J.P.摩根-亚太地区投资策略-亚洲技术展望：内存市场前景和竞争格局的深入研究-2022.6-35页.docx

PAGE PAGE 10 Asia Asia Pacific Equity Research June 2022 Asia Tech Outlook Memory Market Outlook and deep dive into competitive landscape JJ Park AC +82 2 758 5717 jj.park@ J.P. Morgan Securities (Far East) Limited, Seoul Branch Albert Hung (886-2) 2725-9875 albert.hung@ J.P. Morgan Securities (Taiwan) Limited/ J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. End market outlook End market outlook End market assumptions – Smartphones End market assumptions – Smartphones Global smartphone shipments Global smartphone shipments Global and regional 5G smartphone adoption (units mn) 201720182019 2017 2018 2019 2020 2021 2022E 2023E Apple 216 204 195 204 235 235 235 Samsung 316 290 294 256 272 297 297 Huawei 153 206 241 190 35 25 25 Honor 40 80 80 Xiaomi 92 119 124 148 190 205 223 OPPO (+ Realme) 118 115 136 144 192 185 185 Vivo 95 104 105 108 134 130 130 LG 56 46 34 30 12 0 0 Other 168 183 148 135 182 89 77 Total 1,444 1,410 1,387 1,295 1,340 1,279 1,285 Apple 0% -5% -4% 5% 15% 0% 0% Samsung 2% -8% 1% -13% 6% 9% 0% Huawei 10% 35% 17% -21% -82% -29% 0% Xiaomi 58% 29% 4% 20% 28% 8% 9% OPPO (+ Realme) 23% -2% 18% 6% 34% -4% 0% Vivo 18% 9% 1% 3% 24% -3% 0% Other -3% 9% -19% -9% 35% -51% -13% Total 3% -2% -2% -7% 3% -5% 0% Source: IHS, J.P. Morgan estimates. Global smartphone shipments by region Units in millions, Source: IHS, J.P. Morgan estimates. Source: IHS, J.P. Morgan estimates. ***we estimate 700mn, 900mn 5G smartphone shipments in FY22/23 which represent 55%, 70% share