巴克莱-美股-科技硬件与通讯行业-美国智能手机：5G产业分析-2020.5.10.pdf

CORE Equity Research 10 May 2020 Smartphone Updating Replacement, 5G Analyses INDUSTRY UPDATE IT Hardware and Communications Equipment In this report, we update Q1 data and take a deep dive into global handset replacement NEUTRAL cycle going back to pre-financial crisis. While replacement cycle has been elongating in Unchanged recent years, our analysis suggests that 2020 and 2021 will likely see another uptick thanks to Covid-19. We also lower our 5G estimates, and have yet to see evidence of For a full list of our ratings, price target and the new technology driving replacements. Because iPhone replacement rates have earnings changes in this report, please see elongated well more than the industry thanks to the strong resale market, we expect