摩根史坦利——大中华地区半导体行业研究

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摩根史坦利2021年4月报告，全英文资料，68页。练练英语也不错。


Greater China Technology Semiconductors


IoT Semis – Welcome to the Wireless World


We believe short-range wireless communication technology is an attractive way to play the IoT uptrend. We expect Bluetooth to dominate on further specmigration, with the market set to double by 2025. We view Bestechnic as the key proxy, but the trend should also benefit Realtek and Mediatek.

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关键词：半导体行业 摩根史坦利 行业研究 半导体 大中华 摩根史坦利 物联网 半导体 行业研究

Contents
5 The Story in Charts
6 Order of Preference
7 IoT is triggering growth in wireless technologies;
Bestechnic is a pure proxy in Greater China
18 Debate #1: Could 5G and Wi-Fi 6 replace shortrange wireless communication?
22 Debate #2: Can Bluetooth continue to dominate?
27 Debate #3: Will Bluetooth SoC be commoditized?
33 Bestechnic (BES; 688608.SS): A good IoT proxy;
initiate at OW
36 Bestechnic – Financial Summary
37 Bestechnic – A quality IoT proxy
41 Investment Positives and Concerns
42 Bestechnic: Earnings outlook
43 Bestechnic: Valuation Methodology
45 Bestechnic: Company Profile
48 Realtek – Estimate Revisions
49 Realtek – Valuation Methodology
50 Realtek – Financial Summary
53 MediaTek – Financial Summary