ジェイアイエヌ （3046）
Contents
1.2.
3. CCR A s Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23
4. 6 SPA 52
5. SR 100 000 400 000 2012 3 22 000 3
6. SR Inc SR Tnc Shared Research SR Inc
7. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 1 990 990 T
8. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2
9. 2011 8 HOYA 7741 2011 10 HOYA HOYA HOYA 1 3 2 3 2
10. SPA s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 SPA
11. 3 000 2011 9 1 2012 8 31 2011 8 8 Air frame 5 2011 9 16 2011 7 2011 7 13 2011 7 21 Air Frame
12. 2014 8 1 2014 1 14 2014 8 1 2014 8 1 4 7 8 168 3 19 45 6 17 69 CM
13. SPA 2013 8 205 34 19 16 16 18 2010 8 2011 8 41 2012 8 45 2013 8 47 3 133 2010 8 75
14. SR 2012 8 1 5 5 900 09 8 10 8 11 8 12 8 13 8 2 017 2 359 3 225 4 258 6 038 1 278 1 507 1 957 2 864 4 469 187 1 005 1 435 2 791 3 960
15. SPA SPA 52 2008 8 2009 8
16. 2008 amp 2014 2 2014 2 5 2014 8 2 2013 8 JINS PC 11 79 22 09 1 22 2 20 8
17. 1 900 2001 4 VIVRE ZOFF 1 2 2001 4 2 2006 8
18. lt Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w EP Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 3046 SR Research Report 2014 7 23 2013 8 2013 10 10 2013 8 2013 8 36 554 61 6 Air frame 31 4 JINS PC
19. 4 990 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 3 6 1
20. 2011 8 2011 3 4 2011 8 2011 8 6 748 6 070 360 212 351 208 70 44 2011 8 14 088 13 000 920 822 885 792 357 357 1 Air Frame 3 2 Titan frame
21. LABI 9831 2013 8 EC E Commerce 1 2012 8 4 2014 8 2013 8 140
22. 2012 8 20 000 18 600 2 100 1 700 2 030 1 660 840 700 15 26 2012 1 2012 1 12 2012 8 1 2011 10 2011 10 14 2011 8 1 3 4
23. 2011 7 JINS Golf JINS Sports 2011 9 JINS PC JINS PC LED 55 NXT 3 990 09 8 10 8 11 8 12 8 13 8 Ezjg 5 333 7 522 10 688 17 015 27 445 71 8 70 9 73 3 75 2 75 1 144 620 1 084 2 634 6 223 1 9 5 9 7 4 11 6 17 0 EBITDA 405 896 1 505 3 366 7 361 EBITDA 5 5 8 4 10 3 14 9 20 1 ROA 0 5 5 4 6 9 9 6 18 2 ROE 0 9 10 9 16 0 18 9 32 4
24. 4 622 2012 o 2001 20 2009 16 2010 17 30 50 2001 29 000 2011 22 000 159
25. 1300 1549 460 38 69 3046 SR Research Report 2014 7 23
26. 2 1 2 13 2015 8 40 2015 8 2015 8
27. JINS PC 2 000 3 000 1 600 1 2413 JINS PC 76 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2000 3000 LE Jspc SR 2012 8
28. CCR 609 SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 3046 SR Research Report 2014 7 23 09 8 10 8 11 8 12 8 13 8 13 5 15 6 15 5 14 9 11 8 27 1 23 5 23 6 24 4 30 9 3 4 5 4 5 0 3 4 2 2 106 9 67 9 73 3 105 9 164 2 9 6 10 4 8 7 8 5 7 6 38 1 35 1 41 9 43 1 48 3 95 9 56 3 55 0 87 2 146 9 SR 2008 8 2013 8
29. 2009 8 44 39 2013 8 28 796 2008 8 6 300 2009 8 201 3 8 2010 8 2 2 9 69 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 09 8 10 8 11 8 12 8 13 8 7 680 8 990 13 000 18 600 29 400 7 434 10 604 14 575 22 614 36 554 3 2 17 9 12 1 21 6 24 3 135 250 822 1 700 3 900 144 620 1 084 2 634 6 223 6 8 148 1 31 8 54 9 59 6
30. JINS PC 3 990 2 2012 5 28 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2012 4 5 2012 8 1 7 1 1 8 2012 8 9 486 8 870 1 034 640 989 625 419 240
31. SR 2013 8 236 205 100 8
32. 2005 8 6496 2013 8 75 19 HOYA 1 5 8 1 e gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights
33. 2001 2009 SPA SPA
34. xXJINS CLASSIC 21 001 2015 8 2015 8 2015 2014 8 TV 2014 8 s Shared Research http Wwww sharedrese
35. SR 7455 7541 9854 JASDAQ 3318 ZOFF ZOFF
36. 2013 8 JINS PC 1 730 2013 8 e Shar ed Gcsearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 1988 24 2000
37. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2 PR 18 4 7 9 7 8 5
38. 1 lt Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 3046 SR Research Report 2014 7 23 1 2 3 6 242 1 600 2 60
39. JINS MEME JINS MEME 3 amp lt Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 120 100 80 60 40 20 0 4 46 a 2 6 0 699 9 9 10 11
40. 2014 2 1 9 000 4 000 25 000 22 000 INS 1 15 40 2014 1 E
41. ZOFF s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 Weaknesses 2010 8
42. 7 79 NEW 0 9 70 9 4 7 65 19 CM 1 005 187 3 9 5 99 2009 8 4 20 8 2010 8 4 34 8 52
43. SPA 1 000 6 000 650 1 2
44. SR Inc SR Inc SR Tnc SR Tnc SR tnc http www sharedresearch p Email info sharedresearch Dp Shared GYesearch http www sharedresearch jp
45. 4 5 NF 5 6 6 7 2014 8 ii 18 DP 21 22 RA A 22 SS 32 ee 35 PGWRRSCGSS GRG SR 2 40 48 UN 50 kb GR Rsl ii ks 52 3 iD 54 9 54 amp Li 54 66 Tl 66 1 HE 67 MK 67 I AE 67 1 68 3046 SR Research Report 2014 7 23 2013 8 205 2013 8 550 2009 2013 8 36 554 61 6
46. 1 1 6 1 1 8 663 2 9 094 3 2 2 7 757 4 1 5 000 3 1 3879 5 4 4 250 1 8 128 6 2 7 757 50 1 1 10 1 000
47. 178 2013 2 00 JINS 2013 2 2013 2 19 2020 8 1 000 2 2018 8 2018 8 5 2013 1 177 500
48. 2 3 2 JINS PC s Shared GYesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23
49. 3 SPA SW Strengths Weaknesses Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 3046 SR Research Report 2014 7 23 09 8 10 8 11 8 12 8 13 8 14 8 lt 7 434 10 604 14 575 22 614 36 554 36 600 19 5 42 6 37 4 55 2 61 6 0 1 5 333 7 522 10 688 17 015 27 445 21 4 41 0 42 1 59 2 613 71 7 70 9 73 3 75 2 75 1 144 620 1 084 2 634 6 223 2 500 35 4 330 4 74 7 143 1 136 3 59 8 19 5 9 7 4 11 6 17 0 6 8 127 601 1 053 2 552 5 869 2 495 28 9 371 2 75 3 142 4 130 0 57 5 17 5 7 7 2 11 3 16 1 6 8 19 233 384 1 090 3 419 1 230 65 1 183 7 213 8 64 0 2 2 2 6 4 8
50. 75 79 3 75 9 3 3 5 75 6 77 2 73 49 2013 9 TVCM JINS CLASSIC 2013 4 3 15 292 54 8
51. 3 3 72 49 2 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 18 4396 12 17 5 668 25 1 2 81 99 249 83 29 219 90 9 70 766
52. 10 09 0 109 0 2014 8 2 2014 4 11 2014 8 2 2014 2 5 1 29 8 0 6 59 2014 8 2 17 632 0 2 51 9 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 21 5 1 17 6 2 24 59 21 59 22 19
53. 3046 SR Research Report 2014 7 23 5 8 2013 8 3 2013 7 10 2013 8 3 2013 8 3 26 842 77 8 JINS PC 2013 4 JINS CLASSIC 3 44 7 3 3 5 32 9 3 3 5 26 49 3 3 5
54. 60 46 4 64 69 3046 SR Research Report 2014 7 23 2011 8 2011 3 13 3 11
55. JINS PC JINS PC 10 1000 23 39 3 1 996 2 3 3 4
56. SBS KLab GCA DIC TOKA1U
57. Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 2014 7 23 2014 8 3 2014 7 10 2014 8 3 2014 8 3 2014 7 4 2014 6 2014 5 13 JINS MEME JINS MEME 2015
58. SR 2 2013 8 5 3 4 990 5 990 7 990 9 990 4 2 000 5 000 Shared Wesearch http www shared
59. 15 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 KISS Keep It Simple Stupid and tell SR HOYA HOYA JINS PC
60. 259 55 2096 JINS JINS JINS PC MD
61. 2014 8 JINS 22 09 21 59 23 39 JINS PC 530 400 130 JINS PC 140 80 60 6 400 6 000 6 800 4 000 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 20 67
62. SPA 2 2008
63. 2 500 50 60 2013 8 205 2013 10 SR 50 17 5 1 35 x40 2012 8 53 140 30 35 21 0 10 0 4 0 130 0 36 0 30 12 42 20 9 10 2 1 23 0 SR
64. 25 1 4 3 1 3 199 11 20 2013 4 2013 5 E 8 2013 8 11
65. 2011 8 2011 8 43 41 1 1 3 2 1 2011 8 116 19 6 141 2011 9 2009 5 29 74 7 1 084 10 73 39
66. 4 1 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 1
67. JASDAQ 2 1 30 10 1 40 5 10 600 000 500 000 100 000 3046 SR Research Report 2014 7 23 2013 5 20 2013 5 22 2013 5 30 2013 4 2013 4 4 JINS PC 2013 1 JINS Cut 2 2
68. SR 4 990 3 990 6 2012 3 SR 85 100
69. JINS Cut 2013 1 10 2013 8 1 2012 10 2012 10 12 2012 8 2012 8 2012 8 31 2 000 3 2012 7 2012 7 24 14 69 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 3046 SR Research Report
70. 2013 8 180 50 SR 2012 8 140 50 2 3 250 70 500 20 2018 8 3 200
71. 09 8 10 8 11 8 12 8 13 8 lg 1 246 953 545 1 169 4 324 2 748 462 1 591 2 237 2 950 FCF 1 2 502 491 1 046 1 068 1 374 752 540 1 147 6 703 1 191 A 261 276 422 732 1 138 B 615 284 1 117 1 801 2 179 C 6 30 606 1 792 2 440 FCF Ni A B C 367 195 917 1 771 61 SR 2009 8
72. 2013 5 2013 5 20 5 10 2013 5 30 1 5 432 2013 5 10 2013 5 20 2013 5 22 2013 5 30
73. 3 8 2 6 1 6 0 4 75 1 115 759 ASEAN 2 3 2 4 900 5900 JINS
74. 21 221 47 6 58 1 63 6 136 3 6 223 130 0 5 869 213 8 3 419 47 2 4 1 7 4 2013 8 205 11 20 2013 4
75. ASEAN 3 6 24 250 14 3 1 600 2 60 2014 8 150 7 540 100 2 500 59 8 6 8 17 0 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Rep
76. 969 37 2 16 1 21 8 14 19 58 19 12 10 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Re Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 658 7 1 377 664 19 1 301 766 67 12 2 1
77. 2 100 500 2 600 2012 4 2012 4 25 JINS PC JINS PC 2012 5 28 3 990 LED JINS PC 2011 9 30 JINS PC
78. 197 178 74 93 271 271 JINS PC 53 77 JINS PC 36 41 2014 1 JINS CUT 3 2 15 3 14 29 14 38 JINS CUT PM2 5 36 3 6 80 82 EC 787 4 69 2 34 2 1 1
79. 3 20 2 50 2 50 2 33 State Street Bank and Trust Company 1 85 1 24 1 16 SR 2013 8 31 20 1 2007 5 000 I R http 7www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved lt Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 150 0001
80. 2 1 26 1 231 11 20 1 1 2 1 3 2 12 26 39 1 2 JINS Cut 40 14 2014 1 JINS Cut 5
81. 25 429 0 2 1 826 33 9 PC 869 3046 SR Research Report 2014 7 23 Air frame Air frame ULTRA Air frame ZERO JINS CLASSIC earthmu
82. 2009 8 568 155 2010 8 101 2009 8 87 14 75 2009 8 64 26 23 5 13 2 11 4 1 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 09 8 10 8 11 8 12 8 13 8 14 8 7 434 10 604 14 575 22 614 36 554 36 600 19 5 42 6 37 4 55 2 61 6 0 1 2 100 3 082 3 886 5 598 9 109 5 333 7 522 10 688 17 015 27 445 21 4 41 0 42 1 59 2 61 3 71 8 70 9 73 3 75 2 75 1
83. 2011 10 7 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 70 100 2011 12 2010 10 1009 3 2011 9 2011 9 13 23 10 3 Stock Index 2011 8 2011 8 31
84. 2014 8 1 6 2013 8 3 4 2014 1 20 18 2014 8 35 20 500 600 2014 8 2015 8 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2014
85. 2014 8 65 62 2015 8 2013 8 40 2015 8 500 2015 8 2016 8 2015 8 30 40 3 25 2014 8 35 2014 40 100 JI
86. 2 500 000 2012 8 29 2012 8 30 3 500 000 2012 8 9 2012 8 14 4 500 000 2012 7 18 2012 8 22 500 20 000 2 600 2 100 Shared 6Qesearch http 7 www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved 60 69 we s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2 530 2 030
87. TR 90 SPORTS NXT _ s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 SPORTS JINS Golf 7 990 2011 7 21 JINS Sports 7 990 2011 7 21 JINS Clear 7 990 201 1 7 21 JINS Cycle 7 990 2011 9 JINS Run 7 990 2011 10 PROTECT JINS PC 3 990 2011 10 JINS Moisture 3 990 2011 10 2011 4 2011 4 14 2011 6 1
88. 172 8 19 51 1 2 EPS D 16 140 2 400 2 250 1 140 47 6 13 580 1 500 1 480 670 27 9 18 9 60 0 52 0 70 1 9 486 1 034 989 419 20 5 70 1 86 0 127 5 120 3 EPS 32 340 4 900 4 730 2 400 100 1 29 400 3 900 3 860 1 800 75 1 10 0 25 6 22 5 33 3 22 613 2 633 2 551 1 089 52 7 43 0 86 0 85 4 120 3 SR 4 7 10 3 15 0
89. 13 0 24 5 37 5 1 3 1 15 5 1 20 1 000 100 2013 2 1 2012 8 2012 10 12 2012 8 2012 8 E 55 2 22 613 2012 7 22 500 44 69 3046 SR Research Report 2014 7 23 75 29 1 9 93 49 2011 8 90
90. 2014 8 1 5 75 5 1 2014 8 2 17 850 18 800 900 2 850 865 2 870 430 1 640 2014 8 36 600 40 600 2 500 6 800 2 495 6 850 1 230 3 900 2014 8 1 32 22 10 2013 10 2013 10 16 2013 11 2014
91. 1 030 840 1 50 30 41 02 1 10 0 8 0 JINS PC 4 0 2 59 2 28 99 42 2 44 2012 8 160
92. 17 660 86 2 JINS PC 2013 1 JINS Cut 2 12 5 1 2 400 2 270 34 4 65 6 2 51 9 50 8 1 19 E 15 3 2 1 2 175
93. 2005 2009 1596 8 39 17 29 6 2010 8 2010 8 14 29 2011 8 13 496 2012 8 12 7 2013 8 12 29 SW Strengths Weaknesses Strengths SR 2007 2008 SPA
94. 45 6 1 1 7 1 5 Air frame Air frameq 2012 9 11 JINS PC E 85 3 7 799 E 2013 8 2013 8 1 4 8 1 0 8 75 8
95. 480 5 715Fi EC E Commerce 1 830 4 6 140 73 19 75 19 1 105 1 0 1 4 000 101 2 109 115 759 FOB Free on Board
96. 2011 3 2011 3 31 EVANGELIONxJINS 2011 8 6 JINS 2011 3 23 3 23 5 4 1 3 2 1
97. SPA SPA SPA SPA SPA IT
98. spectre JINS 2011 3 10 1 2011 1 2011 1 24 2 2011 3 19 2011 1 21 4 44 300 2011 3 1 1963 1987 1988 2013 8 757 28 2 3 4 392 4 66 69 3046 SR Research Report 2014 7 23 10 35 71 5 00 3 31
99. 5 189 6 901 9 605 14 381 21 222 69 8 65 1 65 9 63 6 58 1 144 620 1 084 2 634 6 223 2 500 35 5 330 4 74 7 143 1 136 3 59 8 19 5 9 7 4 11 6 17 0 6 8 20 32 28 32 59 37 51 59 114 413 127 601 1 053 2 552 5 869 2 495 28 9 371 2 75 3 142 4 130 0 57 5 17 5 7 7 2 11 3 16 1 6 8 0 1 0 0 0 81 86 191 396 221 65 283 478 1 066 2 228 139 6 54 9 55 4 49 5 39 5 19 233 384 1 090 3 419 1 230 65 1 183 7 213 8 64 0 0 3 2 2 2 6 4 8 9 4 3 4 SR 2005 8 22 2012 8 160 2012 8 2005 8 2009 8 2009 8 2013 8
100. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w lt Shared Yesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 3046 SR Research Report 2014 7 23 3 13 27 2011 2 2011 2 10 JINS
101. 1 2 3 PC 4 2 2015 8 33 2014 8 2 32 34 2 PC 53 77 PC 36 41 PC 89 15
102. 3046 09 8 475 583 597 123 73 1 904 1 270 372 242 153 353 1 339 884 39 2 262 4 167 236 586 546 1 368 457 317 775 1 043 2 142 519 496 1 010 2 024 944 1 043 568 10 8 427 780 550 67 94 1 968 1 444 491 275 179 352 1 402 1 061 40 2 502 4 470 355 314 992 1 662 268 305 573 582 2 235 519 496 1 222 2 236 974 582 155 11 8 527 1 106 1 011 86 310 3 041 2 336 691 393 223 0 2 115 1 415 163 3 693 6 734 537 922 1 347 2 806 915 435 1 350 1 837 4 156 519 496 1 565 2 578 1 580 1 837 1 310 SR Research Report 12 8 6 163 1 921 2 237 172 493 10 985 3 633 1 025 600 277 0 3 128 1 681 246 5 056 16 041 786 1 595 2 513 4 894 1 814 380 2 194 3 409 7 088 3 202 3 179 2 573 8 953 3 372 3 409 2 754 2014 7 23 13 8 6 362 2 728 4 027 255 518 13 889 5 369 1 621 856 399 4 555 2 479 691 1 725 21 615 944 1 765 4 905 7 613 1 107 762 1 869 2 872 9 482 3 202 3 179 5 752 12 132 5 811 2 872 3 489 2005 8
103. 1 1 4 2012 8 160 8 17 2011 8 2011 10 14 2011 8 37 4 14 575 1 2 10 3 2010 9 Airframe 3 2011 3 4 4 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 CM 44 39 EC
104. 1 2 237 12 20 2 3 8 72 09 101 2 105 11 715 24 3 1 JINS CUT CM 13 0 66 49 972 75 5 5 5 22 5 2 12 2
105. 2 s Shared GYesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 2013 2 2018 8 1 000 2020 8 2 2013 8 366 500 2 1 000 Air frame 1
106. 2 0 2 5 2 6 2 0 1 9 3 4 5 4 5 0 3 4 2 9 106 9 67 9 73 3 105 9 164 2 944 974 1 580 3 372 5 811 139 2 118 4 108 4 224 4 182 4 77 4 72 6 61 3 168 7 122 7 CF 18 8 62 9 24 4 30 4 69 1 28 1 6 9 50 8 30 8 28 8 CF 14 1 43 5 13 1 16 5 45 6 95 9 56 3 55 0 87 2 146 9 6 30 606 1 792 2 440 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 2009 2010 2011 2012 2013 68 3 68 4 68 6 68 5 67 7 11 4 9 6 10 2 13 9 13 8 11 6 9 8 10 2 14 1 14 2 6 2 4 8 5 0 7 3 8 2 67 3 65 7 65 7 65 7 66 5 0 9 1 6 1 6 1 6 10 1 1 5 2 2 2 2 2 2 10 4
107. 2006 8 900 2011 8 2 578 2012 8 8 952 2013 8 12 132 1 09 8 10 8 11 8 12 8 13 8 20 480 20 480 20 480 23 980 23 980 EPS 0 9 11 4 18 8 52 7 142 6 DPS 1 0 2 0 4 0 10 0 40 0 BPS 98 8 109 2 125 9 373 4 506 0 SR 2005 10 2007 3 1 2 2012 8 500 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23
108. 12 8 17 0 17 0 17 0 14 4 66 6 67 2 67 2 67 9 66 4 1 5 1 0 1 0 3 4 10 0 1 6 0 4 0 4 2 6 9 9 5 6 2 4 2 4 5 8 23 1 68 9 68 7 69 4 66 8 68 0 1 4 1 0 1 8 0 2 0 8 1 8 0 3 2 8 0 0 1 9 5 5 0 4 0 8 2 0 0 2 67 8 67 8 67 9 68 0 70 8 0 5 2 4 2 6 4 0 3 5 0 1 2 6 2 2 4 3 2 8 2 9 0 1 2 1 0 5 2 5 1 71 7 70 9 73 3 75 2 75 1 1 9 5 9 7 4 11 6 17 0 1 7 5 7 7 2 11 3 16 1 0 2 2 2 2 6 4 8 9 4 SR 2000
109. lt Shar ed esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved EP s Shared GYesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 JINS PC 1 4689 GMO 1 9449 FE 1 5411 1 3 1 800
110. 10 604 42 6 620 330 4 601 371 2 233 19 0_1_ 35 5 40 8 31 1 2009 8 2009 5 NEW Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 46 69 w 3046 SR Research Report 2014 7 23 2009 9 Air Frame 1 2010 3 2 CM 2010 8 150 309 45 SPA
111. 2011 8 2011 8 2012 8 2013 8 41 45 47 2006 8 900 2007 8 2009 8 633 297 2012 8 5 339 2011 8 2012 8 2009 8 87 2013 8 205
112. 51 9 37 5 14 4 2 1 0 75 89 1 3 14 4 13 19 29 4 74 49 1 0 73 4 74 6 2
113. 57 0 65 49 3 3 5 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 63 9 67 3 216 8 5 039 18 8 10 59 3 3 5 11 7 9 9 196 8 4 610 326 3 2 655 6 6 19 4 2 7 2013 8 2 2013 4 11 2013 8 2 2013 8 2
114. 7 6 26 2 921 75 1 386 82 19 3 1 9 4 20 5 13 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2014 4 17 21 5 4
115. 2 34 17 20F 03 6406 0120 1 1988 7 8 2006 8 8 HP http www jin co com 8 IR IR http www jin co com ir IR IR ir jin co com 03 6406 0120 68 69 3046 SR Research Report 2014 7 23 SR
116. 34 33 2 2 2014 8 270 3 1 2 2014 8 22 13 305 500 2014 8 2 917
117. 10 000 2001 30 000 10 000 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 30 000 2012 11
118. 3 3 5 90 105 2014 8 5 Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 10 000 TT 200 i bd 161 8 000 34 OS 150 108 113 148 152 6 000 128 3 102 103 PP a 4 000 A 411 TT 2 000 5 67 60 30 6 SS mn NN RR 3 8 a 3Q 19 2Q 30 40 1Q 20 19 2Q 30 40 10 20 30 40 10 20 3Q 40 10 20 30 40 FY08 09 FY08 10 Y08 11 FY08 12 FY08 13 FY08 14 mm w 5og EE SR 9 7 79
119. 6 222 136 3 5 868 130 0 3 419 213 8 2014 8 36 600 0 19 2 500 59 8 2 495 57 59 1 230 64 0 2014 8 2018 8 1 000 2020 8 2 2013 8 366 500 2 1 000 SR
120. 1 2 2010 20 000 40 000
121. 70 99 719 590 22 3 2010 8 24 9 20 2011 8 REE RE RR EE 2010 8 2010 10 7 2010 8 2010 9 30
122. SR 2012 9 Air frame q 2013 4 JINS CLASSIC JINS CLASSIC 7 990 9 990 JINS CLASSIC SR 28 69 3046 SR Research Report 2014 7 23 99 UV400
123. 1 000 400 1 3 2013 5 1 8 2 2013 7 1 000 SPORTS
124. 10 100 Shar ed Gesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved a 58 69 3046 SR Research Report 2014 7 23 3 gt 5 1 3 3 2013 1 2013 1 25 35 2013 2 5 JINS Cut 2013
125. 2013 8 PTA PTA 2 5 PTA PTA 2012
126. CM 2012 6 JINS PC 8 JINSPC 27 69 2012 8 JINS PC 2011 8 1 224 2012 8 45 3 1
127. s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 2 Plg 17 660 16 140 9 4 9 486 86 2 35 800 32 340 10 7 22 613 58 3 SR SR Research Report 2014 7 23 146 0 2013 8 1 20 30 2013 3 2013 3 27 2013 4 19 JINS JINS
128. JINS Cut 550 350 370 180 JINS PC 140 31 4 11 4 20 0 75 196 75 2 4 6 8 73 39 73 89 92 80 2013 9 TVCM JINS CLASSIC 2013 4
129. sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2013 8 205 2013 8 550 2009 2014
130. 56 8 2 144 53 59 1 145 56 99 3 4 8 9 623 3 850 4 450 5 6 7 x 990 x 900 x 4 5 7 9 73 9 1 7 2 2 4 2 270
131. 1 E 1 9 000 4 000 25 000 22 000 sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 2013 8 2013 8 2 JINS 3 2013 8 5
132. 1 707 2 030 2 988 4 468 6 754 5 189 6 901 9 605 14 381 21 221 SR 16 5 12 2 5 8 2005 8 2009 8 1 4 2 5 2010 8
133. 3 1 3 1 1 3 2014 8 35 12 40 2016 8 100
134. 500 2013 4 SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy Shared 3046 SR Research Report 2014 7 23 500 2 2013 10 2011 8 4 2012 22 2013 19
135. 2013 8 2008 8 2007 8 77 796 2013 8 56 19 2005 8 22 2013 8 205 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 2011 8 40 2005 8 2013 8 2008 8
136. 3 9 7 2008 8 2 49 10 39 6 5 896 4 0 6 6 8 89 6 0 19 8 8 10 796 7 8 5 69 7 596 2009 8 20 6 11 196 1 596 13 296 3 89 8 39 7 89 5 196 6 09 2 99 9 99 15 9 2010 8 33 596 51 196 36 196 40 7 41 196 42 59 6 35 39 50 496 36 196 29 6 20 29 21 2 2011 8 9 4 30 396 8 49 15 196 3 196 5 7 1 296 12 796 3 39 5 99 12 99 6 14 7 2012 8 31 19 7 99 5 99 3 09 6 9 39 28 19 33 1 14 99 23 2 70 496 56 29 41 79 2013 8 54 8 17 89 68 39 69 89 50 39 6 51 99 41 3 23 89 33 79 6 6 19 3 596 13 39 2014 8 18 69 8 196 24 596 26 396 22 296 25 196 1 99 6 28 496 23 69 25 19 SR Ne Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 12 8 13 8 14 8 14 8 Te 2Q 3Q 4Q Ke 2Q 3Q 4Q Ke 2Q 3Q 4Q 4 209 5 277 5 614 7 513 7 800 9 861 9 182 9 711 8 169 9 463 9 623 74 5 36 600 YoY 41 2 40 0 49 6 84 5 85 3 86 9 63 6 29 3 4 7 4 0 4 8 0 1 3 222 3 915 4 336 5 543 5 909 7 479 6 943 7 113 5 918 6 770 7 115 YoY 47 4 45 0 52 9 86 9 83 4 91 0 60
137. 61 49 1 3 3 2 5 2 2 5 701 2 1 083 1 429 SR 2013 3 214 127
138. 1 3 1 800 1 000 400 1 3 6 000
139. 17 696 18 19 90 82 8 32 32 3 122 115 1 2013 9 JINS CLASSIC 2013 11 Air frame PES Air frame ULTRA JINS CLASSIC 159 Air frame ULTRA 4 7 100 7 000 3 800 4 200 JINS CLASSIC Air frame ULTRA 4 000
140. sShared Search lt SR Research Report 2014 7 23 3046 sr_inquiries Gsharedresearch jp Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 3
141. CM 70 SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy 3046 SR Research Report 2014 7 23 109 2010 8 CM 2012 8 CM 2013 8 SPA SPA
142. 100 230 792 1 660 3 860 127 601 1 053 2 552 5 869 27 4 161 1 32 9 53 7 52 0 9 68 357 700 1 800 19 233 384 1 090 3 419 306 0 242 0 7 6 55 6 90 0 SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved SR
143. 12 1 2 3 4 5 6 7 8 2010 8 2011 8 2012 8 2013 8 e 2014 8 11 12 2 3 4 5 6 7 3046 SR Research Report 2014 7 23 2008 8 55 19 27 19 6 43 5 58 196 40 3 36 79 40 89 26 09 23 69 26 69 27 39 26 29 2009 8 5 596 21 296 41 596 21 99 44 09 6 18 69 6 16 09 14 69 26 89 6 21 89 38 49 40 296 2010 8 60 49 67 9 45 39 45 79 6 46 6 52 59 50 79 69 69 54 49 48 09 33 19 36 7 2011 8 23 99 61 49 35 39 40 196 24 89 26 09 31 39 6 49 7 39 99 44 4 50 8 52 29 2012 8 79 59 42 39 34 29 34 3 42 29 6 67 79 64 89 46 09 51 09 108 196 96 29 75 09 2013 8 94 8 44 796 111 496 113 59 87 7 82 29 70 79 52 89 67 89 32 49 6 16 6 37 1 2014 8 0 4 15 6 4 69 7 296 2 69 8 99 23 296 12 29 6 6 99 9 7 SR 80 60 40 20 20 18 6 24 5 26 3 222 25 19 23 6 25 1 40 28 4 9 10 11 12 1 2 3 4 5 6 7 8 2010 8 2011 8 2012 8 2013 8 2014 8 12 1 2
144. 2014 7 23 2 49 17 1 2012 7 24 20 480 000 5 036 500 2013 8 1 772 2014 8 2 090 2015 8 1 3 000 000 2012 8 1 2012 8 6 2 2012 8 8 2012 8 13
145. 3 2 791 2011 8 1 435 63 6 2011 8 65 99 143 1 2 633 2 600 142 4 2 551 2 530 7 POS POS 396 183 79 1 089 1 030 2012 8 2011 9 JINS PC JINS Moisture INS Cut
146. 7 18 200 E 2013 8 2013 8 2 7 8 2 75 8 75 2 1 615 44 3 16 2 20 4 9 9 53 49 2 12 2 6 6 1 12 4 s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
147. 9 4 20 480 20 480 20 480 23 980 23 980 EPS 0 9 11 4 18 8 52 7 142 6 51 3 DPS 1 0 2 0 4 0 10 0 40 0 10 0 BPS 98 8 109 2 125 9 373 4 506 0 475 427 527 6 163 6 362 1 904 1 968 3 041 10 985 13 889 1 339 1 402 2 115 3 128 4 555 884 1 061 1 415 1 681 2 479 2 262 2 502 3 693 5 056 7 725 4 167 4 470 6 734 16 041 21 615 236 355 537 786 944 586 314 922 1 595 1 765 1 368 1 662 2 806 4 894 7 613 457 268 915 1 814 1 107 775 573 1 350 2 194 1 869 2 142 2 235 4 156 7 088 9 482 12 132 2 872 D 246 953 545 1 169 4 324 748 462 1 591 2 237 2 950 752 540 1 147 6 703 1 191 ROA 0 5 5 4 6 9 9 6 18 2 ROE 0 9 10 9 16 0 18 9 32 4 48 6 50 0 38 3 55 8 56 1 SR
148. 1 28 3 0 1 9 5 2 5 76 5 74 2 77 2 73 8 75 8 75 8 75 6 73 3 72 4 71 5 73 9 3 040 3 062 3 779 4 500 4 532 4 892 5 868 5 930 5 669 6 047 5 909 YoY 27 2 43 6 50 4 75 1 49 1 59 8 55 3 31 8 25 1 23 6 0 7 72 2 58 0 67 39 59 9 58 19 49 6 63 9 61 1 69 4 63 9 61 4 182 853 556 1 043 1 378 2 587 1 076 1 183 249 723 1 206 87 2 2 500 YoY 50 2 71 9 162 9 658 7 203 3 93 3 13 4 81 9 72 0 12 2 59 8 4 3 16 2 9 9 13 9 17 7 26 2 11 7 12 2 3 19 7 6 12 5 6 8 170 819 564 998 1 302 2 405 904 1 258 219 702 1 223 85 9 2 495 YoY 45 2 81 3 157 6 664 19 193 8 60 1 26 0 83 2 70 8 35 3 57 5 4 0 15 5 10 1 13 3 16 7 24 4 9 8 13 0 2 7 7 4 12 7 6 8 67 352 204 466 766 1 388 502 764 70 316 759 93 1 1 230 YoY 15 1 29 2 216 8 1 039 3 294 296 146 3 63 7 90 9 77 2 51 3 64 0 1 6 6 7 3 6 6 2 9 8 14 1 5 5 7 9 0 9 3 3 7 9 3 4 SR 2014 8 3 2014 7 10 27 255 1 59 2 179
149. 3 31 12 03 5834 8787 Copyright C 2013 Shared Research Inc All Rights Reserved 69 69
150. 3046 SR Research Report 2014 7 23 3 JINS CLASSIC 10 283 3 3 964 22 4 10 99 2 12 2 26 296 16 2 274 8 3 707 413 7 2 154 2013 4 4 2013 4 JINS CLASS1C 2013 8 1 2013 1 10 2013 8 1 2013 8 1
151. 8 14 8 13 8 14 8 p 17 660 18 894 36 554 17 632 18 968 36 600 86 2 43 9 61 6 0 2 04 0 1 4 273 4 836 9 109 4 945 13 388 14 057 27 445 12 687 87 6 42 3 61 3 5 2 75 8 74 4 75 1 72 0 9 424 11 798 21 222 11 715 53 4 62 4 58 1 66 4 3 964 2 259 6 223 972 1 528 2 500 283 3 41 2 136 3 75 5 32 4 59 8 22 4 12 0 17 0 5 5 8 1 6 8 3 707 2 162 5 869 921 1 574 2 495 274 8 38 3 130 0 75 1 27 2 57 5 210 11 4 16 1 5 2 8 3 6 8 2 154 1 265 3 419 SR 413 6 88 8 213 8 2014 8 36 600 0 1 2 500 59 8 2 495 57 59 1 230 64 0 1 51 3
152. NS 2015 8 30 40 1 Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 1 2 0D 2015 8 2013 8 3 4 28 2
153. Reserved 3046 SR Research Report 2014 7 23 2012 3 6 4 9 5 2 2005 2008 6 29 2010 8 CM 109
154. arch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 3046 SR Research Report 2014 7 23 7 000 30 6 000 25 NN 20 4 000 15 3 000 10 2 000 1 000 5 19 20 30 4Q _ 10 20 30_ 40 10 2Q 3Q 40 10 2Q 30 4Q 10 2Q 3Q0 40 FY08 10 FY08 11 FY08 12 FY08 13 FY08 14 mm mmmw SR 61 2 2 1 3 1 3 264 12 22 2015 8 500
155. ort 2014 7 23 23 2014 3 2014 8 35 12 40 2016 8 100 20 30 2014 3 2014 1 E 2014 8 2014 8 1 1
156. research jp Copyright C 2013 Shared Research Inc All Rights Reserved 3046 SR Research Report 2014 7 23 1 70 2011 8 HOYA 7741 2011 10 HOYA HOYA HOYA 1 3 2 3 2
157. sic amp ecologyxJINS xJINS PC MAGNIFY LIFE 7 3 Air frame JINS CLASSIC 4 4 900 5 900 7 900 9 900 4
Download Pdf Manuals
Related Search