Dependence on Capital Expenditure, Manufacturing Demand, and Construction Demand
First written in FY2016. 16 of 37 entries say "Mitigated", first in FY2017-Q3. Latest entry: 2026-08-03.
Suzuden moved to the "Worse" side of this theme in 2019, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 62 of 77 companies on the "Worse" side.
22 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「Regarding the performance of our group, although the order environment showed a gradual recovery at some major customers in the electrical equipment, electronic components and industrial machinery industries, our main markets, sales fell below the previous fiscal year due to delays in the timing of the recovery and the reactionary decline following large orders received in the previous fiscal year.」
Although the order environment showed a gradual recovery at some major customers, overall sales fell below the previous fiscal year due to delays in the timing of the recovery and the reactionary decline following large orders. - 2026-05-07MitigatedFinancial results
「Although the order environment at some major customers was on a gradual recovery trend, the delay in the timing of the recovery and the negative reaction to the previous fiscal year's large projects also affected results, and sales were below the previous fiscal year.」
The company described the order environment at major customers as being on a gradual recovery trend, but full-year sales declined because of the delayed recovery and the negative reaction to large projects in the previous fiscal year. - FY2026-H1MitigatedAnnual report
「Although production-material inventory adjustments at major customers had largely run their course, the order environment had not improved substantially」
The disclosure changed from describing production-material inventory adjustments at major customers as continuing and unresolved through the previous fiscal year to stating that they had largely run their course. However, the order environment had not improved substantially. - FY2025WorsenedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, some signs of recovery emerged in production-material inventory adjustments at major customers, but the order environment had not improved substantially. In terms of revenue, sales exceeded the previous fiscal year from the second half onward as planned large-scale projects progressed smoothly, but full-year revenue was below the previous fiscal year.」
Although some signs of recovery emerged in inventory adjustments at major customers, the order environment had not improved substantially, and full-year revenue was below the previous fiscal year. - FY2025-H1MitigatedAnnual report
「The order environment in the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, gradually showed signs of recovery. However, the effects of inventory adjustments for production materials at major customers continued, and revenue had not yet recovered.」
Regarding the order environment, which had been described through the previous fiscal year as showing no signs of recovery, the Company stated that signs of a gradual recovery had emerged. Meanwhile, the effects of inventory adjustments at major customers continued, and revenue had not yet recovered. - FY2024WorsenedAnnual report
「The Group's results were affected by lower orders due to the continued accumulation of production-material inventories and lower demand due to slower capital investment by end users in the electrical equipment, electronic components and industrial machinery industries, which are its main customer sectors, although the product supply system was moving toward recovery. In addition, no signs of recovery were seen in the order environment from the second quarter onward, which put downward pressure on the Group's results for the consolidated fiscal year.」
Although the supply system recovered, customer inventory accumulation, slower capital investment and the lack of recovery in the order environment put downward pressure on full-year results. Revenue declined 24.5% from the previous fiscal year. - FY2024-Q3WorsenedAnnual report
「The Group's results continued to be affected by lower orders due to the continued accumulation of production-material inventories at major customers and lower demand due to slower capital investment by end users, although the supply system from suppliers was on a recovery trend. In addition, from the third quarter onward, the postponement or restraint of capital investment plans by the end users of major customers also affected the Group's results.」
The disclosure states that lower demand due to inventory accumulation at major customers and slower capital investment by end users continued, while the postponement and restraint of capital investment plans from the third quarter onward also affected results. - FY2024-Q2RestatedAnnual report
「The Group's results were affected by a recovery trend in the supply system from suppliers, but also by lower orders due to the continued accumulation of production-material inventories in the electrical equipment, electronic components and industrial machinery industries, which are its main customer sectors, and lower demand due to slower capital investment by end users.」
Regarding dependence on capital investment and manufacturing demand, the Company stated that lower orders due to inventory accumulation at major customers and slower capital investment by end users affected results for the cumulative second quarter. - FY2024-Q1WorsenedAnnual report
「The Group's results were affected by a recovery in the supply system for products in the electrical equipment, electronic components and industrial machinery industries, which are its main customer sectors, and performance exceeded initial expectations. However, the Group was also affected by a decline in orders due to accumulated inventories of production materials at major customers and a decline in demand resulting from an adjustment phase in capital investment by end users.」
Although the supply system was showing signs of recovery, the disclosure identifies lower orders due to inventory accumulation at major customers and lower demand due to end-user capital investment adjustments as actual factors affecting results, indicating that demand-related risks had worsened. - FY2023WorsenedAnnual report
「Regarding revenue, we expect our major customers to experience a decline in orders due to accumulated inventories of production materials, together with a decline in demand resulting from an adjustment phase in capital investment by end users.」
Although production activity and capital investment demand remained firm in the near term, the Company anticipates a decline in orders due to inventory accumulation at major customers and an adjustment in capital investment by end users. - FY2023-Q2RestatedAnnual report
「Corporate production activity and demand for capital investment remained firm in the near term.」
The Company stated that corporate production activity and capital investment demand remained firm in the near term, within a business structure dependent on capital investment and manufacturing demand. It did not state that the underlying dependence structure had been eliminated. - FY2023-Q1MitigatedAnnual report
「Although uncertainty over the economic outlook remained due to supply chain disruptions caused by the Shanghai lockdown under China's zero-COVID policy and higher crude oil prices resulting from the situation in Ukraine, corporate production activity and demand for capital investment remained firm in the near term.」
Although uncertainty remained due to lockdowns in China and the situation in Ukraine, production activity and capital investment demand among companies related to the main customer sectors remained firm. The deterioration in short-term demand conditions had eased. - FY2022-Q3RestatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, stagnant production activity and capital investment demand showed signs of a recovery from the second half of the previous fiscal year. In addition, front-loaded orders and increased production resulting from shortages of semiconductors, resin materials and other components contributed to generally strong conditions.」
Production activity and capital investment demand among the main customer sectors continued to recover from the second half of the previous fiscal year, while component shortages also led to front-loaded orders. There was no disclosure that the underlying dependence on capital investment demand had been eliminated. - FY2022-Q2RestatedAnnual report
「As measures to prevent the spread of infection were implemented and vaccination was promoted, corporate production activity and demand for capital investment showed signs of a recovery.」
The Company stated that production activity and capital investment demand among its main customer sectors continued to recover from the second half of the previous fiscal year. It did not state that the underlying dependence on capital investment demand had been eliminated. - FY2022-Q1MitigatedAnnual report
「Corporate production activity and demand for capital investment showed signs of a recovery」
The Company stated that production activity and capital investment demand among its main customer sectors, which had stagnated through the previous fiscal year, showed signs of a recovery. It did not state that the underlying demand-dependence structure had been eliminated. - FY2021MitigatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, stagnant production activity and capital investment demand showed signs of a moderate recovery in the third quarter.」
Compared with the stagnation in capital investment and manufacturing demand that had continued since the previous fiscal year, a moderate recovery was disclosed in the second half of the current fiscal year. However, the underlying demand-dependence structure continues. - FY2021-Q3MitigatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, production activity and capital investment demand, which had stagnated, showed signs of a moderate recovery in the third quarter.」
Compared with the stagnation in capital investment and production activity through the previous quarter, a moderate recovery was disclosed in the third quarter. However, the underlying dependence structure was not stated to have been eliminated. - FY2021-Q2RestatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, production activity and capital investment remained sluggish due to the economic slowdown caused by the spread of COVID-19. However, some customers related to semiconductor manufacturing equipment placed front-loaded orders to secure materials and avoid the impact of lockdowns in production countries.」
Production activity and capital investment among the main customer sectors remained sluggish, indicating that the risk associated with dependence on capital investment and manufacturing demand continued to materialize. Meanwhile, some customers placed front-loaded orders. - FY2021-Q1MaterialisedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, production activity and demand for capital investment tended to stagnate due to the effects of the economic slowdown and the declaration of a state of emergency. However, capital investment remained firm among some customers related to semiconductor manufacturing equipment, and front-loaded orders to secure components amid concerns over the impact of COVID-19 contributed to revenue.」
The stagnation in production activity and capital investment demand among the main customer sectors was explicitly disclosed, indicating that the risk associated with dependence on capital investment demand continued to materialize. Meanwhile, firm capital investment and front-loaded orders among some semiconductor-related customers contributed to revenue. - FY2020MaterialisedAnnual report
「Although demand for investment in labor-saving measures to address labor shortages and improve productivity remained strong in the electrical equipment, electronic components and industrial machinery industries, which are the main customer sectors, capital investment remained sluggish throughout the year due to slowing exports and concerns over an economic slowdown.」
The risk associated with dependence on capital investment and manufacturing demand materialized in sluggish capital investment throughout the year and a 7.2% decline in revenue. - FY2020-Q3MaterialisedAnnual report
「The electrical equipment, electronic components and industrial machinery industries, which are the main customer sectors, generally remained cautious about capital investment, and revenue remained sluggish.」
The risk associated with dependence on capital investment and manufacturing demand has materialized in sluggish revenue, as the main customer sectors continued to take a cautious stance toward capital investment. - FY2020-Q2MaterialisedAnnual report
「The electrical equipment, electronic components and industrial machinery industries, which are the main customer sectors, remained cautious about capital investment. Among major customers related to semiconductor manufacturing equipment, production and capital investment adjustments continued despite front-loaded investment in logic-related products by overseas semiconductor manufacturers, and revenue consequently remained sluggish.」
The risk associated with dependence on capital investment and manufacturing demand has materialized in sluggish revenue, as the main customer sectors remained cautious about capital investment and semiconductor manufacturing equipment customers continued to adjust production and capital investment. - FY2020-Q1MaterialisedAnnual report
「Among major customers related to semiconductor manufacturing equipment, production and capital investment adjustments continued amid weak semiconductor demand due to slower investment in data centers and the smartphone market, and revenue consequently remained generally sluggish.」
The risk associated with dependence on capital investment and manufacturing demand has materialized in sluggish revenue, as major customers continued to adjust production and capital investment due to weak semiconductor demand. - FY2019WorsenedAnnual report
「In the first quarter, the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, remained firm on demand for capital investment to address labor shortages and improve productivity. From the second quarter onward, however, production and capital investment plans in the semiconductor-related industry slowed sharply due to weak demand for data center investment and in the smartphone market. In the fourth quarter, concerns over a slowdown in China's economy led manufacturers generally to adopt a more cautious stance toward production and capital investment, and revenue remained sluggish.」
The sharp slowdown in semiconductor-related production and capital investment plans, together with caution across the manufacturing sector due to concerns over a slowdown in China's economy, led to sluggish full-year revenue. - FY2019-Q3WorsenedAnnual report
「Although demand for capital investment in automation and labor-saving measures to address labor shortages and improve productivity continued, it showed signs of slowing due to the slowdown in China's economy and other factors. In particular, capital investment plans in the semiconductor-related industry slowed due to investment in data centers and weak demand in the smartphone market, while major customers related to semiconductor manufacturing equipment continued to adjust production of their equipment. As a result, revenue for the third quarter of the consolidated fiscal period (1 October 2018 to 31 December 2018) was 6.1% below the previous year.」
Although demand for automation and labor-saving investment continued, quarterly revenue from major customers was 6.1% below the previous year due to the slowdown in China's economy, slower semiconductor-related investment plans and production adjustments. The disclosure indicates that the risk associated with dependence on capital investment demand worsened from the previous quarter. - FY2019-Q2MaterialisedAnnual report
「In the second quarter, revenue remained sluggish among major customers related to semiconductor manufacturing equipment, owing to a decline in orders resulting from semiconductor manufacturers postponing capital investment.」
The risk associated with dependence on capital investment demand materialized as sluggish revenue, with semiconductor manufacturers postponing capital investment and major customers experiencing a decline in orders. - FY2018MitigatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, revenue remained generally healthy due to increased capital investment addressing labor-saving and productivity improvements amid domestic economic expansion and labor shortages.」
Revenue among the main customer sectors remained healthy as investment in labor-saving measures and productivity improvements increased, reducing the deterioration in short-term demand conditions related to capital investment. However, the underlying demand-dependence structure was not stated to have been eliminated. - FY2018-Q3MitigatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, capital investment increased due to stronger demand for labor-saving and automation measures against a backdrop of domestic economic expansion and intensifying labor shortages, and revenue remained generally healthy.」
Capital investment by the main customer sectors increased and revenue remained healthy, reducing the deterioration in short-term demand conditions related to capital investment and manufacturing demand. However, the underlying dependence structure was not stated to have been eliminated. - FY2018-Q2MitigatedAnnual report
「In Japan, the moderate recovery in capital investment driven by improved corporate earnings continued, and conditions remained firm.」
The recovery in capital investment continued against a backdrop of improved corporate earnings, indicating an improvement in short-term demand conditions related to dependence on capital investment and manufacturing demand. However, the underlying dependence structure was not stated to have been eliminated. - FY2018-Q1MitigatedAnnual report
「In the electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, revenue remained generally firm, reflecting increased demand for labor-saving measures and productivity improvements in response to labor shortages.」
Demand among the main customer sectors was generally firm, indicating an improvement in short-term demand conditions related to dependence on capital investment and manufacturing demand. However, the underlying dependence structure was not stated to have been eliminated. - FY2017MitigatedAnnual report
「Although downside risks remained due to changes in the political situation in Europe and the United States, delayed recovery in Asian markets, particularly China, and heightened geopolitical risks, domestic improvements in corporate earnings put production and capital investment on a recovery trend.」
Although downside risks remain, domestic improvements in corporate earnings put production and capital investment on a recovery trend, reducing the deterioration in demand conditions. - FY2017-Q3MitigatedAnnual report
「Capital investment recovered moderately against a backdrop of improved corporate earnings.」
Whereas earlier disclosures described restrained capital investment, the Company stated that capital investment had recovered moderately against a backdrop of improved corporate earnings, indicating a temporary reduction in the deterioration of demand conditions. However, it did not state that its structural dependence on capital investment and manufacturing demand had been eliminated. - FY2017-Q2RestatedAnnual report
「The business environment surrounding the Group remains subject to restrained capital investment amid concerns over a slowdown in the global economy due to delayed economic recovery in emerging markets, growing caution toward US interest-rate hikes, and uncertainty stemming from the UK's withdrawal from the EU.」
Uncertainty surrounding the global economy and policy, together with restrained capital investment, continued. Semiconductor and LCD manufacturing equipment-related markets gradually recovered from the second quarter, but overall conditions remained sluggish. - FY2017-Q1MaterialisedAnnual report
「The electrical equipment, electronic components and industrial machinery industries, which are the Group's main customer sectors, saw increased production due to semiconductor miniaturization among major customers related to semiconductor and LCD manufacturing equipment, increased production of LCD manufacturing-related equipment, and capital investment by customers related to communications infrastructure. Overall, however, conditions remained sluggish.」
Demand conditions among the main customer sectors were generally sluggish, and a decline in revenue and profit was reported for the quarter. The risk item itself was stated to have undergone no material change. - FY2016First statedAnnual report
「The Company's operating results may be adversely affected by a decline in private-sector capital investment due to an economic downturn or other factors, a drop in demand from electrical equipment and machinery manufacturers, or a decline in construction investment and the number of new housing starts.」
The Company identifies dependence on capital investment and manufacturing demand as risks for FA and electronic device products, and dependence on construction investment and housing starts as a risk for electrical installation materials.