5つの重点ターゲットのうち、専任部署を置いて営業活動を拡充したばかりの大規模・高速・大容量ハイパースケールデータセンター向け受注が絶好調である。独STULZ GmbHがほぼ独占していた市場に、ほかにない大風量と短納期設計、国内メーカーによるオーダー製品・サービスの一貫提供体制を武器に食い込み、既に一定のプレゼンスを発揮しているもようである。なお、STULZの売上が(一社)日本冷凍空調工業会の統計に含まれていないことからシェアは算出されておらず、統計的には同社が受注するに伴って市場が拡大していることになるようだ。また、データセンターが減収となっているが、ハイパースケールデータセンターの受注が始まったばかりであること、売上計上までのリードタイムが長いこと、サーバーの納期遅れなどにより工期が長期化していることが要因で、受注状況から、2025年3月期以降の売上高は大きく増加する見込みである。Performance Trends of Shincho Kogyo <6458>
2. Situation of Important Target Materials
While the situation regarding the five important target materials is somewhat inconsistent, it can be said that each one has progressed to some extent.
The order taking for large-scale, high-speed and large-capacity hyperscale data centers, which recently expanded its sales activities by establishing a dedicated department, seems to be doing extremely well. Using its unique design with high wind volume and short lead time, as well as the provision of domestically ordered products and services, which are the strengths of domestic manufacturers, it appears that they have already gained a certain presence in a market that had been almost monopolized by STULZ GmbH. Although the sales figures of STULZ are not included in the statistics of the Japan Refrigeration and Air Conditioning Industry Association (a single association), it seems that the market is expanding due to the orders they receive. Although data centers have experienced decreased revenues, there are factors such as the fact that order taking for hyperscale data centers has only just begun, long lead times until revenue recognition, and delays in server delivery that have led to longer construction periods, which has led to a high probability of significant increases in revenue following the 2025 fiscal year based on order status.
In addition, the industrial sector has been doing well, such as with an increase in new plant projects that lead to updates due to the return of manufacturing to Japan and the post-corona economic recovery. Although there remains uncertainty in the domestic economy, the external environment is not necessarily negative based on industry trends, such as with subcontractors, and it is considered possible to maintain share and continue growing. For large office buildings, the structure is different between the upper floors for office use and the lower floors for commercial use; while the upper floors have relatively fierce price competition, the lower floors that the company is good at can demonstrate the strengths of made-to-order products, and they appear to have secured a certain number of orders by developing a new lineup for large commercial facilities. Individual air conditioning, which had remained flat during the previous period, is planning to provide engineering services in addition to equipment sales by establishing the Heat Pump Engineering Department in April 2024. As for the updates, they have received an overwhelming amount of construction work orders since the end of the corona pandemic started, and revenue has also significantly increased. While it will no longer be possible to expand sales beyond capacity after the 2024 problem, it seems that they will continue to make a significant contribution to profits due to high profits.
(Author: FISCO guest analyst Nobumitsu Miyata)