海通证券-智能终端浪潮中谁主沉浮-20120227

tianyustar

目 录
U投资要点U ........................................................................................................................... 5
U行业篇U ...............................................................................................................................6
U1．智能终端：带来运营商与设备商的共赢U ...................................................................... 6
U1.1U U“小”终端撬动“大”产业U ................................................................................... 6
U1.2U U运营商：数据业务收入高速增长U ......................................................................... 8
U1.3U U设备商：移动数据流量拉动网络升级扩容U ........................................................... 9
U2．智能终端全面提升运营商盈利能力U............................................................................ 11
U2.1 智能终端带来用户规模增长，整体ARPU稳定，提升运营商收入U...................... 11
U2.2 智能终端带来网络结构升级，降低数据业务成本U .............................................12
U3．终端产业谁将是王者？U ..............................................................................................14
3.1 运营商定制的终端制造商更具优势U ....................................................................14U3.2 众人拾柴火焰高：Android开放平台将占据主要市场份额U.................................17U3.3U U高性价比智能终端制造商有望避免专利战的侵害U ..............................................18U3.4U UAndroid 软硬件平台的无缝结合需要增强U .........................................................20U3.5 硬件成本控制依旧为智能终端厂商的核心竞争力U .............................................20U3.6 山寨厂商在智能终端市场的份额将式微U.............................................................21U3.7 智能终端竞争格局：谁主沉浮见分晓U ...............................................................22U3.8 案例分析：HTC折翼之问？U...............................................................................25U公司篇U .............................................................................................................................26U4. 移动运营商和智能终端制造商龙头企业核心受益U .......................................................26U4.1 中兴通讯（000063.SZ）：终端发力加快、盈利能力提升U .................................26U4.2 信维通信（300136.SZ）：小部件、大空间U.......................................................28U4.3 中国联通（600050.SH）：期待3G产业链优势的深拓展U ..................................30