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Everything needed to interconnect 5G, filter surge in demand

Hits:Updated:2016-09-23 14:09:59【Print】

  Things "trend has been established:" Made in China 2025 "The concept of things formal in an official document to enter the public view, the recent NB-IoT technology opens low power IOT market, expected future networking industry will be presented one kind of strides forward type of situation. It ICInsights expected in 2015 with the global networking and sensing capabilities of things market reached $ 57.7 billion, up 19% compared with 2014, the 2018 data will reach $ 103.6 billion, MarketsandMarkets the forecast is more optimistic, expected 2017 IOT market size can be increased to $ 290 billion. with the continuous development of the networking industry, the potential value of the entire networking market is expected to reach one trillion US dollars.
  Everything needs to 5G Internet, the rapid development of mobile communication: the Internet can not do without all the high load capacity, low delay network connected 5G, 5G is expected to be completed this year related standards, 2020 commercial.
  Increase application means that the band is still 2G to 5G, the filter needs a single terminal will also remain a few to hundreds, filter this sub-sector will still benefit. In general, a communications band corresponding need down the line filter each one, that is, a band corresponding to the two filters. IDC expects the global smart phone in 2019 reached 1.9 billion single shipments. Assuming that the average cell phone with 20 filters only supports ten bands, the global annual demand of 38 billion filter filter priced at US $ 0.1-1 range, assuming only $ 0.1 each filter calculation, the global in filter market size of $ 3.8 billion, a larger market capacity.
  Investment strategy: We believe that the Mai Jieke Technology as a filter alternative domestic pioneer, will benefit from the domestic development of things and replace the filter. Mai Jieke Technology intends to invest 450 million yuan surface acoustic wave filter packaging process development and production projects, the company has mastered the terminal RF SAW filter (SAW) technology products and production processes and start small production quantities, through this project will achieve scale mass production, to achieve localization of mobile phones SAW filter. We expect Mai Jieke Technology 2016--2018 annual revenues were 25.33 / 30.39 / 3.586 billion yuan, respectively, corresponding to EPS of 0.81 / 0.90 / 1.28 yuan, the corresponding PE is 36/32/23 times, maintain the company "recommended" rating.