115ѶŶӱʾĿǰڻҶȲԶĺŸѹܣӪ߿ǰƽ̨ͨѹܡݷ֮õĹںŸѹءųƴ˾Ϊ˸ʵݴṩ档йƶĶгģȲ֪ʶѺ֪ʶȨΪԽԽԵơΪ֪ʶѲҵչһ٣ע֪ʶѲҵ
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ȫƼҵָơһó̸ʽǩ𣬺г˴ǰԵνŵIJӰ죬ʰǣȫǡóѾprice inǰڳǣAɳһĻصܣָָ֤SENSEX30ָСµ⣬ȫָǣУޱ200ǡ
ȫصƼ˾١Ϊȫ5Gúͬ65ΪλȫڶŵǷһλʵʳ滪ΪΪȫһ2019Q3гݶﵽ33%ƻƻ˾չͼ˾XnorXnorһרҵо豸˹ܣAIĹ˾˴εչƻ2Ԫ̨磺̨繫²Ʊʾ2019ļӪΪ3172̨ңͬ9.5%ӪҵΪ1242.4̨ңͬ16%Ϊ1160.78̨ңͬ16.1%ëʴﵽ50.2%ڷʦԤ
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2014֪꣬ʶѳγ֣2013Źƽ̨ռıйĶģʽ2014Ƴġ˼άʷĸѻԱƣ˵֪ʶֵijΣѴͺĶʼ½֡ȺѷԼһЩС͵APPҲʼ֡
2016֪ʶѵԪ꣺2016긶ֱƽ̨ǧAPPߣֵ֪ĶܡϲƳѾƷרõƳרƳְ渶Ķʴ𡱣һ֪ʶûʼѸ
2017ҵ2017ƽ̨ʼչ36ߡ봡Ŀʱ䣬FMġָѽĿ֪ߵġ˽ҿΡġᡱϲ֪ʶڵϵƽ̨Ѹ
2018չķչĿʼṩʷչϲŵġʮ֪֪ʶгΪ֪ѧƳμƻ֪ʶѴƽ̨չ
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ĶĿٷչһڻIJϷչΪṩ˼ϡƶռΪƬʱĶṩ˱ݰͳ2019꣬йƶĶгģȲ204.9ڡƽ̨ϲ»ﵽ8000ˣԶԶƽ̨5GأӡʱԲݴĸ£ҲʹôӦóӷḻͬʱҵ˵ҵģʽҲһչ
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֪ʶѲҵͷЧӦ
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ǰҪҪΪIPֱҵKOLרҵMCNԼͨû
IP¸١̿ɵǴѾдƽ̨˵á
ֱҵKOLijЩרѧߡҵǶн˽⣬һDzжIPʵߣҲΪƽ̨Ķ
MCNۼKOLṩרҵġģҾһӪҽΪϤδýȺƳ˵ֶӵһϵеĿ
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Ŵƽ̨ݵӿ룬ݷ֪ʶƷƷԼҵԱ࣬ʹ֪ʶƷӪپѹרעڸݵӪƽ̨ʼ֡ݷSaaS߲ƷΪṩ̣Ϊṩչ֡ûӪӪȫסݷһϵеĹǰҪ֪ʶѹ߷ƽ̨Сͨޡӽ֪ȡ
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2016֪ʶ֪ʶƽ̨ݵչʼŶԪչĶƽ̨ʴٵγ̽ԼĿǰܻӭƽ̨ƽ̨ѾɳһЩ͵Ĵ֪ʶĵõʴ֪ݴšסԼŷȡ
ƽֶ̨Ԫķչƽ̨ڲҲڽжԪ̽ϲΪȥ飬硢顢ȸʽĸԽԽḻ߶ԪͬʱҲչƽ̨ѵ
֪ʶƽ̨ڿٷչٻţƽ̨֮IJԽԣͷЧӦʼ֡ûģϲԽӽ1ڵ»ԶԶƽ̨ϲźԽϸߣͬʱϲӲƽ̨ȫ̬ĿƷƵƹ㷽ϲҲйƶƷӪǰСƷƵĽû·ǿͷƽ̨ƽԣβƽ̨ûղȷȱûϸ
֪ʶѲҵı
Ϊ֧֡Լȫı£֪ʶѲҵģţƳĺŸѵȱ־¼ƶ£֪ʶѲҵչһ١
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MCN֪ʶʱ٣MCNΪרҵ̣ڹ桢֮⣬µı;Ҳһḻ
ݷƽ̨֪ʶƷӵ£ΪݹӦ̣չռΪһַ㡣
ͷƽ̨֪ʶƽ̨ڿٷչٻţƽ̨֮IJԽԣͷЧӦʼ֣Ϊʱͷƽֵ̨ùע
2˲ҵ
1) ʾȫ100Ӣ8K GOAʾɹ8K洺㲥̨20205G+8K/4K/xRӦ
գйɶеèʾƼ˾ڽ＼100Ӣ8K GOAߴ硢߷ֱʾɹΪȫȫƿġڽ＼ij8K GOAʾijɹ־Źʾҵ8K弼ȡͻƽչͬʱҲ־Ž＼ӦȡµشͻƣڹʾҵչҪ塣
ݽܣ5Gȫ渲㲥̨2020᳡ֻ᳡̨5G+8Kʵֶλ㣬8K洺5Gƶ;۵Ȼλ4Kźž봺ϵͳΪȫ4Kֱṩǿ֧ţ״罻ģʽxNISҲڴ״ӦãûͨƵͻ˹ۿ2020xRֱͶӽȫʽֱ㲥̨̨ۣƼŲܾ֡Ӫ̡Ϊ˾˵ȳϯʽţ
2) ˹ٶȵͼΪ˹ṩʵʱ·POIȵͼݷ
˹ǰͼݷ̸ΪٶȵͼϢٶȷʾΪ˹ṩйڵĵͼݷ˴ΰٶȵͼSxGScalable xector GraphicsAPIΪ˹ṩͼչʾʵʱ·POIȵͼݷṩֻ֧ţͼԿͼ360תİٶȵͼݷͼϸڸ36봣
3) NAND FlashNAND Flashгʼ£дԳǵӿѻصˮƽͶʡҵڹƽ°NANDƽۼ۽ȥ°ƽۼ۸߳30-40%ET News
4) 죺ӿƶͲҵ·չ̽+ģʽ
ָ֧ӿ췢չս˲ҵչһɫҵȺרҵʹ·չˮƽһȫġ硱ҵҵר¡СˡҵϸھҵӿƶͲҵ·չ̽+ģʽٽʵ徭ںϡ
5) ġϤǢ̸TCLų۹ӹ˾Ȩ
֪ʿ¶ھͽй˾Ĺɷݳ۸TCLŽгǢ̸Ǣ̸漰оƬ豸лɷ(002129,ɰ)ӡˢ·(002134,ɰ)ֵĹɷݣдڳڽΣδػɽסTCLڿǵķֱӽɷݳۣTCLȡй˾ɶĿȨ
6) ԻֲʽԻӿٴоɹ
㽭ѧ116ն ˫Լƻ ҪгɹǸߵоԺ Իӿڡ Ŷ㽭ѧҽѧԺڶҽԺƺɣǹڵһֲʽԻӿٴоԻӿڼļӳ£72λ̱߲ ƻеֱ֣ϡ齫DeepTechƼ(000021,ɰ)
7) xRxalZZZe xRͷ豸ڶȱ
RoadtoxRĵ飬зxalZZZe IndeV xR ͷ豸31ҵУ30ʾȫۣʣձҲֻеͷ豸ͷ豸ӿ̨ͬȫҲ
8) Զʻ˹г60䱸ȫԶʻоƬ
˹ڹٷijƣ˹䱸ȫԶʻоƬоƬӵиߴ60ڵľܣÿ144ڴεļ㣬ͬʱÿ2300֡ͼÿ˹ԡӳ֣ͬʱͬݡ˹䱸ȫԶʻоƬĿǰ˹Ѿг60䱸ȫԶʻӲij
9) ΪơΪȫHMS Core4
HMS CoreǻΪնƷĺϼЩͷӦûøûߵĻԾȺЧҵɹʵһ룬ȫȫȫն˵ǻ۷ַÿרעڴ£ΪΪնûࡢõȫǻ顣
10) Ե㡪Ϣƻ2ԪչXnor.aiбԵ
ý屨ƣ֪ʿ¶ƻѾչܲλͼAI˾Xnor.aiù˾רŴµġڱԵAI߿˾ٱXnor.aiAIͼʶߺܿܳΪδiPhoneͷıܡѶƼ
*ע˴ɽʾͶʽ飬Ƽ̸ҵоΪ
3 صƼȵع
4 ȫƼҵָƺ˾̬
һó̸ʽǩ𣬺г˴ǰԵνŵIJӰ죬ʰǣAɡ۹ɺSENSEX30ָСµȫǡóѾprice inǰڳǣAɳһĻص
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г˴ǰԵξƽԼóĦȷԵIJӰ죬Ƽǣ˹йָǡ15գ˫ʽǩ˵һεľóЭй12µĽڡڡGDPȾݣʾйýԻůиŹɡ
ٿصƼҵǵƼҵָǣ˹йƼָǣǷ2.71%⣬˹Ƽָ500ҽָ500ͨ豸ָ500Ϣָѳǰ뵼ֱָ2.29%1.99%1.61%1.59%1.37%
2̫Ƽָǵ
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3ȫصƼ˾
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12020óLFPصijռ﮵ڰȫѭȷ߱һƣȻǿͳרó2020Ŀ¼дLFPصijóռΪ18%2019ȫ7.8%ռнϴȵͬʱһ걨ͣڳó波LFPأLFP׳ռȿܻ20%
2CTPεص¼뷽ӦãLFPܡŽ꼼ջۣرCTPȼӦãLFPܶȳĿǰҵLFPоܶԼ170-180wh/kgȹ˾ԲLFPоѾﵽ190wh/kg﮵ܶȷĶ̰õĹۡҵڷCTPεطӦãЧʺͽͳɱϻбȽϺõЧ֡
3﮵ϸȶҵƿܼǿ2018/2019﮵س1GWhҵʱ(300750,ɰ)߿(002074,ɰ)ǵ(002594,ɰ)γ(300014,ɰ)ļҵ2019ϼռȳ93%γȶĸ֣CR3Ϊ61%жҲȽϸߡCTPεضԵоİȫԡɿҪߣδҵгݶܽһǿ
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ʾߵԤڣͻصԤڣӾա
2̵ӣƻһ飬̨編˵
ܵӰ2.6%ڸڶа뵼ǡ˹ͨԲǷϴ̨編˵ᡢǩһЭעǰƻҵԼ5Gͨš뵼ɿءƷߡ
1ӰعˣܵӰ2.6%뵼豸ϡ⡢ICƵȼǣӰǷڶѳǰ뵼2%˹ͨԲǷǰ̨編˵ʾǰԲأQ1ȫָԤڲϵʱ֧ƻǩһЭ顢DZ˱עǰƻԼ5Gͨš뵼ɿءƷյߡ
2̨編˵Q1ָԤڣϵ20ҵԤڼʱ֧ƻ̨Q4103.9Ԫ+8%ë50.2%ǰָޣEPS NT$4.5,+15%ͬ+16%롢ëʡEPSָǰָ1Q20ָ102~103Ԫ-1.7%ͬ+45%гԤڡʱ֧棬2020Ԥ150~160ԪǰԤ130~140Ԫ2019Ϊ149ԪҼ3nmƳ˳ƽδʱ֧֧š̨ʮɳʷÿʱ֧ӺҵΪϵʱʼǵҵůķ֮һȷ棬ǰ̨712/16nmǿ5GHPCIoTƶȽƳ8羧ԲָơPMICDriZZZerICҲΪšڵǰҵա潡̨Ԥ2020ͬ+20%ҵٳɳ
3ƻһ飬ҼгڶߴDZǽ·ݳƻƻҵ20-21ܵΪƻֻ20꽫Ťת»ƽ괴³ɳڣPRO³ӭṹֱ20ӭʹµӣն20-21оѳɳƣնiPadProп㡣ȫҪնƷ˵ƻ20ƺڰӪ20Q1ƻӭ꾰ѣ19Q1ǽQ1£ƻӭͬһƻ̬ӯձ2030䣬ҵ£ƻǵǰҵѡ˼Ƽ(300433,ɰ)ҵԤ泬гԤҲӡ֤ǵĹ۵㣬19˼ͷ̨һ廯ǷiPhone11ȫϵвáֵ20-21괴5G»˾ӭһֳɳڡ
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أƷ۲ԤڣӲҵӾ磬μʷ
3̵ӣ˼ƼӴ۹ͷһֳɳ
˼18꼰19ϰiPhoneӰ죬19ҵӭյ㣬ļҵٳԤڣԴͷ̨һ廯ǷٲʽӰЧǵȸֵżƷͻãЧʼۺϳɱָŻԼֻɴƽʵҾӰٸ²Ʒüʡڶڶӯá״θǸ衰ǿƼ-AĿ23Ԫ
1Ӵ۹ͷһֳɳ˼ΪӴ۹Ŀߣ18Ӫ277ԪǰӪռ80%²ϼӪռ16%ռ4%ƷҪӦֻƽ塢ɴܼҾӵΪҪAͻAӪ൱ڸֵƷͻáЧʼɱŻ19ļҵԤڡ
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3ֻǰʸ+5Gǰ˾ӯͷš˾18-193Dݶʾ1µ̨ףӸǰԾ߽ϴռ䣨3D/ٲʽԼӪ&5GоƬ١5Gֻ4G۸۲5Gãӯͷš
4ɴӶ㿪˾ݶӦ Apple Watchʯմϣ20¿йܴİУδ¼ͻֱռɹۡ˾ڶƷȺΪ˹һӦ̲ӦпؼBģ飬˹мӻ˳
5Ʒзܼ豸&Զƽֹ̨ľ˾ȥδƷзڸԼ۱ȳܴ˳ԣiPhone۲ŻʹܿɳҵԶԼ۱ȼģЧӦЧʱȽԣɴƷֻǽ²ڲϡͻƽ̨ǰհ֡
״θ衰ǿƼ-AĿ23Ԫ²ƷüʡڶӯãɴӶ㿪ڵԱġԤ19/20/21ĸΪ25.46/33.08/38.54Ԫ20ʣתծתɣӦEPSΪ0.60/0.78/0.91ԪӦPEΪ29.5/22.7/19.520תծȫתɣӦEPSΪ0.60/0.75/0.88ԪӦPEΪ29.5/23.4/20.1״θ衰ǿƼ-AĿ23Ԫ
أƷԤڣƷʼӯԤڣcost downѹ
4̼(600570,ɰ)ҵԤڣ߷緶
¼˾2019ҵԤ棬Ԥȫʵֹĸ12.91-13.42Ԫͬ100-108%۷Ǿ7.74-8.15Ԫͬ50-58%ҵгԤڣҪϵеĽʲĹʼֵ䶯ʹýԽʲӣԼӪҵ
1۷ǴгԤڣгůԡҵԤ棬˾19Q4Ԥʵֿ۷Ǿ4.57-4.98Ԫͬ61.5-76.0%ٴгԤڣҴߵȿ۷ǾˮƽǹƿƴģķԼʹ¹³ĸģ齨ǹ˾ҪǰгһֱĿƴҵijԣΪеֿƼ˲ҵĽڸĸﴴֻһֽڿŸĸһ㣬˳нĴԸ֮ءĿǰԻůʱгжڶڻĵͷţĸ߳ɳ
2ȫӵƼܹܽҵ201912ºʽƲƷԭܹƷ̬ﴫͳҵϵͳڶĶԽҵԺҵϵͳֺ죬ƽ̨Զά˿ͻijɱ˲ʱ䡣ΪƷƼܹת͵ĺ߱ͻгǿĿͻҲΪڻƵҪƶߣƼҵ
ά֡ǿƼ-AԤ20-21꾻Ϊ14.08/17.82Ԫ˾ʱгĸĴдںλƴҵٴ˾ҵά֡ǿƼ-A
ʾ1ߴIJȷԣ2ҵƽԤڣ3»½ʲֵ.
5̼(600588,ɰ)ҵԤڣƳͶ
¼˾2019ҵԤ棬Ԥƹĸ10.41-12.85Ԫͬ70-110%۷Ǿ6.12-7.18Ԫͬ15-35%ǾҪϵòֳڹȨͶʼʲʼֵֵȡ
1ҵԤڣҵƷͶ롣ҵԤ棬Ԥƹ˾2019ļȿ۷Ǿ4.38-5.44Ԫͬ8-34%гԹ˾ҵĹǡں۾ѹͽҵ۵ⲿ£ʵȽֳҵϢͶơƼʩĿٷչҵSaaSӦýԸٶչƴͳҵӦ컨壬δݽḻֵӦѼҵƷͶ룬ǻȫгᣬҵֻӦͷ
2ԤƼṹŻǹ˽в𡣹˾ǰȷǽƷɱ125%ĸԤȫƷҪҹ˾һͶ롣ṹֳŻƣƲƷ߱õĿͻճԺARPUֵߵĻƷռȵǿ˾Ŀɳԡ˽/ϲĿǰҵITij̬ԭѾӦֲԼƻɱ⣬˾ҵδҵͻı仯õơ
3ǿƼ-AͶԤƹ˾20-21꾻Ϊ12.54/15.47ԪϡȱۺƷļȺ̬չƣҵϢֱģά֡ǿƼ-A
ʾƷҵչԤڣ˲ʧա
6̻еȵ(300450,ɰ)ͻƴͻƽ̨ר豸ͷ
ȵܷ2019ҵԤ棬Ԥ2019й˾ɶ7.42-9.65Ԫͬ0-30%ҵԤڡ﮵ҵչ⣬롢ͬ⣬˾20193CȼϵصҲͻơ
1ڶװҵжȽһߡڲӰ죬2019ȫԴ120.6ͬ½4.0%гó106ͬ0.7%ԲΪеó14.6ͬ½28.3%2019ȫڶۼװԼ62.38GWhͬ9%ʱռʽһ2018ռ41.27%2019ռ51.79%
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32020꽫㡣2019걦ڡķյŷͳ綯Լӿ죬˹ҲModel3ͻ36.75綯ȫ̽һ٣ΪĶزҲǿӡʱNorthZZZoltλڵ¹ĹڿٽУLGҲУ˴IJܽ裬﮵豸ĹӦԶ̶ȡٶ˷dzߵҪĿǰȵܵľƻк豸Ѿ߱ȽˮƽͬʱڽӦٶԶʤպҵΪŷѡԤ2020꺣뽫ΪȵҪ㡣
43Cҵʵͻƣƽ̨ר豸˾ơȵĶλ﮵豸ƾǿзʵԼιյ⣬ȵʷѾתͣܳɹץסΪͷ﮵豸⣬ȵ3CȼϵءҲԶǰ2019ĩȵɹѵȫͷǩĸ߶豸δȵΪǿзʵƽ̨ר豸˾컨岻
7ͨţMWC2020ǰհעչ5GӦͶʻ
12020MWCǰհصע5GӦòء̽5Gӭ5GعʷMWCչһͨ顣2018MWC5GõδΪ⣬Ƴ5GоƬ豸Ʒ5Gأ豸ڱMWCк档2019MWCϱԵȳ𣬴CDNԵվַԴһ顣2020ȫ5Gģ迪Ӧóߡǰհ2020MWCΪ5GӦôʽΪչĺĹؼ֮һصעƵ顾Ƽ(300079,ɰ)Ƽ&顾Զͨ(603236,ɰ)Ϊͨ(300590,ɰ)ͨ(300638,ɰ)(300098,ɰ)Ե顾ͨѶ(000063,ɰ)Ƽ(300017,ɰ)顾Ϲɷ(000938,ɰ)(002396,ɰ)˳Ϣ(000977,ɰ)IDC顾(300383,ɰ)(600845,ɰ)xR顾Űٿع(600640,ɰ)Ŷ(300081,ɰ)ȡ
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صƼͨѶйͨݡͨšмʢѸƼŰٿعɡͨ(002465,ɰ)οƼ
ע˳ϢϹɷݡͨ(600498,ɰ)ܴ硢Ƽ(000988,ɰ)ݸ(603881,ɰ)Ϊͨ
ʾóĦ5G費Ԥڡ5GͶʹģԤڡƼͶټMWCвȷ
02
ƴҵ
2020121գ2ҿƴҵעᲢ淢аţעҵĻԼԱAй˾Ͷ߲ο
*ע˴ɽʾͶʽ飬Ƽ̸ҵоΪ
2ҿƴ幫˾ܣ
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˾רעϡϵͳ㲿зۺͷƷ¹ӢĴǵ50Һ͵ȫȵϡTPMS(̥ѹϵͳ)ƷۺϷṩ֮һ˾ȫϡʮܸ꣬ͨչƺͳвƷ£Ŀǰѹ˰ۺϲƷ̥ѹϵͳTPMSϵкܸʻϵͳADASϵڵƷߡۺϲƷʼ˾ƳƷȺչTPMSϵСADASϵеרҵƷܻ㲿(̥ѹ)ҵͬʱڶ۵ά밸ʼṩһ廯άƷ
2. ɿƼ
˾ǹҼ¼ҵԳԡƼ족Ϊʹרעڻзơ졢ӦáۺͷΪͻṩܻԻϵͳ˾IJƷ㷺Ӧ㲿3CеݡĦгҵԶ̶ߡҵӦ㷺ҵ˾ڹװȵλδһ㹤ҵԶܻˮƽIJߣӦõĹȺȲ˾ҵչռҲչƾȵзۺļʵǿĹḻĿ顢Ƶļۺ˾ڻ˺ĸҵӦо߱ľơ˾ȺΪá㶫ʡս˲ҵǸҵ()㶫ʡ˹Ǹҵ㶫ʡ2018ĸ￪40ҵҵƺš
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