ハーモニックドライブシステムズ（6324）
Contents
1.2.
3. 09 3 10 3 11 3 12 3 Pl 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. EMS Electronics Manufacturing Service 8 130 3 8 2 281 13 1 78 19 21 99
5. e 1 sShared Wesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp 6324 SR Research Report 2014 10
6. 2 9 SR a Shared Gcseareh http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 4
7. 1 2 2
8. SR 59 CAGR 5 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w lt
9. SBS DIC
10. 09 3 10 3 11 3 12 3 13 3 16 165 12 057 22001 20 159 18131 15 9 25 4 82 5 8 4 10 1 12 700 9 654 18 069 16 047 14 486 12 6 24 0 87 2 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 19 10 6 11 471 8 460 16 179 14 735 13 274 7060 91 2
11. Shared 6324 SR Research Report 2014 10
12. 1 13 49 7 6 4 442 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 10 36 40 19 33 4 62
13. 1 2 14 09 4 6 4 237 2012 7 2012 7 10 2013 3 1 1 9 9 4 732 8 3
14. SR Tnc SR tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved PF
15. sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w Shared 6324 SR Research Report 2014 10 2 A 10 B 20 A 1kg A 2 B 1 A B 1 2 A 1kg B 2kg 1 2 2
16. 609 2013 3 Weaknesses
17. 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 2012 11 2013 3
18. SPINEA WITTENSTETIN 1 1991 Quincy Technologies
19. 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 10 1 2 2 F S C S
20. HarmonicDrive AccuDrive SR 1 2 3 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserve
21. 3 3 2 11 29 3 761 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 2012 11 2012 11 13 2013 3 2012 10 2012 10 10 2013 3 2 2 12 8 21 7 3 707
22. 100 100 100 51 9 ADM SAMICK ADM CO LTD 51 0 HD Systems Inc 100 Harmonic Drive L L C Harmonic Drive L L C 51 09 Harmonic Drive L L C 49 09
23. 2007 3 2009 3 Harmonic Drive AG 3 766 2010 3 2 802 2009 3 2010 3 http www sharedresearch jp Copyright C 2013 Shared Research Inc All R
24. 2014 3 4 200 4 500 2013 3 2 2012 11 13 2013 3 2 2013 3 2 9 847 11 39
25. 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 3 1 2
26. SR 2 2013 3 2013 3 CSF 30 13
27. EMS 2 2014 3 13 3 14 3 9 847 8 284 18 131 10 988 21 400 11 3 8 5 10 1 32 7 18 0 5 659 5 104 10 763 4 188 3 180 7 368 12 5 9 5 11 2 42 5 38 4 40 6 1 971 1 961 3 932 20 0 23 7 21 7 2 217 1 219 3 436 2 405 2 525 4 930 20 0 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 2557 2 573 5
28. SR Inc SR Tnc Shared Researcn SR Inc SR Inc SR Inc SR Tnc
29. 2 sShared eSsearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 13mm 330mm 17 SR RV 70mm RWV RV
30. HPN 2013 5 e HPG 2013 2 ADM 2015 1 500 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6324 SR Research Report 2014 10 HPGP HPG i HPN
31. s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 2013 3 2013 5 14 2013 3 18 131 10 1
32. 4 4 7 9 6 12 4 12 472 11 1 3 415 22 9 78 59 21 59 rt o 3 739 31 4 3 921 34 9 2 472 Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
33. 3 SR 2 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10
34. ADM SAMICK ADM CO LTD 2013 2 19 2013 4 519 HDS 49 0 1 500 2015 2013 1 2013 1 16 2013 3 3 3 9 096 1 59 3 763
35. 2013 5 18 1 3 1 45 0 5 0 05 0 25 1 30 1 320 1 3 1 45 mi a
36. 2013 3 36 4 5 10 59 6 5 8 6 79 7 6 2013 3 0 4 1 0 1 6 9 26 3 3 Applications Robotics Semiconductor Equipment 72 Flat Panel Display Equipment Gearbox for Motor Manufactures Machine Tools Optical Devices Excavation System forthe Oil Measuring Machines Printing Machines Transporter Othe
37. 1 USM 100 1 HD Systems Inc 1989 2 Harmonic Drive Antriebstechnik GmbH Harmonic Drive AG Harmonic Drive Antriebstechnik GmbH Harmonic ive AG 2002 7 6324 SR Research Report 2014 10 2005 12 HD Systems Inc Nabtesco USA Inc Harmonic Drive L L C J 50 _ Harmonic Driv
38. 1990 2000 2 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 amp 3 KG 4 9 TT
39. 2012 11 296 16 047 4 6 4 111 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 79 69 20 49 2012 3 2011
40. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 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 10 8
41. 2 120 22 8 65 58 19 3 000 8 3 110 1 9 7 700 21 3 1 180 24 99 2013 2 ADM s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 12 3 13
42. 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 20 69 2013 3 2013 3 2
43. Harmonic Drive Systems Shanghai Co Ltd 100 Harmonic Drive AG 35 0 49 2 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 6324 SR Research Report 2014 10 Million History of Sales Non consolidated basis RT ha Te bf Semiconductor Equipment Demand Drivers PII MINN MIIIKIIL Wnn Machine
44. 5 5 10 2000 2013 3 2013 3 2015 3 1 2 3 2015 3 1 1
45. 2013 3 EMS 2014 3 3 4 2012 2013 3 2014 3 4 2013 3 2015 2014 3 3
46. e 1 30 1 320 eg 1 3 1 45 1988 IH 10 30 2 1981 R CSF 3 5
47. 128 84 1 471 38 9 60 0 4 4 640 24 8 4 49 1 012 3 79 2 9 lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared 6324 SR Research Report 2014 10 12 3 13 3 14 3 1Q 2Q le Te 1Q 2Q Ee Le Ke Pe 3Q 4Q 5 255 4 252 3 452 4371 4732 3 707 3 763 4077 4647 4693 4537 5 966 634 450 527 576 491 351 337 449 510 597 629 565 FPD 470 251 162 200 243 183 239 379 471 381 289 276 2 083 1 634 1 138 1 547 1 853 1 370 1 349 1 179 1 478 1 609 1 463 2 685
48. 2 405 8 5 2 557 15 89 1 629 35 5 2014 3 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 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
49. 2012 16 4 8 297 2 9 25 99 4 334 26 2 4 398 27 5 2 140 09 3 10 3 11 3 12 3 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
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51. Carl Zeiss http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 09 3 10 3 11 3 12 3 13 3 k 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 59 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
52. 2011 6 30 30 2012 3 421 254 40 6 14 8 783 SadQeweami http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp sy 6324 SR Research Report 2014 10 IR 2 lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 140 0013 6 25 3 7F 03 5471 7800
53. 3 11 6 95 49 2013 3 3 4 FPD 6 5 85 9 1 3 2 4 2015 3 1 2 6 49 6 FL 59 19
54. 2005 Harmonic Drive L L C 2008 12 1 7762 2014 3 3 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved w e Shar ed esear ch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 SR SR
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56. Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared1 SR eSsearch http Www sharedresearch jp 09 3 6 667 2 602
57. 3 860 2 5 1 108 10 9 77 79 22 39 1 093 4 39 1 196 1 0 759 5 29 2013 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 3 2
58. 2014 3 2013 3 2013 5 32 7 5 5 3 5 475 4 5 513 4 4 1 209 3 1 364 4 SR 2013 3
59. Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 09 3 10 3 11 3 12 3 13 3 PJg 1 3 585 130 5 338 2 477 4 700 2 516 2 739 5 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 2010 3
60. 69 SR 1 6302 RV
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63. 6324 SR Research Report 2014 10 2013 7 2013 7 9 2014 3 1 1 1 89 14 0 4 647 1 0 69 18 8 4 416 2013 4 2013 4 10
64. F S C S W G 180 F S 1 a 9 sShared eSsearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp 6324 SR Research Report 2014 10 W G 1 F S C S 2 F S 200 C S 202 202 200 200 1 100 W G 1 F S 2 W G 100 F S 1 F S W G 100 F S F S
65. 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 3 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 Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 2007 3 29 9 18 768 40 6 4 505
66. F S F S W G F S C S F S 2 W G F S C S Flexspline Circular spline Te SR 3 F S W G C S 2 F S C S F S C S C S W G
67. 3 452 4 200 4 500 1 2 1 1 2012 3 2012 5 15 2012 3 8 49 20 159 2011
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69. ADM HDS HDS 2013 3 Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 09 3 10 3 11 3 12 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
70. 3 F S 100um DD DD
71. 6324 SR Research Report 2014 10 SW Strengths Weaknesses Strengths SR
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75. 10 6 16 159 2013 2 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 2013 2 13 2013 2 13 HDS HDS HDS HDS
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79. 2010 3 25 4 12 057 55 89 1 072 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6324 SR Research Report 2014 10 2011 3 82 59 22 001 2010 3 5 5 5 848
80. 15 0 8 9 26 6 21 5 19 0 EBITDA 3 225 1 816 6 588 5 342 4 556 EBITDA 20 0 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 7 95 5 88 8 11 8 15 8 34 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 51 0 02 0 47 0 21 0 43 75 105 88 106 103 2 514 2 402 1 619 710 855 SR
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83. 4 920 60 1 09 3 10 3 11 3 12 3 13 3 14 3 105 105 105 31 583 31 583 EPS 14 924 0 4 899 3 29 003 4 70 1 64 2 95 0 EPS DPS 4 200 0 1 800 0 7 400 0 24 0 22 0 27 0 BPS 166 425 2 181 479 4 217 445 7 744 1 817 5 300 300 300 1 1 31 583 31 583 31 583 31 583 31 583 EPS 49 7 16 3 96 7 70 1 64 2 95 0 EPS 0 0 DPS 14 0 6 0 24 7 24 0 22 0 27 0 BPS 554 8 604 9 724 8 744 1 817 5 SR 2003 5 20 2006 4 1 1 3 2011 4 1 1 300
84. 12 99 3 957 7 0 999 79 8 20 2 1 143 18 4 1 183 20 8 13 2012 3 1 167 722 4 6 2 2011 3 2012 3 2011 3 1 5 330 2012 3 3
85. 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 Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 6324 SR Research Report 2014 10
86. 100 C S 102 102 100 100 1 50 W G 1 F S 2 W G 50 F S 1 1 30 1 320 SR Shared CSCdFT ch 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 10 3
87. 1955 C W C W Musser USM United Shoe Machinery Corp 1964 USM W G eSsearch http Www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp sy 6324 SR Research Report 2014 10 F S C S 3 W G
88. 45 29 2009 3 15 9 16 165 45 09 2 427
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93. ee 37 i 41 6 0 gt 44 Mi 47 EE 47 ss amp FE VO i 49 LM 53 NN 53 Oe 53 53 1 54 EE CE EN Ne i NR 54 55 Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w es 6324 SR Research Report 2014 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 10 8 15 0 105 3 105 3 105 3 31 583 1 31 583 1 EPS 49 7
94. 4 43 4 01 2 99 2 99 2 79 2 11 0 85 SR 2012 3 31 29 199 1 7203 49 2006 3 1939 1976 Harmonic Drive System GmbH 1980 1994 2003
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98. 15 3 7 79 2005 1 6268 Harmonic Drive L L C Harmonic Drive AG 2011 1 2013 2 ADM
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101. 15 2014 3 3 3 20 6 3 3 4 537 3 29 0 3 9 4 853 2013 10 2013 10 15 2014 3 2
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103. 1 193 696 11 157 4 160 2 536 1 437 926 872 2 510 1 640 3 878 2 573 5 451 1 285 9 310 115 13 302 24 460 1 414 771 3 945 3 133 2 986 282 631 3 898 3 757 7 031 1 611 5 204 12 839 138 491 17 429 2 380 3 757 2 910 6324 10 3 4 600 4 986 1 369 477 11 431 4 183 2 690 1 595 1 076 872 2 656 1 959 3 582 4 409 5 331 1 674 11 414 103 15 100 26 531 1 572 756 104 1 084 3 516 2 291 965 700 3 957 3 047 7 472 1 611 5 204 13 225 962 588 19 058 4 782 3 047 1 552 11 3 6 988 6 854 1 607 720 16 170 4 933 2 806 1 771 1 185 994 3 352 2 241 4 817 7 395 5 051 662 13 107 174 18 099 34 268 2 060 751 2 101 2 191 7 102 1 558 1 880 770 4 209 2 309 11 311 1 611 5 204 15 617 2 634 827 22 958 6 402 2 309 4 679 SR Research Report 12 3 10 094 5 865 1 304 597 17 860 5 456 2 945 2 224 1 272 991 3 651 2 640 5 466 535 10 399 1 111 12 045 173 17 684 35 544 1 478 1 763 90 1 846 5 177 4 910 1 291 633 6 834 6 672 12 010 1 611 5 204 16 953 2 027 814 23 534 5 691 6 672 3 422 Copyright C 2013 Shared Research Inc All Rights Reserved 2014 10 11 958 5 058 1 276 605 18 897 5 213 2 790 3 005 1 567 998 3 895 3 064 5 691 462 11 325 428 12 214 152 18 057 36 954 1 49
104. 130 24 5 7 2 18 79 15 8 88 2 43 5 22 4 16 5 19 7 24 6 23 4 24 0 1 203 758 1 961 1 571 3 200 19 6 63 2 SR 17 7 8 4 107 2 Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 13 3 14 3 3 387 2 497 5 884 2 907 11 2 10 2 10 8 14 2 962 729 1 691 1 021 22 9 30 7 26 5 6 1 430 507 937 826 49 8 25 8 25 6 92 1 599 481 1 080 662 17 3 18 3 17 7 10 5 475 368 843 558 96 3 4 0 41 4 17 5 8 680 7 478 16 158 9 089 13 7 6 7 10 6 4 7 SR
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107. 8 1 761 525 1 858 5 642 3 159 1 553 613 5 325 4 920 10 967 1 611 5 204 18 242 2 617 1 025 25 987 4 836 4 920 7 038 6324 SR Research Report 2014 10 3 5 2013 3 2013 3 32 49 30 696 3 265 2 55 2013 3 29 79 2013 3
108. 8 596 72 6 59 7 114 6 48 1 9 3 5 1 5 9 3 396 371 262 447 506 23 49 29 4 70 7 13 1 2 6 2 5 2 3 2 8 228 262 389 361 AO 14 8 48 4 7 19 1 69 2 5 2 0 2 0 228 147 195 181 2 4 35 7 32 5 YO 1 6 1 4 1 0 1 0 157 94 175 90 56 6 5999990 85 5 48 4 1 1 0 9 0 9 0 5 3 184 2 653 3 560 3 543 13 0 16 7 34 2 0 5 22 3 25 3 18 3 19 5 SR 1 7267 ASIMO Airbus 5 884 10 8 36 4 1 691 26 5 10 5 937 25 6 5 8 1 080 17 7 6 7 1 228 8 2 7 6 843 41 4 5 2 533 5 4 3 3 291 19 5 1 8 162 10 6 1 0 65 28 5 0 4 3 441 2 9 21 3
109. 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 2013 3 lt Shared esearch http www sharedresearch jp Copyright C 2013 Sha
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111. e AG 10 3596 10 49 2 USM USM 1987 HD Systems Inc 2005 HD Systems Inc Nabtesco USA Inc Harmonic Drive L L C 1996 Harmonic Drive Antriebstechnik GmbH Harmonic Drive AG Harmonic Drive Antriebstechnik GmbH
112. ights Reserved Shared G8Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 1970 USM 1976 USM 10096 USM EMHART 1 1979 1988 IH 1990 1998 USM
113. red Research Inc All Rights Reserved EP 6324 SR Research Report 2014 10 SR GCA
114. rs SR a Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6324 SR Research Report 2014 10 09 3 10 3 11 3 12 3 13 3 3 647 2 695 6 213 6 593 15 7 26 1 130 5 6 1 25 5 25 7 32 0 36 5 1 520 1 226 2 678 2 300 44 1 19 3 118 4 14 1 10 7 11 7 13 8 12 7 1 348 1 128 2 012 1 259 12 7 16 3 78 4 37 4 9 5 10 8 10 3 7 0 1 095 896 1 543 1 313 35 4 18 2 72 2 14 9 7 7 8 6 7 9 7 396 1 156 577 1 090 1 337 7 8 50 1 88 9 22 7 8 1 5 59 5 6 7 4 1 328 535 1 14
115. s 7172737475767778 79 80 81 82 83 9485 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 1955 1970 1970 1970 KUKA Asea ABB
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