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China 5G technology research and publish the results of the first stage strikes FIVE

Hits:Updated:2016-09-23 14:09:00【Print】

  Smart phone communication functions mainly by: base frequency, intermediate frequency, radio frequency (RF) of three parts, the filter is an important part of the RF. In general, a mobile phone frequency band corresponds to two filters. With the landing 4.5G and 5G networks to promote the network, mobile communications bands will increase significantly (which normally takes backward compatible), driven by growth in demand for filters. Specifically: 2G to 4G, commonly used frequency bands from 4 to nearly 20 (need backward compatibility), each phone number from just a few filters to the full version Netcom IPhone6S of 40, the future will demand 5G greater. Taking into account access to things, other new near-field connection, the filter needs will increase.
  Mai Jieke Technology homemade card bit SAW filter replacement, the rapid development of power
  Filter package currently dominated by Japanese manufacturers and major German manufacturers, such as Murata, Taiyo and other domestic manufacturers an alternative to ensure participation of Maori and accurately grasp the domestic market. The company SAW filter surge in demand for industry trends, continue to overweight SAW filter technology development and project construction. And plans to invest 450 million in 2016 were LTCC terminal RF SAW filter raise investment projects. Implementation of the project will help the company further expand its presence in the field of high-end electronic components, and is expected to break the monopoly of foreign manufacturers to achieve domestic alternative feed, and ultimately SAW filter localization.
  Source electronic form and thickening performance, the company also overweight high-end components
  2015 acquisition of Source electronic, LCM display module business with a high margin automotive electronics cut significantly boost performance, this year-source electronic promised profits 126 million yuan. In addition, the company also set by this layout MPIM small series inductance, overweight high-end products. After the completion of the contribution expected net profit of nearly 110 million yuan project with filter (filter + 58 million yuan of small inductors 50 million yuan).
  Optimistic about the company filters domestic substitution opportunity, for the first time give an "overweight" rating
  We believe that the filter is one of the first to benefit under the standard 5G industry segments, according to a communication standard 5G upgrades and access to a range of objects considered, the spatial filter market will grow exponentially. Companies targeting the relevant market, by the layout of the SAW filter set by the project will help to break the monopoly of foreign manufacturers in the field, a card SAW filters domestically, subject to the availability of high-margin be import substitution and bring results the rapid growth. We expect 2016/2017/2018 net profit of 1.76 / 2.52 / 325 million yuan, corresponding to 38/30/23 times PE, the company optimistic about the domestic filter alternative opportunities, initial coverage, give an "overweight" rating.