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Table_MainInfo Table_Title / 5G Table_Summary 5G 196 14 20.84% 86 14TTM 35.56X 42.60X33.88X TMT 2 SW 2019Q11689.82 0.4% 20193026 5.46% 5G 3275G 5G“ ”5G 5G2019 6 65G 5G AAU 5G100G/400G5G 5G5GIDC 5G5G CDNIO2019 5G 4G5G5G5GTable_CompanyFinance EPS PE 2018A 2019E 2020E 2018A 2019E 2020E 32.53 -1.67 1.16 1.46 -19.70 28.22 22.44 33.99 0.87 1.02 1.44 46.61 34.50 24.46 34.20 0.77 1.06 1.44 32.12 33.04 24.30 16.77 0.43 0.61 0.84 39.00 27.49 19.96 23.62 0.46 0.75 1.14 44.90 32.76 21.52 Table_Invest Table_PicQuote -18%-7%4%15%26%37%2018/62018/72018/82018/92018/102018/112018/122019/12019/22019/32019/42019/5Table_Trend % 1M 3M 12M 4.41% -3.15% 21.66% -1.02% -5.59% 10.81% Table_IndustryMarket 122 15055 9272 38.34 2.74 12419 242 % 50.94 Table_Report 2019-06-23 5G5G 2019-06-16 5G2019-06-02 Table_Author S0550517030001 021-20361109 xiongjnesc S0550518010001 010-58034574 sunsmnesc / 2019-07-02 2 / 42Table_PageTop 1. 2019 2019 . 5 1.1. 2019 .5 1.2. 2019 .6 1.2.1. . 7 1.2.2. . 9 1.3. 2019 .10 2. 5G . 10 2.1. .10 2.1.1. 5G . 10 2.1.2. 5G 2019 . 12 2.1.3. 5G . 13 2.2. 5G .14 2.2.1. 5G . 14 2.2.2. . 15 2.2.3. . 16 2.3. .17 2.3.1. . 17 2.3.2. . 19 2.3.3. . 23 3. 5G . 24 3.1. .24 3.1.1. . 24 3.1.2. . 29 3.2. .30 3.3. IDC .31 3.4. CDN .33 4. . 35 4.1. 000063.SZ 5G .35 4.2. 300308.SZ .36 4.3. 002281.SZ M2M 37 4.4. 300310.SZ IDC .38 4.5. 300098.SZ .39 5. . 40 3 / 42Table_PageTop 1 2019-6-14 . 5 2 2019-6-14 . 5 3 2019-6-14 . 6 4 2019-6-14 . 6 5 . 7 6 . 7 7 . 8 8 . 8 9 . 9 10 . 9 11 2018 . 10 12 2018 . 10 13 5G 2019 6 6 .11 14 5G .11 15 5G . 12 16 5G . 13 17 5G 5G . 13 18 5G . 14 19 5G RAN . 15 20 OTN 5G . 15 21 5G . 15 22 5G . 15 23 5G massive MIMO . 15 24 CRAN . 17 25 DRAN . 17 26 . 18 27 . 19 28 . 20 29 5G . 20 30 5G . 20 31 . 21 32 . 21 33 . 22 34 . 23 35 . 23 36 2017 . 23 37 . 24 38 . 25 4 / 42Table_PageTop 39 . 26 40 . 26 41 . 27 42 . 27 43 . 27 44 . 27 45 . 28 46 2017 . 28 47 . 29 48 . 29 49 . 30 50 5 . 30 51 2019Q1 . 30 52 . 31 53 . 31 54 . 31 55 / . 31 56 CAGR25% . 33 57 IDC . 33 58 8 IDC . 33 59 8 IDC . 33 60 CDN . 34 61 CDN . 34 1 5G . 16 2 CRAN DRAN . 17 3 . 18 4 . 24 5 . 32 6 . 34 . 35 . 36 . 37 . 38 . 39 5 / 42Table_PageTop 1. 2019 2019 1.1. 20195G 2019 6 1420.84% 300 21.40%300 19.64% 21.53% 1 2019-6-14 1200170022002700320037004200470015-1116-0116-0316-0516-0716-0916-1117-0117-0317-0517-0717-0917-1118-0118-0318-0518-0718-0918-1119-0119-0319-05Wind 848.70% 31.66% 31.29% 26.94% 25.62% 2 2019-6-14 0.010.020.030.040.050.0Wind 6 / 42Table_PageTop 20196 14 TTM 35.56X42.60X 33.88X TMT 2TTM 32.08X58.15X 28.40X 3 2019-6-14 Wind 4 2019-6-14 010203040506070Wind 1.2. 2019SW 2019Q1 1689.82 0.4% 2016Q12018Q1 1024.61 2019Q17 / 42Table_PageTop 953.49 4G5G 5 wind SW 2019Q1 82.38 6.762018Q1 54.072019Q1 8.62 6 wind 1.2.1. 2019 3G 4G2009-2013 3G5 2014 4G2016 4G2019 30265.46% 5G 327 8 / 42Table_PageTop 7 9 .7 %- 1 5 .1 %7 .2 %1 7 .7 %1 2 .9 %1 1 .4 %1 6 .4 %- 1 8 .8 %- 1 3 .1 %- 7 .4 %5 .5 %- 2 5 %- 2 0 %- 1 5 %- 1 0 %- 5 %0%5%10%15%20%01 0 0 02 0 0 03 0 0 04 0 0 05 0 0 02 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 E2019 580 29.18% 5G60-8041.48% 9.8% 25.78% 8 1 6 9 .6 0 1 5 4 .2 0 2 5 5 .3 0 2 3 7 .7 0 2 2 9 .2 0 3 1 1 .6 0 2 7 8 .0 0 1 8 2 .0 0 1 7 0 .6 22 1 4 .6- 6 0 %- 4 0 %- 2 0 %0%20%40%60%80%020040060080010001200140016002010 2011 2012 2013 2014 2015 2016 2017 2018 2 0 1 9 E2019 780 4.1% 5G90 25.10%26.38% 9 / 42Table_PageTop 9 -20%-10%0%10%20%30%40%50%0200400600800100012002010 2011 2012 2013 2014 2015 2016 2017 2018 2019V A S &2019 5G 14992019 5G 172 5G10% 5G 16745.5% 10.2%4.5pct 5.2pct 10 2 8 5 .8 9 2 3 1 .3 0 3 5 6 .7 2 6 8 4 .1 3 7 3 1 .3 0 6 8 4 .6 0 6 2 3 .7 0 6 0 8 .0 0 5 5 4 .7 7 5 0 4 .8 0 - 2 0 %- 1 0 %0%10%20%30%40%50%050010001500200025002010 2011 2012 2013 2014 2015 2016 2017 2018 2 0 1 9 E20195G 2019 6 6 5G5G 1.2.2. Q12018 2018 SAASSAAS10 / 42Table_PageTop 11 2018 12 2018 SAAS5G4G 2019 4G5G 1.3. 20192019 5G 4G5G5G 5GeMBBVCSIDCIDC IDC 20182. 5G 2.1. 2.1.1. 5G 5G
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