The self-sufficiency for key components in the automation space benefits Fanuc’s long-term growth.
Wide-moat Fanuc’s first-quarter operating income grew 21% year over year, which was largely in line with our forecast. However, judging from the highest book/bill ratio (1.18 times) over the past five years and from cross-checking with its peers, the capacity constraints seem to have limited sales growth, and actual demand, particularly in China, has been stronger than we expected. Fanuc’s FA segment, which sells computer numerical control, or CNC, systems, saw 16% quarterly order growth, but sa...
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