1、1811706AuKA!7 ,X!B5!F2010 H 12 15 - 0J y g - 0J g E E 2011 H i C 1* +96. nE 93Au 2246.6 !H L! 3.6% + 9u 9 4,X!GH ,X 33.36%L! 30.16% 10 2001-2009 /|+ A* rKS70%43%30%25%18% 17%19%17%17%0100200300400500600700800200120022003200420052006200720082009-20%0%20%40%60%80%/|+ A* ,R r/|+ A* ,R /|+ A* !rKSr* !rK
2、SCm9$d CFA -0JF 11 2009 H9/|+ Ar* 0246810122009012009032009052009072009092009112010012010032010052010072010090%2%4%6%8%10%/|+ Ar* D,R HY3Aur/|* !rKSCm9$d CFA -0JF 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 4 14Hz3Aur* 200420052006200720082009243852668310357.2%38.4%25.5%23.7%28.1%0204060801001200%10%20%
3、30%40%50%60%70%* ,R r* ,R* !rKS r* !rKSCm9$d CFA -0JF 15 2009 H9r* 0.00.51.01.52.02.5200901200903200905200907200909200911201001201003201005201007201009-60%-40%-20%0%20%40%60%80%100%r* D,R HY3Aur* rKSCm9$d CFA -0JFE 9 ,X r KS 6E9rKS 4 X A H ! ?U 4 X A H C_ 4r* Nq,+ 6(ENq /|L!5H!7z/|6(E+ 3G * E 1528 1
4、055 915 * Nq 43.7% 30.2% 26.2%E 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 5 17 2009 HE9 * Nq6(E* 20.3%+ * 7.7%/|* 71.9%Cm9$d A -0JF 187H 10 E9 * Nq6(E* + * /|* 19.9%10.4%69.8%Cm9$d A -0JF 19 2009 HE9 3G * Nq6(E 3G* 26.8%/| 3G* 33.3%+ 3G* 39.8%Cm9$d A -0JF 20H7zE9 3G * Nq6(E 3G* /| 3G* + 3G* 30.2%43.7%
5、26.2%Cm9$d A -0JF6( E Q C_ E !9 H 10 6(Er 3G * 0U. 110 iPhone ohGC,XADBEW),X6(E 4 3G * Gk,Q1 iPhone ,X | | 0 * 4 J iPhone 4 o B 6 X ,X iPhone 6( E 3G * G ,X t 2 6( E / # F ,X ) ? A6(E! 3G * ,X )?UqM4 5) 6(E!7 E9/#F-SJ#FAEzCYNXE6(E_JH /#FA1M/#F 4! 5%5 8 4E 27%J ),./#F7#F4! ,X( 5b8U1,ZE9J/#F,Q /#FoG,X
6、 6(E 3G * ),X/U0*3 N 6 | , !7 | | 3G * ,X ? ) 6(Eb 6 -| N6J 3G * )*/UE NX6(E -!“0N6E!9=6(E 3G “0#C 5x,XoE 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 6 21 6(E 3G * 4EWrKS )!,R zr WCDMA* 0.180.490.800.920.850.470.760.681.02 1.030.941.011.041.1000.20.40.60.811.220090920100120100220100320100420100520100620
7、1007201008201009201010200910200911200912Cm9$d A -0JF 22 6(E3Au 3G * DE 1166 )!,R 0.350.531.021.822.743.604.074.825.516.537.568.509.5110.5511.6602468101214200908200909200910200911200912201001201002201003201004201005201006201007201008201009201010zr WCDMA* 6(E WCDMA3Au* Cm9$d A -0JF 23 6(Ezr* D 2G+3G )
8、!,R 2009092009102009112009122010012010022010032010042010052010062010072010082010092010100.180.490.800.92 0.850.470.760.681.02 1.030.941.01 1.041.100.940.800.610.64 0.810.740.870.730.760.640.630.680.80 0.630.00.51.01.52.03G 2GCm9$d A -0JFE 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 7 24 6(E* DE 1.64 200
9、9012009032009052009072009092009112010012010032010052010072010090204060801001201401601802G* ,R 3G* ,R Cm9$d A -0JF L C C 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 8A NR ) -i C Q h2010 H + i C CD E V _ # C 2010 HiCL!,XH 2010 H H+ iC !L!40XNXAuH+ iCE!9 J|o?U97 (=6(5%1 h*,XAiC 25 2010 H+ z nCiCNq !L!z:+42
10、0090120090320090520090720090920091120100120100320100520100720100902004006008001000-40%-30%-20%-10%0%10%20%30%40%+ z nCiCNq HY3Au !rKS %Cm9$dFA -0JF ! i C NX Q NX h i C P riCG,H!HQG?U,XiC4X,972O,XiCrKS:+PbiCG,XrKS !8NXAxHHES +,X hE97bE !8 ,b5%4,GPr 5%4uz ,X5%4E4uk,Q 26 Y+ iCNX#-5.8%51.1%24.0%-23.2%8.
11、9%-3.6%-4.8%7.5%4.3%26.1%-13.6%8.3% 8.4%29.5%050010001500200025003000350040001999 2001 2003 2005 2007 2009 2011E-30%-20%-10%0%10%20%30%40%50%60%+ nCiCNq ( ) rKS)Cm9$dA -0JFE 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 9 27Ax-,XV(=6(5%eAu1k,Z JYEC/C (=(=E,X?UEbK,XEKNl! H?,X+ AB KNl,XKNlJ6 zL?U,XCGi9E 201
12、1 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 10!81*?z, CT09+9H4Gx)AVpNMu,XYFxbFxFwENMuhAG*,X949, hA+YF9Lc-E9 5%4E9? 44?,XE=JYFx ADB/E9 + 5%E 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 144i9FI?n_!Ai9 45%4iC,X 20%5E94xC *9JC * 4 80%L!“E9E9 5%4A,XGK_rA5%4E4u G 8VE9 E4 .Eu h !8J C!CDPAx1 V 9krKS+ u,yr1,XL“ !E7Lz ,
13、X?U“uz ,X?U“ Y1u V ,X Eu2 $d7b + J 2009 H 9E 400 J97u,X 94z 160 4 9,X 40% 5f1!,X 6/TJ 2009 H,XJ 9 6.58 ,!E3!7A!82O ,XF,! Lz 6/T0YNZ,X!9J 37 15 13 0.8 0.5 - 22 14 1.6 0.4 Saudi cable - - - 0.8 1.4 G 23 16 12 1.2 1.4 A 4 E 9 r +A b ,QE A 6uG * rKS)L!“,XE + E9-rKSbEW“,X“G,“Gz BM6E 4 ,XiCA4 Y,X?UiC bE9
14、3G E9 J ! ,%0o,X+ r u i C A 4 b 3G 5%4,X Y/|f6(5%,X )oZ .r,X5%4 .55 Yr,X* 5x f6(5%* 5x/|f6(5%4#“,X7RNoZS“,X* .Ax 3G b/|f6(5%,X+ ruE9PrKS,XF4Jb,XiCA4E A i C A 4 b 2010 H HiCL!iCNX!7EQiCL!40XHr)rKS hCT,X ) H ,XiC?EA,X)W Q4 b,XiCA44 J,QE G!+5%E41NZ E 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 25i C 1* +9
15、, Q / | f 6( E , Q H E NZ ,X i C F J , Q / | f 6( E Nl ,X i C F !8 + E 9 0 4 X 5 E !9 .B E 9 + 5% 4 , G P r A u _ E 5% E 4 2O 9 F b / | f 6( 5% 2011 H / | f 6( M= t E /|E-E 9 ,X* r,X%0 (=6(5xbf6(fE,X5%4;H /|f6( T ,X M=AxVpA 2010 H/|f6(,XNX&H 2011 ,!7,X M=CKH s b 2011 Hr/|* 3G * CYE NXAu 3G * CYE 1 f
16、6(,XEzK,!7 * Ax-,XEE SkHJ,X r)r / | f 6( i C F !7 o /|f6(,XHCK HJ,X # 4p% 5%4. -40 -h*TY ,X M= h*NZ AxruG o KLdE9 B5UK )%0o,Q/AN,XN6AMG 4E,X#fG 4C,X|$ uG 40M6 4 h*uxf| 3G E/!H* 4,X406 h* ,Q40N6ENZ ,XHEA&q6u5%JK + 1 b E A , Q E 5% E 4 z k G “ h , E ! Y+ iC!7b (NXAu 10 H+ iCL! 0X713% 11 HrKS 8%) h C+9
17、| Y+ iCGEW hrKSE 40%0SEQ .,XEiCrKSES +F|9$HEA&?E#Kp/T1 G “ 5% E 4 + 5%4,GPr + | 5%4u C!5%42O 4 ,G“ “ 6/T4E1 b + E 9 Ax 4 X A H ! ?U !+ E9rKSb!D(rKSEW#o 3G E9,rKS,X|hL !?UiCq 04XAHE9 CD,XF 6(E 9C1 2E !4G P0* ,XE#9rB E 4J D9A4 2011 HiC1*+9AuKA!7 ,X!B5!F 2010 H 12 15 26EPS PE6u / 4b Y0CK,X B Y?5%4P rPtE L 96o 4 Nq E T +CG + G%)0|HE9 2O NqM6 9H4 Nq 2.5%E 7 4%5%
