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1. SR Inc SR Inc
2. Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 09 2 10 2 11 2 12 2 20 955 21 118 23 989 28 631 30 227 14 4 15 1 14 0 13 0 12 1 9 946 9 970 12 031 13 762 13 901 6 8 7 1 7 0 6 3 5 6 EBITDA 11 441 11 563 13 818 16 107 16 138 EBITDA 7 9 8 2 8 1 7 3 6 5 3 3 3 9 3 8 3 1 3 0 ROA 10 1 11 2 9 7 7 8 7 8 ROE 19 9 18 9 15 5 12 5 12 5 3 0 2 9 2 6 2 5 2 6
3. i i i a i i i a i i a a a i lt 2 CSR Corporate Social Responsibility CSR e LED CO2 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All R
4. 2012 10 2011 2011 4 2012 3 3 7 130 3 19 2 2009 2
5. 2014 2 1 500 1 8 500 2 5 2014 2 1 12 19 12 2014 2 LED
6. Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 48 22 9 34 9 6 34 9 7 19 4 0 2 7 2013 2 2013 2 2 489 13 2 421 0 2 318
7. SR
8. 100 From Japan Made in China Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 FMS 70 0 TIT BPO 51 09
9. 200 1 2013 2 1 519 2012 10 2013 4
10. 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 19 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights
11. AD AEON Delight a Shared Gxcscarch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 43 49 9787 SR Research Report 2014 1710 SR 1 2013 2 42 94 16 81 1 91 1 33 1 31 1 27 1 24 9 1 15
12. 2013 2 L LED Shared esearch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201471710_ 1972 2011 3 1996 1976
13. 75 0 1 7 2 7 9 1 1 1 30 43 1 7 146 1 24 79 18 9 2
14. Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 106 2 4 16 9 0 15 59 3 84 6 8 11 2 1 12 59 4 105 4 1
15. LED 2015 2 333 13 4 7 8 7 1 45 2 64 237 0 8 9 5 9 5
16. 68 2 2013 10 3 2014 2 1 gt gt 2 gt 500 2 5
17. 2014 2 155 11 5 6 0 5 6 155 11 6 83 10 5 4 10 2014 2 2014 2 2014 2 M amp A 2014 2 M amp A 48 46 9 30 3 32 196 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research
18. i i i sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 4 500 SR EE 9 600 2011 4 179 29 LED LED 2011 2 020 2012 3 700 2020 4 500 LED 260 7
19. BEMS Building Energy Management System BEMS BEMS BEMS BEMS CO2 SPC
20. GCA TOKAI
21. SR 42 253 5 1 36 670 2 3 42 403 3 2 18 515 5 846 62 8 145 690 5 9 124 735 20 955 11 3 14 4 11 008 7 6 9 946 19 4 6 8 108 241 9 812 19 9 6 7 110 940 4 026 44 8 4 876 11 3 3 3 41 666 1 4 34 281 6 5 45 050 6 2 13 889 5 412 7 4 140 299 3 7 119 180 21 118 0 8 15 1 11 148 7 9 9 970 0 2 7 1 88 147 9 912 1 0 7 1 457 234 4 618 45 6 5 466 12 1 3 9 40 019 4 0 32 088 6 4 41 142 8 7 16 420 18 2 18 718 17 188 5 271 56 170 905 21 8 146 916 23 989 13 6 14 0 11 957 7 0 12 031 20 7 7 0 208 149 12 089 22 0 7 1 5 985 4 613 41 5 6 495 18 8 3 8 42 147 5 3 32 235 0 5 39 852 3 1 28 513 73 6 36 730 96 2 32 280 87 8 7 980 51 4 57 1 8 219 797 28 6 191 166 28 631 19 4 13 0 14 868 6 8 13 762 14 4 6 3 281 260 13 784 140 6 3 73 880 5 932 45 7 6 912 6 4 3 1 2010 2
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24. Sh ared Gesearch 6 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201471710_ 65 M amp A M amp A FMS BPO 3 1
25. 2 10 Sh sfed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 2012 8 WAON EV
26. 317 4 1 18 59 18 8 206 sh ared WeseaTch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 2013 9 14 1 500 381 16 8 8 6 7 49 LED
27. 7 10 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 LED LED 2013 2 260 2012 2 74 2014 2 LED LED 3 7 2012 4
28. 2006 2006 600 4 6 500 6 M amp A sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 amp
29. 2013 2 12 5 312 3 4 24 2 8 3 8 10 2013 2 7 3 2010 9 Shared Gxcscarch lp http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 66 4 BPO
30. SR FMS FMS FMS 2013 2 100 M amp A 5 000
31. 2 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 9787 SR 09 2 6 991 18 025 188 2
32. QASDAQ 2702 1 8218 2012 10 55 Shared Mesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 M amp A 2013 3 4 1 3086 2013 4 1 M amp A 82 2013 3 M amp A 2013 3 4
33. 2015 2 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 SR 2013 2 15 8 393 7 0 15 18 5 7 8
34. 2012 12 A LED 6 BEMS BEMS sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 BEMS
35. 13 1 2331 23 596 1 9735 34 89 2012 2 2013 2 5 3 2012 2 2013 2 16 3
36. 2013 2 4 39 108 35 6 5 223 19 M amp A BPO BtoBtoC FMS5 50 2 2011 24 365
37. 3 2013 2 87 57 2014 2 Sh ared Gcsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 2011 2012 FMS a SR 2013 2
38. 1 09 1 06 SR 6 1954 1971 1985 2002 2006 2012 2013
39. esearch lp http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201471710_ Weaknesses M amp A FMS 65 FMS
40. 15 11 Shared Gxcscarch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 2013 2 12 8 318 1 3 27 4 6
41. Shared Researcn SR Inc SR Inc SR Inc SR Inc SR Inc SR In
42. 2012 2 CO2 1 4 90 1 500 1 16 500 x1 82 x 365 x 0 55 x90 550 1 000 2 1 1 8 2 1 12 SR 60kg 5kg 2014 2 2014 2 1 500 1 8 SR
43. EV WAON 2014 490 1 150 B2B ipad 1 000 35 49 136 7 No1 45
44. 315 153 2013 2 68 10 M amp A 2013 2 645 2009 2 2 3 2007 2 39 9 2010 2 64 2 ROE 2011 2 M amp A 07 2
45. 500 35 5 x 1 335 17 4 000 6 1 800 355 000 x 17 4 000 M amp A M amp A a Sh ared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 29 49 9787 SR Research Report 2014 1710 SM
46. i 2 A gt Ee a RR HP FM S
47. 400 2013 4 1 12 5 000 400 x 12 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved i 9787 SR Research Report 2014 1710 2010 3 1 335 141 397 2012 2 35 5
48. 1 0 12 8 3 327 2 8 15 0 14 4 3 9 11 BEMS 253 6 4 13 1 13 2 12
49. 1 6845 NTT 1 6501 FMS SR
50. 16 90 12 79 16 29 21 33 32 69 2013 2 2013 5 SR Research Report 201471710_ 542 0081 2 3 2 1 1995 9 29 2 TIR http www aeondelight co jp ir IR 54 169 3 238 2013 2 2013 2 9 018 3 777 46 6 5 147 2013 2 F sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 48 49 9787 SR Research Report 201471710
51. 2 000 100 28 2 26 3 20 5 76 6 134 39 21 4 15 309 4
52. Sh aredd esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 9 3 000 68 LED 2
53. 2 084 5 000 2013 12 2015 2 13 2 14 2 14 2 he 2Q 58 584 68 187 65 620 56 485 66 711 66 841 61 256 74 9 260 000 7 6 727 720 22 729 0 6 74 6 984 7 998 7 790 7 455 8 173 8 808 7 984 30 35 105 22 7Z 7 7 11 9 11 7 11 9 13 2 12 3 13 2 13 0 3 890 3 979 4 500 3 957 4 782 4 624 4 589 2 21 16 8 722 9 762 20 6 6 5 8 6 9 7 0 7 2 6 9 7 5 3 093 4 020 3 289 3 499 3 390 4 185 3 395 70 8 15 500 2 50 29 414 96 4 414 22 5 3 5 9 5 0 6 2 5 1 6 3 5 5 3 102 4 022 3 288 3 480 3 403 4 168 3 411 70 9 15 500 7 49 24 93 27 26 7 5 3 5 9 5 0 6 2 5 1 6 2 5 6 1 786 2 158 1 56 1 2 004 1 858 2 289 1 657 69 9 8 300 48 73 7 0 2 7 40 4 67 67 3 0 3 2 2 4 3 5 2 8 3 4 2 7
54. 8 2 8 2 7 7 7 4 6 6 44 7 44 6 47 6 49 4 55 7 6 565 0 4 965 8 196 4 127 3 116 2 0 1 0 1 1 9 2 9 3 1 12 0 12 2 9 4 8 3 9 1 30 5 29 9 39 0 44 1 40 3 14 3 14 8 10 4 8 2 18 5 SR 2010 9 E
55. 2012 11 11 CSR 6 e 2008 6
56. shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1 10_ 2013 2 9 018 5 184 3 777 2 169 2013 2 46 6 10 0 5 147 2 809 UA
57. 174 298 0 5 8 2 7 99 LED 120 LED 160 LED LED 100 1 LED Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 217 12
58. 2013 2 4 3 09 i 12 5 15 8 SR 1 8905 2013 2 16 99 421 0 2 47 8 3 SC
59. 35 9 2013 2 49 9 sh ared hesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201471710_ FMS 12 642 42 050 30 1 15 129 31 805 47 6 13 727 40 519 33 9 26 484 53 071 49 9 11 956 39 284 30 4 5 609 31 200 18 0 3 720 10 823 34 4 89 270 248 756 35 9 SR 4 65 8 6 6 7
60. Ts ESCO 300 2 ESCO 2015 2 2017 2 2014 2 1 2013 7 3 2014 2 1 667 13 9 82 17 0 12 2 11 9
61. AEON DELIGHT VIETNAM CO LTD 100 FMS AEON DELIGHT MALAYSIA SDN BHD 100 FMS FMS FMS FMS 1 4711 1 4781 1 9728
62. 2013 74 2 2013 2 46 2014 2 2 48 30 3 2006 2 9 20 2 1 2 500 2 2 000 09 2 10 2 11 2 12 2 13 2 1 6 668 7 031 6 808 9 639 4 358 2 2 087 1 966 3 000 10 051 7 086 FCF 1 2 4 581 5 065 3 808 412 2 728 5 255 4 169 1 321 2 722 2 257 A 1 495 1 593 1 787 2 345 2 237
63. 2 3 FHS 2011 5 BEMS 2014 2 BEMS 1 600 20 2011 4
64. 1 708 2013 2 SR 18 SR Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 2009 2 GMS 603 1 231 41 127 31 1 3 270 4 746 87 395 1 621 12 153 51 42 SR 2009 2 GMS 42 18 18 78 SR 2010 2 601 1 267 52 125 33
65. 2011 3 1996 1976 2001 2006 65 70 8 9 6 SM 6
66. 2013 12 FMS 2014 4 2015 2 2017 2 Sh aredd esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 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 0 9 12 79
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68. HEMS BEMS FEMS CEMS HEMS Home BEMS Building FEMS Factory CEMS Cluster Community i a i oa io i a i oo i oo io io a oo i i oa i i a io i a i i a io oa i io a a i i a i io a oa i a io ia i a io i a io a a io a a io i om i a i io a i a oa a i a a io i a io i a a ia a oo i a a io i i i on a io a i a i a io oa i i a i i i a io io a oa i a oo io i bo ia oa a io oa i io oa oa io i io a oa a io i i io a oa oa i a a a ot io i oa oo io a oa io a oo ion i oo i a i io i a om i i a i a oa BEMS Ad BEMS ADIC Ad SR BEMS
69. 14 6 0 5 6 5 5 6 3 2 4 3 9 100 10 100 12 050 14 300 16 600 8 330 9 946 9 970 12 031 13 762 13 901 9 3 1 3 0 2 3 8 16 3 6 800 9 000 9 900 12 105 14 300 16 600 8 186 9 812 9 912 12 089 13 784 13 892 20 4 9 0 0 1 0 1 3 6 16 3 3 600 4 600 5 200 6 470 7 600 8 700 4 379 4 876 5 466 6 495 6 912 7 509 21 6 6 0 5 1 0 4 9 1 13 7 SR 6 2013 2 M amp A
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72. 2014 2 65 40 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Sh sfed 9787
73. 1 3 405 1 7 90 LED 74 2013 2 260 531 86 1 393 7 0 312 3 2 108 35 6
74. 19 2 0 18 39 6 2014 2 1 500 159 43 4 13 31 39 7 9 LED 66 70 27 LED 2 107 12 6 8 32 7 7 89
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76. 405 1 7 59 0 6 2 8 209 25 8 5 2014 2 2013 2 21 39 531 86 19 22 14 19
77. B 707 912 792 1 184 1 607 C 108 172 32 1 749 13 319 FCF NI A B C 5 556 6 319 7 522 6 324 5 180 SR 2013 2 LED 44 M amp A 2012 2 12 84 esearch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710
78. 5 6 5 5 5 6 5 7 6 3 6 0 3 944 3 565 7 509 4 147 4 153 8 300 6 2 11 5 8 6 5 1 16 5 10 5 SR 2014 2 2 600 4 5 LED 260 100 1 0 4 5 LED 160 SR 5 3 7 8 LED 2 2014
79. 1 8263 TOB 4 2013 3 2 2013 2 90 2014 2 1 5 2013 4 M amp A 2012 11 50 2012 11 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 8
80. 08 2 09 2 10 2 11 2 12 2 13 2 39 9 47 4 54 1 64 2 62 3 61 9 62 6 ROE 16 9 21 0 19 9 18 9 15 5 12 5 12 5 SR 2008 2 2007 12 1 2 2010 9 1 1 30 2011 2 12 769 Sh ared Gcsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 07 2 08 2 09 2 10 2 11 2 12 2 13 2 20 700 41 400 414 000 41 400 54 170 54 170 54 170 SR 3 189 1 707 2013 2 2012 2 1 720 6
81. 7 M amp A M amp A 2008 10 409 2009 4 409 2010 9 2011 4 90 2011 5 24 365
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84. 2 215 1 6 15 59 14 7 3 169 6 3 12 8 13 1 9 11 2014 2 15 210 4 0 18 4 18 9
85. 2 6 SC 6 10 22 Shared esearch lp http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 2013 4 2014 2 2013 2 90 1 5 2013 3
86. SR Research Report 42 050 0 2 31 805 1 3 40 519 1 7 53 071 86 1 39 284 7 0 31 200 3 3 10 823 35 6 119 108 8 248 876 13 2 218 648 30 227 5 6 12 1 16 326 6 6 13 901 1 0 5 6 213 221 13 892 0 8 5 6 80 53 6 306 45 3 7 509 8 6 3 0 2014 1 10 260 000 4 5 15 500 11 5 6 0 15 500 11 6 6 0 8 300 10 5 3 2 2010 9 2011 2 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 08 2 09 2 10 2 11 2 12 2 13 2 120 000 145 000 150 000 181 000 213 000 260 000 137 519 145 690 140 299 170 905 219 797 248 876
87. Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 2014 1710 BEMS BEMS Building Energy Management System 90 9 14 FMS 2013 12 FMS 10 PM2 5
88. 19 Sh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 7 49 9787 SR Research Report 2014 1710 1 Good Job sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 06 6260 5621 1972 11 16 HP http www aeondelight co p IR TIR
89. 1 3 514 4 475 180 386 1 549 12 183 53 44 2010 2 46 19 21 86 2011 2 590 1 307 72 127 32 1 3 811 3 305 268 401 1 410 11 324 56 45 2011 2 52 25 24 101 SR Research Report 2012 2 590 1 537 105 122 29 1 4 121 3 424 418 460 1 383 12 190 59 107 2012 2 54 44 2 033 37 27 236 25 2 456 201471 10_ 2013 2 598 1 708 152 123 26 1 4 462 3 664 562 527 1 394 13 217 62 115 2013 2 61 81 22 2 294 55 29 279 41 2 862 65 60 70 FMS
90. 2013 2 95 71 2009 2 M amp A M amp A 2013 2 11 09 2 10 2 11 2 12 2
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92. 7 8 0 6 8 61 29 42 162 0 8 10 29 9 9 1 400 200 2 000 64 49 1 26 39 16 39
93. C 2013 Shared Research Inc All Rights Reserved 2014 1 10 13 2 10 014 44 673 144 2 237 18 020 4 523 79 323 1 089 274 2 079 282 72 3 796 2 973 288 2 196 200 5 257 10 801 1 520 12 32 1 21 375 100 699 24 544 10 10 401 34 955 1 190 1 195 36 151 64 547 3 238 18 770 40 539 458 992 205 1 260 64 547 22 366 15 9 999 9787 SR Research Report 2014 1710 8 2013 2 2013 2 200 M amp A 108 11 2013 2 2011 2
94. Report 2014 1710 2011 4 2012 2 2014 2 2014 2 3 000 220 M amp A 3 2014 2 2015 2 2017 2 3 Ssh ared Gear http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 9787 SR Research Report 201471710_ 1 8267 1972
95. Reserved 9787 SR Research Report 2014 1710 2013 2 0 5 9 75 8 6 2013 2 M amp A 2012 10 14 2 13 2 2014 2 126 771 122 105 248 876 133 552 126 448 260 000 15 3 11 2 13 2 5 3 3 6 4 5 111 789 106 859 218 648 116 570 14 982 15 245 30 227 16 981 3 3 7 9 5 6 13 3 11 8 12 5 12 1 12 7 7 869 8 457 16 326 9 406 6 2 6 9 6 6 7 0 7 113 6 788 13 901 7 575 7 925 15 500 2 9 0 9 1 0 6 5 16 8 11 5 5 6 5 6 5 6 5 7 6 3 6 0 7 124 6 768 13 892 7 571 7 929 15 500 2 1 0 6 0 8 6 3 17 2 11 6
96. 54 170 54 170 EPS 122 9 137 8 142 6 131 8 143 2 EPS 122 8 137 6 142 3 131 5 142 7 DPS 22 0 27 0 39 0 40 0 46 0 BPS 669 3 787 8 1 005 6 1 095 6 1 202 4 6 991 7 964 13 098 9 707 10 014 30 150 30 026 64 524 72 486 79 323 2 602 2 741 3 756 3 773 3 796 3 658 3 977 4 766 4 276 5 257 12 623 11 924 11 577 12 272 12 321 49 035 48 670 84 624 92 809 100 699 10 551 8 974 22 424 23 720 24 544 1 688 80 49 41 10 20 131 16 281 30 724 33 643 34 955 56 31 6 15 5 824 1 024 1 012 983 1 195 20 956 17 306 31 737 34 626 36 151 28 079 31 364 52 887 58 182 64 547 1 744 111 55 56 15 6 668 7 031 6 808 9 639 4 358 2 087 1 966 3 000 10 051 7 086 5 255 4 169 1 321 2 722 2 257 ROA 10 1 11 2 9 7 7 8 7 8 ROE 19 9 18 9 15 5 12 5 12 5 54 1 64 2 62 3 61 9 62 6 SR
97. 79 2 79 2 62 3 53 9 58 5 2 475 2 256 5 808 8 766 8 687 2 1 2 1 4 1 4 9 4 3 119 799 108 608 140 024 177 658 201 933 SR 42 050 31 805 40 519 53 071 39 284 31 200 10 823 4 661 2 692 5 918 2 209 1 462 2 396 504 11 1 8 5 14 6 4 2 3 7 7 7 4 7 SR 2013 2 SW Strengths Weaknesses Strengths 65 65
98. 8 2 500 2 794 30 150 762 343 475 13 1 009 2 602 1 730 534 1 566 3 658 11 974 649 12 623 18 885 49 035 10 551 1 688 7 892 20 131 56 768 824 1 744 20 956 28 079 3 238 2 963 20 852 461 42 72 1 456 28 079 7 502 1 744 5 247 DE 7 964 16 284 122 20 3 000 2 880 30 026 1 185 305 284 15 952 2 741 2 050 289 1 779 141 3 97 7 11 295 629 11 924 18 644 48 670 8 974 80 7 227 16 281 31 993 1 024 111 17 306 31 364 3 238 2 964 25 366 461 145 110 31 364 7 330 111 7 853 11 2 13 098 28 246 226 1 476 18 920 3 010 64 524 1 234 265 1 791 284 182 3 756 2 983 278 1 701 196 4 766 10 546 1 031 11 577 20 100 84 624 22 424 49 8 251 30 724 6 1 006 1 012 55 31 737 52 887 3 238 18 741 30 575 461 645 149 52 887 7 298 55 13 043 SR Research Report 12 2 9 707 31 240 657 1 52 7 27 320 3 349 12 486 1 217 246 1 918 284 108 3 773 2 577 406 1 517 224 4 276 11 249 1 023 12 272 20 322 92 809 23 720 41 9 882 33 643 15 968 983 56 34 626 58 182 3 238 18 753 35 285 460 647 173 545 58 182 9 047 56 9 651 7J 2009 2 15 esearch http www sharedresearch jp Copyright
99. c 3 31 12 03 5834 8787 http www sharedresearch jp Email info sharedresearch jp 49 49 sSh afedi esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
100. ights Reserved 9787 SR Research Report 2014 1710 e eco LED 45 2008 2011 LED 1 1 19 1 2010 2011 2012

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