人工智能能否被利用来推动业务和利润增长？

Can AI Be Leveraged to DriveBusiness and Profit Growth?OW on Majors Fujitsu, NEC, NRI;Otsuka, OBC in SME Business Industry earnings are expanding and share prices are stabilizing.Sustained rebound hinges on quantitative demonstration of AIbenefits. As AI-led DX deepens and raises IT service value, we areOW on NRI, NEC, Fujitsu. SME IT investment is a long-termgrowth theme; OW on Otsuka, OBC.April 1, 2026 06:46 AM GMT Key Takeaways Earnings expanding steadily; near-term risks limited and share prices stabilizing.Expect share price recovery to favor firms that quantify AI-driven results. Expected catalysts: Can upcoming mid-term plans quantify AI growth areas andfinancial KPIs, clearly linking AI strategy to earnings and value creation? OW on Fujitsu, NEC, NRI: Deeper DX including AI set to lift large-cap value added;demonstrated AI-led earnings growth may drive share price recovery. OW on Otsuka, OBC: SME IT investment is a long-term growth theme; both firmsare well positioned for structural growth from DX demand. Market concerns about AI disruption even as companies remain confident inprofit growth: Stable profit growth and limited near-term risk:Many IT services/software companies are projecting high single-digit to double-digit profit growth,with limited short-term earnings risk. There is some resulting support for valuations,and share prices are beginning to stabilize. Dialogue with market needed for a share price rebound:However, we think a full-fledged share price rebound will require deeper and more proactive communicationwith the capital markets. In particular, to alleviate concerns about long-term AIdisruption, companies must demonstrate quantitatively that AI adoption is eithercreating new business opportunities or driving margin expansion and acceleratedprofit growth through productivity gains. Quantitative AI equity story is key to recovery:Looking ahead, we believe shareprice recovery will favor companies that can present a concrete and quantitativeequity story around AI-driven business opportunities, supported by both actualresults and forward-looking guidance. Summary Catalysts Ahead:Substance of companies' medium-term management plans / visions •New mid-term visions:Many companies' current medium-term plans are in theirfinal year, so focus is likely to be on new mid-term visions due out this Apr-May.•AI-driven growth areas:As IT services and software/tech companies are likely tobe among the most advanced users of AI, we think attention will be on whetherthey can quantitatively demonstrate AI-driven growth areas, productivity gainsfrom AI, and resulting profit growth.•Short-term and mid/long-term financial KPIs:We also expect focus onquantitative financial KPIs, including overall revenue and profit growth outlooks,financial targets such as ROE, and shareholder return policies. Majors NRI, NEC, and Fujitsu are likely early rebounders since the value of IT servicestends to rise with more complex systems:We identify firms likely to see faster shareprice recovery once the common nature of AI and comprehensive IT solutions is clearer.Fundamentally, as IT systems grow more complex, the value of full-scale IT solutionproviders rises in step. As such, we expect the 3 major industry firms to lead the rebound. NRI (OW):Strong earnings driven by Business Platform Services (BPF); we forecast 11% 3-year EBITDA CAGR. NRI has established a business platform model with outstandingadvantages as an industry-standard infrastructure provider, and offers a comprehensiveservice framework in the security domain. NEC (OW):Leading industry player with unique & powerful technology assets; weforecast 10% EBITDA 3-year CAGR. As one of Japan's largest IT & software providers, NECoffers top-tier solution capabilities and differentiation in areas like security & defense. Fujitsu (OW):With industry-leading IT solution capabilities and a forecast 16% 3-yearEBITDA CAGR, Fujitsu benefits from Japan's largest engineer workforce and has anoutstanding track record across industrial and social infrastructure domains. SME IT investment as a long-term growth theme:OW on OBC and Otsuka. OBC (OW):We forecast 3-year EBITDA CAGR 13%. As a top ERP provider for SMEs, OBCbenefits from the structural back-office DX trend. Growth is driven by increasingpenetration of Bugyo Cloud and rising ARPU. Stability is supported by a recurring revenueratio exceeding 80%, while increasing cloud revenue share with high GPM points toindustry-leading profit growth. Otsuka (OW):We see a mid-term growth scenario driven by capturing DX demand fromSMEs. We forecast a 3-year EBITDA growth of +10%. While IT investment by SMEs tendsto lag that of large enterprises, Otsuka offers a one-stop solution model covering nearlyall products required for office operations. This positions the company uniquely within theindustry to capture accelerating DX demand among small/mid-sized enterprises. •Upgrade from EW to OW: Otsuka is a comprehensive IT service