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5.5G 5.5G 2023 10 10 分 析 师：王 海 明 SAC编号：S1050523070003 联 系 人：何 鹏 程 SAC编号：S1050123080008PAGE 2 5.5G 5.5G 5G eMBB/uRLLC/mMTC UCBC RTBC HCS+ELAA 10Gbps 1Gbps RedCap NB-IoT Passive IoT 5.5G 5.5G 5.5G 10 5G AI 5.5G 5.5G 5.5G XR Pro 5.5G 5.5G C-V2X 5.5G to B 5.5G 5.5G 5G 5.5G 0YBYwPsPmPpOtNoNnQoRoPbR8Q9PtRqQpNoNfQmNqQkPnMqQ8OrQtOMYmRoMwMnRrO目 录CONTENTS1.5.5G 2.5.5G 3.4.XR 5.PAGE 3015.5G PAGE 51.1 5.5G 5G 6G 10 2.5G 5.5G 10 3GPP 2 Release 5-6 Release 5G R15-R17 5.5G 5G R18-R20 R20 6G 2028-2030 5.5G 5G 6G 5 1 1990s 2000s2010s 2020s2G 3G 4G 5G IoT 1990s GSMIS-95IS-136PDC 2000s WCDMATD-SCDMAWiMAX 2010s LTE-AWiMAX-A 2020s 3GPP 5G 2.5GGPRS/EDGE3.5GHSPA/HSPA+4.5GCA/IoTXkbps-xxkbps 384kbps-14Mbps 150Mbps-1Gbps1G1980s TACSAMPSNMT 1980s5G+2030s 3GPP 6G 2030s1Gbps-10Gbps 2 5G 6G 36 IT PAGE 61.2 5.5G 5.5G 5G eMBB/uRLLC/mMTC UCBC RTBC HCS 3 5.5G eMMB eMBB 3GPP 5G 1Gbps 500Mbps 5.5G 10Gbps 1Gbps 6G 5G 10-100 100Gbps IT PAGE 7 uRLLC 5G 1ms 4G 99.999%5.5G 6G 0.1 5G mMTC 3GPP 5G MTC 100/6G 1-2 1 5G 10 6G 1/4 4G/5G/6G 1.2 5.5G C114 PAGE 8 UCBC 4G 5G UCBC 5G 10 RTBC RTBC 10 HCS Massive MIMO HCS 5 6 7 5.5G 1.2 5.5G OfWeek 02 5.5 G PAGE 102.1+ELAA 10Gbps 8 5G+ELAA 10Gbps 5G FR1 FR2 FR Frequency Range FR1 450MHz 6GHz Sub6G 6GHz FR2 24GHz 52GHz mmWave FR1 5G FR1 100Mbps 3GHz Sub3G C-band FR2 5G 5G 20Gbps FR2 5.5G FR2 9 FR1 FR2 Sub 6G mmWave)410 MHz-7125 MHz24250 MHz-52600 MHz52600 MHz-71000 MHz 100 MHz 400 MHzSCS15 KHz,30 KHz,60KHz60 KHz 120 KHz 1/0.5/0.25 ms0.25/0.125 ms 10 Sub6G RF CSDN PAGE 112.1+ELAA 10Gbps 12 ELAA-MM 5.5G ELAA ELAA Extremely Large Aperture Array Massive MIMO ELAA C-Band 10Gbps ELAA MetaAAU 30+6GHz O2O/O2I C-Band 10Gbps 5 Gbps 11 Massive MIMO IT 1Gbps C-Band eMBB C-Band 5G C-Band TDD 5G 200w 0.2w C-Band 5.5G CRS-Free C-Band TDD+FDD CA FDD C-Band Sub-3G 1.8GHz FDD Gbps 1Gbps PAGE 122.2 1Gbps 13 C-Band RedCap NB-IoT Passive IoT RedCap Reduced Capability 5G 5G 5G RedCap 2030 PAGE 132.3 RedCap NB-IoT Passive IoT 5.5G 14 5.5G RedCap NB-IoTLPWA Passive IoT 100-200 150Mbps 50Mbps 2 100ms99.99%/15 RepCap NB-IoT Narrow Band Internet of Things 60%NB-IoT 2020 NB-IoT 1 10 PAGE 142.3 RedCap NB-IoT Passive IoT 5.5G 16 NB-IoT NB-IoT LTE-M Sigfox Lora Sigfox LoRa QoS NB-IoT LTE-M NB-IoT LTE-M Passive IoT PAGE 152.3 RedCap NB-IoT Passive IoT 5.5G 17 36 03 5.5G 5.5G 5G 2030 6G 5.5G AAU RRU BBU 5.5G PAGE 173.1 5.5G 18 5.5G 19 PCB SDN/NFV VR/AR AAU RRU PA LNA BBUMassive MIMO 5G 5G 2G/3G/4G 2/4/8 5G 64 360 5.5G 10 5G 10 5G 6GHz 6GHz 2.6GHz Massive MIMO ELAA PAGE 183.2 5.5G 20 21 300kHz-300GHz 5.5G 5G 5G AI 5.5G 5G 200MHz 5.5G 6GHz 200-400MHz 800MHz 5.5G 6G 5.5G 5.5G 4G 5G 5.5G 6G PAGE 193.3 5.5G 22 5G 5.5G 5G Massive MIMO 64 192 5.5GELAA 192 576 5.5G 5G 5G 5G PAGE 203.4 5.5G 23 2023 04XR VR Virtual Reality 3D VR AR Augmented Reality VR AR AR MR Mixed Reality MR MR VR AR XR Extended Reality XR VR AR MR XR 5.5G to C XR 5.5G+XR 3D 5.5G XR Pro 5.5G 10Gbps PAGE 224.1 VR/AR/MR/XR L2 5G 5.5G 5.5G+2.0 2025 C-V2X 50%2030 V2X Vehicle to Everything C-V2X Cellular V2X 4G/5G LTE-V2X 5G-V2X PAGE 234.2 24 25 2.0 4G/LTE V2X C-V2X 5G 5G C-V2X AI V2X 5.5G C-V2X XR Pro 3D C-V2X C-V2X CA Certificate Authority PAGE 244.2 26 5.5G V2X 51CTO 5G to B 5G to B 2022 5G to B 200 DICT 2025 5G to B 300 DICT 5.5G 5.5G to B 5.5G 5.5G RedCap NB-IoT Passive IoT RedCap eMBB NB-IoT LPWA Passive IoT PAGE 254.3 28 5G 27 5G 05 2G 3G 4G 5G GPS/5GHz-80GHz 2G 3G 4G 5G PAGE 275.1 30 29 2023 AFU 5G MIMO A+P 5G MIMO AFU A+P PIM PAGE 285.1 31 Wind-40%-30%-20%-10%0%10%20%30%40%0.002.004.006.008.0010.0012.0014.0016.0018.002018 2019 2020 2021 2022 2023H1营业总收入(亿元)同比增长率(%)0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 2023H1基站天线 射频器件 微波天线 其他 2022 2022 6GHz 7GHz 8GHz XPD()80GHz IBT 98%TR PAGE 295.2 33 32 2022 /2023 0.6m/1.2m/1.8m 6WGHz+7WGHz 6WGHz+10GHz PAGE 305.2 34 Wind-30%-20%-10%0%10%20%30%40%50%60%0.002.004.006.008.0010.0012.0014.0016.002018 2019 2020 2021 2022 2023H1营业总收入(亿元)同比增长率(%)0%20%40%60%80%100%2018 2019 2020 2021 2022 2023H1军工电子 基站天线 微波通信天线室内终端天线 射频器件与设备 其他 5G 5G BBU RRU/AAU PAGE 315.3 36 5G 35 TDD 5.5G 6G TDD TDD 5.5G 6G TDD/FDD 5Gbps 3GPP 5G TDD 5G IMT-2030 6G CCSA 5G AAU RRU PAGE 325.3 37 Wind-20%-15%-10%-5%0%5%10%15%20%25%30%35%0.0010.0020.0030.0040.0050.0060.0070.0080.002018 2019 2020 2021 2022 2023H1营业总收入(亿元)同比增长率(%)0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022移动通信网络设备 移动通信技术服务 其他 4G/5G AI 4G NB-IoT Cat-M 4G LTE 4G LTE-A 5G Sub-6G 5G Wifi6 PAGE 335.4 39 FORGE 38 2G 5G 4G/5G Android HMS CPU GPU AI 4G/5G FWA 2022 +MeiGLink 5.5G 4G/5G Sub-6G 5G AI 4G/5G ADAS DMS CPU GPU AI 0.2T 48T 5G WIFI arm AI ARVR AI PAGE 345.4 40 Wind-20%-10%0%10%20%30%40%50%60%70%80%0.005.0010.0015.0020.0025.002018 2019 2020 2021 2022 2023H1营业总收入(亿元)同比增长率(%)0%10%20%30%40%50%60%70%80%90%100%2018 2019 2020 2021 2022 2023H1模块行业应用 精密组件 其他 Wind 2023-10-10EPS PE 2023E 2024E 2025E 2022 2023E 2024E002446.SZ 10.04 0.36 0.48 0.62 27.89 20.92 16.19688387.SH-U7.15-0.09 0.04 0.11-79.44 178.75 65.00002881.SZ 26.93 0.64 0.96 1.34 42.08 28.05 20.10 PAGE 35PAGE 36 1 5.5G 2 3 2021 2023 7 PAGE 37/12 A 300 1 20%2 10%20%3-10%10%4 10%2-10%10%3-10%PAGE 38报告编号:231010005138
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