资源描述：
《goldman china smart phone 2010》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、25.931.62010-2011706025.0%October13,2010China:TechnologyResearchReportAnalyzingChina’ssmartphonemarket:SixmainforcesatworkChinasmartphoneshipmentstoreach28mnunitsin2010EWeestimatethatsmartphonepenetrationinChinawillapproach14%inRATINGSANDTARGETPRICES20
2、10E,threeyearsbehindNorthAmerica,butaheadofmostemergingStockTickerRatingPricetargetPricecountries.InChina,Symbiancurrentlyleadsinmarketshare,theiPhoneinMediatekHTC*2454.TW2498.TWSellBuyNT$370NT$1000410.0712.0mindshare,butAndroidistakingalargershare—and
3、isprobablytheZTE(Hshare)0763.HKNeutralZTE(Ashare)000063.SZNeutralHK$29Rmb27mostpromising,inourview.WeseesixforcesworkingonsmartphoneLenovo0992.HKBuyHK$5.55.1growth—price,OS,3G,brand,distribution,andadoptionofmobileapps.AACAcoustic*2018.HKMurataMFG6981.
4、OSBuyBuyHK$21¥560017.64495.0Qualcomm*BroadcomQCOMBRCMBuyBuy$52$4444.835.7Priceiskey;distribution,brand,andadoptionalsonecessaryLarganMarvell3008.TWNeutralMRVLBuyNT$650$22601.016.8China’shandsetmarketisverypricesensitive,asevidentfromtheinverserelations
5、hipbetweenvolumeandASP.ThesweetASPspotforrevenueisUS$100-$125.Toachieve20%penetration,ASPsneedtofallto$130,inourview.However,priceisnoteverything.Thehigh-endiPhonetodayissellingmuchbetterthanthemid-endLephone,whichhasoutsoldthelow-end$150Androidphone.W
6、eattributeslowadoptionofthe$150Androidsmartphonetoitslimiteddistributionchannel,marketing,andtheadoptionofmobileapps,althoughweexpectuptakeofthe$150smartphonetoimprovein12months.*ThisindicatesthestockisonaregionalConvictionList.Note:Allstockpricesareas
7、ofOctober8,2010exceptforUS-listedshares,whicharepricedasofOctober7,2010.Targetpricesforallstocksareona12-monthbasis,otherthanMarvellandBroadcomwhichareona6-monthbasis.Source:GoldmanSachsResearchestimates,GaoHuaResearchestimates.CHINASMARTPHONEGROWTHTOA
8、CCELERATEINChina:threecarriers,three3Gstandards,oneWi-FiChinasmartphone&penetration,2006-2012ESmartphoneUnits(mn,LHS)SmartphonePenetration(%)30.0%25.0%In2Q2010,GSM/WCDMA/TD/EVDOrepresented51%/27%/19%/4%oftotal5019.0%20.0%smartphoneshipm
