(268A) Stock Price

Rigaku Holdings is a company that develops, manufactures, sells, and services scientific instruments centered on X-ray technology. The company operates analysis and measurement equipment using X-ray diffraction, fluorescence X-ray analysis, and X-ray imaging (CT) in over 90 countries worldwide. Rigaku conducts in-house research and development of core technologies including X-ray generators, optical components, detectors, and analysis software, and provides high-value-added equipment by combining these elements.

The company's primary customers include universities and public research institutions, as well as industrial sectors such as materials manufacturers, manufacturing companies, pharmaceutical firms, and major global semiconductor manufacturers and semiconductor equipment makers. These customers use Rigaku's equipment for research and development, quality control, and manufacturing process management. While the company's revenue is primarily driven by sales of high-priced equipment, recurring revenue from consumables and replacement parts, maintenance and repair services, upgrades, and sales of component parts also represent a significant portion of earnings.

The business operates under a single "Scientific Instrument Manufacturing and Sales" segment, divided into three pillars: multipurpose analysis equipment, semiconductor process control equipment, and parts and services. The multipurpose analysis division handles X-ray diffraction systems, fluorescence X-ray equipment, and three-dimensional X-ray CT systems (such as SmartLab, ZSX Primus IV, and CT Lab HX). For the semiconductor sector, the company provides inline measurement tools (XTRAIA series and others) that measure film thickness, composition, and shape. Rigaku also provides long-term customer support through the supply of component parts such as EUV multilayer mirrors and equipment maintenance services.

The company aims to become "A One-of-a-Kind Global Technology Company" over the medium to long term, targeting growth rates that exceed market averages. Specifically, in the multi-purpose analytical instruments sector, the company targets approximately 7% annual sales growth, surpassing the market's projected 5.5% compound annual growth rate (XRD/XRF combined, 2023–2027). In the semiconductor process control business, it aims for approximately 18% or higher growth, significantly exceeding the market's projected 8.9% compound annual growth rate (X-Ray Metrology, 2023–2026). During 2024–2025, the company is executing capital investments to double the production capacity of its flagship Yamanashi plant compared to 2022 levels, while also strengthening its supply infrastructure to meet demand.

The company's differentiation strategy centers on "in-house development of core component technologies," including X-ray generation equipment, optical elements, detectors, and analysis software. By manufacturing key components internally, the company achieves higher product performance and shorter development cycles. As of 2023, it holds a 77% domestic market share and 26% global market share in XRD, and approximately 30% global market share in X-ray metrology for semiconductors. Additionally, through selective mergers and acquisitions and partnerships with external partners, the company incorporates emerging technologies such as automation, robotics, artificial intelligence, and machine learning to strengthen competitive advantages in products and services.

For new market development, the company pursues a "Lab to Fab" strategy, advancing from joint development with universities and research institutions to standard adoption in industrial manufacturing. In the semiconductor sector, the company plans hybrid metrology applications in optical and critical dimension measurement, and entry into advanced packaging inspection for next-generation AI chips, while developing and commercializing AI-based inspection algorithms for micro-bump and TSV defect detection. Internationally, the company is strengthening investments in sales, service, talent, laboratories, and technology centers to expand global market share.

Technological innovation is central to management strategy. The company maintains approximately 300 highly skilled X-ray engineers, including PhD holders, and continues prioritizing investment in core component technologies. It also conducts joint research with external institutions and sells component parts externally, with a track record supplying semiconductor equipment components such as EUV multilayer mirrors. In parallel, the company is advancing operational improvements including quality enhancement, supply chain diversification, and service business strengthening (including packaged support with 24×7 hardware warranties). By operating research and development investment and commercial infrastructure investment in tandem, the company accelerates technology implementation and commercialization.