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Table_MainInfo Table_Title / NB-IoT Table_Summary NB-IoT2020 10%“ ”NB-IoT 20172019“ ” NB-IoT2G 4.4 33.5 26%47%0.71.131% (LoraNB-IoT) 10% NB-IoT2020 40%400050060020 NB-IoTTable_CompanyFinance EPS PE 2018A 2019E 2020E 2018A 2019E 2020E 5.40 0.21 0.31 0.37 25.24 17.17 14.76 31.32 1.37 1.82 2.47 22.80 17.21 12.69 5.06 0.18 0.25 0.31 27.72 20.36 16.43 Table_Invest Table_PicQuote -2%5%12%19%26%33%2019/22019/32019/42019/52019/62019/72019/82019/92019/102019/112019/122020/1Table_Trend % 1M 3M 12M -4.20% 9.11% 11.20% 1.61% 7.58% -5.37% Table_IndustryMarket 105 12164 8621 123.43 3.89 6995 70 % 48.19 Table_Report (603700) NB-IoT 20200204 (603700)20200114 (300259)20191223 (300259)20191028 Table_Author S0550518010001 010-58034574 sunsmnesc 2020-02-17 2 / 25Table_PageTop 1. NB-IoT . 41.1. . 4 1.2. . 4 1.3. NB-IoT . 5 1.3.1. 1.0 . 5 1.3.2.NB-IoT 5G . 6 1.3.3.NB-IoT . 6 1.3.4.NB-IoT . 8 1.3.5.NB-IoT 2G . 8 2. . 9 2.1. . 9 2.2. . 9 2.3. 10% . 11 3. . 12 3.1. . 12 3.2. . 12 4. . 14 4.1. . 14 4.2. . 15 4.3. . 16 4.4. . 17 4.4.1. . 17 4.4.2. . 18 4.4.3. ( ) . 19 4.4.4. . 20 4.4.5. . 21 4.4.6. . 21 3 / 25Table_PageTop 5. . 22 5.1. . 22 5.2. . 22 4 / 25Table_PageTop 1. NB-IoT 1.1. “ ” “ ”2016 “ ”( )“ ”2018 2019 “” 2017 ( )2020 10% 20191 “ ”“ ”“ ” 2019 6“ ” 1 1 2016.2 “ ” 2 2016.10 “ ” 3 2016.6 “ ” 4 2017.1 ( ) 5 2017.6 (NB-IoT) 6 2019.1 “ “ 201944NB-IoT2020 3 1 1.2. 2015 60320.72%5 / 25Table_PageTop DMA1 2 NB-IoT NB-IoT IC ICIC 2017 (1) 2017201830 953 4181.7623 (2) 2017201810 20%12% 240 67 ITNB-IoT IoT2016 9“ + ”2017 3 22 NB-IoT 1200 NB-IoT2018 7 9NB-IoT 2020 5020194.451.3. NB-IoT 1.3.1. 1.0 6 / 25Table_PageTop 2G NB-IoT Lora 3 1.3.2. NB-IoT 5G 2018 3 3GPP RAN 79 3GPP “5G NR eMTC/NB-IoT” R14 R15 R16 3GPP NB-IoTR14 R15R16 R15R16 NB-IoT LTE eMTC 2G 4 3GPP 3GPP 1.3.3. NB-IoT 7 / 25Table_PageTop NB-IoTNB-IoT LTE 20dB100 10km+ DRX( ) PSM10 5 GSMA NB-IoT7 21 5 NB-IoT NB-IoT 2 NB-IoT VIP GSMA 2017 NB-IoT NB-IoT20172019 “ ”2017 3 NB-IoT 202058 NB-IoT 2017 630 NB-IoT 2017 8 NB-IoT2017 10 10 NB-IoT ( ) 201799.8% 2018100%2019 2375 NB-IoT 8 / 25Table_PageTop 1.3.4. NB-IoT 90100 2017 62017 NB-IoT 40 NB-IoT2000 2020 NB-IoTNB-IoT 150 6NB-IoT 2017 40 201840 NB-IoT NB-IoTNB-IoT 30NB-IoT 20 346 6 1.3.5. NB-IoT 2G NB-IoT 2G NB-IoT2017 NB-IoT 90-11070-90 50050 302016 73 2018 36 2018 9 “300 NB-IoT ” 30 / 2018“ 500 NB-IoT ” NB-IoT30 80 2520 25 20 NB-IoT 152G NB-IoT2017 NB-IoTRDA Intel2018 “ 500 NB-IoT ” 10RDA 68 30409 / 25Table_PageTop 7 NB-IoT 2G 3 500 NB-IoT ML5535 N100 WT208 TPB41 MTK BC26 N700 ME3616 RDA ML2510 A9600 R2 N21 2. 2.1. 5060 IC 220260Lora 260 NB-IoT 280350 () 2.0 500600 NB-IoT2 5%4 Lora NB-IoT 2.0 ( ) 5060 220 220260 260 280350 500600 2.2. 2018 13.910 / 25Table_PageTop 59.58%(2015) 3.02 2.843.14 2.91.8 “ ” 2.91100 86%81% 1.54.4 33.5 26%47%25mm 6 25mm50mm 41020102012 1.2920132015 1.6661.662.95 0.550.98 20142018700 21100 5001600 “ ” “ ” “ ”“ ”9250 40% 3700IC Lora NB-IoT 1/3 84 (2016)2020 124 70 2342015 2200 162073.6% Frost & Sullivan (2015) 2020 540040008 Wind
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