ハーモニックドライブシステムズ（6324）
Contents
1.2.
3. TOKA
4. 2013 3 21 9 47 496 12 896 16 1 1 79
5. EMS Electronics Manufacturing Service 8 130 3 8 2 281 13 1 78 19 21 99
6. 1 2 2
7. e 1 sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 6324 SR Research Report 2014 2710
8. 2 9 SR 4 amp e Shar ed cseareh http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 1 2
9. amp Shared 6324 SR Research Report 2014 2710
10. SR 59 CAGR 59 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w lt 6324 SR Research Report 2014 2 10
11. 3 3 2 11 2 3 761 2012 11 2012 11 13 2013 3 2012 10 2012 10 10 2013 3 2 2 12 8 21 7 3 707
12. 14 486 9 7 3 644 11 49 79 99 20 196 2012 3 3 436 20 7 3 576 18 7 1 961 8 49 20
13. HarmonicDrive AccuDrive SR
14. 09 3 10 3 11 3 12 3 13 3 Pig 16 165 12 057 22 001 20 159 18 131 15 9 25 4 82 5 8 4 10 1 12 700 9 654 18 069 16 047 14 486 12 6 24 0 872 11 2 9 7 78 6 80 1 82 1 79 6 79 9 3 464 2 402 3 931 4 111 3 644 25 9 30 7 63 7 4 6 11 4 21 4 19 9 17 9 20 4 20 1 14 277 10 486 19 456 18 069 16 159 14 6 26 6 85 5 7 1 10 6 11 471 8 460 16 179 14 735 13 274 12 7 26 2 912 8 9 9 9 80 3 80 7 83 2 81 5 82 1 9 743 7 102 13 589 12 489 11 212 13 4
15. 1 2 14 09 4 6 4 237 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2 10 2012 7 2012 7 10 2013 3 1
16. 1 6302 RV 2 sShared eSsearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved s Shared Research http
17. 12 472 11 1 3 415 22 9 78 59 21 59 3 739 31 4 3 921 34 9 2 472 56 2 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 2014 3
18. gt Shared Research http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp ys 6324 SR Research Report 2014 2 10 2013 3 2013 5 14 2013 3 18 131 10 1
19. Shared eSsearch 6324 SR Research Report 2014 2710 2 A 10 B 20 A 1kg A 2 B 1 A B 1 2 A 1kg B 2kg 1 2 2 1 2
20. 2010 3 25 4 12 057 55 89 1 072
21. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2710 7 828 12 6 2 018 5 99 79 59 20 59 Ff o 2 217 20 0 2 209 24 5 1 203 19 6 2
22. 2012 3 11 226 10 5 2 778 9 69 80 29 19 89 fF 2012 3 2 845 19 49 2 2 907 23 99 1 583
23. 1 2 45 29 2009 3 15 9 16 165 45 09 2 427
24. 3 29 0 3 9 4 853 3 amp lt Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 13 3 14 3 Plgb 1Q Me kie 4Q 1Q 2Q ke Me 491 351 337 449 510 597 629 22 6 22 0 36 1 22 0 3 9 70 1 86 6 FPD 243 183 239 379 471 381 289 48 3 27 1 47 5 89 5 93 8 108 2 20 9 1 853 1370 1 349 1 179 1478 1 609 1 463 11 0 16 2 18 5 23 8 20 2 17 4 8 5
25. 1955 1970 1970 1970 KUKA Asea ABB 1990 2000
26. 1 USM 100 1 HD Systems Inc Harmonic Drive Antriebstechnik GmbH Harmonic Drive AG Harmonic Drive Antriebstechnik GmbH Harmonic ive AG armonic Drive AG 25 2002 7 amp 6324 SR Research Report 2014 2710 Nabtesco USA Inc Harmonic Drive L L C
27. SW Strengths Weaknesses Strengths SR
28. 2014 3 1 2014 8 9 2014 3 1 4 969 0 2 2013 3 2013 3 1 3 860 2 5
29. 609 2013 3 Weaknesses
30. SR Tnc SR tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
31. 12 99 3 957 7 0 999 79 8 20 29 1 143 18 4 1 183 20 8 13 2012 3 1 167 722 4 6 2 2011 3 2012 3
32. eg 1 3 1 45 1988 IH 10 30 2 1981 R CSF 3 5 2 CSD R 1 3
33. 49 2 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2710 Million History of Sales Non consolidated basis RT ha Te bf Semiconductor Equipment Demand Drivers ve lI II Robotigs MIE DIL Wnn III ssi Machines 7172737475767778 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 FY SR 1 500
34. HPN 2013 5 e HPG 2013 2 ADM 2015 1 500 HPGP HPG 1 HPN
35. 2011 2012 16 4 8 297 2 9 25 99 4 334 26 2 4 398 27 5 2 140 09 3
36. 3 1 2 2013 3 1 2012 8 8 2013 3 1 4 957 11 8 2012 3 3 2012 3 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2 10 2012 3 4 2012 3 1
37. a 1 1m 0 5 8 7mm 0 05 lt 0 25 0 9mm 4 3mm AccuDrive 0 0 02 Omm 0 3mm SR Shared 6324 SR Research Report 2014 2710 1 2 2 F S C S e 1 30 1 320
38. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 09 3 10 3 11 3 12 3 13 3 P 16 165 12 057 22 001 20 159 18 131 15 9 25 4 82 5 8 4 10 1 12 369 8 120 15 655 14 495 12 124 15 7 34 4 92 8 7 4 16 4 76 5 67 3 71 2 71 9 66 9 2 400 2 081 3 438 3 027 2 769 22 2 13 3 65 2 12 0 8 5 14 8 17 3 15 6 15 0 15 3 1 275 979 1 570 1 628 1 391 6 3 23 2 60 4 3 7 14 5 7 9 8 1 7 1 8 1 7 7 119 875 1 336 1 006 1 846 SR 2013 3 66 99 15 39 7 79 2005 1 6268
39. 09 3 10 3 11 3 12 3 13 3 P 20 000 8 700 19 500 22 800 20 400 16 165 12 057 22 001 20 159 18 131 19 2 38 6 12 8 11 6 11 1 4 730 1 230 4 840 6 000 4 400 2 427 1 072 5 848 4 334 3 436 48 7 20 8 27 8 21 9 5 100 1 360 4 780 6 150 4 500 2 710 1 066 5 964 4 398 3 576 46 9 24 8 28 5 20 5 3 130 980 2 700 3 350 2 600 1 519 499 2 952 2 140 1 961 51 5 9 3 36 1 24 6 SR
40. 4 9 9 1 2 3 717 10 6 16 159 2013 2 2013 2 13 2013 2 13 HDS HDS HDS
41. 2 10 3 5 8 4 673 2013 7 2013 7 9 2014 3 1 1 1 8 14 0 4 647
42. SR SR 2 2 1955 C W C W Musser
43. 6324 SR Research Report 2014 2710
44. HDS 2013 3 Shared Gewearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 09 3 10 3 11 3 12 3 13 3 6 459 4 530 9 930 8 297 7 368 40 0 37 6 45 1 41 2 40 6 2 427 1 072 5 848 4 334 3 436 15 0 8 9 26 6 21 5 19 0 EBITDA 3 225 1 816 6 588 5 342 4 556 EBITDA 20 0
45. SR 2 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 2013 3 2013 3 CSF 30
46. Conventional IH type cog shape 1988 cog shape 1989 1H SR esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 7 2013 3 1
47. 3 4 3 SR
48. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 2014 2 10 2014 3 3 2014 3 3 2014 1 15 2014 3 3 3 20 6 3 3 4 537
49. EMS 2 2014 3 13 3 14 3 Pl 9 847 8 284 18 131 10 412 10 988 21 400 11 3 8 5 10 1 5 7 32 7 18 0 5 659 5 104 10 763 5 810 4 188 3 180 7 368 4 602 12 5 9 5 11 2 9 9 42 5 38 4 40 6 44 2 1 971 1 961 3 932 2 197 200 23 7 21 7 21 1 2 217 1 219 3 436 2 405 2 525 4 930 200 22 0 20 7 8 5 107 1 43 5 22 5 14 7 19 0 23 1 23 0 23 0 2 209 1 367 3 576 2 557 2 573 5 130 24 5 7 2 18 7 15 8 88 2 43 5 22 4 16 5 19 7 24 6 23 4 24 0
50. 50 Harmonic Drive AG 10 3596 10 49 2 2008 11 2011 1 USM USM 1987 HD Systems Inc 2005 HD Systems Inc Nabtesco USA Inc Harmonic Drive L L C 1996 H
51. http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared GYesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 1970 USM 1976 USM 100 USM EMHART 1 1979 1988 IH 1990 1998 USM
52. 2011 3 1 5 330 2012 3 3 3 452 4 200 4 500 1 2 1 1 2012 3 2012 5
53. 4 43 4 01 2 99 2 99 2 79 2 11 0 85 SR 2012 3 31 29 199 1 7203 4 2006 gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 3
54. 1 1991 Quincy Technologies 2005 Harmonic Drive L L C 2008 12 1 7762 Ss_ e Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 SR
55. 2010 3 2007 3 2009 3 Harmonic Drive AG 3 766 2010 3 2 802 2009 3 2010 3
56. 2013 3 36 4 5 10 596 5 89 6 7 7 6 2013 3 0 4 1 0 1 6 5 2 3 3 Applications Robotics Semiconductor Equipment Flat Panel Display Equipment Gearbox for Motor Manufactures Machine Tools Optical Devices Excavation System forthe Oil Measuring Machines Printing Machines Transporter Others
57. 1939 1976 Harmonic Drive System GmbH 1980 1994 2003 2011 6 3096 30 2012 3 421 254 40 6 14 8 783 IR 2 EP e 1 sShared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 6324 SR Research Report 2014 2 10 140 0013
58. SR Inc SR Tnc Shared Research SR Inc SR Inc SR Inc SR Inc
59. 2013 3 2015 2014 3 1 100 2013 3 1 377 1 130 1 119 1 200 1 146 2014 3 1 90 1 125 2013 3 1 79 82 1 102 52 1 18 1 27 30 gf
60. 1 0 69 18 8 4 416 2013 4 2013 4 10 2013 3 4 6324 SR Research Report 2014 2710 4 6 79 8 3 4 077
61. 2013 3 29 79 2013 3 4 920 60 1 09 3 10 3 11 3 12 3 13 3 105 105 105 31 583 31 583 EPS 14 924 0 4 899 3 29 003 4 70 1 64 2 EPS DPS 4 200 0 1 800 0 7 400 0 24 0 22 0 BPS 166 425 2 181 479 4 217 445 7 744 1 817 5 31 583 31 583 31 583 31 583 31 583 EPS 49 7 16 3 96 7 70 1 64 2 EPS 0 0 DPS 14 0 6 0 24 7 24 0 22 0 BPS 554 8 604 9 724 8 744 1 817 5 SR
62. 2013 5 10 2013 3 2013 3 EMS 2014 3 2012 2013 3 2014 3
63. 139 3 SR 2
64. 10 8 2013 3 2013 3 18 500 20 400 3 520 4 400 3 530 4 500 1 980 2 600 1 22 0 25 0 1 2
65. 2 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 4 69 4 a SR
66. Shared Gewearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 2007 3 29 9 18 768 40 69 4 505 Harmonic Drive L L C 2008 3 2 4 19 212 2 096 4 416
67. SR Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt 6324 SR Research Report 2014 2710 09 3 10 3 11 3 12 3 13 3 3 647 2 695 6 213 6 593 5 884 15 7 26 1 130 5 6 1 10 8 25 5 25 7 32 0 36 5 36 4 1 520 1 226 2 678 2 300 1 691 44 1 19 3 118 4 14 1 26 5 10 7 11 7 13 8 12 7 10 5 1 348 1 128 2 012 1 259 937 12 7 16 3 78 4 37 4 25 6 9 5 108 10 3 7 0 5 8 1 095 896 1 543 1 313 1 080 35 4 18 2 72 2 14 9 17 7 7 7 8 6 7 9 7 3 6 7 1 156 577 1 090 1 337 1 228 7 8 50 1 88 9 22 7 8 2 8 1 5 5 5 6 7 4 7 6 1 328 535 1 148 596 843 72 6 59 7 114 6 48 1 41 4 9 3 5 1 5 9 3 3 5 2 371 262 447 506 533 23 4 29 4 70 7 13 1 5 4 2 6 2 5 2 3 2 8 3 3 228 262 389 361 291
68. 100 100 51 9 ADM SAMICK ADM CO LTD 51 0 e HD Systems Inc 100 Harmonic Drive L L C Harmonic Drive L L C 51 0 Harmonic Drive L L C 49 09 Harmonic Drive Systems Shanghai Co Ltd 100 Harmonic Drive AG 35 0
69. SR eSsearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 3 5 2013 3 2013 3 32 49 30 696 3 265 2 5596
70. USM United Shoe Machinery Corp 1964 USM http 7www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Ss_ 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 W G PF S C S 3 W G
71. 6324 SR Research Report 2014 2710 5 5 10 2000 2013 3 2013 3 2015 3 1 2 3 2015 3 1
72. 6 25 3 7F 03 5471 7800 JASDAQ 1970 10 27 1998 3 20 HP http www hds co jp 3 IR IR http www hds co jp ir TIR IR 03 5471 7810 79 9 20 1 2013 3 31 583 2013 3 1 611 2013 3 HD Systems Inc Harmonic Drive L L C 4 2013 6 UFJ 434 253 40 7 7 519
73. 1 9 99 4 732 8 3 1 13 49 7 6 4 442 10 36 40 19 33 4 62
74. 2009 3 15 9 2010 3 25 4 2011 3 26 6 82 5 8 2 10 2013 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710 100
75. F S F S W G F S C S F S 2 W G F S C S PTTTm HO 9 SR 3 F S W G C S 2 F S C S F S C S C S W G
76. 2 405 8 5 2 557 15 89 1 629 35 5 2014 3 2 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2710 2014 3 21 400 21 000 4 930 4 700 5 130 4 930 3 200 2 900 1 28 0 22 0 2014 3 2
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80. 1 108 10 9 77 79 22 39 1 093 4 39 1 196 1 0 759 5 2 2013 3 2 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2 10
81. 14 6 14 8 48 4 7 1 19 5 1 6 2 5 20 2 0 1 8 228 147 195 181 162 2 4 35 7 32 5 7 1 10 6 1 6 1 4 10 10 10 157 94 175 90 65 56 6 39 9 85 5 48 4 28 5 1 1 09 09 0 5 0 4 3 184 2 653 3 560 3 543 3 441 13 0 16 7 34 2 0 5 2 9 22 3 25 3 18 3 19 5 21 3 SR 1 7267 ASIMO Airbus Carl Zeiss
82. 20 69 2013 3 2013 3 2 2014 3 4 200 4 500 2013 3 2 2012 11 13 2013 3 2 2013 3 2 9 847 11 39
83. W G 1 F S 2 W G 50 F S 1 1 30 1 320 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved gt Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 6324 SR Research Report 2014 2 10 3
84. Harmonic Drive L L C Harmonic Drive AG 2011 1 2013 2 ADM ADM HDS
85. 10 3 11 3 12 3 13 3 14 3 P 16 165 12 057 22 001 20 159 18 131 21 000 15 9 25 4 82 5 8 4 10 1 15 8 9 706 7 527 12 071 11 862 10 763 6 459 4 530 9 930 8 297 7 368 25 7 29 9 119 2 16 4 11 2 40 0 37 6 45 1 41 2 40 6 4 032 3 458 4 082 3 964 3 932 24 9 28 7 18 6 19 7 21 7 2 427 1 072 5 848 4 334 3 436 4 700 45 0 55 8 445 6 25 9 20 7 36 8 15 0 8 9 26 6 21 5 19 0 22 4 389 124 204 230 237 107 130 88 165 97 2 710 1 066 5 964 4 398 3 576 4 930 42 8 60 7 459 4 26 2 18 7 37 9 16 8 8 8 27 1 21 8 19 7 23 5 9 20 10 7 1 242 66 674 530 348 872 395 2 057 1 581 1 172 35 3 38 7 38 8 40 8 36 3 1 519 499 2 952 2 140 1 961 2 900 44 6 67 2 492 0 27 5 8 4 47 9 9 4 4 1 13 4 10 6 10 8 13 8 SR
86. HDS ADM SAMICK ADM CO LTD 2013 2 19 2013 4 519 HDS 49 0 Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2 10 1 500 2015 2013 1 2013 1 16 2013 3 3 3 9 096 1 59 3 763
87. ee 36 oe 40 6 0 11 gt 43 2 87 46 PE P 46 ss amp FE VO Nii 48 51 52 Oe 52 52 1 52 ERO 52 53 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w es SR Research Report 6324 SR Research Report 2014 2 10 09 3 10 3 11 3 12 3 13 3 14 3 16 165 12 057 22 001 20 159 18 131 21 400 15 9 25 4 82 5 8 4 10 1 18 0 6 459 4 530 9 930 8 297 7 368 25 7 29 9 119 2 16 4 11 2 40 0 37 6 45 1 41 2 40 6 2 427 1 072 5 848 4 334 3 436 4 930 45 0 55 8 445 6 25 9 20 7 43 5 15 0 8 9 26 6 21 5 19 0 23 0 2 710 1 066 5 964 4 398 3 576 5 130 42 8 60 7 459 4 26 2 18 7 43 5 16 8 8 8 27 1 21 8 19 7 24 0 1 519 499 2 952 2 140 1 961 3 200 44 6 67 2 492 0 27 5 8 4 63 2 9 4 4 1 13 4 10 6
88. 15 2012 3 8 49 20 159 2011 2012 11 296 16 047 4 6 4 111 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2710 79 69 20 49 2012 3
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96. 2003 5 20 2006 4 1 1 3 2011 4 1 1 300 e Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2 10 09 3 10 3 11 3 12 3 13 3 1 3 585 130 5 338 2 477 4 700 2 4 516 2 739 2 345 5 909 3 272 FCF 1 2 931 2 869 2 993 3 432 7 972 2 708 903 1 483 3 296 2 546 A 798 744 740 1 008 1 120 B 916 331 1 469 1 885 1 134 C 2 514 2 402 1 619 710 855 FCF Ni A B C 3 914 1 490 604 1 974 2 803 SR 2007 3
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98. 3 20 159 18 130 26 000 4 333 3 436 7 500 21 5 19 0 28 8 2 139 1 960 4 700 10 6 10 8 18 1 SR 2012 3 2015 3 26 000 7 500 4 700 1 20 6 2 1 2012 3 18 2013 3 a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
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105. 12 11 2013 3 2012 12 2013 1 Harmonic Drive AG 2013 3 3 2013 2 13 2013 3 3 2013 3 3 14 005 10 496 Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 6324 SR Research Report 2014 2710
106. 15 1 29 9 26 5 25 1 9 4 4 1 13 4 10 6 10 8 ROA 6 2 2 0 9 7 6 1 5 4 ROE 8 7 2 8 14 5 9 5 8 2 0 66 0 47 0 72 0 58 0 50 8 0 5 9 8 1 8 1 8 3 45 9 62 1 45 0 44 8 43 8 2 380 4 782 6 402 5 691 4 836 356 1 325 1 227 7 345 0 334 9 295 8 272 7 194 9 308 3 301 6 CF 0 99 0 04 1 01 0 40 0 87 16 7 8 1 20 4 14 5 27 1 CF 0 5 0 0 0 5 0 2 0 4 74 7 104 6 88 3 105 5 103 2 2 514 2 402 1 619 710 855 SR 2009 3 15 09 2010 3 8 9
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108. Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 2710 13mm 330mm 17 SR RV 70mm RV RV
109. armonic Drive Antriebstechnik GmbH Harmonic Drive AG Harmonic Drive Antriebstechnik GmbH USM 2002 Harmonic Drive AG 1999 2007 2008 s Shared GYesearch http Www
110. dQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 2710
111. w sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 6324 SR Research Report 2014 2 10 amp 2013 10 2013 10 15 2014 3 2 2 26 6 1 0 4 693
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