Daifuku (6383.T) Logis Tech Tokyo Takeaways Technological innovation and intensifying competition confirmed, but Daifuku's ...

Equity Research 13 September 2026 | 2:07PM JST

Daifuku (6383.T): Logis-Tech Tokyo Takeaways: Technological innovation and intensifying competition confirmed, but Daifuku’s positioning

We visited the international logistics exhibition held at Tokyo Big Sight on September Yuichiro Isayama | 8-11, where we compared and conducted hearings on the solutions of warehouse Goldman Sachs Japan Co., Ltd. automation / automated storage players, with a focus on Daifuku. The biggest Takato Enoki takeaway we confirmed is arguably the bifurcation of the industry. (1) Alongside the | rise of Chinese-made AGVs with lifting mechanisms, and the emergence of new Goldman Sachs Japan Co., Ltd.

technologies, price deflation and commoditization are progressing in the segment serving small- and mid-sized customers. Meanwhile, (2) for large-scale customers, the importance of high-value-added and application-specific equipment is, if anything, increasing. Under this structural change, we judge that Daifuku is likely to further solidify its top position in Japan through high-value-added offerings and scale-driven competitive advantage. We reiterate our Buy rating.

Industry trends: bifurcation into commoditization vs. high-value-added In the low-price segment, Chinese warehouse automation providers were exhibiting numerous solutions built around AGVs equipped with lifting mechanisms. For smaller volumes, it was evident that such general-purpose, low-cost solutions are adequately serving their purpose.

In the picking process, several companies exhibited machines configured with a humanoid-form upper body and an AGV lower body. The appeal is not throughput speed or accuracy but versatility, and development appears premised on entrusting these machines with more complex, non-standardized tasks in the future.

On the other hand, the major players are pursuing process-by-process specialization and optimization, and high-value-added differentiation through customization to customer specifications. While top-tier companies such as Daifuku and Murata Machinery are achieving differentiation along this axis, the majority of other players face a high risk of being drawn into low-price competition and falling behind on profitability. This structure re-emerged clearly from the exhibition as a whole.

Takeaways from our meeting with Daifuku Corporate Officer Mr. Chikashi Nakamura: reconfirming Daifuku’s competitive advantage We had the opportunity to meet with Daifuku’s IR team and Mr. Shin Nakamura, Managing Officer and General Manager of the Sales Division, Intralogistics Business Unit. We summarize the key points below.

(1) Development policy, storage/transport architecture, and differentiation

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Goldman Sachs Daifuku (6383.T)

According to Mr. Nakamura, against Chinese players who lead in certain new-type AGVs, domestic customers voice concerns over post-installation service and maintenance frameworks, and express a preference for Daifuku-supplied products. The company is expanding its lineup, including the 4-way type “Shuttle Rack LX,” and intends to differentiate through accommodation of customer specifications and post-installation support. The forklift-type AMR “SOTR F” is compatible with Japan’s double-sided pallets, with a minimum turning radius of 1m and turning space requirement roughly half that of other companies’ AGFs — a considerable focus on compactness.

On storage/transport architecture, the company judges that the more a customer’s applications are centered on large-scale, high-throughput use, the more efficient the “division-of-labor type” — separating the storage equipment from the transport vehicle — becomes, and it is developing…