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1. IR 2 sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 CSR Corporate Social Responsibility
2. SR Inc SR Inc Shared Researcn SR Inc
3. M amp A M amp A FMS BPO Sh aredd esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 2017 2
4. 2009 2 FY2 09 FY2 10 FY2 13 8 2 8 2 7 7 7 4 6 6 6 3 44 7 44 6 47 6 49 4 55 7 58 2 6 565 0 4 965 8 196 4 127 3 116 2 94 3 0 1 0 1 1 9 2 9 3 1 3 9 12 0 12 2 9 4 8 3 9 1 8 7 30 5 29 9 39 0 44 1 40 3 41 8 14 3 14 8 10 4 8 2 18 5 20 3 5R
5. 6 e 2008 6 19 1 Good Job Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Right
6. 3 000 68 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 LED 2 EV WAON 2014 490 1 150
7. 200 1 2014 2 2 1 2014 4
8. gi RR HP esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 9787 SR Research Report 201474 17 2014 2 3 2014 1 8 2014 2 3 3 1 948 1 3 110 5 5 110 5 5 58 5 4 1 0 12 89
9. FMS 2013 2 12 642 42 050 30 15 129 31 805 4896 13 727 40 519 34 26 484 53 071 50 11 956 39 284 30 5 609 31 200 18 3 720 10 823 34 89 270 248 756 36 SR sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 4 65 8 6
10. SBS J GCA
11. 1 2 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 3 TT 2015 2 3 30 IT
12. 3 No 1 2017 2 3596 2014 2 319 2017 2 35 40 FMS 2014 2
13. DIC TOKAI
14. 90 9 14 FMS 2013 12 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 FMS 10 PM2 5 Ts ESCO
15. 3 93 2015 2 2016 2 1 ESCO 2 ESCO 100 F 2016 ESCO ESCO ESCO
16. SR Inc SR Inc SR Inc SR Inc SR tnc 3
17. IT FMS FMS Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 FMS 2020 FM FMS 2014 2 42 320 16 5 5 716
18. 48 22 9 34 9 6 34 9 7 19 4 0 2 7 2013 2 2013 2 2 489 13 2 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 421 0 2 318 1 3
19. 2011 4 2012 12 A LED 6 BEMS BEMS
20. 2012 10 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4 17 FY2 09 FY2 10 FY2 11 FY2 12 FY2 13 FY2 14 FY2 15 6 Pr 145 690 140 299 170 905 219 797 248 876 257 243 270 000 42 253 41 666 40 019 42 147 42 050 43 458 36 670 34 281 32 088 32 235 31 805 34 242 42 403 45 050 41 142 39 852 40 519 42 320 18 515 13 889 16 420 28 513 53 071 45 630 18 718 36 730 39 284 44 543 17 188 32 280 31 200 33 329 5 271 7 980 10 823 13 551 5 846 5 412 56 57 119 167 5 9 3 7 21 8 28 6 13 2 3 4 5 0 5 1 1 4 4 0 5 3 0 2 3 3 2 3 6 5 6 4 0 5 1 3 7 7 3 2 6 2 8 7 3 196 1 7 4 4 18 2 73 6 86 1 14 0 96 2 7 0 13 4 87 8 3 3 6 8 51 4 35 6 25 2 62 8 7 4 1 8 108 8 40 3
21. B2B ipad 1 000 35 49 136 7 No1 45 BEMS BEMS Building Energy Management System
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24. 9 600 2011 4 17 2 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 LED LED 2011 2 020 2012 3 700 2020 4 500 LED 260 7 400 2013 4 1 12
25. 2014 2 1 500 159 43 4 13 31 3 7 9 LED 66 70 279 LED 2 107 12 6 8 32 7 7 89
26. CSR e LED CO2 e eco LED 45 2008 2011 LED
27. 10 15 2013 2 6 2 113 kWh 22 kWh 465 2014 4 800 JR
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29. 2013 2 100 M amp A 5 000 Weaknesses M amp A FMS 70
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36. 2013 4 1 M amp A 82 2013 3 M amp A 2013 3 4 1 8263 TOB 4 2013 3 2 2013 2 90 2014 2 1 5 2013 4 M amp A 2012 11 50 2012 11
37. AD AEON Delight SR 2013 11 2013 11 28 9 4 7 5 2 084
38. 2017 3 10 ESCO FHS 100 From Japan Made in China FMS 70 0 IT Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 BPO
39. 8 2014 2 2013 2 200 M amp A 100 9 2014 2 2011 2 315 153 2013 2 68
40. FMS 1 2 FMS 2007 M amp A ESCO M amp A
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42. 2013 10 3 2014 2 1 gt 2 gt 500 2 5 gt 9
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44. FMS sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 2012 10 2011 2011 4 2012 3 3 7 130 3 19 2 2009
45. 29 1 FMS 2 3 a b 8 730 2014 2 M amp A 2014 2 730 1 000 1 3 M amp A M amp A sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 1 3 G 1 3 1 3
46. 2015 2 2021 2 1 800 M amp A
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51. 10 2012 8 WAON EV Sh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717
52. 35 10 Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4 17 Plc5 FY2 14 FY2 15 133 552 123 691 257 243 134 000 136 000 270 000 5 396 1 3 3 4 0 3 10 0 5 0 116 570 106 958 223 528 16 981 16 733 33 714 13 3 9 89 11 5 12 7 13 5 13 1 9 406 9 193 18 599 7 0 7 4 7 2 7 575 7 540 15 115 7 600 8 400 16 000 6 5 11 1 8 7 0 3 11 4 5 9 5 796 6 19 5 99 5 796 6 29 5 99 7 571 7 521 15 092 7 600 8 400 16 000 6 3 11 1 8 6 0 4 11 7 6 0 5 796 6 1 5 9 5 796 6 2 5 9 4 147 4 014 8 161 4 150 4 450 8 600 5 196 12 6 8 7 0 1 10 9 5 4 SR
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56. LED 302 5 6 LED 12 196 13 0 163 9 8 2013 2 139 1 196 LED 22 14 19 15 18 5 5 223 1 2013 2 0 5 9 75 8 6 2013 2 M amp A
57. 2015 2 6 9 3 8 7 2 5 3 25 ESCO 2015 2 BEMS 2014 5 2014 4 2017 2 2017 2 3 300 210 6 49 359 10
58. 10 2007 2 39 99 2010 2 64 2 ROE 2011 2 M amp A 20 2014 2 30 9 2015 2 30 5 Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4 17 a FY2 09 FY2 10 FY2 11 FY2 12 FY2 13 FY2 14 1
59. 50 9 5 12 2013 2 2 2015 2 2017 2 1 FMS 0 2 3 IT 2014 2 2 572 151 81 6 2015 2 2 700 160 86 2017 2 3 300 210 110 2017 2
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63. 550 1 000 2 1 1 8 2 1 12 SR 60kg 5kg 2014 2 2014 2 1 500 1 8 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 SR
64. BEMS CO2 SPC 2015 2 SR Shared Gxcscarch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4 17 FY2 1 1 FY2 12 FY2 13 FY2 14 FY2 14 e Ke pAe c1e 6 18 718 36 730 39 284 44 543 10 721 11 023 11 542 11 257 YoY 4 39 96 2 7 0 13 49 12 6 12 89 14 8 13 49 627 1 234 1 462
65. Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 8 a FY3 11 FY3 12 FY3 13 FY3 14 a FY3 11 FY3 12 FY3 13 FY3 14 170 905 219 797 248 876 257 243 12 031 13 762 13 901 15 115 40 019 42 147 42 050 43 458 5 115 5 084 4 661 4 725 32 088 32 235 31 805 34 242 2 764 2 823 2 692 2 865 41 142 39 852 40 519 42 320 5 937 5 882 5 918 5 716 16 420 28 513 53 071 45 630 1 214 1 936 2 209 2 580 18 718 36 730 39 284 44 543 627 1 234 1 462 2 333 17 188 32 280 31 200 33 329 1 480 2 330 2 396 3 068 5 271 7 980 10 823 13 551 375 156 504 829 56 57 119 167 215 156 237 331 5 698 5 843 6 180 334 YoY 21 8 28 6 13 296o 3 49o 7 09o 6 39o 5 69o 5 99o 1 296 5 3 0 2 3 3 12 8 12 1 11 1 10 9
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67. BEMS BEMS Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 BEMS LAN
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88. 18 8 206 2013 9 14 1 500 381 16 8 8 69 7 49 LED LED 2015 2
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92. FMS FMS 1 4711 1 4781 1 9728 3
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96. 2014 4 2015 2 2017 2 SR 5 10 2014 2 2 2013 10 1 2014 2 2 2 1 335 5 3 76 6 5 76 6 3 41 5 1 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 4717 0 9 12 79 2 215 1 6 15 59
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113. ll Rights Reserved Shared 9787 SR Research Report 2014 4 17 FY2 11 FY2 12 20 955 21 118 23 989 28 631 30 227 33 714 14 4 15 1 14 0 13 0 12 1 13 1 9 946 9 970 12 031 13 762 13 901 15 115 6 8 7 1 7 0 6 3 5 6 5 9 EBITDA 11 441 11 563 13 818 16 107 16 138 17 547 EBITDA 7 9 8 2 8 1 7 3 6 5 6 8 3 39 3 9 3 8 3 1 3 0 3 2 ROA 10 19 11 29 9 796 896 896 96 R OE 19 9 18 9 15 5 12 5 12 5 12 3 3 0 2 9 2 6 2 5 2 6 2 4 7 502 7 330 7 298 9 047 22 366 13 223 149 8 184 4 210 0 215 5 226 9 229 99 135 8 166 69 195 4 201 0 207 6 208 9 CF 31 3 38 6 29 0 30 0 12 7 57 596 27 69 6 34 69 60 4 63 596 43 4 63 1 CF 31 8 40 6 21 5 27 8 12 1 52 3 14 3 14 8 10 4 8 2 18 5 20 3 108 172 32 1 749 13 319 9 143 SR
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