研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus29December2022TableSummaryTableofContents目录Focus行业和公司焦点今IndustryandCompanyFocus晨Nil无焦Research点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变BYDContinuousBusinessBoundaries00285HKHK3069Buy--YElectronicExpansionBuy比亚迪电子00285HK业务边界不断扩张买入评级HK3069买入--是SectorReportBi-WeeklyWrapNetTelecommunicAdditionof5GUsersHitaRecord--Outperform--NationsSector证High券通信行业行业报告双周报5G用户净增量创新高--跑赢大市--否研告究报报NewlyPublishedKeyEconomicDataforChinaUSandEurope告究中美欧最新公布的重要经济数据EquityResearchReport研券AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports后附行业和公司焦点最新报告摘要中文版证HSIPerformanceHSCEIPerformance31000140002900027000120002500010000230002100080001900017000600015000400013000110002000Dec21Mar22Jun22Sep22Dec22Dec21Mar22Jun22Sep22Dec22SourceBloombergSourceBloombergSeethelastpagefordisclaimer1of7MorningResearchFocusPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover1989891156121953654513恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE677276195205340455306国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE4212442143514700032340048科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatDec27PleasesubscribeGTJAIResearchandanalystsWechatsubscriptionaccount国泰君安国际研究部戴清策略研究PleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部和策略团队的微信公众号公众号账号国泰君安国际研究部戴清策略研究研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJTableNewsFocusTableWeeklySeethelastpagefordisclaimer2of7MorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsBYDElectronic00285HKContinuousBusinessBoundariesExpansionBuyRatingBuy6-18mTPHK3069AnalystGinYuReportDate2022-12-28SummaryWereviseupTPfromHK2497toHK3069andmaintaintheCompanysinvestmentratingasBuyWeforecastFY22-FY24EPStobeRMB0836RMB1272RMB1744respectivelyDuetothebetter-than-expectedsalesofBYDAutoandthefaster-than-expecteddevelopmentoftheenergystoragebusinesswereviseuptheTPandmaintaintheinvestmentratingasBuyWeexpecttheCompanytocontinuetoexpanditsshareinitsmajorNorthAmericancustomerin2023andtheexpandablemarketspaceoftheenergystoragebusinesswillbehugeWeexpecttheCompanysshareintabletsassemblyofthemajorNorthAmericancustomertofurtherincreasereaching50in2023Theproductioncapacityofglassbackcoverproductsisalsoconstantlyincreasingandweexpectthesharetoincreaseto30inthefutureThroughthecontinuousdeepeningofcooperationwithmajorNorthAmericancustomeraswellastheCompanysadvancedmaterialtechnologyprecisionmanufacturingcapabilitiesandrapidproductionexpansioncapabilitieswebelievethattheCompanyisabletoexpandintomoreproductlinesofmajorNorthAmericancustomerinthefutureForenergystoragebusinessinadditiontothelargemarketspaceofthehouseholdenergystoragethattheCompanyhasalreadyengagedinwebelievetheCompanywillexpanditsenergystoragebusinessintocommercialfieldWebelievethatthedevelopmentofnewenergyvehiclebusinesswillexceedmarketexpectationsThenewenergyvehicleproductscurrentlydeployedinvolvecockpitsintelligentdrivingdomaincontrollersthermalmanagementvehicleacousticscommunicationmodulesnewmaterialsetcAfterthecontinuousmassproductionofnewproductswebelievethattheCompanywillgraduallyobtainthepositionofthefirstsupplierofBYDAutoinseveralfieldssoastohelpachievethegoalofvaluepervehicleexceedingRMB10000CatalystMassproductionofmorenewenergyvehicleproductsRiskwarningSlower-than-expectedproductlineexpansionSectorReportTelecommunicationsSectorBi-WeeklyWrapNetAdditionof5GUsersHitaRecordHighRatingOutperform6-18mTPnaAnalystGinYuReportDate2022-12-28SummaryThenetadditionof5GusersoftelecomoperatorsreachedarecordhighInNovember2022thenumberofChinaMobilesmobilecustomersincreasedby1427millionthenumberof5Gpackagecustomersincreasedby23883millionto595millionandthenumberofwirelinebroadbandcustomersincreasedby2261millionto270millionChinaTelecomsmobilesubscribersinNovemberincreasedby0600millionwhile5Gpackagesubscribersincreasedby602millionto263millionandwirelinebroadbandsubscribersincreasedby092millionto181millionChinaUnicomsBigConnectivitysubscribersinNovemberreached854million5Gpackageusersincreasedby4451millionto209millionThe5Gusersofthethreemajoroperatorscontinuedtomaintainrapidgrowthandasoperatorsgraduallypromote5Ginruralareas5GusersareexpectedtogrowrapidlyChinaUnicomdisclosedthe3-yearoverallplanformmWaveinthe5G-AdvancederaacceleratingtheSeethelastpagefordisclaimer3of7MorningResearchFocusdevelopmentoftheindustrialchainChinaUnicomrecentlyofficiallyreleasedtheChinaUnicom5GMillimeterWaveTechnologyWhitePaper30announcingthatitwillimplementmmWavenetworkcapabilitiesinthreestagesthefirststageis2023conductmmWavenetworkscenarioexperimentsaccordingtothefrequencypolicyThesecondstageis2024R18andotherkeycapabilitytestverificationswillbecarriedoutoneistotackledomesticallyproducedmmWaveequipmentandkeyterminalchipdevicestocreateindependentcontrollabilityofmmWavestheotheristoenhancenetworkcapabilitiessuchasmmWaveflexibleframeformatmobilitycapabilitiesandintelligentbeammanagementaswellasenhancetheintegrationofmmWaveandsynaesthesiatechnologyThethirdstageis2025innovativeapplicationsofmmWavewillbedeployedintermsofToCareaswirelessnetworkcapabilitiesbigdataAIandXRserviceswillbeintegratedtopromotethedevelopmentofultra-highbandwidthapplicationssuchashigh-performancecomputingterminalschipsmoduleresearchandXRIntermsofToBareasstrengthentheconstructionofprivatenetworkcommercialscenariospromotingtheimplementationofmmWaveapplicationssuitableforvariousprivatenetworkscenariossuchasindustrialsecurityandgovernmentaffairsCurrentlymanyregionsintheworldhavebeguntousemmWavesfor5GdeploymentbutitwilltaketimefortheoverallindustrychaintomatureThedeploymentofdomesticoperatorswillgreatlyacceleratethematurityofthedomesticmmWaveindustrychainWegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKandZTE00763HKRiskWarningSlower-than-expectedconstructionofEast-to-WestComputingResourceTransferProject5GdevelopmentandcloudcomputingChineseTranslation中文翻译TableFocuschi行业和公司焦点Nil无TableLatestchi最新报告比亚迪电子00285HK业务边界不断扩张买入评级评级买入6-18m目标价HK3069分析员余劲同报告日期2022-12-28报告摘要我们将目标价由2497港元上调至3069港元并维持公司买入的投资评级我们预测2022-2024财年的每股盈利为人民币083612721744元由于好于预期的比亚迪汽车销售以及快于预期的储能业务发展我们上调目标价并维持买入的投资评级公司明年预计继续拓展在北美大客户中的份额同时储能业务的可拓展空间巨大我们预计公司在北美大客户平板产品组装的份额会进一步上升2023年可以达到50的水平玻璃后盖产品的产能也在不断提升中我们预计未来份额有望达到30通过和北美大客户合作的不断深化以及公司拥有的先进材料技术精密制造能力以及快速扩产的能力我们认为公司未来还有望拓展到更多的北美大客户产品线中储能业务方面除了公司目前已经涉足的户用储能柜有较大的市场空间外我们认为公司会将其储能业务的边界拓展到商用领域我们认为新能源汽车业务的发展有望超出市场预期公司布局的新能源汽车产品涉及座舱智能驾驶域控制器热管理车载声学通信模组新型材料等方面新产品不断量产后我们认为公司未来能逐渐在若干领域拿到比亚迪汽车一供的位置从而帮助实现单车价值上万元的目标催化剂更多新能源汽车产品的量产风险提示慢于预期的产品线拓展Seethelastpagefordisclaimer4of7MorningResearchFocus行业报告通信行业双周报5G用户净增量创新高评级跑赢大市6-18m目标价na分析员余劲同报告日期2022-12-28报告摘要运营商5G用户净增量创新高2022年11月中国移动的移动客户数净增1427万户5G套餐客户数净增23883万户至595亿户有线宽带客户数净增2261万户至27亿户中国电信11月份移动用户数净增60万户5G套餐用户净增602万户至263亿户有线宽带用户数净增92万户至181亿户中国联通11月份大联接用户累计达到854亿户其中5G套餐用户新增4451万户至209亿三大运营商的5G用户继续保持快速增长随着运营商在农村地区逐步推动5G预计5G用户仍将保持快速增长中国联通披露5G-A时代毫米波3年总体规划加速产业链推进中国联通日前正式发布中国联通5G毫米波技术白皮书30将分三阶段实现推进毫米波网络能力实现第一阶段是2023年视频率政策情况进行毫米波网络场景化部署试验第二阶段是2024年进行R18等关键能力试验验证一是攻坚国产化毫米波设备终端关键芯片器件打造毫米波自主可控能力二是增强毫米波灵活帧结构移动性能力智能波束管理等网络能力增强毫米波与通感技术的融合第三阶段是2025年进行毫米波创新应用部署ToC方面融合无线网络能力大数据AIXR业务推进高性能运算终端芯片模组研发XR等超高带宽应用发展ToB方面加强专网商用场景构建推动适合工业安防政务等多种专网场景的毫米波应用落地目前全球已有较多地区开始使用毫米波进行5G部署但整体产业链成熟还需要时间国内运营商的部署将极大提速国内毫米波产业链完善成熟我们给予行业跑赢大市评级推荐中国移动00941HK中国电信00728HK中国联通00762HK和中兴通讯00763HK风险提示东数西算和5G落地进程不及预期云计算发展或不及预期Seethelastpagefordisclaimer5of7MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702JackWu吴狄Strategy策略diwugtjascomhk8675523976718EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870JunZhu朱俊杰NewEnergy新能源junjiezhugtjascomhk85225097592DannyLaw罗沛达WholesaleRetail批发零售含教育dannylawgtjascomhk85225097768GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202VincentLiu刘健威MediaCulture传播文化含体育jianweiliugtjascomhk8675523976680IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204DanielTao陶选Computer计算机danieltaogtjascomhk8675523976885EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer6of7MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKFINANCIALSTREETPROPERTY01502HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKSENSETIME-W00020HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKCIFIHOLDINGSGROUP00884HKBILIBILI-SW09626HKASYMCHEM-HSHARES06821HKA-LIVING03319HKBIDU-SW09888HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT-HSHARES06689HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKIRICOGROUPNEWENERGY00438HKKWGGROUP01813HKCHINASUNTIEN00956HKJINKESERVICES09666HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKCHERVON02285HKKINGSOFT03888HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKGREENTOWNCHINA03900HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKMEITUAN-W03690HKCHINATOWERCORPORATION-HSHARES00788HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2022GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer7of7