業績モデルアップデート：AI活用に伴う採用増は27/3期がピークも、継続的なAI関連固定費増に注意

研报英文原文证据摘录

業績モデルアップデート：AI活用に伴う採用増は27/3期がピークも、継続的なAI関連固定費増に注意

JP ٜٓ؝٤証券株式会社 ؓةؓقبنؔشؠ 株式調査部

齋藤 奈央子AC 2026 年 6 月 18 日 J P M O R G A N

(81-3) 6736-8693

naoko.saito@jpmorgan.com

JMDC (4483): Summary of Financials

Income Statement 2025/3A2026/3A2027/3E2028/3E2029/3E Cash Flow Statement 2025/3A2026/3A2027/3E2028/3E2029/3E

Revenue 42 50 60 71 84 Cash flow from operating activities 15 9 7 12 13

COGS (18) (23) (27) (30) (35) o/w Depreciation & amortization 3 3 3 4 4

Gross profit 24 28 33 41 49 o/w Changes in working capital - - - - -

SG&A (16) (18) (22) (25) (30)

EBITDA 11 14 15 19 24 Cash flow from investing activities (3) (11) (4) (4) (5)

D&A (3) (3) (3) (4) (4) o/w Capital expenditure 0 0 0 0 0

EBIT 9 11 11 16 19 as % of sales 0.0% 0.0% 0.0% 0.0% 0.0%

Net Interest - - - - -

PBT 9 10 11 16 19 Cash flow from financing activities 6 (1) (7) (7) (8)

Tax (3) (3) (4) (5) (6) o/w Dividends paid (1) (1) (1) (2) (2)

Minority Interest 0 0 0 0 0 o/w Shares issued/(repurchased) - - - - -

Net Income 7 7 8 11 13 o/w Net debt issued/(repaid) - - - - -

.

Reported EPS 111.28 103.38 117.01 161.93 200.59 Net change in cash 18 (3) (4) 0 1

DPS 16.00 18.00 20.37 28.20 34.93 Adj. Free cash flow to firm 15 9 7 12 13

Payout ratio 14.4% 17.4% 17.4% 17.4% 17.4% y/y Growth ‑86482.4% ‑41.5% ‑18.7% 72.2% 11.1%

Shares outstanding 65 65 65 65 65

Balance Sheet 2025/3A2026/3A2027/3E2028/3E2029/3E Ratio Analysis 2025/3A2026/3A2027/3E2028/3E2029/3E

Cash and cash equivalents 32 29 25 25 26 Gross margin 57.2% 54.9% 54.7% 57.3% 58.3%

Accounts receivable 20 24 28 34 40 EBITDA margin 27.4% 27.2% 24.5% 27.4% 28.1%

Inventories 0 1 1 1 1 EBIT margin 20.9% 20.8% 18.7% 21.9% 23.0%

Other current assets 24 28 32 37 44 Net profit margin 17.4% 13.4% 12.8% 15.0% 15.7%

Current assets 56 57 57 63 70