フェローテック（6890）
Contents
1. JYT 30 209 2 102. 100 HH FY03 07 FYO3
3. s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 479 713 HHHHH FY03 08 FYO3 09 FYO3 10 FYO3 11 FYO3 12 FYO3 13 FYO3 14 FY03 15 HHHHH
4. 9 GT Solar ALD Vacuum Technologies Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10
5. a Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10
6. 20 2016 3 2012 3 20 2 16 7 16 0 a 14 4 1 4 Se 12 om a 192 0 8 6 8 6 8 7 0 0 1 0 1 43 5 0 5 5 3 5 5 7 mi 3 i 2 31 4 5 2 2 1 lt 3 0 3 0 97
7. Amerigon Shared Gewearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12710 Amerigon
8. LED FPD
9. 12 948 27 19 918 77 8 000 25 7 000 20 18 6 000 15 127 1 5 6 9 10 5 9 4 hw 1008 0W7 6 5 000 4 000 3 000 2 000 ox 0 10 5 0 5 5 05 0Z 812 921 RBoe Fes 1 000 93 03 72 bo 77 5 551 363 428 89 10 104 0 i hihi 4 1 000 437 401 423 a 20 Q1 0 1 0 Q1 GQ3 1 93 QA 93 Q1 Q3 Q1 G3 FY03709 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHH mml HHHHHHHHH SR
10. 8 700 14 9 2015 3 OEM N N 7 550 14 29 6 950 14 8 2015 3
11. 12 20
12. Shared 6890 SR Research Report 2014 12 10 209 12
13. DIC KLab TOKAL
14. 3 SR 2014 3 2014 3 3 2014 3 24 89 4
15. SR Inc SR Tnc Shared Researcn SR Inc SR Inc SR Inc
16. 14 182 29 6 211 91 3 amp 6890 SR Research Report 2014 12 10 u FPD LED u u 9 679 58 8 3 029 1 285 u
17. 1999 TOB Shared nn MSAHHHHHHHHHHHHI HHHHHH 2011 7 HHHhH hnhnnhhnnlmIhhIUhUHHHUHUHUHh 2010 9 hhhhnhhhnHH HHHHHHHHHHHHHHHUHHHHHHHHHh OND EI A 20107 7 IMHHHHHHI nhnnnhnnnhnhhnhn 2010 4 HHhh L_HHHHHHHhDHHHHHHHHHHHH 201071 Edwer VacuumincHHHHH HHHHTemescaHHHHHHHLEDHHHIHHHHHHhhhHHHnHhHH 20 HHhHHHHHHHHHHh HHHHHHHhHHHHHHHH 087 nnHnHnnnnnnnnm nnnHnnnmnnHpdddUdnndndh RS 2007 12 HHHHHHH HHHHHHHHHHHHCMCHHHHHHHHH 2007 4 HH HHHHHHHH THKSMCH HH HH HFerrotec Korea Co LtdH 20067 11 nn HHUHHHHHHHHHHHHHHHIH2HHHHhH 20067 9 HH HHHHHHHnHHHHHHHHUHHHHHHHHHHHHHHHH 20057 12 HHHnnnnnn HHHhhhh 2005 7 2005 5 UU 2004 10 chanced Fluid Systerrs HH HH 2004 7 HHUHHHHHHHHHHHHHHII 2400 HHHHHHHHHhhHHHHHHHHHh MOI
18. u RA le 3 300 23 4 191 66 7 u 2012
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20. DCB Direct Copper Bond DCB 100 SR 2012 8 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014712710 2012 3 2012 5 18 2012 3 60 088
21. 6 609 44 89 733 184 5 4 K s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 6 054 46 7 65 2011 3 2013 3 27 2014 3 40
22. e gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10 99 99 CVD
23. 4K 2 500 30 2 9 8 5 2 000 B 20 128 ag6 7 8 3 a 8 9 8 9 1 500 52 5 4 0 9 5 2 10 1 000 0 500 EE je5 319 10 Ei 259 242 242 85 10 PB3 ps 5 24 60 ise ire ice 23 p27 0 Bm Bn i mm a i 20 58 51 21 21 500 30 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHH m O HHHHHHHHH SR w a Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6890 SR Research Report 2014 12710 2 400 A 200 2 115 2 0782 086 2 000 23 1 8881 919 150 7521 1613 a 1 600 1 4451 420 1437 1 1 449 13791423 100 77 3 90 1263 rm 1 200 1 111 10 a 1091 026 10451105
24. N C OEM 3 699 36 5 PV 7 570 37 4 N OEM
25. SR 2012 3 13 921 2012 6 13 902 2012 8 LED FPD RF Radio Frequency EB
26. u 100 u 100 u 100 u 88 u 88 u Ferrotec USA Corporation
27. 4 453 37 9 36 95 3 u FPD TV LED u 3 260 65 1 550 1 206 u s a Shared
28. FPD u OEM u u 5 680 19 1
29. EV HEV 2012 13 000 2014 3 3 2015 3 2
30. LSI CMS 2010 3 2011 3 40 2013 3 2013 3 32 196
31. 2013 3 SR 1 DCB Direct Copper Bond 2 3 DCB 1
32. 2012 u 12 345 54 99 3 934 2012 3 775 u sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp w s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10
33. 27 357 29 3 775 68 7 i 2012 3 409
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35. 1998 1999 USA 2004 2005 2011 1980 1987 MBO 1991 1992
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37. MG GCA SBS
38. 1 2014 3 13 204 57 2 361 2 n 1 3 1
39. LED LED MOCVD e gt Shared csearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12710 EB LED LED 2010 1 Edwards Vacuum
40. 2015 3 550 19 9 2014 14GW 6GW 8GW s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 4 500 22 6 2012 3
41. 2016 3 2012 3 esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12710 20 2 3 16 7 16 ECR Pe 14 4 lel 1 i SS 12 97 Fo 152 0 0 2 8 68 68 N 70 5 1 mm 4 7 6 0 4 4 1 re 4 4 5 8 Py EIJI 2 1 2 3 0 5 0 0 8 93 6 14 22 36 23 17 10 19 18 18 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Est HH HHHHHHHHU UEHHHHHHHHH DOD HHHHHHHH SR 4 164 48 6 604 142 1
42. 4 700 4 8 OEM Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 6890 SR Research Report 2014 12 10 4 100 3 4
43. 2013 3 11 9 HHHHHHHH FY03 07 FY03 08 FYO03 09 FYO03 10 FYO03 11 FYO03 12 FYO03 13 FYO03 14 FYO03 15 OO HHHH HHH 5 286 5 609 4 355 3 750 6 917 5 337 4 564 6 609 7 550 HHHHHHHHHH 4 586 5 032 3 914 3 407 6 442 4933 4 126 6 054 6 950 HHHHHHHH 700 577 441 343 475 404 438 555 600 YoY 55 0 6 1 22 4 13 9 84 5 22 8 14 5 44 8 14 2 HHHHHHHHHH 74 8 9 7 22 2 13 0 89 1 23 4 16 4 46 7 14 8 HHHHHH 11 0 17 6 23 6 22 2 38 5 14 9 8 4 26 7 8 1 HH HHHHHHHHHH 86 8 89 7 89 9 90 9 93 1 92 4 90 4 91 6 92 1 OO Oo 13 2 10 3 10 1 9 1 6 9 7 6 9 6 8 4 7 9 HHHH 66 269 180 187 1 165 555 258 733 HHH 119 9 310 6 33 1 3 9 523 1 52 4 53 6 184 5 HHHHH 1 2 4 8 4 1 5 0 16 8 10 4 5 6 11 1 SR
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48. 09H3HH 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH 15H3HH HHHH HHHHH a 3 780 3 470 6 501 5 509 3 420 4 484 4 700 HHHHHH 5 OEM 44 50 56 65 HHHHHHH HHHHHHH 24 23 26 18 LED 10 6 8 4 PV 16 15 5 4 LCD 1 1 HHH 5 6 5 8 a x b OEM 2 860 2 755 1 915 2 915 HHHHHHH HHHHHHH 1 560 1 267 889 807 LED 650 331 274 179 PV 1 040 826 171 179 LCD 65 45 HHI 325 331 171 359 SR 2014 3 OEM 65 189 LED 549 PV 49 OEM 83 109 1 4063
49. U u 2013 3 1 2012 8 13 2013 3 1 9 503 49 5 471 2 382 554 2 361 664 1 548 1 2
50. SR Tnc SR Tnc SR Tnc http www sharedresearch jp Email info sharedresearch jp 3 31 12 03 5834 8787 Shared GYesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved
51. 5 337 22 8 555 52 49 Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014712710 2011 3 2011 5 20 2011 3 2011 5 11 30 181 87 3 3 096 505 u
52. 3 350 2014 3 3 523 HHHHHHHIHH FY03 07 FYO3 08 FY03 10 FY03 12 FYO3 13 FYO3 14 HH HH HH HH HH HH HHHHHHHH 26 000 33 500 40 000 30 500 38 000 70 000 50 000 42 000 HHHHHHH 32 517 36 625 36 653 31 541 57 880 60 088 38 425 44 746 HHHHHHHHH 25 1 9 3 8 4 3 4 52 3 14 296 23 2 6 5 HHHHHHHHHH 1 400 2 350 3 200 1 500 2 750 7 500 1 200 1 000 HHHHHHHH 2 289 3 057 2 791 703 6 932 4 124 3 608 798 HHHHHHHHH 63 5 30 196 12 89 53 196 152 1 45 0 20 2 HHHHHHHHH 920 2 150 2 500 1 000 2 330 7 200 800 850 HHHHHHHH 2 082 2 414 2 097 524 6 290 3 288 3 466 1 262 HHHHHHHHH 126 3 12 3 16 1926 47 69 170 0 54 3 48 5 HHHHHHHHHH 610 1 350 1 650 800 1 360 5 000 450 1 000 HHHHHHHH 1 703 1 904 743 156 4 483 1 715 6 533 1 392 HHHHHHHHHH 179 2 41 0 _ 55 0 80 59 229 7 _ 65 7 39 2 SR
53. SR 20 30
54. SR W u 6890 SR Research Report 2014 12 10 u u 24 5
55. 2013 2 2013 2 28 4 69 78 6890 SR Research Report 2014 12 10 2013 2 28 3 850 UFJ UFJ CcC CC CC 2012 11 2012 11 7 2013 3
56. 2015 3 2015 3 1 2 OEM N 3 22 300 3 196 5 800 7 09 3D FPD
57. 7 12 1 6 2016 3 10 15 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10 16 3 14 7 14 7 14 12 24 10 2 10 2 a i 9 5 9 4 12 9 10 1 90 s 8
58. SR Weaknesses u u 2013 5 u
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60. 39 000 9 410 35 8 670 18 1 910 750 2014 3 750 2013 3 80 12 2014 3 97 99 12 73 15 97 w es a T Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 46 78 6890 SR Research Report 2014 12 10 21 628 14 6 504 265 8
61. SSD EB LED 3 100 4 49 6 LED 4 600 1 9 16 150 22 39
62. 1 2 2 150 4 500 4 164 4 206 800 4 000 3867 3808 700 lt 284 3 500 x 3 220 600 3050 Nc 3 000 6 ge 2802 500 2500 2239 2196 400 1 17 1206 2 Ke L 2 000 2 300 5 3 644 3523 3801 3829 1500 um BA 8 1000 5033 bz2 1 5 25 100 1 324 374 500 i 0 0 100 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Est HHHHHHHHHHI HHHHHHH SR eSsearch http Www sharedresearch jp HHHHHHHH Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10 2015 3 1 2014 8 12 14 130 48 19 591 58 190 60 4
63. 46 9GW 2017 48 3GW 84 2GW 2009 7 50 70 2012 7 2012
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66. u FPD PC u 15 540 9 6 142 33 19 104 u u 3 3
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68. 8 2014 3 3 2014 2 12 2014 3 3 2014 3 3 10 12 3 11 356 24 8 89 493 3 10 12 2 7 9 6 2 59 29 77 104 3 31 585 8 3 248 2 647 447 3 160 560 7 670
69. LED MOCVD Metal Organic Chemical Vapor Deposition LED LED LED MOCVD MOCVD GaN MOCVD Aixtron Veeco Instruments 1
70. 907 u F PD E L u P C u 10 189 7 1 77 45 0
71. 96 75 99 99999 99 9999999 99 99999999 99 9999 99 99999999 GT Solar
72. u u 2013 2 SR 2014 3 2013 3 2 2012 11 14 2013 3 2 2012 Shared Research http Www sharedresearch jp Copyright C 2013 Shared
73. 2014 3 FPD esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared eSsearch 6890 SR Research Report 2014 12 10 0 8 a RY 2 75 7 7 5 125 7 i 5 100 6 1 6 i 5 9 5 6 5 4 a 75 5 4 5 5 1 5 47 Pi 47145 47 47 46 50 EE
74. OEM s Shared Research http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 2 802 169 4 160 18 2 214 856 109
75. tete 3 KE ZX O LuETOTOT7TTT77 EK KN 4 1 4 kkk 5 5 2015 3 i 17 25 EE 27 27 38 ER 42 2 45 46 62 64 R Ra 66 Ko 67 0 PR 67 RE VO 69 SR 75 75 75 KKR 75 0 76 kk 77 Shared 6890 SR Research Report 2014 12710 HHHHH HHHHH HHH HHHHH monnnn HHHH HHHH HHHHH HHHHHHHHHHH HHHHHHHHHHHH EPS EPSHHHHHHHHH DPS BPS HHHHH HHHHH HHHHHHH 0 E EI or oa HHH
76. u u 4 563 14 59 257 53 6 u 2012 u u 2013 3 3 2013 2 14 2013 3 3 3
77. 1 6855 JASDAQ6871 1 6971 09H3HH 10H3HH 11H3HH 12H3HH 13H3HH 14H3HH 15H3HH HHHH HHHHHHHHHH a 1 947 2 524 3 819 4 507 4 108 3 965 4 100 HHHHHH 5 MCH HH 42 43 34 32 29 29 MCHHHH 8 7 12 10 12 9 MCHH 2 2 3 7 8 8 FCHHHHHH 35 28 35 34 28 28 FCH O 2 5 5 11 18 HHH 13 19 11 12 12 17 a x b MCHHH 1 588 1 492 2 210 1 763 992 1 300 MCHHHH 302 243 780 551 410 404 MCH 0 76 69 195 386 274 359 FCHHHHHH 1 323 972 2 275 1 873 958 1 256 FCH 0 69 325 275 376 807 Oh 491 659 715 661 410 762 SR EB
78. 2005 3 43 x0 70 149 R2 0 99 x0 18 1 358 R2 0 97 70 30 18 829 439 2005 3 2004 3 3 2005 3 6890 SR Research Report 2014 12710 HHHH HH HH HHHHH 9 041 10 641 11 296 8 554 18 520 16 524 6 976 10 820 HHHHHH 27 8 29 1 30 8 27 1 32 0 27 5 18 2 24 2 HHHH 2 289 3 057 2 791 703 6 932 4 124 3 608 798 HHHHH 7 0 8 3 7 6 2 2 12 0 6 9 5 1 8
79. 2016 3 10 15 14 7 14 7 14 13 0 2 5 12 11 4 12 9 8 16 11 6 0 Loc 6 3 5 3 2 2 7 ea 3 0 EH 6 2 6 29 7 0 21 2 4 1 4 4 4 1 2 20 Ng 2 3 8 2 4 2 4 2 3 2 5 3 0 22 0 1 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Est HHHHHHHH SR 1 HH OOD EB HHHLEDH HHHHHHHHH HHHHHHHH OEM
80. 1 199 653 9 2014 3 4 1 57 3 834 646 48 9 355 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6890 SR Research Report 2014 12 10 P C
81. M amp A M amp A http Www sharedresearch jp Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 6890 SR Research Report 2014 12 10 amp 2013 8 2013 8 12 2014 3 1 2014 3 2 2014 3 2 19 900 19 900 170 170 550 300 800 170 2014 3 42 000 42 000
82. 1 FPD 2 2011 2012 9 509 35 3 140 92 59 u FPD LED u u IC u
83. 1 2 2 150 4 500 4 164 4 206 800 4 000 3867 3808 700 3 500 3 220 600 3050 3 000 2865 1254 8 120 2 802 500 1230 7 2 500 2239 Eo 400 200 Na aa 2 000 5 3 300 1490 1511 3 644 5 3801 8829 1 500 414 1 Eva 2 798 3011 J _ 2 531 200 1000 2033 552 9 1 100 324 74 wa 500 a 0 0 100 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Est HHHHHHHHHH mm OOOOOD HHHHHHHH SR 2014 11 12 2 000 1 100 200 000 0 65 1 2016 3
84. 2013 2014 5 27 3 3 10 2015 3 2014 3
85. 18 IC 3 965 3 5 1 12 469 Nand EL 469 2013
86. 462 50 39 P C 2014 2014 2 14GW 6 10GW 60 w es a T FF sShared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved amp
87. 2009 3 2009 3 2009 3 64 137 6 30 17 69 13 22 3 CMS 21 http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rig
88. 2014 3 2 2013 11 12 2014 3 2 2 20 229 0 9 159 2 154 530 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 2 712 694 6 157 2013 3 1 45 2 1 360 3
89. 12 2 195 31 8 115 78 09 u u sShared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 7 022 57 8 2 393 984 u u
90. 29 151 41 496 2 647 4 544 3 160 3 672 7 670 2 174 2012 11 7 1 2 3 406 1 FPD 2
91. 2008 2009 GM 2009 3 440 4 0 2010 3 2011 3 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared1 2014 12 10 i FY03 07 FY03 08 FY03 09 FYO03 10 FYO3 11 FYO3 12 FYO3 13 FY03 14 HH HH HH HH HH HH HHH 3 226 5 462 7 675 7 346 7 311 9 561 7 373 7 551 HHH 6 726 6 962 7 900 10 130 15 426 13 921 15 236 16 947 HHHHH 3 822 4 432 5 970 5 799 9 314 11 988 9 538 12 408 HHHHHH 128 194 221 340 556 730 137 219 HHHHH 131 92 64 153 137 147 586 672 HHH 2 191 1 949 2 447 2 162 3
92. HHHHHHHH FY03 07 FYO3 08 FYO3 09 FYO3 10 FYO3 11 FYO3 12 FYO3 13 FYO3 14 FYO3 15 HHH HHHH HHH 3 267 4 638 11 019 10 579 21 152 27 357 12 345 13 204 16 150 HH 143 657 1 203 1 893 3 654 4 887 2 709 3 699 4 500 PVHHHHH 930 1 206 1 793 9 6 185 7 420 5 509 7 570 8 700 HHHHHHHH 2 194 2 775 8 023 6 699 9 801 LSS 2 280 687 550 OO 1 510 2 091 1 847 1 247 2 400 YoY 42 09 137 6 4 0 99 9 29 3 54 9 7 0 22 3 HH 359 4 83 1 57 4 93 0 33 7 44 6 36 5 21 7 PVH HH 29 7 48 7 10 8 211 3 20 0 25 8 37 4 14 9 HHHHHHHH 26 5 189 1 16 5 46 3 32 2 82 4 69 9 19 9 OO 9 s 38 5 11 7 32 5 92 5 HHH HH 4 4 14 2 10 9 17 9 17 3 17 9 21 9 28 0 27 9 PVHHH 28 5 26 0 16 3 18 8 29 2 27 1 44 6 57 3 53 9 HHHHHHHH 67 2 59 8 72 8 63 3 46 3 47 4 18 5 5 2 3 4 OO 3 7 1 7 6 15 0 9 4 14 9 HHHH 494 1 658 1 168 2 475 776 3 934 387 OO 235 6 29 6 111 9 68 7 HHHHH 10 7 15 0 11 0 11 7 2 8 31 9 2 9 SR Shared esearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12710
93. PC 5 422 15 7 32 3D 14 FPD 39 4 484 31 19 OEM 65 SPE OEM
94. 690931 13 113 12H3HH 13H3HH 14H3HH 15 H3HH HH HH 17 524 14 952 27 694 24 884 18 868 21 628 22 300 HHHHHH 5 393 3 921 7 764 6 763 4 686 5 422 5 800 HI HH 3 780 3 470 6 501 5 509 3 420 4 484 4 700 HHHLHH 1 947 2 524 3 819 4 507 4 108 3 965 4 100 EB HHIHHH 1 859 1 167 4 122 4 078 2 724 3 242 3 100 HHHHHhI 3 265 3 130 4 641 4 027 3 930 4 515 4 600 YoY 8 6 14 7 85 2 10 1 24 2 14 6 3 1 HHHHHH 6 5 27 3 98 0 12 9 30 7 15 7 7 0 HH 47 6 8 2 87 3 15 3 37 9 31 1 4 8 HHHHHH 29 6 51 3 18 0 8 9 3 5 3 4 EB HHHHHH 34 9 37 2 253 2 1 1 33 2 19 0 4 4 HHHHHhH 41 1 4 1 48 3 13 2 2 4 14 9 1 9 HH HHHHHH 30 8 26 2 28 0 27 2 24 8 25 1 26 0 BWB 21 6 23 2 23 5 22 1 18 1 20 7 21 1 HHHHHH 11 1 16 9 13 8 18 1 21 8 18 3 18 4 EB HHIHHH 10 6 7 8 14 9 16 4 14 4 15 0 13 9 HHHHHhH 18 6 20 9 16 8 16 2 20 8 20 9 20 6 HHHH 826 599 3 097 2 499 138 505 HHH 61 6 gt 19 3 94 5 265 8 HHHHH 4 7 11 2 10 0 0 7 2 3 SR 2011 3 CMS
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96. S U V 2014 3 SR 2014 3 1 2013 8 12 2014 3 1 9 538 0 4 58 2013 3 1 471 480 2013 3 1 554 418 2013 3 1 664
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98. u FPD u 450mm u 450mm EL LED u LED u u DCB
99. 1 2 NAND 2016 3 2016 3 5 016 79 0 109 169
100. HHHHHHHHHHHHHHH 1 2 050 4 414 2 699 2 374 1 833 643 1 584 3 927 HHHHHHHHHHHHHHH 2 2 666 2 104 8 693 1 521 4 419 8 493 402 2 813 FCF 1 2 616 2 309 5 993 853 2 586 7 850 1 182 1 114 HHHHHHHHHHHHHHH 487 175 6 686 459 4 505 10 098 3 991 1 861 HHHHHHHHHHHHH A 1 895 2 413 2 592 2 921 3 077 3 261 3 777 4 321 HHHH B 3 264 2 449 3 179 2 386 5 037 7 878 3 707 3 825 HHHHHH 9 1 395 366 1 238 2 456 5 092 1 267 1 080 2 661 NM A B C 1 061 1 502 1 082 1 765 2 569 4 169 5 382 773 SR 2006 3 2014 3 2011 3 SR
101. 4 6 7 2 078 50 8 285 132 2 2015 3 2014 3 6 054 659 2015 3 s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w
102. 0 100 0 1 1833 20 1970
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104. 3 576 2011 9 1 u 1 1 591 2011 7 20 1 641 3 096 u 6 364 u 2011 7 27 2 u 1 1 508 95 u 633 759 u 2011 8 24 sShared 6Qesearch http www sharedresearchjp Copyright C 2013 Shared Research Inc All Rights Reserved amp w 6890 SR Research Report 2014 12 10 3 u 1 1 591 u 668 220 u 2011 7 28 2011 7 11 15 49 1 69 17 09 2011 6
105. a 60 000 52 640 2 46 960 40 000 0 E80 30 000 17 064 47 ir 6 708 376 10 000 4 i 309 365 471 BB 1158 411 0 GS EPA SR TS 2008 FIT Feed In Tariff 2008 6 3GW 2009 2010 FIT esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rig
106. 6890 SR Research Report 2014 12 10 2016 3 2016 3 2016 3 s Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w Shared1 6890 SR Research Report 2014 12710 2015 3 HHHHH HHHH OO HHHH HHHH HHHHH HHHH HHHH HHH 20 229 24 516 44 746 29 238 26 762 56 000 25 500 24 500 50 000 YoY 0 9 33 4 16 4 44 5 9 2 25 2 26 1 0 1 11 7 HHHHH 5 040 5 780 10 820 6 677 6 201 12 878 6 000 5 800 11 800 YoY 38 6 73 0 55 1 32 5 7 3 19 0 19 0 0 3 9 1 HHHHHH 24 9 23 6 24 2 22 8 23 2 23 0 23 5 23 7 23 6 HHHHHHHHHH 4 881 5 141 10 022 5 478 5 400 5 000 5 000 10 000 HHHHHHHH 24 1 21 0 22 4 18 7 20 2 19 6 20 4 20 0 HHHH 159 639 798 1 199 801 1 000 800 1 800 YoY a 653 9 25 3 150 6 528 7 25 2 125 5 HHHHH 0 8 2 6 1 8 4 1 3 0 3 9 3 3 3 6 HHHH 530 732 1 262 834 666 500 500 1 000 2 57 3
107. 44 418 1 590 60 4 44 SR 649 290
108. 1 000 1 000 850 700 1 000 450 1 736 2 2013 7 645 2013 3 2013 3 26 2013 3 26 2012 11 7 2013 3 28 1 528 2013 3 4 2013 2 14
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110. Strengths u LED u SR u
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112. FY03 14 FY03 15 OO FYO03 15 OO HHHH HHHH HHHHIHHHH HHHH HHHHIHHHH HHHH HHHH 20 229 24 516 29 000 27 000 25 500 24 500 50 000 YoY 0 9 33 4 8 43 4 10 1 26 1 0 1 11 7 HHHH 5 040 5 780 5 800 6 000 11 800 YoY 38 6 73 0 15 1 3 8 9 1 HHHHHH 24 9 23 6 24 2 22 7 24 5 23 6 HHHHHHHHH 4 881 5 141 6 5 000 5000 10 000 HHHHHHHH 24 1 21 0 19 6 20 4 20 0 HHH 159 639 1 190 810 1 000 800 1 800 YoY 6 5 648 1 26 7 528 7 25 2 125 5 HHHHH 0 8 2 6 3 9 3 3 3 6 HHH 530 732 830 670 500 500 1 000 YoY a 56 5 8 5 5 7 31 7 20 8 HHHHH 2 6 3 0 2 0 2 0 2 0 HHHH 694 698 5 350 450 350 350 700 Y B 49 6 35 5 49 6 49 8 49 7 SR 3 amp Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6890 FY03 13 FY03 14 FY03 15 HHHH 1Q 2Q EL 4Q 1Q 2Q Ee 4Q 1Q 2Q oo 9 503 10 545 9 102 9 274 9 538 10 691 11 356 13 160 14 130 15 108 YoY 49 5 37 7 35 2 10 1 0 4 1 4 24 8 41 9 48 1 41 3 HHHHH 2 023 1 612 1 776 1 566 2 322 2 718 2 585 3 195 3 166 3 512 YoY 64 2 63 4 54 9 38 4 14 8 68 6 45 6 104 1 3
113. CO2 LED 2010 1 Edwards Vacuum Temescal LED Temescal LED MOCVD LED LED s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 2014 3 2014 5 20 2014 3 44
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120. HHIHHHH HHHI HHH 36 625 36 653 31 541 57 880 60 088 38 425 44 746 56 000 50 000 YoY 12 6 0 1 13 9 83 5 3 8 36 1 16 4 25 2 11 7 HHHH 25 985 25 357 22 988 39 360 43 564 31 449 33 925 38 200 HHHHH 10 641 11 296 8 554 18 520 16 524 6 976 10 820 11 800 HHHHHH 29 1 30 8 27 1 32 0 27 5 18 2 24 2 9 1 HHHHHHHHHH 7 583 8 505 7 850 11 589 12 399 10 585 10 022 10 000 YoY 12 3 12 2 7 7 47 6 7 0 14 6 5 3 0 2 HHHHHHHH 20 7 23 2 24 9 20 0 20 6 27 5 22 4 20 0 HHHH 3 057 2 791 703 6 932 4 124 3 608 798 2 000 1 800 YoY 33 6 8 7 74 8 885 4 40 5 150 6 125 5 HHHHH 8 3 7 6 2 2 12 0 6 9 1 8 3 6 3 6 HHHHH 320 397 403 457 415 1 155 1 925 HHHHH 963 1 090 583 1 099 1 252 1 013 1 461 HHHH 2 414 2 097 524 6 290 3 288 3 466 1 262 1 500 1 000 YoY 16 0 13 1 75 0 1 099 9 47 7 18 8 20 8 HHHHH 6 6 5 7 1 7 10 9 5 5 12 6 2 7 2 0 HHHH 799 235 119 215 134 1 638 1 378 HHHH 323 663 381 713 607 4 330 573 HHHH 991 907 78 1 225 1 058 592 670 HH 34 3 54 3 29 7 21 1 37 6 32 4 HHHHHH 1 19 28 84 41 217 5 HHHH 1 904 743 156 4 483 1 715 6 533 1 392 800 700 YoY 11 8 61 0 79 0 2 768 4 61 7 42 5 49 7 HHIHHHHHHH 5 2 2 0 0 5 7 7 2 9 3 1 1 4 1 4 SR
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128. 3 4 11 0 5 0 4 5 74 8 29 6 3 9 10 3 11 3 57 880 83 5 27 694 85 2 47 8 7 764 6 501 3 819 4 122 4 641 21 152 99 9 36 5 9 801 6 185 3 654 1 510 6 917 84 5 12 0 6 442 475 2 117 6 3 3 7 6 932 3 097 2 475 1 165 237 12 0 11 2 11 7 16 8 11 2 885 4 111 9 523 1 60 088 3 8 24 884 10 1 41 4 6 763 5 509 4 507 4 078 4 027 27 357 29 3 45 5 12 959 7 420 4 887 2 091 5 337 22 8 8 9 4 933 404 2 510 18 5 4 2 4 124 2 499 776 555 368 6 9 10 0 2 8 10 4 14 7 40 59 19 396 68 7 52 4 12 3 13 3 38 425 36 1 18 868 24 2 49 1 4 686 3 420 4 108 2 724 3 930 12 345 54 9 32 1 2 280 5 509 2 709 1 847 4 564 14 5 11 9 4 126 438 2 648 5 5 6 9 3 608 138 3 934 258 8 9 4 0 7 31L 996 5 6 0 3 94 5 53 6 SR Research Report 44 746 16 4 21 628 14 6 48 3 5 422 4 484 3 965 3 242 4 515 13 204 7 0 29 5 3 699 7 570 687 4 6 609 44 8 14 8 6 054 555 3 304 24 8 7 4 798 505 387 733 8 1 8 2 3 se 996 11 1 0 2 265 8 184 5 2014 12710 14 3 15 3 50 000 11 7 22 300 3 1 44 6 5 800 4 700 4 100 3 100 4 600 16 150 22 3 32 3 4 500 8 700 550 2 400 7 550 14 2 15 1 6 950 600 4 000 21 1 8 0 1 800 125 5 5
129. 9 0 5 7 31 7 20 8 HH 2 6 3 0 2 8 2 9 2 5 2 0 2 0 2 0 355 445 350 350 700 694 698 1 392 48 9 36 2 49 6 FY03 15 0 0 HHHH auc HI HHHH HH 25 500 24 HHHH HHHH HH HHH 20 229 24 516 44746 29 238 500 50 000 YoY 0 9 33 4 16 5 44 5 9 2 26 1 0 1 11 7 HHHHHH 10 189 11 439 21 628 12 948 12 202 11 300 11 000 22 300 YoY 7 2 22 2 14 6 27 1 6 7 10 9 3 8 3 1 HHHHHH 2 452 2 970 5 422 4 090 3 700 3 000 2 800 5 800 HH 2 121 2 363 4 484 2 419 2 591 2 400 2 300 4 700 HHLHH 1 841 2 124 3 965 2 495 2 505 2 100 2 000 4 100 EB N OMTOD 1 597 1 645 3 242 1 517 1 783 1 500 1 600 3 100 HHHHHHH 2 178 2 337 4 515 2 427 1 623 4 050 2 300 2 300 4 600 HHHHHHHH 5 680 7 524 13 204 10 153 8 207 18 360 8 550 7 600 16 150 YoY 19 1 41 3 7 0 78 8 9 1 39 1 50 5 1 0 22 3 HH 1 877 1 822 3 699 1 800 1 380 3 180 2 250 2 250 4 500 HHHHHHLHH 3 122 4 448 7 570 6 006 5 804 11 810 4 400 4 300 8 700 HHHHHHHHH 58 629 687 460 50 510 500 50 550 HHIHH 623 624 1 247 1 887 973 2 860 1 400 1 000 2 400 HHHHHHHH 2 801 3 808 e 609 4164 4 206 8 370 3 650 3 900 7 550 YoY 27 6 60 8 44 8 48 7 10 4 26 6 30 3 2 4 14 2 HHHHHHHHHI 2 531 3 523 6 054 3 801 3 559 7 360 3 350 3 600 6 950 HHHHHHH 271 284 555 363 377 740 300 300 600 HHH 1 557 1 973 2 000 2 000 18 0 26 7 28 5 14 5
130. i gt 9 17 0 100 o 66 2 68 6 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03709 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HH HHHHHHHUIH HHHHHHHHH UHHHHH YoYHHHH SR OEM 209
131. 1 800 125 5 3 6 1 000 20 8 2 0 700 49 7 1 4 22 7 8 0 6890 SR Research Report 2014 12 10 2014 12 10 2015 3 2 2015 3 2 2014 11 12 2015 3 2 2014 11 7 2015 3 2 1 2
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133. 44 5 1 199 653 9 834 57 3 355 48 996 20 181 18 8 120 18 A 16 9 100 16 oe 6 4 1 80 14 Ps 13 1 a 13 2 i 60 12 10 5 107 1 103 105 0 40 10 91 mE 94 91 93 25 20 8 8 Gy 69 HHTHHH 6 9 81 24 3 29 20 47 54 50 a 9 5 5 6 8 ed 0 80 Q1 0Q3 Q1 Q3 Q1 0Q3 Q1 03 Q3 0Q1 03 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 OOO HHHHHH HHHHHH DD TYoYHHHH 3 000 gt 578 30 2 382 2 500 2110 2 000 20 06 1 339 1257 1 183 10291 026 986 ss a i 1 000 709 591 6 f 538 709 550 500 a 27 _ 2 0 LE n 0 500 BE 238 306 420 47 2o 1 000 oy 238 420 471 2453 10 1 500 5 2 000 8 20 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 0Q1 03 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 DD DD AD OD TTD WTHHHHHHHHH SR
134. 6890 SR Research Report 2014 12 10 u u 4 9 044 6 6 405 3 030 O E M 4 690 42 1 492 156 7
135. 9 30 I 1 6 so 35 33 7 4 a ER 21 9 0 2 2 4 2 0 a 2 3 20 2 2 4 2 4 2 3 2 5 3 0 6 CA 0 9 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Est HHHHHIHHH 0 OODD EB OLEDD HHHHHHHHHH HHHHHHHH SR 10 153 78 79 247 112 OEM 10 000 9A8 2 5 79 A 20 8 000 10 D 6 627 6 000 0 4 000 10 2 000 473 206 20 B62 6 gt 7 PB Bo fra Il 0 Mm H 30 109 138 2 000 40 4 000 49 0 50 Q1 Q3 Q1 Q3 Q1 Q
136. Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 58 78 w 6890 SR Research Report 2014 12 10 u u u 414 1 150 35 09 59 81 7 u u
137. 08 FYO3 09 FYO3 10 FYO3 11 FY03 12 FYO3 13 HH HHH 58 69 60 67 43 53 67 65 HHH 9 8 8 3 5 6 5 4 HH 9 5 7 8 8 10 4 3 HHH 5 5 8 7 7 9 7 8 HHh 3 4 5 1 4 1 5 5 HHH 3 3 4 4 4 5 3 4 HH 2 2 4 7 24 12 7 8 HH 11 4 4 3 5 4 2 3 SR gt SadQeweami http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved sy s Shared Research http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 1
138. 2 14 5 29 9 32 4 22 7 HHHHHHHH 1 250 1 177 1 094 1 165 1 126 1 326 1 344 1 626 1 856 2 234 823 920 848 829 889 1 23211 092 2 T8111 238 HHHHHH 1 036 1 112 1 079 881 879 962 985 1 139 1 162 1 333 EB HHLLEDH 515 768 555 886 795 802 688 957 680 837 HIHHHHHHHH 830 1 079 1 097 924 930 1 248 1 242 1 095 1 234 1 193 HHHHHHHH 3 260 3 763 2 656 2 666 2 802 2 879 3 364 4 160 5 016 5 137 YoY 65 1 48 5 61 2 30 7 14 1 23 5 26 6 56 0 79 0 78 4 851 842 509 507 841 1 036 882 940 932 868 HHHHHHHH 870 1 686 1 266 1 687 1 832 1 290 2 036 2 412 2 799 3 207 HHHHHHHHHH 995 638 443 204 58 236 393 361 99 omon 544 597 438 268 129 494 210 414 923 964 HHHHHHHH 1 151 1 045 1 105 1 263 1 379 1 423 1 888 1 919 2 078 2 086 YoY 35 0 27 9 1 3 23 1 19 8 36 2 70 9 51 9 50 8 46 5 HHHHHHHHHH 1 048 927 983 1 168 1 251 1 280 1 742 1 781 1 914 1 887 HHHHHHH 103 118 121 96 128 143 146 138 164 199 HHH 638 682 669 659 738 819 754 993 922 1 051 YoY 24 1 5 1 3 5 6 0 15 7 20 0 12 7 50 7 24 9 28 4 HHHH 471 1 683 493 961 58 217 89 550 591 609 YoY HHHHHH 36 104 71 74 10 67 64 363 428 489 HHHHHHHH 550 1 843 637 905 169 58 293 18 109 138 HHHHHHHH 60 56 76 66 123 127 242 242 285 319 HH 2 18 18 47 6 19 91 58 1 53 HH 19 18 22 2 16 gl5 15 15 14 9 HHHHH 5 0 16 0 5 4 10 49 0 6 2 0 0 8 4 2 4 29 4 0 HHHHH 0 8 2 1 1 5 1 6 0 2 1 2 1 2 6 0 7 0 7 2 HH
139. 3 34 620 2013 3 34 271 28 760 2013 3 24 951 2014 3 380 2014 3 1 278 1 300 2014 3 18 096 16 334 2009 3 2012 2012 3 3 137 2013 3 74 2014 3
140. 6 883 6 143 10 087 8 792 8 661 8 141 HHHH 20 383 19 472 27 917 25 382 35 935 38 385 35 905 36 663 Oh HHH 6 910 7 320 7 548 9 134 9 234 13 101 13 201 13 201 HHHHH 7 751 7 922 8 149 9 736 9 836 13 703 13 803 13 803 HHHHH 2 800 4 413 4 297 4 192 8 378 9 593 2 448 3 686 HHHH 1 179 86 86 86 86 86 86 86 HHHHHHHHHHHH 448 242 68 215 211 213 325 202 HHHHHHHH 1 323 1 484 1 256 1 062 2 912 3 137 74 6 741 HHHHHHHHHH 3 58 HHHHHH 216 207 451 452 904 799 673 572 HHHHH 18 274 21 501 19 035 22 582 25 564 34 187 30 439 38 061 HHHH 6 880 7 246 8 484 10 940 16 032 17 299 16 219 18 880 HHHHHHH 12 188 10 662 18 386 15 255 19 091 21 068 18 370 18 097 ono 8 962 5 200 10 711 7 909 11 780 11 507 10 997 10 546 SR 6890 SR Research Report leSearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10 2014 3 86 58 USD 105 39 USD 2014
141. 69 19 14 22 36 23 17 10 19 18 18 0 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 Est HH HHHHHHHHU UEHHHHHHHHH ODO HHHHHHHH SR 2014 12 2015 3 3 esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10
142. 745 16 4 798 2013 3 3 608 1 262 2012 3 3 465 1 391 2013 3 6 532 4 798 14 3 13 3
143. 885 4 12 0 6 290 1 099 9 10 9 4 483 2 768 4 7 7 25 089 180 6 175 7 20 0 986 6 7 311 28 823 36 134 19 205 2 812 3 349 61 500 8 709 10 835 25 848 8 256 10 087 35 935 25 564 19 091 1 833 4 419 4 505 11 5 18 6 40 1 HH 60 088 3 8 16 524 10 8 27 5 4 124 40 5 6 9 3 288 47 7 5 5 1 715 61 7 2 9 30 706 59 2 58 4 20 0 986 6 9 561 31 769 41 330 25 397 2 369 3 475 72 572 8 610 15 012 29 592 6 056 8 792 38 385 34 187 21 068 643 8 493 10 098 4 9 5 7 46 0 HH 38 425 36 1 6 976 57 8 18 2 3 608 3 466 6 533 30 904 212 1 5 0 966 1 7 373 26 898 34 271 24 915 1 684 5 474 66 344 8 554 12 534 27 244 5 836 8 661 35 905 30 439 18 370 1 584 402 3 991 5 0 20 2 44 9 FY03 14 FY03 15 HHIHHHH HHHH 44 746 16 4 10 820 55 1 24 2 798 1 8 1 262 2 8 1 392 3 1 30 904 45 2 6 0 1 216 8 7 551 32 285 39 836 29 042 1 614 4 232 74 724 10 474 12 424 28 522 5 673 8 141 36 663 38 061 3 927 2 813 1 861 1 8 4 1 50 2 56 000 25 2 2 000 150 6 3 6 1 500 18 8 2 7 800 42 5 1 4 26 0 8 0 Copyright C 2013 Shared Research Inc All Rights Reserved 50 000 11 7 11 800 9 1 23 6
144. DAT 20027 7 HHHHHHHHHHHHH HHHHHHHHUHhHh pl HHHHHHHHHHHHHHUHHH 20027 2 HHHHHHHHHHHUHHUHHHHhI HHhhHUHSsRIHH esearch Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10 USA 1980 HDD 1980 1990 1991 1992 1995 1997 1999 2000
145. EBITDA 4 183 5 471 5 383 3 624 10 008 7 385 169 5 120 EBITDA HIHH 12 9 14 9 14 7 11 5 17 3 12 3 0 4 11 4 HHHHH 5 2 5 2 2 0 0 5 7 7 2 9 3 1 OO HHHHHHHHHHHHH 5 6 6 1 4 8 1 1 11 5 4 9 5 0 1 8 HHHHHHHHHHHH 9 6 9 6 3 7 0 8 18 6 5 7 20 2 4 1 HHHHHH 0 88 0 92 0 83 0 66 1 06 0 90 0 55 0 63 HHHHH 6 41 6 30 4 88 3 91 5 21 4 09 2 92 3 09 HHHHHH 57 0 58 0 74 9 93 4 70 1 89 2 124 9 118 1 HHHHHHHHH 6 880 7 246 8484 10 940 16 032 17 299 16 219 18 880 HHHH 107 4 132 6 114 8 133 2 139 8 139 7 125 8 139 7 HHHH 66 9 87 9 74 8 91 8 89 6 81 3 81 3 84 3 HHHHHHHCF HHHH 15 5 30 3 15 3 11 8 8 1 2 3 5 6 14 1 HHHH 49 0 24 2 56 3 35 0 46 1 33 7 36 1 27 7 HHHHHHHCF HHHH 10 1 22 7 9 7 9 4 5 1 1 7 4 4 10 7 HHHHHLHHHHHHH 70 6 71 3 80 2 115 4 87 1 105 8 163 8 147 0 HHHHHIH 1 395 366 1 238 2 456 5 092 1 267 1 080 2 661 SR Ne Shared esearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared Yesearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved e 6890 SR Research Report 2014 12 10 SW Strengths Weaknesses
146. HHHH 30 2 2 SR 3 HHHHH 5 pp5 HH TTT HHHHHI HHHHI HHH h HH FPDD HHHHHHHHHHHHH Un LED EB HH HHHHHH HHHHHHH HHHHH HHHHhHHH HHHHHHH HHHHHHH hhnHHH HHHUHHhH HH HHHHHHHHHHH HH HHHHHnHHH HH HHHHhH HHH HHHH HHnhn HHH SR http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared1 09 3 1 36 653 0 1 17 524 27 2 47 8 5 393 3 780 1 947 1 859 3 265 11 019 30 1 8 023 1 793 1 203 4 355 22 4 11 9 3 914 441 3 756 6 5 10 2 2 791 931 1 658 180 81 7 6 5 3 15 0 4 1 2 2 8 7 31 541 13 990 14 952 14 7 47 4 3 921 3 470 2 524 1 167 3 130 10 579 4 0 33 5 6 699 1 987 1 893 3 750 13 9 11 9 3 407 343 2 259 39 9 7 2 703 505 1 168 187 101 2 2
147. Research Inc All Rights Reserved w 6890 SR Research Report 2014 12 10 11 7 2013 3 2 2013 3 2 20 048 43 99 2 154 3 565 2 712 3 138 6 157 1 968 a 1 438 2 827 3 681 2 684 167 586
148. Shared esearch SR Research Report 2014 12 10 6890 sr_inquiries Gsharedresearch jp Shared Wesearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved w es 6890 SR Research Report 2014 12 10
149. a HI I 25 3 1 0 4 1 0 0 5 3 ha a MB A a BE 2 0 3 2 2 Mg 5 13 14 a 3 25 1 0 1 2 0 lt 05 0 20 20 21 22 21 2 2 _ 509 1 4 1 3 1 6 0 0 75 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHHHH HHH HHHHHHH EB HHHLEDH HHHHHHHHHH YoYHHHH SR 6 7 12 202 5 8 746 390 OEM 804
150. mm es 50 113 N 0 821 1 990 NL 191 1 FF 800 690 men 1 654 652 5 0 84 306 ma 806 3 r 1 280 7 379 82 We 8 400 50 2 0 100 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03 09 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 HHHHHHHHHH DODD YoYH OO SR 2014 12 2015 3 3
151. 00 1 FPD TV 2 2012 2 2012 2 29 5 000 1 UF 2012 2 13 2012 3 3 2011 11 2011 11 14 2012 3 2 Shared 6Qesearch http www sharedresearch jp Copyright C 2013 Shared Research In
152. 2 400 2017 3 2 800 2 2014 11 28 2017 7 1 2019 6 30 626 60 19 376 5 2015 3 50 000 1 800 1 000 700 3 000 4 200 102 16 5 s Shared GYesearch http Wwww sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR
153. 3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 FY03709 FY03 10 FY03 11 FY03 12 FY03 13 FY03 14 FY03 15 OD ml DOODOOOOD SR OEM N Shared esearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved Shared 6890 SR Research Report 2014 12710 10 93 300 8 200 2 es 8 6 8 51 _ se 100 4 4 ms w 39 3 38 0 3 2 29 mm 3 9 2 5 25 241
154. 5 1 HHHHHH HH HH YoY YoY OO HHHHHHHHH HLHHH EB HH IHH HHHHHHHHH YoY HH HHHHHHHHH HHHHHHHHH HHIIHH HHHHHHHH YoY HHHHHHHHHH HHHHHHH YoY OO HH HHHHHHH HHHHHH YoY HHHHHH SR 2011 3 CMS leSearch http Www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 6890 SR Research Report 2014 12 10 2014 3 48 3 FPD LED Light Emitting Diode EB
155. 6 3 29 2 HHHHH 21 3 15 3 19 5 16 9 24 3 25 4 22 8 24 3 22 4 23 2 oo 2 494 3 295 2 269 2 527 2 380 2 501 2 496 2 645 2 575 2 903 YoY 23 6 2 3 23 2 14 7 4 5 24 1 10 0 4 7 8 2 16 1 HHHH 26 2 31 2 24 9 27 2 25 0 23 4 22 0 20 1 18 2 19 2 HHHH 471 1 683 493 961 58 217 89 550 591 609 YoY 180 1 HHHH 5 0 16 0 5 4 10 4 0 6 2 0 0 8 4 2 4 2 4 0 nooo 554 2 157 448 306 480 50 83 815 190 644 YoY 60 4 1 179 8 HHHH 5 8 20 5 4 9 3 3 5 0 0 5 0 7 6 2 1 3 4 3 HHHH 664 5 493 1 513 1 137 418 276 134 831 44 399 YoY 26 9 44 6 HHHH 7 096 52 1 16 6 12 3 4 4 2 6 1 2 6 3 0 3 2 6 SR Research Report 2014 12710 OO HHHH HH HHHH 14 7 11 3 09 6 19 9 66 8 01 3 25 500 26 1 6 000 5 000 1 000 528 7 3 9 500 5 7 2 0 350 49 6 1 4 52 2 51 9 50 4 60 0 55 6 44 3 56 000 25 2 12 878 10 878 2 000 150 6 3 6 1 500 18 8 2 7 800 42 5 1 4 iin a ne i ii HHH 1Q 2Q Eo 4Q 1Q 2Q EX 4Q 1Q 2Q HHH HHH HHHH HHHH HHH 9 503 10 545 9 102 9 274 9 538 10 691 11 356 13 160 14 130 15 108 YoY 49 5 37 7 35 2 10 1 0 4 1 4 24 8 41 9 48 1 41 3 HHHHHH 4 454 5 056 4 673 4 685 4 619 5 570 5 350 6 088 6 114 6 834 YoY 37 9 32 8 14 3 1 1 3 7 10
156. 663 5 277 2 574 3 384 HHHHHH 15 962 18 906 24 148 25 622 36 134 41 330 34 271 39 836 HHHHHHH 5 497 5 426 5 271 5 077 4 538 5 279 5 409 6 466 HHHHHHHHH 5 804 5 661 5 513 5 349 6 320 7 206 10 165 11 809 HHHHHH 1 589 2 262 2 594 2 570 3 353 4 814 5 980 6 593 HH 2 590 2 580 2 817 2 803 2 793 2 718 705 708 Ooo 24 14 16 182 196 168 HHHHH 796 398 1 054 1 130 2 185 5 199 2 459 3 297 HHHHHHHH 16 276 16 327 17 275 16 944 19 205 25 397 24 915 29 042 HHH 2 533 2 068 2 399 1 943 1 563 1 118 769 602 HHHH 146 92 39 6 HHH 941 1 006 1 026 986 1 103 1 158 875 1 006 HHHHHHHH 3 474 3 074 3 425 2 929 2 812 2 369 1 684 1 614 HHHHHH 1 437 1 136 582 926 1 032 1 019 1 055 887 HHHHH 52 40 40 43 34 41 151 137 HHHHHH 51 106 155 95 121 95 331 357 HHHHH 53 41 48 47 340 568 1 133 320 HHH 1 458 1 426 1 374 1 453 2 501 2 889 5 070 3 171 HHHHHHHHHH 2 944 2 666 2 104 2 469 3 349 3 475 5 474 4 232 HHHHHH 22 695 22 067 22 804 22 341 25 366 31 241 32 072 34 888 HHHH 38 657 40 974 46 952 47 964 61 500 72 572 66 344 74 724 HH HHH 3 668 4 147 5 386 4 988 8 709 8 610 8 554 10 474 HHHHHHH 7 680 6 263 12 367 10 104 10 835 15 012 12 534 12 424 Ooo 48 60 62 75 55 40 HHHHHH 11 6 9 113 HHH 3 509 3 837 3 224 4 087 6 243 5 896 6 100 5 472 HHHHHH 14 867 14 253 21 034 19 239 25 848 29 592 27 244 28 522 HHHHHHH 4 509 4 399 6 019 5 151 8 256 6 056 5 836 5 673 Ooo 139 133 79 177 167 137 HHHHH 346 174 3 136 103 65 199 312 HHH 662 645 722 723 1 650 2 493 2 459 2 019 HHHHHH 5 516 5 219
157. HH oo I HHHHH HHHHHHHHHHHHH HHHHHHHHHHH HHhHH EE ET HHHHHHHH HHHHHHHH HHHHHHHH HHHH HHHHHHH HHHHHHH HHHHHH SR eSsearch HHHHHHH HHHHHHH HHHHHHH ROA ROE FY03 08 FY03 09 FY03 10 FYO03 11 FYO03 12 FY03 13 HH 36 625 12 6 10 641 17 7 29 1 3 057 33 6 8 3 2 414 16 0 6 6 1 904 11 8 5 2 21 295 99 3 98 9 12 0 1 004 4 5 462 13 445 18 906 16 327 3 074 2 666 40 974 4 147 6 263 14 253 4 399 5 219 19 472 21 501 10 662 4 414 2 104 175 6 1 9 6 52 0 http www sharedresearch jp HH HH 36 653 31 541 0 1 13 9 11 296 8 554 6 2 24 3 30 8 27 1 2 791 703 8 7 74 8 7 6 2 2 2 097 524 13 1 75 0 5 7 1 7 743 156 61 0 79 0 2 0 0 5 21 797 24 897 34 4 6 6 34 2 12 0 12 0 856 2 892 2 7 675 7 346 16 473 18 277 24 148 25 622 17 275 16 944 3 425 2 929 2 104 2 469 46 952 47 964 5 386 4 988 12 367 10 104 21 034 19 239 6 019 5 151 6 883 6 143 27 917 25 382 19 035 22 582 18 386 15 255 2 699 2 374 ce009 LL 6 686 459 4 8 1 1 3 7 0 8 39 6 46 1 HH 57 880 83 5 18 520 116 5 32 0 6 932
158. HHHHHH 16 9 49 0 24 0 33 9 6 0 2 0 8 7 0 4 2 2 2 7 HHHHHHH 5 2 5 4 6 9 5 2 8 9 8 9 12 8 12 6 13 7 15 3 0 4 2 6 2 7 7 1 0 8 2 3 12 0 5 9 0 1 5 1 SR 114 7 25 500 26 1 114 6 11 300 51 5 10 9 136 3 3 000 52 5 100 8 2 400 48 3 118 8 2 100 49 9 101 1 1 500 46 0 105 5 2 300 59 9 118 7 8 550 55 3 50 5 80 0 2 250 56 6 136 5 4400 50 9 92 0 500 90 2 134 8 1 400 66 0 114 1 3 650 49 8 30 3 113 5 3 350 49 8 121 0 300 49 1 98 7 2 000 47 9 28 4 119 9 1 000 60 0 528 7 3 9 leSearch http www sharedresearch jp Copyright C 2013 Shared Research Inc All Rights Reserved 25 2 25 150 16 3 7 790 5 010 5 000 3 300 4 050 18 360 39 1 3 180 11 810 510 2 860 8 370 26 6 7 630 740 4 120 24 7 2 000 150 6 3 6 52 2 56 000 50 000 11 7 22 300 3 1 5 800 4 700 4 100 3 100 4 600 16 150 22 3 4 500 8 700 550 2 400 7 550 14 2 6 950 600 4 000 21 1 1 800 125 5 3 6 6890 SR Research Report 2014 12 10 2015 3 2 2014 11 12 29 238
159. Research Report 2014 12 10 2014 5 27 3 3 10 2015 3 2014 3 CT MRI
160. arch Report 2014 12 10 3 90 2012 3 1 6486 FPD LED
161. c All Rights Reserved w 6890 SR Research Report 2014 12 10 2011 9 2011 9 30 UFJ 5 000 5 1 4 2011 8 2011 8 12 2012 3 1 2012 3 2011 7 2011 7 20 2011 7 11 6 626 1 5 050 2 1 000
162. esearch Report 2014 12 10 6 7 12 202 5 8 746 390 OEM 804 7 12 1 6
163. hts Reserved 6890 SR Research Report 2014 12 10 22 696 2010 3 2010 3 24 17 1 15 27 3 2010 3 LED FPD CMS 16 23 2 CMS 2009 3 2010 3 605 13 9
164. hts Reserved w 6890 SR Research Report 2014712710 HIHHIHHHHHHIH CY 2005 2006 2007 2008 2009 2010 2011 2012 HH 984 992 2028 5 710 5830 13622 22 411 17 159 HHHHHH 303 324 271 535 742 1583 2 672 4769 HH 8 10 20 40 160 500 2500 5000 HH 106 150 213 346 543 1029 2 179 3758 PIAI SRI 2011 30 4GW 2012 31 1GW 2011 55 2011 7 6GW 5GW 3 4GW 3 3GW 2 2GW EPIA 2017 2013 27 8GW
165. u F P D u 2 802 14 19 169 2013 3 1 550 u u O EM 1 379 19 8 123 105 3 u
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