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࣍ 2 3 4 5 ࿈ܾ݁ࢉ֓ཁ 1 ඇࡒใ தظܦӦܭը֓ཁ ձࣾ֓ཁ
Appendix 1 ©Kamakura Shinsho, Ltd. All Rights Reserved. -
ʢલظൺ +17.1% ʣ 5,859ඦສԁ 20241݄ظϋΠϥΠτ 1ɹ࿈ܾ݁ࢉ֓ཁ ʢલظൺ +18.9% ʣ 816ඦສԁ
ʢલظൺ +15.6% ʣ 952ඦສԁ ʢલظൺ +17.0% ʣ 530ඦສԁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 2 ظॳܭըʹΓͳ͔ͬͨͷͷɺ ച্ߴ ɾ Ӧۀརӹͱʹաڈ࠷ߴ طଘࣄۀճ෮جௐɺ ࣄۀॱௐʹ৳ ࣄۀԣஅγεςϜϦϓϨΠεϝϯτΛ࣮ࢪɺ ॱ࣍ՔಇதͰੜ࢈ੑͷ্Λࢦ͢ ച্ߴ Highlight 1 Highlight 2 Highlight 3 Ӧۀརӹ &#*5%" ձࣾظ७རӹ -
࿈ ݁ ۀ ࿈ܾ݁ࢉ֓ཁٴͼ௨ظܭըʹର͢Δୡ 1ɹ࿈ܾ݁ࢉ֓ཁ ©Kamakura Shinsho, Ltd. All
Rights Reserved. 3 ࿈݁ച্ߴ ࿈݁Ӧۀརӹ &#*5%" ࿈݁ܦৗརӹ ձࣾظ७རӹ ࿈݁Ӧۀརӹ ุ͓ ஃ ّ Ξηο τ Ϛωδϝ ϯ τ հޢ ຽ 20231݄ظ ࣮ 5,004 686 824 683 453 13.7% 2,237 1,075 642 430 272 2,403 1,089 877 564 491 +166 +14 +235 +133 +219 +7.5% +1.3% +36.6% +31.0% +80.8% ʵ ʵ ʵ ʵ ʵ 5,859 816 952 811 530 13.9% +855 +129 +128 +128 +77 ʵ +17.1% +18.9% +15.6% +18.8% +17.0% +0.2pt 90.0% ʢ6,510ʣ 94.9% ʢ860ʣ 92.4% ʢ1,030ʣ 94.9% ʢ855ʣ 91.5% ʢ580ʣ ʵ 20241݄ظ ࣮ ૿ݮֹ લظൺ ظॳܭըରൺ ୡ ʢܭըʣ ʢඦສԁʣ -
ୈ4࢛ظͷܦӦ֓ཁ 1ɹ࿈ܾ݁ࢉ֓ཁ ࿈ ݁ ۀ ©Kamakura Shinsho, Ltd. All
Rights Reserved. 4 ࿈݁ച্ߴ ࿈݁Ӧۀརӹ &#*5%" ࿈݁Ӧۀརӹ ุ͓ ஃ ّ Ξηο τ Ϛωδϝ ϯ τ հޢ ຽ 20231݄ظ ୈ4࢛ظ࣮ 1,363 171 206 12.6% 579 293 186 126 95 607 331 223 155 168 +31 +38 +37 +29 +68 +4.8% +12.7% +19.6% +23.0% +75.6% 1,599 332 365 20.8% +235 +160 +159 ʵ +17.3% +93.6% +77.2% +8.2pt 20241݄ظ ୈ4࢛ظ࣮ ૿ݮֹ લಉظൺ ʢඦສԁʣ -
࢛ظ͝ͱͷܦӦ֓ཁ 1ɹ࿈ܾ݁ࢉ֓ཁ ࢛ظച্ਪҠ ࢛ظӦۀརӹਪҠ 2Q 3Q 4Q 4Q 1Q 2023
݄ظ 2024 ݄ظ 2Q 3Q 4Q 4Q 1Q 2023 ݄ظ 2024 ݄ظ 1,354 1,363 171 191 159 133 1,436 1,469 1,599 332 +94 લಉظൺ ©Kamakura Shinsho, Ltd. All Rights Reserved. 5 ௨ظΛ௨ͯ͠ച্ॱௐʹ৳ɻ ӦۀརӹඦສԁͰաڈ࠷ߴ ʢલಉظൺ ุ͓ ɾ ࡇࣄۀ͕ೋܻ·Ͱճ෮͠ɺ ຽڠಇࣄۀརӹʹେ͖͘ߩݙ հޢࣄۀ͕࢛ظϕʔεͰࠇࣈԽΛ࣮ݱ Highlight 1 Highlight 2 0 500 1,000 1,500 2,000 0 50 100 150 200 250 300 350 ʢඦສԁʣ ʢඦສԁʣ -
ࡇࣄۀ Ξηο τ Ϛωδϝϯτ લճهࡌͨ͠ୈ࢛ظͷݟ௨͠༰ ʢ࠶ܝʣ ݁Ռ ୈ4࢛ظͷৼΓฦΓ ʢ૯ׅʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε
*5Խ ϓϩδΣΫτ ຽڠಇࣄۀ հޢࣄۀ ©Kamakura Shinsho, Ltd. All Rights Reserved. 6 ˙ุ͓ɺ ࡇɺ ஃɺ ૬ଓɺ ෆಈ࢈͕ରɻ ৽γεςϜདྷظ2݄ΑΓՔಇ༧ఆ ˙ࠓظͷγεςϜվमશౚ݁ɺ ۀͷӨڹ͋Δ͕৽γεςϜͷϦϓϨΠεϝϯτΛ༏ઌ ˙্هʹΑΔվળޮՌͱͯ͠དྷظച্3ԯԁ૿ ɾ ίετ1.2ԯԁݮ ˙͍͍૬ଓΛج൫ͱͯ͠पลχʔζʹର͢ΔαʔϏεϥΠϯφοϓ͕֦େத ˙૬ଓʹؔ࿈ͨۚ͠༥ ɾ ෆಈ࢈ͳͲͷ՝ղܾͷχʔζେ͖͘ɺ ୈ࢛ظʹอݥཧళ ʢࢠձࣾʣ Λઃཱ ˙ࠓظࣄۀ෦རӹ2ԯԁڧɺ དྷظҎ߱ߴ͍τϨϯυΛݟࠐΜͰ͍Δ ˙ۙʹ1-ϕʔεͰ୯݄ࠇࣈԽΛΑ͏͘ୡɺ ͦΕҎ߱ຖ݄ࠇࣈΛݟࠐΉ ˙ͦͷτϨϯυདྷظܧଓ͢ΔͷͰࠇࣈ෯֦େ͢Δݟ௨͠ͱͳΔ ˙հޢࣄۀ͔Βੜͯ͠ੜ·ΕΔࣄۀ ʢෆಈ࢈ʣ ͷऔΓΈΛελʔτ ˙ୈ3࢛ظલಉظൺͰϚΠφεͱͳͬͨͷͷɺ ू٬ίʔϧηϯλʔͷΦϖϨʔγϣϯͷվળʹՃ͑ 1݅ͨΓͷ୯Ձͷ্ʹΑΓϓϥεʹసͭͭ͋͠Δ ˙ୈ4࢛ظҎ߱ࣄۀ෦ͷച্རӹ͕ڞʹલಉظൺͰʴ20ˋɺ དྷظߋͳΔ্ΛΜͰ͍Δ ˙ୈ3࢛ظʹ৽ͨʹఏܞ࣏ͨࣗ͠ମ67Ͱɺ τʔλϧ407࣏ࣗମͱେ͖͘৳ ˙Ҋ݅૿Ճͷதɺ ड͕ߴਫ४ͰੵΈ্͕Δɻ ୈ4࢛ظͷೲ݅ୈ3࢛ظ͔Βഒ૿༧ఆ ˙ࣾͳΒͰͷϢχʔΫͳఏڙαʔϏεΛଞͷ࣏ࣗମʹԣల։͢Δ͜ͱͰདྷظҎ߱ͷۀʹେ͖͘د༩ ˙ࠓظࣄۀ෦རӹ1ԯԁڧΛݟࠐΉͱͱʹɺ དྷظച্ ɾ རӹͷߋͳΔ૿େΛࢦ͢ -
©Kamakura Shinsho, Ltd. All Rights Reserved. 7 ˙ɹ ΦϖϨʔγϣϯվળखྉ୯Ձͷ্ࢪࡦ͕ޮՌΛ͋ΒΘ͢ ˙ɹ
ୈ4࢛ظલಉظൺͰച্+13%ɺ རӹ+25%Ҏ্ͷΛ࣮ݱ 20251݄ظಉਫ४ͷΛݟࠐΉ Ωʔϝοηʔδ ୈ4࢛ظͷৼΓฦΓ ʢࡇʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε ˞ֹۚ͝ͱͷฏۉखྉֹۚ ίʔϧηϯλʔͷੜ࢈ੑ 20241݄ظ ୈ4࢛ظ 20231݄ظ ୈ4࢛ظ 0 20,000 40,000 60,000 80,000 100,000 120,000 खྉ୯Ձ ˞͓͍߹Θ͔ͤΒհ·Ͱͷׂ߹ 10 15 20 1݄ 2݄ 3݄ 4݄ 5݄ 6݄ 7݄ 8݄ 9݄ 10݄ 11݄ 12݄ 1݄ 2024 2023 +25 લಉ݄ൺ վળ +22 લಉظൺ ্ ʢʣ ˒ ˒ ʢԁʣ -
˙ ࢛ظϕʔεͰͷࠇࣈԽΛ࣮ݱ ˙ ΫϩεϢʔεؚΊ৽ͨͳࢪࡦΛਪਐ͠ɺ རӹϕʔεͰͷେ෯৳Λࢦ͢ Ωʔϝοηʔδ ୈ4࢛ظͷৼΓฦΓ ʢհޢࣄۀʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε ͋ͨΓͷϢχοτΤίϊϛΫε
࢛ظ͝ͱͷച্ͱӦۀརӹͷਪҠ 0 50,000 -50,000 100,000 150,000 200,000 ച্ Ӧۀརӹ 2024݄ظ 2Q 3Q 4Q ©Kamakura Shinsho, Ltd. All Rights Reserved. 8 ˞݄ͷۀ͔Βࢉग़ ˞มಈඅʹࠂએඅɺ ૬ஊһͷਓ݅අɺ Ωϟϯϖʔϯඅ༻ؚ͕·ΕΔ ݶքརӹ 88,534ԁ ച্ 240,595ԁ มಈඅ 152,061ԁ ʢઍԁʣ -
શࠃͷํ࣏ࣗମͰɺ ࡇࢮޙͷखଓ͖Λ͡Ίͱ͢Δ૬ஊʹʑ ରԠ͍ͯ͠·͕͢ɺ Ҩʹͱͬͯࢮ૬ଓʹؔ͢Δखଓ͖ੜ֔Ͱ܁ Γฦ͠ൃੜ͢ΔͷͰͳ͍ͨΊɺ Έෆ҆Λ࣋ͭํ͕ଟ͍͜ͱ໌Β ͔ʹͳ͍ͬͯ·͢ɻ ͞Βʹɺ ͜ΕΒͷ͓͘Έؔ࿈ͷखଓ͖ɺ ෳͷ՝
Ͱखଓ͖Λߦ͏ඞཁ͕͋ΔͨΊɺ ෳࡶͰ࣌ؒʹΔ͜ͱଟ͘ɺ Ҩͷ ෛ୲ͱͳ͍ͬͯ·͢ɻ ࣏ࣾࣗମ͕͓͘ΈίʔφʔӡӦʹΔۀΛ࣮ࢪ͢Δʹ͋ͨΓɺ ඞཁͳࢧԉΛߦ͏͜ͱͰɺ ͓͘ΈίʔφʔઃஔͳΒͼʹͦΕʹΑΔࢢຽ ʹର͢ΔߦαʔϏεͷॆ࣮ͱ࣭త্Λࢦ͍ͯ͠·͢ɻ ݄ɺ ԣࢢͷՕॴͷ۠ॴ ʢݟ۠ ɾ ୩۠ʣ Ͱ͓չ Έ૭ޱͷࢼߦ͕ελʔτ͠·ͨ͠ɻ Ωʔϝοηʔδ ୈ4࢛ظͷৼΓฦΓ ʢຽڠಇࣄۀʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε ˙αʔϏεϥΠϯφοϓͷଟ༷ԽʹΑΓച্ ɾ རӹڞʹେ͖͘৳ ˙͓͘ΈDXਪਐҊ݅ ʢ࣏ࣗମͷ՝ղܾϏδωεʣ ͷར༻࣏ࣗମ͕૿Ճ ˙ऴ׆ఏܞڠఆ ɾ ɾ ɾ ɾ ॅຽͷํʑͷऴ׆ͷ͓ࠔΓ͝ͱͷղܾࢧԉ ˙͓͘Έ%9 ɾ ɾ ɾ ɾ ࣏ࣗମ๊͕͑Δऴ׆ʹ͓͚Δ՝ͷιϦϡʔγϣϯΛఏڙ ˙ຽڠಇൃߦഔମ ɾ ɾ ɾ ɾ ࣏ࣗମͷग़൛ʷऴ׆ϊϋͷఏڙͱҬࣄۀऀͷൢଅࢧԉ ͓͘Έ %9ਪਐɹ ͓͘Έ %9ਪਐɹ ఏڙαʔϏεϥΠϯφοϓͷଟ༷Խ ࢢຽͷͨΊͷ ʮ͓չΈ૭ޱʯ Λ։ઃ ੜલྖҬͷ࣏ࣗମࢧԉ ࢮޙྖҬͰͷ࣏ࣗମࢧԉ ऴ׆ఏܞ ڠఆ ຽڠಇࣄۀ෦ ࣏ࣗମ ʢॅຽ ɾ Ҩʣ ຽڠಇ ൃߦഔମ ©Kamakura Shinsho, Ltd. All Rights Reserved. 9 -
ݱࡏ ి ɾ '"9த৺ͷίϛϡχέʔγϣϯ ࣄۀ͝ͱʹಠࣗγεςϜͰސ٬ ɾ औҾઌΛཧ 8FCϕʔεͷڞ௨γεςϜ্ͰऔҾઌ ɾ ར༻ऀͱͭͳ͕Δ
શࣾڞ௨ͷϓϥοτϑΥʔϜͰސ٬ ɾ औҾઌΛཧ ࠓޙ ʲձһγεςϜʳ ˙ɹ Phase1ͷࡇɺ ૬ଓ͕ແࣄʹϦϦʔεɺ 20251݄ظͷ্ظதʹ҆ఆӡ༻ϑΣʔζʹೖΔ͜ͱͰ େ෯ͳੜ࢈ੑ্ݟࠐΉ ˙ɹ 20251݄ظதʹุ͓ ɾ ஃɺ ૬ଓෆಈ࢈ϦϦʔε༧ఆɺ Ճ͑ͯPhase2ͷϓϥϯχϯά։࢝ ɾ ސ٬%#͕શࣄۀ෦ڞ௨ʹͳΔ͜ͱͰɺ σʔλυϦϒϯͳࢪࡦ͕ՄೳʹͳΓɺ ୯Ձɺ ্ɺ ΫϩεϢʔεଅਐ ɾ औҾઌɺ ར༻ऀʹ8FCϕʔεͷγεςϜΛఏڙ͢Δ͜ͱͰɺ հɺ ใࠂɺ ٻͳͲͷۀ͕େ෯ʹվળ ɾ ίϛϡχέʔγϣϯखஈͱސ٬ ɾ औҾઌཧ͕ܶతʹվળ γεςϜϦϓϨΠεϝϯτͷείʔϓ ʢPhase 1ʣ ɹ˞1IBTFͰϑϩϯτΤϯυͷൈຊվमΛ༧ఆ ୈ4࢛ظͷৼΓฦΓ ʢࣄۀԣஅγεςϜϦϓϨΠεϝϯτʣ 1ɹ࿈ܾ݁ࢉ֓ཁτϐοΫε γεςϜϦϓϨΠεϝϯτͷ۩ମతͳվળϙΠϯτ ุ͓ ّ ૬ଓ ෆಈ࢈ ஃ Ωʔϝοηʔδ αʔϏεར༻ऀ ח৽ॻ͕ۀͰ༻͢ΔγεςϜ औҾઌ͕ར༻͢ΔγεςϜ ©Kamakura Shinsho, Ltd. All Rights Reserved. 10 8FCϕʔεͷڞ௨γεςϜϓϥοτϑΥʔϜ ސ٬%# औҾઌ%# -
©Kamakura Shinsho, Ltd. All Rights Reserved. 11 20251݄ظܭը 1ɹ࿈ܾ݁ࢉ֓ཁ طଘ
ɾ ࣄۀͷ৳ʹΑΓɺ ച্ߴ7,250ඦສԁ ʢલൺ 23.7ˋʣ Λܭը ࣄۀ৽ྖҬʹࢿΛੵۃతʹߦ͍ͭͭརӹ໘Ͱେ෯ͳ૿ӹΛ༧ఆ 20241݄ظ 20251݄ظܭը લൺ 5,859 816 952 811 530 13.9% 7,250 1,100 1,330 1,095 770 15.2% +23.7% +34.8% +39.6% +34.9% +45.1% ʵ ࿈ ݁ ۀ ࿈݁ച্ߴ ࿈݁Ӧۀརӹ &#*5%" ࿈݁ܦৗརӹ ձࣾظ७རӹ ࿈݁Ӧۀརӹ ʢඦສԁʣ -
©Kamakura Shinsho, Ltd. All Rights Reserved. 12 ˙ɹ طଘ ɾ
ࣄۀ ɿ ༷ʑͳࢪࡦʹΑΓଛӹͷվળΛܭը ˙ɹ ৽ྖҬ ɿ ظϏδϣϯʹैͬͯকདྷʹ͚ͨࢿΛੵۃతʹ࣮ࢪ Ωʔϝοηʔδ 20251݄ظܭըαϚϦʔ 1ɹ࿈ܾ݁ࢉ֓ཁ ओͳ׆ಈ རӹͷఆΠϯύΫτ ࣄۀྖҬ +3ԯԁ +3ԯԁ ˛2ԯԁ طଘࣄۀ ࣄۀ ৽ྖҬ ˙ุ͓ࣄۀʹ͓͚ΔपลͷڧԽ ˙͓٬༷ηϯλʔͷੜ࢈ੑ্ ˙γεςϜϦϓϨΠεϝϯτʹΑΔੜ࢈ੑ্ ˙հޢࣄۀͷ௨ظࠇࣈԽ ˙ΞηοτϚωδϝϯτपลαʔϏεͷڧԽ ɾ ଟ༷Խ ˙ຽڠಇࣄۀʹ͓͚Δ%9αʔϏεͷ֦େ ˙γεςϜϦϓϨΠεϝϯτʹΑΔੜ࢈ੑ্ ˙ళฮࣄۀ ɾ ͓ͻͱΓ༷Ϗδωεͷਂߞ ˙อݥࣄۀ ʢࢠձࣾʣ ͷ্ཱͪ͛ ˙$3.ͷ͞ΒͳΔඋ ɾ ਪਐ ˙৽ͨͳࣄۀػձͷ୳ࡧ -
©Kamakura Shinsho, Ltd. All Rights Reserved. 13 ˎैۀһʹɺ ਖ਼ࣾһɺ ܖࣾһɺ
ύʔτɺ ΞϧόΠτؚΉ ओͳඅ༻ͷਪҠ ʢ࿈݁ϕʔεʣ 1ɹ࿈ܾ݁ࢉ֓ཁ ਓ݅අ ࠂએඅ ͦͷଞ 1,187 361 329 497 1,112 332 469 311 1,045 308 272 465 969 304 238 427 925 288 191 446 827 218 211 398 782 204 185 393 337 367 519 1,223 ैۀһ 235ਓ ैۀһ 200ਓ ैۀһ 249ਓ 737 217 160 360 1,245 350 374 520 1,310 369 433 509 1Q 2Q 3Q 4Q 2022݄ظ 1Q 2Q 3Q 4Q 2022݄ظ 1Q 2Q 3Q 4Q 2024݄ظ ʢඦສԁʣ 1,267 521 388 357 -
ˎ݄։ࣔɺ ݄։ࣔٴͼ݄։ࣔͷגओؐݩࡦ ʢࣗݾגࣜऔಘʣ ʹΑΔͷ ྲྀಈࢿ࢈ ɹ͏ͪݱۚٴͼ༬ۚ ݻఆࢿ࢈ ૯ࢿ࢈ ྲྀಈෛ࠴ ݻఆෛ࠴
७ࢿ࢈ ɹ͏ͪࢿຊۚ ɹ͏ͪࣗݾגࣜˎ ࣗݾࢿຊൺ 3,615 2,516 701 4,317 855 74 3,387 1,057 ˛671 78.2% 3,094 1,992 954 4,048 819 76 3,152 1,057 ˛1,336 77.8% 85.6% 79.2% 135.9% 93.8% 95.8% 102.4% 93.1% 100.0% - ˛0.4pt 20231݄ 20241݄ લظൺ ࿈ ݁ ି आ ର র ද ࿈݁ିआରরදͷ֓گ 1ɹ࿈ܾ݁ࢉ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 14 ʢඦສԁʣ -
ॏཁͳࡒࢦඪͱגओؐݩํ 1ɹ࿈ܾ݁ࢉ֓ཁ 1גͨΓۚ4.0ԁΛ༧ఆ ʢपه೦ԁؚΉʣ &14ͷظతͳʹԠͨ҆͡ఆతͳੑΛҡ࣋ ʢࠓظͷੑʣ EPS ʢԁʣ ROE ʢʣ
ROIC ʢʣ גओࢿຊίετ ʢˋʣ ੑ ʢˋʣ ૯ؐݩੑ ʢˋʣ 11.87 12.9 13.3 6.1 21.1 160.8 14.09 16.3 17.1 6.1 28.4 143.5 20231݄ظ 20241݄ظ ࢿ ຊ ޮ ͱ ؐ ݩ ੑ ͷ ঢ় گ ˞ྑͳࡒମ࣭ͱࢿຊޮͷ࣮ݱɺ 30&͓Αͼ30*$͕גओࢿຊίετΛܧଓతʹ্ճΔӡӦΛߦ͏ ˞݄ظඦສԁͷࣗݾגࣜͷऔಘ࣮ࢪ ©Kamakura Shinsho, Ltd. All Rights Reserved. 15 -
ุ͓ࣄۀͷച্ ɾ հɺ ͱʹલಉظൺ 11ˋͰ৳ UI/UXվળɺ ͓٬༷ηϯλʔͷੜ࢈ੑ্ʹ͍ऩӹੑվળ ˞্هɺ ࢛ظ࢛ظհΛදࣔɺ հ͔Β·ͰͷϦʔυλΠ
Ϝ͕ϲ݄͋ΔͨΊɺ ͋͘ ·Ͱࢀߟࢦඪͱ͠ ͯܝࡌ͠ ͓ͯΓ·͢ ุ͓ஃࣄۀηάϝϯτ࣮ 1ɹ࿈ܾ݁ࢉ֓ཁ ุ͍͍͓ ͍͍ஃ ച্ߴ࢛ظਪҠ 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 5૿ લಉظൺ ุ͓Ѻટࣄۀͷঢ়گ հ ୯Ձ ʢ=ʣ ʢʣ 410 425 441 450 419 496 492 481 484 75 84 85 558 558 74 62 71 81 86 88 87 73 532 532 61 546 2022 ݄ظ 2024 ݄ظ 2023 ݄ظ 2022 ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023 ݄ظ 2024 ݄ظ 12,201 14,557 14,901 12,609 14,415 19,333 15,819 18,558 18,596 22,400 17,598 11,462 24.1 28.9 21.5 27.1 20.6 29.2 22.1 26.7 22.9 26.3 79,004 73,951 78,931 79,109 72,780 75,489 70,404 69,248 68,187 70,913 70,913 70,133 70,133 21.2 21.2 73,065 25.8 ©Kamakura Shinsho, Ltd. All Rights Reserved. 16 ʢඦສԁʣ -
ࡇࣄۀηάϝϯτ࣮ 1ɹ࿈ܾ݁ࢉ֓ཁ ΦϖϨʔγϣϯվળखྉ୯Ձͷ্ࢪࡦ͕ޮՌΛ͋ΒΘ͢ ୈ4࢛ظલಉظൺͰച্+13%ɺ རӹ+25%Ҏ্ͷΛ࣮ݱ 282 293 279 244 230
245 331 253 234 224 243 258 հ ୯Ձ ʢ=ʣ ʢʣ ച্ߴ࢛ظਪҠ 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 13૿ લಉظൺ ࡇѺટࣄۀͷঢ়گ 2022 ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023 ݄ظ 2024 ݄ظ 2022 ݄ظ 2024 ݄ظ 2023 ݄ظ 8,960 8,414 7,300 7,660 6,295 6,130 6,915 6,871 100,691 92,658 86,412 87,955 83,284 88,219 81,917 83,252 82,529 29.6 6,808 28.1 28.2 31.2 31.2 32.3 31.6 31.2 28.8 101,845 26.7 7,674 6,803 9,145 104,887 104,887 112,748 27.9 27.9 27.1 ©Kamakura Shinsho, Ltd. All Rights Reserved. 17 ʢඦສԁʣ -
ച্લಉظൺ+20ˋͰ৳ ͍͍૬ଓΛج൫ͱͯ͠पลχʔζʹର͢ΔαʔϏεϥΠϯφοϓ͕֦େத ΞηοτϚωδϝϯτࣄۀηάϝϯτ࣮ 1ɹ࿈ܾ݁ࢉ֓ཁ ˞ΞηοτϚωδϝϯτࣄۀɺ ैલͷ૬ଓࣄۀ෦ͱෆಈ࢈ࣄۀͱอݥࣄۀΛ߹ࢉͨ͠ͷ 100,558 3,301 95,950 32.5
3,453 93,671 35.3 3,180 92,526 37.9 2,839 92,156 37.0 2,812 100,126 43.1 2,357 104,028 42.7 1,855 93,971 44.7 1,918 89,308 42.0 2,072 94,682 41.4 3,210 3,251 3,590 31.5 98,672 98,672 103,886 40.0 40.0 35.2 84 15 64 10 116 14 120 10 119 20 126 23 142 24 156 29 190 190 39 184 184 36 167 34 ച্ߴ࢛ظਪҠ 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 20૿ લಉظൺ 2022 ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023 ݄ظ 2024 ݄ظ 2022 ݄ظ 2024 ݄ظ 2023 ݄ظ ͍͍૬ଓ ͦͷଞ ૬ଓѺટࣄۀͷঢ়گ հ ୯Ձ ʢ=ʣ ʢʣ 18 ©Kamakura Shinsho, Ltd. All Rights Reserved. 182 40 ʢඦສԁʣ -
հޢࣄۀηάϝϯτ࣮ 1ɹ࿈ܾ݁ࢉ֓ཁ ࢛ظϕʔεͰͷࠇࣈԽΛ࣮ݱ Webࢪࡦ͕ޭΛ͠հॱௐʹ৳͠ɺ લಉظൺ+26%ͰਪҠ հ ୯Ձ ʢ=ʣ ʢʣ
հޢѺટࣄۀͷঢ়گ 5,308 5,122 5,818 5,785 4,606 224,420 10.0 12.8 239,969 3,769 12.0 240,039 3,167 9.8 267,016 2,317 10.3 227,753 10.2 307,695 9.9 272,189 497 8.2 10.4 152,368 433 191,030 1,826 851 200,246 200,246 211,575 211,575 11.3 10.2 10.2 ച্ߴ࢛ظਪҠ 2022 ݄ظ 1Q 2Q 3Q 4Q 1Q 2Q 2Q 3Q 3Q 4Q 4Q 1Q 2023 ݄ظ 2024 ݄ظ 22 57 73 106 1Q 4Q 3Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 23૿ લಉظൺ 2022 ݄ظ 2024 ݄ظ 2023 ݄ظ 124 126 135 133 155 140 10.6 ©Kamakura Shinsho, Ltd. All Rights Reserved. 19 ʢඦສԁʣ 6 8 229,021 -
˙࣏ࣗମͱͷఏܞ׆ಈ։࢝ ˠ౦ژԣࢢɺ େࡕͱ͍ͬͨେنͳ࣏ࣗମ֦େ ߴྸऀͷ՝ղܾʹח৽ॻͱ͍͏ೝ͕ਁಁ ˙αʔϏεϥΠϯφοϓͷଟ༷Խ ˠ͓͘ΈϋϯυϒοΫɺ ΤϯσΟϯάϊʔτɺ հޢอݥΨΠυ ϒοΫɺ ऴ׆ΨΠυϒοΫɺ
͓͘Έίʔφʔ։ઃࢧԉ ʢνϟο τϘοτɺ ࢧԉφϏʣ ͳͲ ຽڠಇࣄۀج൫ͷߏங ʢSTEP1ʣ ͔ΒࣄۀͷਂԽ ɾ ଟ༷Խ ʢSTEP2ʣ ͷϑΣʔζ ج൫ͷߏங ˙࣏ࣗମDXྖҬͷߩݙ ˠࢮޙखଓ͖ͷϫϯετοϓԽ ʢγεςϜఏڙʣ ˠ৬һͷۀܰݮͱॅຽͷखଓ͖ݮΛՃԽ ˙ऴ׆ఏܞڠఆͷਪਐʹҬॅຽͷ ɹαʔϏεఏڙ ˠҬॅຽͷใൃ৴ͱ͓ࠔΓ͝ͱͷղܾ࣮ࢪ ˠ20241݄ݱࡏ25࣏ࣗମͱͷఏܞڠఆక݁ࡁΈ ߴྸࣾձԼͰͷ࣏ࣗମχʔζͷ֦େٴͼࣾͷ্໊ʹΑΓɺ ఏܞ࣏ࣗମ͕େ෯ʹ૿Ճ χʔζͷରԠೳྗ ʢαʔϏεڙڅମ੍ʣ ΛڧԽͭͭ͠ɺ ޙͷ10ഒ૿ʹ͚ͨઓུΛࡦఆத ຽڠಇࣄۀओཁࢦඪͷਪҠͱ׆ಈํ 1ɹ࿈ܾ݁ࢉ֓ཁ STEP1 ࣄۀͷਂԽ ɾ ଟ༷Խ STEP2 20241݄31ݱࡏ 44.4 ఏܞ࣏ࣗମ ਓޱΧόʔ ఏܞ࣏ࣗମਪҠ 300 340 407 459 1Q 2Q 3Q 4Q 1Q 2Q 3Q 1Q 4Q 2Q 3Q 4Q 268 237 170 134 111 95 80 55 459࣏ࣗମͱఏܞ ʢࡢൺ+191ʣ 20241݄31ݱࡏ 0 100 200 300 400 500 20221݄ظ 20231݄ظ 20241݄ظ ©Kamakura Shinsho, Ltd. All Rights Reserved. 20 -
1 3 4 5 ࣍ ඇࡒใ 2 ࿈ܾ݁ࢉ֓ཁ தظܦӦܭը֓ཁ ձࣾ֓ཁ
Appendix ©Kamakura Shinsho, Ltd. All Rights Reserved. 21 -
20241݄ظͷܾࢉɺ ച্ߴ58.5ԯԁ ʢલൺ17ˋ૿ʣ ɺ Ӧۀརӹ8.1ԯԁ ʢಉ19ˋ૿ʣ ɺ EBITDA9.5ԯԁ ʢલ ൺ16ˋ૿ʣ
ͱͳΓ·ͨ͠ɻ ͦΕͧΕ2ܻͷ৳ͼͱͳΓͦΕͧΕաڈ࠷ߴΛߋ৽ͨ͠ͷͷɺ લظͷॳΊʹܭըͨ͠ͷ ͱൺֱ͢Δͱɺ ച্ߴͰ10ˋऑɺ ӦۀརӹͰ5ˋڧಧ͍͓ͯΒͣɺ ͦͷͰগ͠೦ͳ݁ՌͱͳΓ·ͨ͠ɻ ༰ʹ͖ͭ·͠ ͯઆ໌ࢿྉʹ͋Δ௨ΓͰ͕͢ɺ ୈ1࢛ظ͔Βୈ2࢛ظʹ͔͚ͯͭ·͍ͣͯ͠·ّͬͨࣄۀ͕ ௨ظͰલൺ1.3ˋ૿ͱɺ ఆ͠ ͍ͯͨ2ܻ૿ʹେ͖͘ಧ͔ͳ͔ͬͨ͜ͱɺ γφδʔΛΜͰ౷߹ุ͓ͨ͠ஃࣄ ۀͷஃࣄۀͰՌ͕ݟ͍ͩͤͳ͔ͬͨ͜ͱ͕ఆ௨Γͷച্ߴͱͳΒͳ͔ͬͨେ͖ͳཧ༝Ͱ͢ɻ ํͷࣄۀద ͳࢪࡦʹΑΓճ෮جௐʹ͋Γ·͢ͷͰɺ 20251݄ظʹ͍ͭͯҰఆͷΛݟࠐΜͰ͍·͢ɻ ͍ͬΆ͏Ͱɺ ͦͷଞ ͷࣄۀʹ͖ͭ·͠ ͯॱௐʹਪҠ͠ ͍ͯ·͢ɻ հޢࣄۀ͕ୈ4࢛ظʹΑ͏͘ࠇࣈͱͳͬͨ͜ͱɺ ຽڠಇࣄۀ ͕ୈ4࢛ظʹେ͖͘৳ͼͨ͜ͱɺ ૬ଓΛத৺ͱͨ͠ΞηοτϚωδϝϯτࣄۀ͕ߴΛҡ࣋͠ ͍ͯΔ͜ͱͳͲɺ ࠓظͷۀʹϙδςΟϒʹد༩͢ Δͷͱߟ͍͑ͯ·͢ɻ ͞ΒʹళฮࣄۀͰͷ࣮ূ࣮ݧॱௐʹਐḿ͠ɺ རӹ໘Ͱ·ͩ·ͩͰ͕͢ച্૿͑ͭͭ͋Γ·͢ɻ ·ͨɺ ୯ߴྸऀͷαʔ ϏεࣄۀͰ͋Δ ʮ͓ͻͱΓ͞·ࣄۀʯ গͣͭ͠͠ ͍ͯ·͢͠ɺ ࠓظ͔ΒߴྸࣾձͰͷਓʑͷχʔζʹ߹கͨۚ͠༥Λ͓ಧ͚͢Δอݥࢠձ ࣾͷऔΓΈຊ֨తʹελʔτ ͠·͢ɻ Ҏ্ɺ લظͷۀʹදΕͨ׆ಈͱɺ ࠓظҎ߱ͷۀʹදΕΔͰ͋Ζ͏׆ಈʹ͍ͭͯͷུ֓Λ͓͑ ͠·ͨ͠ɻ ͦΜͳ͜ΜͳͰɺ ࠓظ͜Εઆ໌ࢿྉʹ͋Δ௨Γɺ ച্ߴ72.5ԯԁ ʢલൺ24ˋ૿ʣ ɺ Ӧۀརӹ11ԯԁ ʢಉ35ˋ૿ʣ ɺ EBITDA13.3ԯԁ ʢಉ40ˋ ૿ʣ Λܭը͠ ͍ͯ·͢ɻ ʮલظ20ˋ૿͍͔ͳ͔ͬͨͤ͘ʹɺ ͍ͣͿΜͱΞάϨογϒͳܭը͡Όͳ͍͔ʯ ͱݴΘΕͯ͠·͍ͦ͏Ͱ͕͢ɺ ֤ࣄۀࣄۀ ؒͷγφδʔΛ٬؍తʹੵΈॏͶͨ݁ՌͰ͢ɻ ߴ͍ඪΛ࣋ͬͯɺ εςʔΫϗϧμʔͷօ͞·͔Β ʮ͓৲Λୟ͔Ε͍ͯΔʯ ײ৮ʹਁΓͳ͕Β͜Εʹ͚ ͯؤுͬͯ·͍Γ·͢ɻ ߴ͍ඪ͕͋Δ͔Β৽͍͠ൃݟ͋Δɺ ͱ͍͏͔ߴ͍ඪ͕৽ͨͳൃݟΛݺͼࠐΜͰ͘ Δɻ ͦΜͳܦݧΛԿ͠ ͖ͯ·ͨ͠ɻ Ҿ ͖ଓ͖Ωϟ ογϡΛੜΈग़͢ࣄۀ͔Βɺ ࣾձʹඞཁͳࣄۀͷࢿΛܧଓతʹߦ͏͜ͱͰɺ ʮऴ׆ʯ ͷΠϯϑϥ ʢࠃຽͷੜ׆Λࢧ͑Δࣾձج൫ʣ ͷ࣮ͱ ͍͏اۀϛ ογϣϯΛਪਐ͠ ͯ·͍Γ·͢ɻ CEOਗ਼ਫΑΓ20241݄ظͷϝοηʔδ 2ɹඇࡒใ 22 ©Kamakura Shinsho, Ltd. All Rights Reserved. ݁ՌͱৼΓฦΓ -
લظ͔݄΄Ͳֻ͚ͯɺ ͕ࣾதظతʹऔΓΉ͖՝͋Δ͖࢟Λٞ͠ ͠ɺ ݱߦͷதظܦӦܭըͷਐḿঢ়گͱরΒ͠߹Θͤͳ͕Βɺ ৽ͨͳதظܦӦܭըΛࡦఆ ͠ɺ ൃද͍͖ͤͯͨͩ͞·ͨ͠ɻ ࡦఆʹࡍ͠ ͯɺ ͚ࣾͩͰेͳ͕ٞͰ͖ͳ͍ͱߟ
͑ɺ ֎෦ͷઐՈʹೖ͍ͬͯͨͩ͘ͳͲ૬ԠͷΤωϧΪʔΛඅ͠·ͨ͠ɻ ࠓޙ͜ͷ ܭըʹैͬͯɺ ࣮ߦϑΣʔζʹೖͬͯ·͍Γ·͕͢ɺ ͦͷͨΊͷ৫ฤͷݟ͠ߦ͍ɺ ςʔϚ͝ͱʹঠ͢ΔΦʔφʔΛఆΊ͔ͬ͠Γߦͬͯ·͍Γ·͢ɻ ͲͷΑ͏ͳνϟϨϯδΛ ߦ͍ɺ ͲͷΑ͏ͳඪΛͱʹ׆ಈ͢Δͷ͔ʹ͍ͭͯͦͪΒΛ͝ࢀর͍͚ͨͩΕͱࢥ ͍·͕͢ɺ લճൃදͨ͠தظܦӦܭըʹൺֱ͠ ͯऔΓΉ͖ςʔϚ͕େ͖͘มΘͬͨΘ ͚Ͱ͋Γ·ͤΜ͕ɺ ͦͷղ૾͕ඈ༂తʹ্͕͍ͬͯ·͢ɻ େ͖ͳऔΓΈͰ͋Δ ʮΫϩ εϢʔεͷڧԽʯ ʮू٬νϟωϧͷଟ༷Խʯ ʮαʔϏεͷ֦ॆʯ ΛܭըʹԊͬͯਐΊ͍͚ͯ ɺ ޙ͋Γͱ͋ΒΏΔऴ׆ͷ՝ʹରԠͰ͖Δ૯߹తͳϓϥοτϑΥʔϜ ʢʹऴ׆Π ϯϑϥʣ ͕͓͓Αͦग़དྷ্͕Δͷͱߟ͍͑ͯ·͢ɻ ͦͷޙͦͷϓϥοτϑΥʔϜΛࣾձ ʹਁಁͤ͞ΔϑΣʔζʹͳΓ·͢ɻ ͦͷλΠϛϯάͰେ͖ͳࠂࢿใ׆ಈ͕ॏཁ ʹͳ͖ͬͯ·͢ɻ ͦΕΒͷ׆ಈʹΑΓࠃຽͷར༻͕૿͍͚͑ͯɺ σʔλͷੵͱ૬·ͬ ͯɺ ଟ༷ͰߴͳαʔϏεͷఏڙʹͭͳ͕Γɺ ϓϥοτϑΥʔϜՁΛ্͛ଓ͚ΔͰ͠ ΐ ͏ɻ ͦͷΑ͏ͳ׆ಈͷઌʹͷऴ׆Πϯϑϥͷఆணɺ ച্རӹ͕ԯԁͱ͔ ԯԁҎ্ʹͳΔͩΖ͏ɺ ͱ͍͏ͷ͕ܭըͷུ֓Ͱ͢ɻ 㙽ʹ֯ʹେ͖ͳࢢ͕ଘࡏ͠ ͍ͯΔ͜ͱؒҧ͍͋Γ·ͤΜͷͰɺ ͦΕΛ৴ͯ͡ܧଓతʹ೪Γڧ͘औΓΜͰ·͍Γ· ͢ɻ Ҏ্͕தظܦӦܭըͷ൪֎ฤͱͳΓ·͢ɻ ࠓޙͱ͝ࢧԉΛΑΖ͓͘͠ئ͍͍ͨ͠·͢ɻ ͔͜͜Β͓·͚Ͱ͢ɻ தظܦӦܭըͷࡦఆʹ͋ͨͬͯվΊͯײͨ͜͡ͱɺ ᶃاۀͱ͠ ͯͷظͷϛογϣϯ ɾ Ϗ δϣϯ͕ԿΑΓॏཁͰ͋Δ͜ͱɺ ᶄࡦఆ࣮ߦʹ͋ͨΔͷͲ͜·Ͱ͍ͬͯਓࡐͰ͋Γɺ ਓࡐͰߏ͞Εͨ৫Ͱ͋Δͱ͍͏Ͱ͋Γ·͢ɻ ͦ͜ͰΛগ͠ઢͤͪ͞Ό͍·͢ɻ Θͨ͠લʹ࣌ग़൛ࣾͰ͋ͬͨח৽ॻʹೖࣾ͠ɺ ʢ࠷ۙͰͦ͜ɺ தখͷެ։ا ۀʹͳ͍ͬͯ·͕͢ʣ ͦͷ΄ͱΜͲͷظؒΛྵࡉاۀͷܦӦऀͱ͠ ͯա͝͠ ͯ·͍Γ·͠ ͨɻ ྵࡉاۀେ͛͞ʹݴ͑Φʔφʔɺ Ϛωʔδϟʔͦ͠ ͯϓϨʔϠʔͱ͠ ͯϦεΫͱ ΛਓͰҾ͖ड͚ΔબͰ͢ɻ ձ͕ࣾआۚΛ͢Ε࿈ଳอূਓͷཝʹݸਓͷ໊લΛα Πϯ͠ ʢձ͕ࣾฦࡁͰ͖ͳ͘ͳͬͨͱ͖ʹɺ Ͳ͏͠ ͯݸਓ͕ฦࡁͰ͖ΔͷͩΖ͏͔ɺ ൪ͩͳ ͜Εɺ ͳΜͯࢥ͍ͬͯ·͕ͨ͠ʣ ɺ ސ٬͔ΒͷΫϨʔϜ͕͋ΕࣗΒ͕ਅͬઌʹँΓʹඈ ΜͰ͍͘ ͱ͍ͬͨ͜ͱΛ͍ͬͯ·ͨ͠ɻ ͦΕɺ ָ؍ͱ൵؍ɺ ϧϯϧϯͱ͕ͬ͘ Γͷؒ ΛߦͬͨΓདྷͨΓ͢Δੜ͖ํͳͷͰ͕͢ɺ ͦΕ͚ͩʹֶͼಠతɺ ͔͠Ճతʹͳ ΔͰૉΒ͍͜͠ͱͩͱࢥ͍ͬͯ·͢ɻ ͱ͍͏Θ͚Ͱɺ ͜ͷؒʹ͞·͟·ͳֶͼΛಘͯ ͖ͨΘ͚Ͱ͕͢ɺ தͰେ͖ͳͷҎԼͷ͔ͱࢥ͍·͢ɻ ࣾͱͱग़൛ۀΛӦΜͰ͍·ͨ͠ɻ Πϯλʔωοτ͕ීٴ͠ ͭͭ͋Δͷॳ ಄ͷ͜Ζɺ ࣾձͷ*5Խͱ͍͏େ͖ͳτϨϯυͱɺ ͦΕ͕ग़൛ۀʹٴ΅͢ϚΠφεͷӨڹΛ ߟ͑ɺ ࣄۀʹ*5Λ׆༻ͨ͠Ϗδωεγϑτ͠ ͖ͯ·ͨ͠ɻ େ͖ͳτϨϯυࣾձΛ͙͢ʹ ม͑ΔΘ͚Ͱͳ͍ͷͰɺ ܦӦऀͲ͏͠ ͯ͜Ε·Ͱͷࣄۀʹݻ͕ࣥͪ͠Ͱ͕͢ɺ ͦΕ ͋Δ͍ͦΕҎ্ͷظؒΛֻ͚ͯࣾձΛେ͖͘ม͑ͯ͠·͍·͢ɻ ࣾձͷେ͖ ͳτϨϯυͷมԽΛ૾ɺ ࢹ͠ɺ ͜ΕΛ৴ͯ͡ظతʹڧ͘औΓΈΛଓ͚Δ͜ͱ͕ େͩͱ͍͏͜ͱɺ ܦӦऀͱ͠ ͯͷେ͖ͳֶͼͱͳΓ·ͨ͠ɻ ࠓɺ Θ͕ࠃͷࣾձͰߴྸࣾձͷਐలͱ͍͏ τϨϯυ͕ظʹΘͨͬͯਐߦதͰ͢ɻ વͷ͜ͱͳ͕Βɺ ͦΕʹͬͯࣾձ՝ ʢফඅऀχʔζʹϏδωενϟϯεʣ ͕֦େ͠ ͭͭ ͋Γ·͢ɻ ͍ͬΆ͏Ͱ֦େ͢Δফඅऀχʔζʹର͠ ͯɺ ͦΕΒΛτʔλϧͰຬͨ͢దͳڙ څऀ͕͍Δ͔ͱ͍͑ɺ શͦ͘ͷΑ͏ͳঢ়گʹͳ͍ͬͯ·ͤΜɻ ͦ͜Ͱࣾɺ ऴ׆Πϯϑ ϥ ʢࠃຽͷੜ׆Λࢧ͑Δج൫ʣ ΛΔ͜ͱΛاۀϛογϣϯͱ੍ఆ͠ɺ ͞·͟·ͳࣄۀͷ ग़Λ͓͜ͳ͍ͬͯ·͢ɻ ͜ͷ׆ಈʹܗͳ͘ɺ ͋Δ͍ظʹΘͨΔͷͩ CEOਗ਼ਫΑΓ20241݄ظͷϝοηʔδ 2ɹඇࡒใ ©Kamakura Shinsho, Ltd. All Rights Reserved. 23 ੈͷதͷେ͖ͳτϨϯυΛݟఆΊظతʹ ڧ͘औΓΈΛଓ͚Δ͜ͱ ৽ͨͳதظܦӦܭըͷࡦఆ ɾ ࠜڌ ɾ ݟ௨͠ -
ͱೝࣝΛ͠ ͍ͯ·͢ɻ ࣾձͷ*5Խͱɺ ߴྸࣾձͷਐలͲͪΒࣾձͷେ͖ͳτϨϯυͰ͋Γɺ ࣾઌʹͱ ΒΘΕΔ͜ͱͳ͘ɺ ऴ׆ΠϯϑϥͷߏஙΛࢦ͠ ͯɺ ظతͳઢͰڧ͘औΓΈΛଓ ͚ͯ·͍Γ·͢ɻ
େ͖͘ظతʹࣄۀΛଊ͑ɺ ࣄۀΛഒഒͱ͍͏ϨϕϧͰͳ͘ɺ ഒ ഒʹҾ্͖͍͖͍͛ͯͨͱߟ͍͑ͯ·͢ɻ ͜ΕͷॳΊͷ͜ͱͩͬͨͱࢥ͍·͢ɻ ࣄۀ͕ग़൛ۀ͔ΒΠϯλʔωοτΛͬ ͨ*5ϏδωεʹมԽ͠ ͍ͯ࣌͘ظʹ௧ײͨ͜͠ͱͱ͠ ͯɺ ਓ͕།ҰແೋͷܦӦࢿݯͩͱײ ͨ͜͡ͱ͕͋Γ·ͨ͠ɻ ग़൛ࣄۀͷൺ͕͡Θ͡ΘԼ͕͍ͬͯ͘தͰɺ අ༻ͷׂ߹ͷଟ͘ ΛΊ͍ͯͨҹඅ͕ݮΓɺ ਓ݅අͷׂ߹͕͙Μ͙Μߴ·͍ͬͯͨ࣌ظͰ͢ɻ ࣌ɺ ૿͑ Ώ͘ਓ݅අΛ࠷దԽ͢Δ͜ͱɺ ͭ·Γ͍͔ʹ༏लͳਓࡐ͕ू·Γɺ ਓͱ৫Λ׆ੑԽͤ͞ Δ͜ͱ͕͜Ε͔Βͷ࣌ͷاۀʹͱͬͯ࠷ॏཁͳςʔϚͳͷͰͳ͍͔ͱߟ͑·ͨ͠ɻ ͔֬લʹग़ͨ͜͠ͱ͕͋ΔΑ͏ʹࢥ͏ͷͰ͕͢ɺ ͦͷ͜Ζʹॻ͍ͨίϥϜΛసࡌ͠·͢ɻ ຊͷߴྸࣾձͷਐలͷதͰ৳ͼߦ͘ϚʔέοτΛ͍෩ʹɺ ࠓޙເͱ࣮ྗΛ࣋ͬͨ ਓࡐΛूΊɺ ·ͨͦ͏ͨ͠ਓࡐͷҭΛ௨͠ ͯதظܦӦܭըͷ࣮ݱɺ ϛογϣϯͷ࣮ݱʹ ·͍ਐ͠ ͯ·͍Γ·͢ɻ CEOਗ਼ਫΑΓ20241݄ظͷϝοηʔδ 2ɹඇࡒใ ʹ͓͍ͯɺ Ұਓͷਓؒͷ֫ಘ͢ΔͦΕ΄Ͳͷဃ͕ͳ͔ͬͨɻ ྫ͑ɺ ถΛ࡞Δͨ ΊʹాΜ΅Λߞ͢ࣄΛͨ͠ͱ͠Α͏ɻ ۈษͰ۶ڧͳਓؒͱͦ͏Ͱͳ͍ਓؒͱͷࠩେ͖ ͍ͱ͍͑ɺ ൴Β͕ߞ͢ాΜ΅ͷ໘ੵͷ͍͍ࠩͤͥഒͱ͔ഒͱ͍͏ఔͩΖ͏ɻ ͬͯɺ ࠓͷߴใԽࣾձͰɺ ࠷ઌͷڭҭΛड͚ɺ ίϯϐϡʔλʔͱ͍͏ಓ۩Λ ߴʹ͍͜ͳͤΔ̖܅ͷΑ͏ͳਓؒɺ ҰൠతͳਓؒͷഒഒͷΛ֫ಘ ͢Δ͜ͱ͕Ͱ͖Δɻ ಉ͡Α͏ʹਓతࢿຊΛ࿑ಇࢢʹࢿ͠ ͯ࿑ΛಘΔͷʹɺ ۚ༥ֶ ͱใٕज़͕ߴʹൃୡͨ͠ࠓͰͱͯͭͳ͍͕ࠩͰ͖ͯ͠·͍ͬͯΔͷͩɻ ͜͠ ΕΛετϨʔτʹใुʹөͤ͞Εɺ େ͖ͳԇᅀ͕ࣾձʹੜͯ͡͠·͍ɺ ͜ͷ͜ͱຽ ओओٛͷࠜװΛ༳Δ͕͔͠Ͷͳ͍ࣄଶͱͳΔةݥੑ͕͋Δɻ ʢதུʣ αʔϏεԽ͕ਐల͠ɺ ίϯϐϡʔλʔͳͲʹΑͬͯߴʹใԽ͞Εͨݱʹ͓͍ͯɺ ا ۀʹͱ ͬͯͷਓࡐͷՁͷࠩਓྨͷྺ্࢙࠷େ͖͕͍ͬͯ͘Δɻ ݴ͍͑Εɺ ا ۀαʔϏεɺ ͋Δ͍Ձ֨Λڝ͍ͬͯΔͱ͍͏ΑΓɺ ༏लͳਓࡐͷऔΓ߹͍Λ ͠ ͍ͯΔͷͰ͋Δɻ اۀ͕ఏڙ͢ΔαʔϏεɺ Ձ֨ͷࠩɺ ਓࡐͷऔΓ߹͍ͷ݁Ռ ੜ·ΕΔʹա͗ͳ͍ͷͰ͋Δɻ Ͳ͏ͬͯ༏लͳਓࡐΛ֬อ͠ɺ ͦ͜Ͱಇ͘͜ͱʹҙٛ ՁΛײͯ͡Β͏ͷ͔ɻ தখྵࡉاۀɺ ใु͚ͩͰͳ͍ັྗΛಇ͘ਓͨͪʹఏڙͰ ͖ͳ͚Εɺ اۀͷকདྷ͍ͭෆ҆ͩΒ͚ͩɻ ʮاۀਓͷऔΓ߹͍Λ͠ ͍ͯΔʯ ʢͷϒϩάΑΓʣ ͋Δେखͷۚ༥ػؔʹۈ͢Δถࠃਓͷ༑ਓ͕͍Δɻ Ծʹ̖܅ͱ͠ ͓ͯ͜͏ɻ ൴ΞΠ ϏʔϦʔάͷ໊ߍͰۚ༥ֶΛमΊͨεʔύʔΤϦʔτͰɺ ଔۀޙ͍͘ ͔ͭͷ֎ࢿ ܥͷେखࢿۜߦͰ࠴݊ͷτϨʔμʔͱ͠ ͯ׆༂͠ ͖ͯͨɻ ՈສԁͷߴڃϚϯγϣ ϯΛձࣾʹआΓ্͛ͯΒ͍ɺ ͓ͦΒ͘ऩԯԼΒͳ͍ͩΖ͏ɻ ʢແਮͳ͜ͱͳͷͰฉ͍ͨ͜ͱͳ͍͕ɺ গͳ͘ ͱϦʔϚϯγϣ οΫલ·Ͱؒҧ͍ͳ ͍ʣ ɻ Ͱɺ ̖܅Ͳ͏͠ ͯͦͷΑ͏ͳߴֹͷใु͕ಘΒΕΔͷͩΖ͏͔ʁ ࣮͑ʹ؆୯ͳ͜ͱͰɺ ใुʹेݟ߹͏͚ͩͷऩӹΛձࣾʹͨΒ͠ ͍ͯΔ͔ΒͰ͋ Δɻ σεΫͱίϯϐϡʔλʔΛఏڙ͢Δ͚ͩͰɺ ԯԁͷऩӹΛձࣾʹͨΒ͠ ͯ͘ΕΔࣾ һʹɺ ԯԁͷใुΛ༩͑Δ͜ͱاۀͱ͠ ͯવͷߦಈͰ͋Δɻ ٯʹेͳ۰Λاۀ ͕ఏڙ͠ͳ͚Εɺ ൴ผͷۚ༥ػؔʹస৬͠ ͯ͠·͏ͩΖ͏ ʢɻ தུʣ Ή͔͠ɺ ߞࣾձ ©Kamakura Shinsho, Ltd. All Rights Reserved. 24 ώ τϞϊΧωͰͳ͘ ώ τ ώ τ ώ τ -
ࣾʹ͓͚Δ ʮ&4(ͷऔΓΈʯ ʹ͍ͭͯ 2ɹඇࡒใ E E S S S S
G G G G G 5$'%ରԠ ESGʹΔࢦඪͷ։ࣔ ϐʔϓϧϚωδϝϯτ ಇ͖ํ Well-being ಠཱࣾ֎औకͷ׆༻ εΩϧϚτϦοΫε औకձͷ࣮ޮੑධՁ ࢦ໊ ɾ ใुҕһձͷઃஔ টू௨ɺ *3ͷӳ༁։ࣔ ྖҬ ߲ ༰ 4%(T 20231݄ظʹγεςϜಋೖ։࢝ɺ Scope1.2ͷଌఆऴྃޙɺ ։ࣔٴͼScope3ͷγφϦΦੳ·Ͱܭըɺ 2025 1݄ظʹScope3ͷ։ࣔΛݕ౼த ࣾʹ͓͚Δ ʮESGͷऔΓΈʯ ΛࣾίʔϙϨʔταΠτ ʢhttps://www.kamakura-net.co.jp/ir/esg/ʣ ʹͯ։͓ࣔͯ͠Γ·͢ɻ ॥ܕࣾձͷʹߩݙ͢ΔͨΊɺ ڥෛՙͷݮɺ ԹࣨޮՌΨε ʢ()(ʣ ഉग़ྔͷଌఆɺ ࠓޙͷ༗Ձূ݊ใ ࠂॻͷ։ࣔٛԽʹ͚ɺ Ψόφϯεɺ ઓུɺ ϦεΫཧɺ ࢦඪඪͷͭͷࢹͰ։ࣔΛ࣮ࢪͷ४උத ਓతࢿຊܦӦΛ͞Βʹਪਐɺ ৬һ̍ਓͻͱΓ͕݈શʹ׆༂Ͱ͖ΔڥΛඋ͢ΔͨΊɺ ຖશࣾΞϯέʔτ࣮ ࢪ͠ɺ ΤϯήʔδϝϯτϨϕϧΛѲɺ ্࢘෦ԼͱPOʹΑΓରͷػձΛग़ ଟ༷ੑͱਓݖΛଚॏͨ͠ڥඋʹऔΓΈɺ ݱࡏঁੑൺɺ ཧ৬ʹΊΔঁੑ໊ ʢࣾ֎औక໊ɺ )#$ձ໊ɺ Ϛωʔδϟʔ໊ʣ ɺ োऀޏ༻໊ͷঢ়ଶ͔Βɺ ࠓޙ͞Βʹෳ໊ͷ࠾༻Λࢦ͢ ਓతࢿຊܦӦͷͱɺ ಇ͘ڥͷඋʹશྗΛਚ͘ ͠ɺ ঁੑɺ ͱ ͘ʹࢠҭͯੈͷಇ͖ํڥΛඋ͢ΔͨΊʹϛϞβϓ ϩδΣΫ τΛ࣮ࢪ͠ɺ ݄Α Γޢ ɾ հޢٳՋ༩૿ɺ ࣌ؒ୯ҐͰͷಛผٳՋऔಘ੍ɺ ॾنఆΛมߋ औక໊ͷ͏ͪɺ ౦ূͷಠཱੑཁ݅Λຬͨ͢ಠཱࣾ֎औక໊Ͱߏ͞Εɺ ࣾऔక໊ͷ͏ͪɺ ໊ ࡢ·Ͱಠཱࣾ֎औకͰ͋ͬͨެೝձܭ࢜ͷࢿ֨Λ༗͢Δऀ͕औక$'0ͱͯ͠ब ֤औకͷεΩϧϚτϦοΫεΛ࡞ ɾ ։ࣔ͠ɺ औకձશମͱͯ͠ͷεΩϧੳʹऔΓΈɺ ࠓޙͷऔకձͷ ͋Γํͷݕ౼ʹཱ͍ͯͯΔ ୈࡾऀػؔʹΑΔऔకձ࣮ޮੑධՁΛ̎࿈ଓͰ࣮ࢪɻ ධՁੳΛܦͨऔకձ࣮ޮੑධՁͷ݁ՌΛެද ͠ɺ ࠓޙୈࡾऀػؔʹΑΔධՁΛܧଓ࣮ͯ͠ࢪ༧ఆ ݄ظΑΓऔకձͷࢾػؔͱͯ͠ɺ ҙͷࢦ໊ ɾ ใुࢾҕһձΛઃஔɻ ҕһձɺ աͱͳΔ ࣾ֎औక໊ͱɺ දऔక$00ͷ໊Ͱߏ͞Εɺ ҕһಠཱࣾ֎औక͕ब টू௨ͷӳ༁։ࣔΛ࣮ࢪɺ ܾࢉ৴༗Ձূ݊ใࠂॻࠓޙͷӳ༁ٛԽࢹʹݕ౼தɻ άϩʔόϧͳػ ؔࢿՈͱͷݐઃతͳରΛଅਐ͢ΔͨΊʹใ։ࣔͷॆ࣮ΛਤΔ աͷ࣌ؒ࿑ಇͷݮΛؚΊͦͷڥΛඋ͠ɺ ݪଇ ɿ िͷςϨϫʔΫۈମ੍ɺ ৬छϋϯσ͋Δํʹ ͍ͭͯॊೈʹ࣌ؒ ɾ ॴʹͱΒΘΕͳ͍ಇ͖ํΛਪਐ μ Π όʔγς Ο ͱ ΠϯΫ ϧʔδϣ ϯ ©Kamakura Shinsho, Ltd. All Rights Reserved. 25 -
࣍ தظܦӦܭը֓ཁ 1 2 4 5 3 ࿈ܾ݁ࢉ֓ཁ ඇࡒใ ձࣾ֓ཁ
Appendix ©Kamakura Shinsho, Ltd. All Rights Reserved. 26 -
ظϏδϣϯ ɾ தظܦӦܭըͷ৽ 3ɹதظܦӦܭը֓ཁ ·͢·֦͢େ͢Δऴ׆ϚʔέοτͷχʔζʹԠ͑Δ͘ 10ޙͷࣾձͷऴ׆Πϯϑϥਁಁʹ͚ͯϱͰͦͷج൫Λඋ͢Δ ݱԼͷܦӦঢ়گͱ৽ͨͳՄೳੑΛؑΈɺ தظܦӦܭըͷݟ͠Λ࣮ࢪ ʢৄࡉ ʦ݄͚தظܦӦܭըʧ
Λࢀরʣ ച্ 500ԯԁҎ্ Ӧۀརӹ 100ԯԁҎ্ ച্11ԯԁ Ӧۀརӹ2.2ԯԁ ظϏδϣϯ ظϏδϣϯ ʢ10ޙ ɿ 2035ʣ 2027/1 ʢதظܦӦܭը࠷ऴʣ 2024/1 ʢݱࡏʣ 2016/1 ʢ্࣌ʣ ച্ 120ԯԁ Ӧۀརӹ 25ԯԁ ച্58ԯԁ Ӧۀརӹ8.1ԯԁ ڙཆࢢ͔Βऴ׆ࢢ ऴ׆Πϯϑϥͷඋ ࣾձͷਁಁ ڙཆࢢ͚ͨ 8FCαʔϏε Ϋϩε Ϣʔεͷ ڧԽ ू٬ νϟωϧͷ ଟ༷Խ αʔϏεͷ ֦ॆ ࠃຽͷੜ׆Λࢧ͑Δࣾձج൫ ऴ׆Πϯϑϥ ͷఆண ʹ ©Kamakura Shinsho, Ltd. All Rights Reserved. 27 -
ॏཁͳࡒࢦඪ ɿ ,1* 3ɹதظܦӦܭը֓ཁ 20271݄ظച্ߴ120ԯɺ ظͷ2ഒҎ্ͷΛࢦ͢ ৽ྖҬͷࢿΛߦ͍ͭͭɺ طଘ ɾ ࣄۀͷੜ࢈ੑΛ্ͤ͞རӹϕʔεͰͷେ෯ͳ৳ΛΉ
ɾ ࣾάϧʔϓɺ ऩӹͷੑΛࣔ͢ച্ߴɺ &#*5%"ɺ ӦۀརӹΛॏཁͳࡒࢦඪͱ͍ͯ͠·͢ ɾ ࢿຊޮΛࣔ͢30& ʢࣗݾࢿຊརӹʣ ͓Αͼ30*$ ʢԼࢿຊརӹʣ Λॏཁࢦඪͱ͍ͯ͠·͢ ࿈ ݁ ۀ ROE ROIC ©Kamakura Shinsho, Ltd. All Rights Reserved. 28 ച্ߴ લظൺ લظൺ &#*5%" Ӧۀརӹ લظൺ 20241݄ظ 20261݄ظ 20251݄ظ 20271݄ظ 20231݄ظ 5,004 ʵ 824 686 12.9% 13.3% 16.3% 17.1% 22.3% 21.8% 26.4% 26.1% 32.6% 32.2% ʵ ʵ 5,859 17.1% 952 816 15.6% ʢඦສԁʣ 7,250 23.7% 1,330 1,100 39.6% 18.9% 34.8% 45.5% 9,200 26.9% 1,880 1,600 41.4% 56.3% 12,000 30.4% 2,850 2,500 51.6% ܭը ࣮ -
࣍ 1 2 3 5 ࿈ܾ݁ࢉ֓ཁ ඇࡒใ தظܦӦܭը֓ཁ ձࣾ֓ཁ Appendix
4 ©Kamakura Shinsho, Ltd. All Rights Reserved. 29 -
ձࣾ֓ཁ 4ɹձࣾ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 30 ձ໊ࣾ
දऀ໊ ઃཱ ࢿຊۚ ॴࡏ ैۀһ ࣄۀ༰ άϧʔϓاۀ גࣜձࣾח৽ॻ දऔకձCEOɹਗ਼ਫ༞ දऔకࣾCOOɹখྛ࢙ੜ 19844݄17 10ԯ5,708ສԁ ຊࣾ ɿ ౦ژதԝ۠ژڮ2-14-1ɹ݉দϏϧσΟϯά3֊ ࢧళ ɿ େࡕʗ໊ݹʗԬ 249໊ ʢܖࣾһɺ ύʔτɺ ΞϧόΠτؚΉʣ ߴྸࣾձʹ͚ͨऴ׆ؔ࿈αʔϏεࣄۀ ϚονϯάϓϥοτϑΥʔϜͱͳΔϙʔλϧαΠτӡӦΛத৺ͱͨ͠ɺ ऴ׆ʹؔΘΔใαʔϏεͷఏڙ גࣜձࣾϋεϘʔτΫϥϒ גࣜձࣾΤΠδϓϥε גࣜձࣾח৽ॻϥΠϑύʔτφʔζ ˞20241݄31ݱࡏ -
Ϣʔβʔ ߴྸऀͱͦͷՈͷ ʮऴ׆ʯ ʹ͓͚Δɺ ͋ΒΏΔر՝Λղܾ͢ΔͨΊͷใͱαʔϏεΛఏڙ͢Δ͜ͱͰ ʮऴ׆Πϯϑϥʯ Λߏங͠ɺ զ͕ࠃͷߴྸࣾձʹߩݙͯ͠·͍Γ·͢ ྶԂʗّࣾʗ࢜ۀ ͓٬༷ͷ͞·͟·ͳ͓ࠔΓ͝ͱʹରԠ͢ΔαʔϏε
ೝΛ্͍͛ͨ and more ސ٬Λ͍࣋ͪͨ Λఏڙ͍ͨ͠ Λങ͍͍ͨ ऴ׆ͷใΛूΊ͍ͨ దਖ਼Ձ֨Ͱߪೖ͍ͨ͠ ใΛ Ӿཡ ɾ ૬ஊ ༏ྑ ࣄۀऀΛ հ ͓٬༷Λ հ ใΛ ܝࡌ ൢചͳͲͷαϙʔτ ू٬ͳͲͷίϯαϧςΟϯά खް͍ରԠͷίʔϧηϯλʔ ݟֶ ɾ ݟੵͳͲͷใαϙʔτ ༏ྑࣄۀऀ ח৽ॻͷϏδωεϞσϧ 4ɹձࣾ֓ཁ ©Kamakura Shinsho, Ltd. All Rights Reserved. 31 -
࣍ 1 2 3 4 ࿈ܾ݁ࢉ֓ཁ ඇࡒใ தظܦӦܭը֓ཁ ձࣾ֓ཁ Appendix
5 ©Kamakura Shinsho, Ltd. All Rights Reserved. 32 -
ʮεϐʔσΟ ʔͳࣄۀ֦େʯ ʮଞࣾͱͷࣄۀఏܞϓϥο τ ϑΥʔϜߏஙʯ ʮސ٬σʔλੳ ʢAI׆༻ʣ ϊϋετ οΫʯ ࣾͷϏδϣϯͱϛογϣϯୡͷͨΊʹඞཁͳ্ه3ͭͷ֦ॆΛਤΓɺ૬ޮՌͰऩӹΛඈ༂త্ͤ͞Δ
اۀཧ೦ͱऔΓΈجຊํ ऴ׆͕ͨΓલʹͳΔɺ ͦͷ࣌ͩΕ͕ח৽ॻΛΠϝʔδ ʢىʣ ͢Δ αʔϏεϥΠϯφοϓ֦ॆ ू٬ͷ֦ॆ 5ɹAppendix Vision Strategy ࢲͨͪɺ ໌Δ͘લ͖ͳࣾձΛ࣮ݱ͢ΔͨΊɺ ਓʑ͕չ͍ͷͳ͍ਓੜΛੜ͖ΔͨΊͷ͓ख͍Λ͠·͢ Mission ΫϩεϢʔε֦ॆ ©Kamakura Shinsho, Ltd. All Rights Reserved. 33 -
ച্ߴ Ӧۀརӹ 2022 ݄ظ 2023 ݄ظ 2024 ݄ظ 2025 ݄ظ
2026 ݄ظ 3,826 5,004 6,510 10,000 2022 ݄ظ 2023 ݄ظ 2024 ݄ظ 2025 ݄ظ 2026 ݄ظ 532 686 860 2,020 20251݄ظʹશͯͷओͳࣄۀͷࠇࣈԽɺ 20261݄ظച্ߴ100ԯԁΛࢦ͢ ݪՁೖΕ͕ͳ͘ɺ ૈརӹͷߴ͍ࣄۀߏͰ͋Γɺ ଛӹذΛӽ͑Εརӹͷେ෯্͕ݟࠐ·ΕΔ ͦͷͨΊʹඞཁͳਓࡐ֬อɺ ू٬αʔϏε֦ॆͷͨΊʹඞཁͳࢿΛܧଓతʹ࣮ࢪ 20261݄ظʹ͚ͯ 5ɹAppendix ʢ݄ظެදʣ ©Kamakura Shinsho, Ltd. All Rights Reserved. 34 0 2,000 4,000 6,000 8,000 10,000 ʢඦສԁʣ 0 400 800 1,200 1,600 2,000 ʢඦສԁʣ 20261݄ظ ച্ߴ Λࢦ͢ 100ԯԁ 8,000ʙ8,500 1,050ʙ1,550 -
ຽڠಇ ΫϩεϢʔε֦େ1+ ू٬νϟϯωϧ1+ 20221݄ظ ࣄۀ ʢαʔϏεʣ 20231݄ظ 20241݄ظ 2025݄ظ ऴ׆Πϯϑϥͷ࣮ݱʹ͚ͯ৽ͨͳࣄۀΛੵۃతʹਪਐ͠ɺ
ॱ࣍རӹߩݙస͢Δ͜ͱͰޙͷඈ༂తͳརӹग़ΛΉ ֤ࣄۀ ɾ ϓϩδΣΫτͷརӹߩݙϩʔυϚοϓ 5ɹAppendix ʢ݄ظެදʣ ©Kamakura Shinsho, Ltd. All Rights Reserved. 35 ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ʜࠇࣈ·ͨऩࢧۉߧɹ˔ʜ ʲࢿϑΣʔζʳ Ӧۀࣈ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ ˔ -
ח৽ॻͷΤίγεςϜ 5ɹAppendix อݥ ෆಈ࢈ ૬ଓ ੜલ ܖ ཧ ّ ஃ
ุ͓ ΞΫςΟϒ ͚ ऴ ظ ʢ ऴ ׆ ͷ ͜ͱΛߟ͍͑ͯΔਓʣ ࢮɹޙ ੜ ɹ લ &$04:45&. ސ٬σʔλ ߦಈσʔλ հޢ ίϯςϯπ ɾ αʔϏεΛϢʔβʔʹ͝ར༻͍ͨͩ͘͜ͱͰɺ ח৽ॻʹސ٬σʔλ͕ੵ େͳސ٬σʔλͱϢʔβʔͷෳར༻ʹΑͬͯɺ ͞Βʹ σʔλ͕ੵ͞Ε͍ͯ͘ ࣾಠࣗͷΤίγεςϜΛߏஙɺ ͞Βʹ"*ςΫ ϊϩδʔΛ ׆༻͢Δ ্هʹΑΓɺ Θ͕ࠃʹ͓͚Δ།Ұແೋͷऴ׆Πϯϑϥاۀ ͱͳΔ ΤίγεςϜʹΑͬͯͨΒ͞ΕΔ 1 2 3 4 ৽نސ٬֫ಘͷೖΓޱ ࣏ࣗମʗຽؒΞϥΠΞϯεʗఏܞࣄۀऀʗࣗࣾళฮ ©Kamakura Shinsho, Ltd. All Rights Reserved. 36 -
࣏ࣗମ γχΞͱՈͷ૬ஊࣨ ۋࢳொϚϧΠళ ऴ׆ʹؔ͢Δ͓Έͷݸผ૬ஊɺ ऴ׆ ʹֶ͍ͭͯΔηϛφʔ͕ແྉͰ։࠵ ຊࣄۀʹΑΓɺ ϦΞϧͰͷ͓٬༷ͱͷ ͮ͘ΓΛߦ͍ɺ ΑΓଟ͘ͷਓʑͷऴ׆ʹ
ؔ͢Δ՝ෆ҆ͷղফΛࢦ͠·͢ ਆಸݝɹԣࢢ ਆಸݝɹ࡚ࢢ ਆಸݝɹחࢢ ౦ژɹதԝ۠ ౦ژɹࠇ۠ ౦ژɹߐށ۠ ౦ژɹ࿅അ۠ ౦ژɹத۠ ౦ژɹ൘ڮ۠ େࡕɹࡖࢢ ԬݝɹԬࢢ ઍ༿ݝɹઍ༿ࢢ ઍ༿ݝɹધڮࢢ େखۚ༥ػؔ ࣗࣾళฮ ੜલͷऴ׆ʹ͓͚Δ՝Λղܾ͘͢ɺ ଟ͘ͷސ٬ج൫Λ࣋ͭຽؒاۀํ࣏ࣗମͱ࿈ܞ Ճ͑ͯࣗࣾళฮؔ࿈Ͱ͞·͟·ͳ࣮ূ࣮ݧΛॏͶɺ ྖҬʹ͓͚ΔޭࣄྫΛ࡞Γԣల։Λߦ͏ ϦΞϧωοτϫʔΫू٬ɹ ʢେखۚ༥ػ࣏ؔࣗମͱͷۀఏܞɾࣗࣾళฮʣ 5ɹAppendix and more ୈҰੜ໋อݥגࣜձࣾ גࣜձࣾࡾҪॅ༑ۜߦ גࣜձࣾࡾඛ6'+ۜߦ גࣜձࣾԣۜߦ גࣜձࣾ౦ژελʔۜߦ גࣜձࣾৗཅۜߦ גࣜձࣾརۜߦ גࣜձࣾ܈അۜߦ ຊ༣ศגࣜձࣾ and more ©Kamakura Shinsho, Ltd. All Rights Reserved. 37
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