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1、Nomura
2、ChinaSmartphone渐飞研究报告-http://bg.panlv.netDecember7,2011ChinaSmartphoneEQUITYRESEARCHTECHNOLOGYTourtake-away:strongoperatorchannelsalesDecember7,2011FirstLookBreakingnews,marketeventsandcompanyannouncementsAction:tripreaffirmedourbullishonmarketgrowthResearchanalystsWevisitedninesm
3、artphone-relatedcompaniesbetween5-6DecintheShenzhenarea.Fromthetrip,weconfirmedstronglow-endsmartphoneChinaTechnologydemandintheoperatorchanneldrivenbyoperators’subsidypolicy,butLepingHuang,PhD-NIHKtheopenchannelsmartphonemarketremainsimmatureduetoprice.leping.huang@nomura.com+8522252159
4、8WenoticedChinahandsetOEMsareexpandingtheirproductportfoliosintoahigherpricesegment(CNY1,000-1,500/USD150-220)in2012inordertoimproveoperators’ARPUandOEMs’ASPsafterthebigsuccessinthebelowCNY1,000segmentin2011,butitisstilluncleartouswhetherthosemodelswillbeacceptedinChina’smarketduetothepo
5、larisationofconsumerdemands.WeexpectthosetrendswillbenefitChinaUnicominoperators;ZTE,ChinaWireless,Lenovo,FIHinOEMs,andSunnyOptical,SpreadtrumandRDAincomponentvendors.CompanyMeetingmemos:ChinaUnicom(762HK,Buy):OurvisittoChinaUnicom’sshopshowstheaccelerationof3GsubscribergrowthafterChina
6、Unicomintroducedanewserviceplanfrom1Decwhichprovidesafreelow-endsmartphoneforallsubscriberswhosignatwo-yearcontractwithamonthlyfeeofCNY66(USD10).ZTE(763HK,Buy):ZTEtargetstoshipabove25mnunitsofsmartphonefrom15mnunitsin2011.Inadditiontotheexistinglow-endmodels,ZTEwilllaunchmid-endproducts
7、(CNY1k-1.5k)suchasSkate(4.3inchscreen,1GHzCPU)tosatisfythediversifiedrequirementsfromoperatorsandconsumers.ChinaWireless(2369HK,Neutral)indicatedthatitssmartphoneportfoliohaspassedthetransitionperiodin1H11,andisinlinewithotherChinesehandsetOEMsnow.ChinaWirelesstargetstoship16-18mnunitso
8、fsmartphonein2012from11mnunitsin2011,andexpectsaflattishy-ygrossmargintrend(~18%)in2012.SunnyOptical(2382HK,Buy):indicatedthatitshandsetcameralensandlensmodulefactoryisoperatingatc.90%utilisationratecurrentlydrivenbystrongordersfromitsmajorcustomersincludingNokia,Huaweia
