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1、23May2017GlobalEquityResearchTechnologyiPhoneanditssupplychainTheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverCONNECTIONSSERIESincisivecross-sectorandcross-borderthematicinsightsforourclients.IdentifyingwinnersthroughthechainCreditSuisseGl
2、obalTechnologyResearchTeamCreditSuisseequityresearchteamFigure1:OurtopOUTPERFORM-ratedideasforthethemeManishNigamBBGPriceTPPE(x)CSEPSgrowth(%)85221017067manish.nigam@credit-suisse.comCompanyTickerCurr.RatLocalCur.LocalCur.2017201820172018KulbinderGarchaamsAMSSWCHFO63.2072.0045.114.9(1
3、1.4)212.42123254795AppleAAPLUSUSDO153.99170.0016.814.310.717.6kulbinder.garcha@credit-suisse.comHonHai2317TTTWDO102.50120.0010.89.410.215.3RandyAbrams,CFALargan3008TTTWDO4,900.005,200.0021.017.246.024.1886227156366randy.abrams@credit-suisse.comLGI011070KSKRWO128,000165,00013.212.44,65
4、6.27.9PaulineChenLensTech300433CHCNYO34.2442.4032.721.881.847.6886227156323MicronMUUSUSDO28.0640.007.15.56,115.928.1pauline.chen@credit-suisse.comMurata6981JPJPYO15,810.0018,200.0017.215.320.014.9KeonHan82237073740SEC005930KSKRWO2,255,0002,900,0008.78.065.110.2keon.han@credit-suisse.c
5、omSONY6758JPJPYO3,943.004,300.0017.816.5523.510.7AkinoriKanemotoSource:Bloomberg,Companydata,CreditSuisseestimates,atclosingpriceon22May201781345507363akinori.kanemoto@credit-suisse.com■Amajornewproductupdate.WebelievetheupcomingiPhone8modelwillSangUkKimrevivemedium-termunitgrowth(wef
6、orecastan8%CAGRover2016-19)82237073795sang.kim@credit-suisse.comeveninourbase-casescenario,givenpent-updemand(asperourinstalledSamLibasemodel)andmeaningfulnewspecs/featuresinthenewoffering.Inthis85221016775globalConnectionsSeriesreport,basedoninputsfromour15analystsfromsam.li@credit-s
7、uisse.comaroundtheworld,welookattheimplicationsoftheiPhone8cycleonAppleHideyukiMaekawaanditsglobalsupplychain.OnPages5-8,welistthemajorpartssuppliers,81345509723hideyuki.maekawa@credit-suisse.comtheirexposuretothisproductandtheirvaluations.MikaNishimura■Abigdealforthesupplychain;butno
8、tever
