1、EV/EBITDAPEG07-1361,290153,651153,65227,20919,00631,42825,38620,46122,68440,55943,88014,07517,48128,65321,31812,43912,43925,768284,89422,11039,209118,706 27,20955,48620.4635.5925.9538.1637.4810.25174.6349.5014.7027.9029.9924.1325.0612.1318.8423.919.2916.30328.00 54.18 14.31 178.6933. 2345.1529.6655.

2、3065.0016.82325.75 50.00 23.00 46.00 40.00 26.00 31.09 20.32 28.83 35.00 18.00 32.76360.00 66.53 17.15210. 0013.523.814.924. 2 20.1 8.947. 2 49.3 22.3 26.8 27.119.2 29.9 14.8 26.4 25.3 8.5 21.561. 2 36.6 41.9 61.7 25.3 29.210.612.37.116.314. 2 4.4 37.137.312.215.915413917.78.312.813.33.014.339.72521

3、2.747.014.218.80.70.60.40.70.70.30.8.21.2.20.80.41.80.6.7.71.31.40.71.01.41.01.2CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY CNY 8060402001Q192Q193Q194Q191Q202Q203Q204Q201Q21I ntel 10nm CPU21500040%30%20%10000 0/0 50.0%45.0%40.0% 35.0% 30.0%25.0%20.0% 15.0%10.0

4、%5.0% 0.0% (十億個)3530252015105201520162017201820192020E2021E2022E2023E2024E2025E0其他非蜂窩通信蜂窩通信(百萬套)1412106781614121086420201820192020E2021E2022E2023E30%25%20%15%10%5%0%100%80%60%40%20%0%8%3%70%86%22%11%20182019中國乘用車前裝T-Box配置量YoY（RHS）3G T-Box4G T-Box其他T-Box 300 250 200 150 100 500(百萬臺) 22420152030%18517

5、4 140120100806040200(十億元)2019 2020E2021E2022E2023E2024E2025E其他通信模組各應用市場預測移動支付 移動互聯網車聯網4%10%32%42%GSM/GPRS WCDMA/HSPA LTENB-IoTNR45%45%GSM/GPRS WCDMA/HSPA LTENB-IoTNR22%統一辦公模式多地辦公模式衛星辦公模式分布辦公模式 2015 2019 2020E910.4%20.0%27.3%.2%11.4%21.7%億聯 寶利通思科 潮流 Aastra其他27.9%0.5%1.6%4.0%15.6%3.4%29.5%17.5%億聯 寶利通思科 潮流 Mitel Avaya Alcatel其他65%35%億聯其他 按業務板塊數字城市運營管理AI產品及整體解決方案, 92%人居生活智慧化升級AI產品及整體解決方案, 5%AI芯片銷售及IP授權, 1% 其他,3%智能商業, 42%智能公共服務, 58%人機協作操作系統, 31%人工智能解決方案, 68%其他, 0%城市物聯網解決方案, 66%供應鏈物聯網解決方案, 16%消費物聯網解決方案, 18%按收入性質 產品銷售,