand for housing-related materials remained weak. In the rental office building business, the average vacancy rate for office buildings in Tokyo began to rise as teleworking expanded.」
The effects of the COVID-19 pandemic spread to shipbuilding, automobiles, housing and other sectors, with weak shipbuilding orders, weak industrial equipment demand, weak housing-related materials demand and rising office vacancy rates noted. - FY2020-Q3Machinery demand remained firm; resources-related demand weakened; low rental office vacancy rates maintainedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained firm as the shipbuilding market gradually recovered, while demand for industrial equipment strengthened in both the heavy electrical equipment and steelmaking-related sectors. In the resources-related business, demand for housing-related materials, semiconductors and information and communications-related fields remained weak. In the rental office building business, the average vacancy rate for office buildings in Tokyo remained at a low level.」
Machinery-related demand remained firm or strengthened, while resources-related demand was weak and rental office buildings maintained low average vacancy rates. - FY2020-Q2Machinery demand firmed; resources-related demand weakened; rental market remained stagnantAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained firm as the shipbuilding market gradually recovered, while demand for industrial equipment strengthened in both the heavy electrical equipment and steelmaking-related sectors. In the resources-related business, demand for housing-related materials, semiconductors and information and communications-related fields remained weak. In the rental office building business, the downward trend in the average vacancy rate for office buildings in Tokyo has come to a halt.」
Demand for marine and industrial equipment shifted to firm or stronger conditions, while resources-related demand weakened and the downward trend in rental office building vacancy rates came to a halt. - FY2020-Q1Recovery in machinery demand; weak resources-related demand; stagnant rental marketAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained firm as the shipbuilding market gradually recovered, and demand for industrial equipment was also firm in the heavy electrical equipment and steelmaking-related sectors. In the resources-related business, demand in the semiconductor and information and communications-related fields remained weak. In the rental office building business, the downward trend in the average vacancy rate for office buildings in Tokyo has come to a halt.」
The demand environment for machinery-related products shifted to recovery and firmness, while resources-related demand was weak and the downward trend in rental office building vacancy rates also came to a halt. - FY2019Market recovery fell short of a full recovery; resources-related demand leveled offAnnual report
「The newbuild market was on a recovery trend but did not achieve a full-fledged recovery.」
The newbuild market was described as being on a recovery trend, but not yet fully recovered, with a difficult phase expected to continue. - FY2019-Q3RestatedAnnual report
「In the machinery-related business, demand for marine equipment remained weak due to the delayed recovery in new orders for newbuilds at domestic shipyards, and demand for industrial equipment was also weak except in the steelmaking-related sector. In the resources-related business, the previously firm demand in the semiconductor and information and communications-related fields began to level off. In the rental office building business, the average vacancy rate for office buildings in Tokyo is trending lower.」
The delayed recovery in newbuild orders, weak demand for industrial equipment and the leveling off of semiconductor and information and communications-related demand continued. In the rental office building business, the average vacancy rate was reported to be trending lower. - FY2019-Q2WorsenedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to the delayed recovery in new orders for newbuilds at domestic shipyards, and demand for industrial equipment was also weak except in the equipment construction-related sector. In the resources-related business, the previously firm demand in the semiconductor and information and communications-related fields began to level off.」
The delayed recovery in new orders for newbuilds, broadly weak demand for industrial equipment and the leveling off of semiconductor and information and communications-related demand were noted, indicating that weakness in the demand environment continued. - FY2019-Q1WorsenedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to the delayed recovery in new orders for newbuilds at domestic shipyards, and demand for industrial equipment was also weak in the heavy electrical equipment-related sector. In the resources-related business, the previously firm demand in the semiconductor and information and communications-related fields began to level off. In the rental office building business, the average vacancy rate for office buildings in Tokyo is trending lower.」
The delayed recovery in new orders for newbuilds, weak demand for heavy electrical equipment and the leveling off of semiconductor and information and communications-related demand were noted, indicating that weakness had spread across the demand environment. - FY2018MaterialisedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to sluggish new orders for newbuilds at domestic shipyards, and demand for industrial equipment was also weak in the steelmaking-related sector. In the resources-related business, demand in the semiconductor and information-related fields remained firm.」
Sluggish new orders for newbuilds and weak steelmaking-related demand emerged as the actual business environment for the full year. - FY2018-Q3MaterialisedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to the sluggish new orders for newbuilds since the year before last, and demand for industrial equipment was also weak in the steelmaking-related sector. In the resources-related business, demand in the semiconductor and information and communications-related fields remained firm.」
Sluggish new orders for newbuilds and weak steelmaking-related demand continued, and the risk from market fluctuations in customer industries emerged in the actual business environment. Meanwhile, semiconductor and information and communications-related demand in the resources-related business was described as firm. - FY2018-Q2MaterialisedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to the sluggish new orders for newbuilds since last year, and demand for industrial equipment was also weak in the steelmaking-related sector. In the resources-related business, demand in the semiconductor and information and communications-related fields remained firm.」
Sluggish new orders for newbuilds and weak steelmaking-related demand continued, while semiconductor and information and communications-related demand was described as firm. - FY2018-Q1MaterialisedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to sluggish new orders for newbuilds. Demand for industrial equipment was also weak in the steelmaking-related sector. In the resources-related business, demand in the semiconductor and information and communications-related fields remained firm.」
Sluggish new orders for newbuilds and weak steelmaking-related demand continued as the actual business environment. In the resources-related business, semiconductor and information and communications-related demand was described as firm. - FY2017MaterialisedAnnual report
「The business environment surrounding our group was as follows. In the machinery-related business, demand for marine equipment remained weak due to sluggish new orders for newbuilds, despite support from the substantial order backlog accumulated at domestic shipyards through previous years. In the resources-related business, demand for housing-related materials, semiconductors and information-related fields also remained weak, although signs of recovery emerged in the second half of the fiscal year.」
Sluggish new orders for newbuilds and weak resources-related demand emerged as the actual business environment for the full year, while signs of recovery in resources-related demand appeared in the second half of the fiscal year. - FY2017-Q3MaterialisedAnnual report
「In the machinery-related business, demand for marine equipment remained weak, despite support from the substantial order backlog accumulated at domestic shipyards through previous years, due to sluggish new orders for newbuilds. In the resources-related business, demand for housing-related materials, semiconductors and information and communications-related fields also remained weak.」
Sluggish new orders for newbuilds and weak demand for housing-related materials, semiconductors and information and communications continued as the actual business environment. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, there were no new business or other risks, nor any material changes to the business and other risks described in the annual securities report for the previous fiscal year.」
No material changes were identified in the risk from customer industries and market fluctuations. - FY2017-Q1RestatedAnnual report
「During the cumulative first quarter under review, there were no new business or other risks, nor any material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
No material changes were identified in the risk from customer industries and market fluctuations. - FY2016First statedAnnual report
「Within the business fields of our group, the machinery-related business is primarily subcontracted work for shipbuilding, heavy machinery and heavy electrical equipment, and is affected by order trends in customer industries. The high-silica segment of the resources-related business is generally subject to substantial market fluctuations, and its main customer industries are electronics-related fields, where specifications change frequently with continuing technological innovation. It is therefore unavoidably affected by market trends.」
Exposure to order trends and market fluctuations in shipbuilding, heavy machinery, heavy electrical equipment and electronics.