SWS2010年7月中国电视机顶盒研究报告.pdf

I n d u s t Telecommunications r y Equipment July 2, 2010 Handset Sector I n d u s t —— New opportunities arise as 3G market heats up r y R e s e a r c h Overweight Investment Highlights: Unchanged The 3G industry in China is still in the introductory phase and due to a supportive Related Research: stance and subsidies by telecom operators the high growth of users seems set to continue. Currently, there are about 24 million 3G users in China. Based on this Handset sector--Major opportunity support from operators, an improving network, falling handset prices and the observed arising from telcos’ focus shift to behavior of existing users, we estimate the 3G user base will reach 150 million by 2011. 3G subscriber acquisition in 2010—Feb 8,2010 The number of handset models (especially TD-SCDMA) seems likely to increase as additional manufacturers embrace the market. Explosive growth in 3G subscriber numbers along with operator subsidies will more-than-offset the impact of decreasing prices for manufacturers. China Unicom (CU) is already seeing 3G user numbers pick up; China Mobile (CM) and China Telecom (CT) will catch up soon. According to recent operational data, CUs 3G user base increased by 1.023 million in