ΪʲôȯԴô

ΪʲôȯԴô

ȯԴĴọ̇ȯʶ

Ӷ15.6%

ʱۣܾ
Ŀ ˵
ƱӶ ֮1 Ӷ
5.6% ʡǮ׬Ż
Ȩ 1.8һ 1.6ijɱ

ֻҪֽƣ׬ܸǾӶ

ѯӣʡǮ

QQ135-5384-956
΢źŻɨάӺѯ


ɨһɨ΢ѯ

µĸӶ

     2011100ʽ𣬼Ͽȯϼ150200ʲףÿؽ׶ƽ200 Ӷǧ1ÿ칱Ӷ2000Ԫһ250գ һӶ50,250Ӷﻹû8.35%ĸʣӶһ򱾽˵̫
     ּ鲻ãԭȯ̵ӶãͬʱȯҲûз񣬸ûʾʸ߷ͷϸ룬ȯ˸ߵӶֵǮ
     ԲѰҵҸӶ𳬵͵ȯңʡǮϾ׬ǮףʡԼġ


оϢƼռ磬ϢοͶзգҪ

֤ͨȯ,׿Ʒ(002413)2018:ӪȲ عɷ




    Ӫ󱣳ֽϸ١׿Ʒ2018ǰʵӪҵ6.34Ԫͬ40.28%ԴӪҵӺչݲҵ΢ϵͳ޹˾IJסĸΪ1.06Ԫͬ39.73%2018Q3ʵӪҵ2.41Ԫͬ53.71%ĸΪ0.38Ԫͬ49.76%˾2018ǰۺëΪ47.67%2017ͬڼ2.66pctΪ17.64%2017ͬ
    ȺعɷгġڶԹ˾ǰģ201868׿ƷʵʩعƱعԼ1.00Ԫ۸ɽΪ5.57~7.19Ԫ/ɣعɷ1566.05עԼעʱ201810£˾ٴƳعɷԤʽͨо۽׷ʽع˾ɷݲΪ˾ڹȨƻԱֹɼƻĹɷԴع۸񲻳9.00Ԫ/ɣعΪ3~5Ԫ
    ٴʵʩȨƻ˾δչԱ󶨡׿Ʒ2018ʵʩԹƱ141ԹƱ6196.80ɣռ˾ܹɱ5.62%۸Ϊ6.04Ԫ/ɣ˾¡߹ܺͺԱμƻڽΪ˾20182020꾻2016꾻ʡμƻƹ˾гڼԼƲԱĻԡ
    ɶתֹ˾ȨͨЭתõķʽе׿Ʒȫɷ1.91ڹɣռܹɱ16.74%ֱתø΢šбʲ޹˾޹˾תü۸Ϊ5.50Ԫ/ɡתɺ÷й˾ɷݱֱΪ6.68%5.06%5.00%⣬ڹ˾λ߹ɶͬǩһжЭ飬ϼƳ׿Ʒɷ1.11ڹɣռܹɱ9.65%
    ӯԤͶʽ顣Ԥ׿Ʒ20182020EPSֱΪ0.140.150.17Ԫ/ɡϿɱȹ˾ֵˮƽǸ201850-55PEֵӦֵΪ7.00Ԫ-7.70Ԫ衰ڴС
    ʾƷͲԤڣƷҵŵɡ

֤ȯ,Ӧҵ̬:Ӳӭ ҽϢչ


    ¼828գίԱҽҽܾվڽһƽԵӲΪĵҽƻϢ蹤֪ͨҽƻչԵӲΪĵҽƻϢҪ
    Ӳӭߴ磺˴ίҽƻչԵӲΪĵҽƻϢҪ߶ԵӲϢ蹤ҪԵʶȫӲϢ蹤ƣϼǿӲϢ裻ġַӵӲϢã塢ǿӲϢˮƽۣȷӲϢаȫ˴֪ͨѵӲϢᵽˣʵҽƻҪͬ־ѹƶߵЧʵʩ֪ͨҪʵֵӲ4ҽԺϢͨ׼Ȳ4ˮƽʱڵΪ2020꣬ҵͷţǵϢĿִڣ׵ϰصĶӭ߷塣
    ҽϢչĿǰĿǰҽԺﵽHISȫǣҲﵽ80%ǣҽԺϢҽԺϢHIS׶ٴϢCISΪĵһ廯ҽԺϢϵͳɡEMRΪĵCIS𽥳ΪҽԺϢͶص㣬ӲԼϢͨ׼ȲƽһӿCISĽ衣ҽԺͬҵϵͳڼ󵹱ҽԺϢƽ̨裬Ϊҽãƶҵչ
    ҵĿܶٴϵͳҵϵͳԼϵͳλҽϢĿǰλĿƽ۸ҽԺݼɺҽĽü۸ǰӹҽԺĿֲҽԺٴϵͳĿǰҽԺĽٴϵͳϢΪһ޵ȼҽԺϢĿ٣Ϣˮƽδռϴ
    Ͷʽ飺һϵߺͱ׼ķȷҽϢչĴҽϢչҪ󣬽һҽϢͶ󣬴˴Ρ֪ͨӡһҵ߾ȣͬʱҽ塢ҽΪĵķּϵϳ죬ʵҽԴĶ³ΪҵչµصעӵȫֻҽԺţ˼ҽݣӵԵӲΪģCISϵͳּƽ̨ĴҵʿƼӵٴֻϿƼ
    ʾҽԺϢͶ벻Ԥڣϵͳֵķա

ΪʲôȯԴô

֤ȯ,ҵóҵ6ݵ:ڡ̴ƶ 6ѻů


    ,޶ٻС,ȥͬ»6ܶͬ9.0%,ٻ0.5ٷֵ,ȥͬ½2.0ٷֵ;޶Ʒ۶ͬ6.4%,ٻ0.8ٷֵ,ȥͬ½3.8ٷֵ㡣,6·,Ʒ۶26375Ԫ,ͬ8.8%,ٻ+0.5pct;Ʒ۶4467Ԫ,10.4%,ٻ+0.8pct6ȫ50صҵ۶ͬ1.2%,4.6ٷֵ㡣
    ޶Ʒ۶ṹ,ʳƷࡢࡢ̾ࡢװЬñࡢ鱦ࡢƷࡢõࡢҾࡢʯͼƷ9Ʒ൱ٻȺͬȫ;ױƷࡢҩƷࡢͨѶࡢװٻȸ,ȥͬ;ࡢĻ칫Ʒ6ͬȺͻȾ»ϸƷռ޶ܶıɸߵ,Ϊ:(1)ռ޶Ʒ۶Ϊ26.47%,Ʒ,6ͬ»7%,-6.0pct,ȥͬ-16.8pct;(2)ʯͼƷΪ14.24%,ͼӰ6ͬ16.5%,+2.5pct,ȥͬ+12.3pct;(3)͡ʳƷΪ9.86%,6ͬ13.0%,+5.7pct,ȥͬ+2.1pct;(4)װЬñ֯ƷΪ9.43%,6ͬ10.0%,+3.4pct,ȥͬ+2.7pct;(5)õΪ7.87%,6ͬ14.3%,+6.7pct,ȥͬ+1.0pct;(6)ҩƷΪ4.15%,6ͬ8.5%,+0.5pct,ȥͬ-5.1pct;(7)ƷΪ4.03%,6ͬ15.8%,+5.5pct,ȥͬ+4.6pct;(8)ͨѶΪ3.88%,6ͬ16.1%,+3.9pct,ȥͬ-2.4pct;(9)Ļ칫ƷΪ2.72%,6ͬ3.5%,-4.6pct,ȥͬ-12.9pct;(10)̾Ϊ2.70%,6ͬ11.4%,+6.6pct,ȥͬ+1.9pct;(11)װΪ2.02%,6ͬ7.2%,+0.7pct,ͬ-8.0pct;(12)鱦Ϊ1.89%,6ͬ7.9%,+1.2pct,ȥͬ+1.6pct;(13)ױƷΪ1.86%,6ͬ11.5%,+1.2pct,ȥͬ-5.5pct;(14)ҾΪ1.83%,6ͬ15.0%,+6.4pct,ȥͬ+0.2pct;(15)ռ1.59%,6ͬ12.6%,+5.5pct,ȥͬ+2.0pct
    1-6ܶͬ9.4%,ȥͬ1.0ٷֵ;޶Ʒ۶ͬ7.6%,ȥͬ1.2ٷֵ㡣,1-6·,Ʒ۶154091Ԫ,ͬ9.2%;Ʒ۶25927Ԫ,10.5%20181-6·,ȫ۶40810Ԫ,ͬ30.1%,ʵƷ۶31277Ԫ,29.8%,ռƷܶıΪ17.4%;ʵƷ۶,ԡƷֱ42.3%24.1%30.7%
    6ݻůҪܶڡ618̴ٵӰ,ռȽϸ6»ȹҵݸƷƫС޳ҵ,ʳƷࡢࡢ̾ࡢװЬñࡢױƷࡢ鱦ࡢƷࡢõࡢҾȶƷ5´,άҵƼ
    6»ױƷװ֯ȱ10%ϵĸλ,鱦໷ٸ,ðٻױƷƺͻƽ鱦,Ƽɷݡ,עٻ;ϰCPIºǵӰ,ƼҼáԳ;ױƷƽעšһ,ƽ鱦עܴ

֤ȯ,άͨ(002115)гӪƽҵ 5G


    ¼˾չԷйɷݼֽ֧չƼ81.48%ȨԼ11 ԪԳʽ2.5 Ϲʣ18.52%Ȩ13.5 ڡ
    һƼýԴḻû㣬DZ޴
    ƼΪԭ崴²ҵʵӪҵͶšϷˡý档йͶĿǰռ90%ϡŵ201720182019 ۷ǺֱΪ9300 Ԫ13000 Ԫ17000 ԪҾɶŵɷ3 ڲ֣ʾԹ˾ǿġ
    ַƽ̨ҪDzɹβýԴ󲿷ͨЧʽַͻĿǰ»ԾûڣPC ƶˡӪ30%ҵ.⣬ڱ仯Լý𣬹˾ǰհԵϴ,ý壬δݱDZ޴
    г٣սȽ5G 
    ˾ĺг÷չͷ곬15%˾2017 ձĴǡȹƶiDAS Եгëʽ50%Լ30%δҪ㡣
    ˾2013 ǰհԵŻƷߣëʵ͡ռֽļҵ񣬾۽ǿIJƷ豸ҵҵڴ󲿷־ղֽ񻯵£˾ȡ˲񽡿ԼƷIJ
    ƷзͶ빫˾Ӵȣз/ӪԼ10%Ϊ5G ĵü˾iDASSmall CellһֱվȺIJƷásmall cell Ϊ5G Ҫ˾small cell Ʒб2016 ڶ㽭ʡʡƼСҵֺͿƼչʽصзƻ
    ˾ͨкͨ58%Ȩιչ10%Ȩͨ򡣺ͨǺϿͨỵ̂ΪԶ̴ּ洬ṩͨŷĽչУǹڸ߾ȹߵ쵼̣ 2016 꾻1400 Ԫδھںϡ
    ӯԤ⼰ֵ
    ҵײĹ˾ָơгչӪԪҵһƽ˾ҵԼ˾5G ʱ֮ǰIJƷھƼչ˽׶ΣݲǣԤƹ˾2017-2019EPSֱΪ0.100.11 0.14 Ԫ״θǸ""
    ʾͨգгȶһӾ磻

֤ȯΪʲôȯԴô

ȫ,̩Ƽ(603738):ڼרŵӦ鱣Ϲҷսʵͽ



ȫ25Ѷ ̩Ƽ(603738)25ڻƽ̨ʾ,˾ڼڼ,ԹҷսʵרŵӦ鱣ͽ,ȷһԪıϹӦ

֤ȯΪʲôȯԴô

֤ȯ,֤ȯҵ6Ͷʲ:CDR ͷȯӭů


    5гů,ȯ5ҵͬȻȾ5µ¾ͬ24.8%,16.6%,лů,ծȯгƽ,ʺծȯģ½Ӱ,ȯҵֻĿǰ¶24ȯ5¾Ӫ,ʵӪҵ119.1Ԫ,13.5%;ʵ־46.5Ԫ,16.9%,13ҵ,11һµ,23ҿɱȯ,Ӫҵͬ16%,ͬ25%
    ҵֻ,ȯָ̱š5µӪҵǰȯ̰:̩(16.1Ԫ)֤ȯ(15.0Ԫ)֤ͨȯ(14.1Ԫ),Ӧȱ䶯ֱΪ33%13%17%;5µ¾ǰȯ̰:֤ͨȯ(9.3Ԫ)̩(5.6Ԫ)֤ȯ(4.9Ԫ),Ӧȱ䶯ֱΪ100%47%-47%1-5ۼƾ,ҵͬµ9%,֤ȯ(+39%)Դ(+31%)֤ȯ(+30%)ҵͬٴȡ
    гͶѹ,ӪҵлIPOģ,ʹģ»,ΪCDRԤԡ
    (1)ҵ,5վɻɽΪ4527Ԫ,½12%,ͬ2%;
    (2)Ͷҵ,IPOģ,ʺծȯģխ5IPOΪ8,ʵļʹģΪ63Ԫ,9%,ͬ½65%5ʹģΪ277Ԫ,½43%,ͬ½18%ծȯģΪ2648Ԫ,½56%,ͬ5%;˾ծҵծģΪ923Ԫ,½58%,ͬ145%
    ,ծлƽ,»
    (1)Ӫҵ,5¹ֻ,Ϊ,ծбֻƽָ֤0.43%,µ2.73%;3001.21%,µ3.63%;ҵµ3.43%,µ4.99%;ծȫָ0.09%,0.79%;
    (2)ҵģά¡ӷӳгƫúͻԾȵ,5ƽ9890Ԫ,½0.81%,(66)Ϊ9819Ԫ
    CDRϸ򷢲,ͷȯ66,֤ᷢƾ֤뽻׹취()ȹ¼淶ļ,ҵعA,ΪȯͶҵṩҵͷȯͶҵ,CDRʶͷȯЧӦ,ʱгĸƽ,Ҳ֤ȯҵչṩҪ,Ʒҵ,ƷĴ¡Ʒͷ,ȯƷҵӭҵ;ҵ,иۡ⻥ͨΧؿ,ҲΪȯ̡߳ȥṩ˷ḻҵᡣ
    Ͷʽ:,ͷȯҵֵ˫֧,üֵڶʱгͽҵӴ⿪ű,ȯ̴ͳҵתøʼӴ,ͬʱҵƽߵij̨,ƶҵ,Ϊȯ̴alphaɳ,Ӱ𽥵ͷȯʱʵնͻϾ,ܰҵ,ͷȯҵ߼ʸơֵ,ͷȯ2018ӦPBΪ1.1-1.4,ʷλΪͷȯ̾ҵֵ˫֧,üֵ,صƼ֤ȯ̩֤ȯ
    ʾгµ֤ȯ˾Ӫ͡ҵ»;ڼܶƴ¡

ΪʲôȯûȯΪʲôȯûȯΪʲôȯûȯԼȯȯԼȯȯԼȯȯ۹ͨ۹ͨ۹ͨ202120212021ƱͶǮƱͶǮƱͶǮΪʲôȯڵΪʲôȯڵΪʲôȯڵ400Ͷ400Ͷ400Ͷȯȯȯ900ȯ5.6900ȯ5.6900ȯ5.6ӶǶӶǶӶǶҪǮҪǮҪǮͷβͷβͷβȯҵ񵽵ʲôȯҵ񵽵ʲôȯҵ񵽵ʲô6662020Ӷ2020Ӷ2020Ӷܷܷܷʲôȯȯʲôȯȯʲôȯȯȯȯȯ1000ȯͶ1000ȯͶ1000ȯͶԪԪԪȯƷתȯƷתȯƷתɢȯôôɢȯôôɢȯôô800Ͷ800Ͷ800Ͷ700ȯ5.6700ȯ5.6700ȯ5.65.885.885.88ӶӶӶϢôϢôϢôôôôŻŻŻ600ȯ5.6600ȯ5.6600ȯ5.6ʧʧʧ3000ȯ5.43000ȯ5.43000ȯ5.4ȯȯȯתծӶͿԶתծӶͿԶתծӶͿԶ60Ͷ60Ͷ60Ͷ600Ͷ600Ͷ600ͶһԪƱѶһԪƱѶһԪƱѶΪʲôȯԴôΪʲôȯԴôΪʲôȯԴô100ȯ5.6100ȯ5.6100ȯ5.6۹ͨ׷۹ͨ׷۹ͨ׷ӶӶӶȯϢʱۿȯϢʱۿȯϢʱۿ۹ͨӶǶ۹ͨӶǶ۹ͨӶǶ200Ͷ200Ͷ200Ͷ500Ͷ500Ͷ500ͶƱӶ5ԪƱӶ5ԪƱӶ5Ԫ50Ͷ50Ͷ50Ͷ100Ͷ100Ͷ100Ͷ

֤ȯ,豸Ԫҵܱ:з˰ǰӼƿ۳ÿƼӲʵ


    ȷз˰ǰӼƿ۳й
    921,˰ܾ֡ƼϷ֪֪ͨͨ,ҵչзʵʷз,δγʲ뵱,ڰ涨ʵ۳Ļ,20181120201231ڼ,ٰʵʷ75%˰ǰӼƿ۳;γʲ,ڼ䰴ʲɱ175%˰ǰ̯
    зüӼƿ۳߸ǷΧ,ȼǿ,з֧Ĵ͵ҵ档2018ϰ,ȫAɺŵӰҵзõľֵ,ͬپӪն,зͶٶȼǿǵϰ꾭,ҵͨзǿʵ̼󲢼ǿȫӰзռӪձȽ5%ұ䶯(ԶAɾֵ),,ϰռȸǴﵽ5.25%зʱ,Ӱз֧ʱԸAɾֵ,תʲıߡԶڵҵ,зýǶȿ,뵼塢ѵӡҵзռӪձձϸ,ȵ߸;ʱз֧Ƕȿ,Ӱ17֧ʱз֧ҵ46,оAɷݡŷƿƼ硢λǰ,̯Ч˰ո
    ,ҹҵγȫɹʹĹؼҪؾǴзʵ,з˲,ҵз˰ѽʹõҵװ,ƿƼӲʵͬʱ,ǿзͶЧʹ˾,ô¿ʵȹҵλ
    Ƽ
    ѵ:弤⡢ɽܡ˼ƼŷƿƼѶ;LED:;뵼:硢״¡ӡƼ;PCB:ɽܡӡʤƼ;:šӡӡ˳;ʾ:Aӡ
    ʾ:
    1.ѵγ²Ԥ;
    2.ɵ·ڵͻƲԤڡ

֤ȯձ,ST(601558):ɶǩȨίЭ ʵ




    ST磨601558棬˾ҹɶعؼš컪̩ͶʡͶĽϼ13.68ڹɹ˾ɷݱȨίиж˿·жչж˿·жչҹɶȨίк󣬿ʵ֧Ĺ˾Ȩɷݺϼ13.68ڹɣռ˾ܹɱ22.69%˾Ȩʵʿˡ޿عɹɶΪΪ˾ʵʿˡж˿·жչӵй˾Ȩݶ

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