【公司研究】汇顶科技-屏下指纹创新不止IoT蓄势待发-20200218[29页].pdf

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1、 / IoT IoT IoT OPPO vivoAmazonSamsung IoT 3D 3D LCD 5G 5G2020 IoTIHS IoT2018231.42025IoT 754.4IoT IoT “Sensor + MCU + Security + Connectivity” “” IoT, 20Q12019-2021 23.74/29.80/36.31PE60.29/48.01/39.41“” LCD IoT 2017A 2018A 2019E 2020E 2021E 3,682 3,721 6,414 8,633 11,074 (+/-)% 19.56% 1.08% 72.36%

2、34.59% 28.28% 887 742 2,374 2,980 3,631 (+/-)% 3.52% -16.29% 219.67% 25.57% 21.84% 1.95 1.63 5.21 6.54 7.97 49.81 48.30 60.29 48.01 39.41 12.67 8.73 22.05 15.11 10.92 (%) 25.44% 18.08% 36.58% 31.47% 27.72% (%) 0.00% 0.00% 0.00% 0.00% 0.00% () 454 457 456 456 456 2020/2/14 6 392.40 314.00 12 81.80346

3、.00 143,100 456 A 456 B/H 0/0 6 -1% 59% 119% 179% 239% 299% 2019/22019/52019/82019/11 % 1M 3M 12M 18% 54% 278% 23% 51% 261% 603160.SZ IoT 20200202 603160.SZQ3 20191027 Mate 30 Pro 5G5G 20191230 S0550518060004 01058034600 S0550119060026 18898835026 0 0 603160 / 2020-02-18 2 / 29 1. IoT . 5 1.1. IoT .

4、5 1.2. .7 1.3. .7 2. . 10 2.1. .10 2.2. .13 3. IoT . 15 3.1. .15 3.2. “+”IoT .16 3.2.1. + . 17 3.2.2. . 20 3.2.3. +MCU . 23 3.3. IoT .25 4. . 25 5. . 26 3 / 29 1. 5 2. 6 3. 7 4. 8 5 . 8 6. 8 7 . 8 8 . 9 9%. 9 10 . 9 11 . 9 12. 10 13 . 10 14 . 10 15. 11 162017-2021 . 11 17. 11 18 . 12 19. 12 20LCDAMO

5、LED . 13 21 . 13 22. 14 23CC9 Pro . 14 24. 14 252018 . 15 26 . 16 27IoT. 16 28IoT . 16 29. 17 30 . 18 31. 19 4 / 29 32TWS . 19 33 . 20 34 . 21 35mesh . 21 36 . 22 37 . 22 38. 22 39 . 23 40 . 23 412018 . 23 42MCU. 24 432017MCU . 24 442017MCU . 24 1 . 6 2. 20 3. 26 5 / 29 1. IoT 1.1. IoT IoT OPPOvivoA

6、mazonSamsung / “ ” 2018 AMOLED /IoT NB-IoTMCU 1 IoT 20025 20062008 2011MTK2012 20142016 2017 20182 IPCommSolidNB-IOT 2019NXP VAS 6 / 29 2 OLED2019 101 AMOLEDOPPOvivo 201930 99% IoTIoT “Sensor + MCU + Security + Connectivity”2018MWCNB-IoT IPCommSolid 2020CESBluetooth LE Bluetooth LE 1 IFS Coating SoC