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Daifuku's share price surged more than 25% after December results, and has outperformed other logistics automation peers on an improving order and margin outlook. FY'24 saw 6% revenue growth, with strong performance in clean room and airport automation helping to offset weakness in intralogistics. FY'25 projections call for a significant rebound in intralogistics orders and ongoing strength in clean room orders, helped by growing interest in Daifuku's back-end solutions.
Despite ongoing pressure from weaker warehouse capex spending, Daifuku Co., Ltd. delivered 8% revenue growth and 100% operating income growth on strong cleanroom and airport demand and improved price/cost. Orders from electronics and retail markets improved, but auto declined; warehouse demand is likely to remain muted, and I see risks to auto demand, but semiconductor demand should remain healthy. Warehouse/logistics automation demand has proven more cyclical than previously expected, but automation penetration remains low and automation remains a key strategy to improve efficiency and offset longer-term labor challenges.
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