麦格理全球通信行业2018世界移动通信大会好兆头大规模的产品发布201802276页

Pleaserefertopage4forimportantdisclosuresandanalystcertification,oronourwebsite–2018replacementcycle;XiaomireboundSmartphoneTrackerv.X–Newwinners;newestimatesSmartphones–iPhoneX;TrueDepthcamera,Glass,WirelesschargingCES2018–AI,Drones,AR,AutonomousdrivingMWCShanghai2017–5G;BlazingthepathMWC2017–PowerfulandFasterAnalyst(s)MacquarieCapitalLimitedAllenChang+85239221136allen.chang@macquarie.comVerenaJeng+85239223766verena.jeng@macquarie.comChrisYu+862124129024chris.yu@macquarie.comJinGuo+862124129054jin.guo@macquarie.comWendyHuang,CFA+85239223378wendy.huang@macquarie.comMacquarieCapital(USA)Inc.BenjaminSchachter+12122310644ben.schachter@macquarie.comEdAlter+12122311272ed.alter@macquarie.comSriniPajjuri+14157625018srini.pajjuri@macquarie.comSarahHindlian+12122311371sarah.hindlian@macquarie.comMacquarieSecuritiesKoreaLimitedDanielKim+82237058641daniel.dw.kim@macquarie.comMacquarieCapitalSecurities(Japan)LimitedDamianThong,CFA+81335127877damian.thong@macquarie.comMacquarieCapitalLimited,TaiwanSecuritiesBranchJeffreyOhlweiler+886227347512jeffrey.ohlweiler@macquarie.comPatrickLiao+886227347515patrick.liao@macquarie.comLynnLuo+886227347534lynn.luo@macquarie.comKaylinTsai+886227347523kaylin.tsai@macquarie.com27February2018MWC2018Goodsign;MassiveproductlaunchesEventMobileWorldCongress(MWC)kickedoffinBarcelonaonFeb26(link).Keyhighlights:1)AIinsmartphones,includingreal-timetranslation,shootingmoderecommendation,imagerecognition,imagesearch,voicerecognition,voicecommands,etc.2)ARinsmartphones,creatingcharacterswithyourownface,3)greatscreen-to-bodyratio,underdisplayfingerprint,facialrecognition,glasscasing,andwirelesschargingaskeyspecifications.Huawei,LG,Samsung(coveredbyDanielKim),ZTE,Nokia,Sony,Asustekproductlaunchesleadingtheshow(Fig1).WeexpectthevariousflagshipmodellaunchesinMWC2018toeasethestreet’sconcernsonsmartphonede-spec.AswehighlightedinJan(SmartphoneTrackerv.11,link),weexpecttheflattishsmartphonemarkettocontinuetobenefittheleadingbrandsandacceleratetheadoptionofnewfeatures.Stockideas:Weadviseinvestorstostickwithleadingbrandsandcomponentsinbothclasses—‘leadingbrands’and‘newfeatures’.Buy:Apple,Samsung,TSMC,Broadcom,HonHai,Sony,Murata,Skyworks,SunnyOptical,LensTech,Luxshare,ASE,TaiyoYuden,TDK,Sunway,ASMPacific,SMIC,GIS,LGInnotek,Inventec,WinSemi,Himax,EliteMaterial,CHPT,TPK,KYEC,Megachips,NanyaTech,Powertech.Staycautious:Largan,AAC,Catcher,ASUS,Kinsus.ImpactHuawei5Gchipset-Balong5G01,MateBookXPro(US$1,848,edge-to-edgescreen),MediaPadM5(US$431):Huaweilauncheditsfirstcommerciallyavailable5Gchipset,Balong5G01,compliantwiththe3GPPstandard.Despitethepeakrateat2.3Gbps,lowerthanthe20Gbpsthat5Gaims,itshowsagainHuawei’saggressivemovein5Gandmanagementtargetstooffertotal5Gsolutionsacrossnetwork,devices,andchipset.VivoApex;~100%screen-to-bodyratio,half-screenunderdisplayfingerprintscanner,elevatingfrontcamera,screensoundcastingtechnology,glasscasing(Fig2–3):Vivoshowcasedaninnovativeconceptsmartphonewitha~100%screen-to-bodyratio.Theselfiecameraisinsidethephoneandpopsuplikeaperiscopewhenneededwiththedisplayfunctionasaspeakerandanearpiecethroughvibration.Thefingerprintscannerisunderdisplaywiththehalf-screenareatounlockthephone.Xiaomi;firstyearinMWC,newMistoreinBarcelona,MIX2stolaunchonMar27:Xiaomienjoyedastrongyearin2017withsmartphoneshipmentsup60%YoY.ThisisthefirstyearXiaomihasattendedMWCwithanewMistoreopeninBarcelona,showingitsrisingexposureandaggressivemoveoverseas.ThenewsmartphonemodelMIX2swilllaunchonMar27.ZTE;BladeV9(US$332,glasscasing,edge-to-edgescreen,AR),BladeV9Vita(US$221),TempoGo(US$80):ZTElaunchedthreesmartphonemodelsacrossentrytopremiumlevel.BladeV9usesaglasscasingwithuniquelayerswhichshimmersinthelight.Themodelhasan84%screen-to-bodyratio,dualcamerawithARmode,andisabletooverlay2Dobjectstophotos.Thecompany’spremiumbrand,Nubia,isalsoexpectedtolaunchnewflagshipmodelsduringMWC2018.MacquarieResearchMWC201827February20182Fig1MWX2018:newflagshipsmartphonemodellaunchesBrandSamsungLGSonyNokiaVivoZTEModelS9+V30s+XZ28SiroccoAPEXBladeV9Price(US$)---924332CPUQualcommSnapdragon845(Octa-core)QualcommSnapdragon835(Octa-core)QualcommSnapdragon845(Octa-core)QualcommSnapdragon835(Octa-core)QualcommSnapdragon450(Octa-core)Memory6GBRAM64/128/256GBROM6GBRAM256GBROM4GBRAM64GBROM6GBRAM128GBROM4GBRAM64GBROMDisplaySuperAMOLEDP-OLEDLCDP-OLEDLCDSize6.2inches6.0inches5.7inches5.5inches6.0inches5.7inchesscreen-to-bodyratio84%81%76%81%98%78%CameraFront:8MPxRear:12MPx+12MPxFront:5MPxRear:16MPx+16MPxFront:5MPxRear:19MPxFront:5MPxRear:12MPx+12MPxFront:8MPxFront:8MPxRear:16MPx+5MPxFrontcover3Dglass2.5Dglass2.5Dglass3Dglass2.5Dglass2.5DglassBackcover3Dglass2.5Dglass3Dglass3Dglass2.5Dglass2.5DglassWirelesschargingvvvvxxSource:Companydata,MacquarieResearch,February2018Fig2VivoAPEX:~100%screen-to-bodyratioFig3VivoAPEX:elevatingfrontcameraSource:Companydata,MacquarieResearch,February2018Source:Companydata,MacquarieResearch,February2018Fig4Nokia8Sirocco:3DglassFig5ZTEBl