[信息与通信]野村智能手机.pdf

Smartphones | C H I N A TELECOMS TECHNOLOGY N O M U R A I N T E R N A T I O N A L ( H K ) L I M I T E D Leping Huang, PhD +852 2252 1598 leping.huang@ NEW THEME T R O P E R R O H C N A The RMB1,000 revolution Stocks for action The advent of RMB1,000 (circa US$150) smartphones promises to revolutionise We believe the market has yet to China’s telecom industry and the global handset space. As well as driving 3G recognise TCL Com as a key subscriber growth in China, we expect the availability of affordable, capable entry-level beneficiary of the growing popularity of smartphones to lead to consolidation in the domestic handset industry, since small social network services (SNS) in white-box vendors don’t have a reliable upgrade path to 3G from either a chipset emerging markets or BYDE as a proxy sourcing or product distribution standpoint. Moreover, we think these phones will help for China 3G subscriber growth. Chinese handset OEMs move up to the mid-range product segment, paving the way for a further convergence in their valuations relative to handset brand vendors. We Price Stock Rating Price target forecast that China’s smartphone market will expand from 20mn units in 2010F to TCL Com (2618 HK) BUY* HK$8.08 HK$11.00 62mn in 2012F, making it the world’s seco