129773903184843750_62Telecom industry: wireless and optical communication is still growth in capital spending priorities
1. Overall capital spending growth of three carriers: If you do not consider parent company China Mobile TD investment factors, three carriers 10.2% 2012 CAPEX growth. (If you consider the TD investment, we judge that growth 14.4%). 2
tera power leveling, capital spending growth structure primarily wireless and optical communication: wireless connection, we judge the overall increase in3.91%. Major growth focused on China Mobile's TD investments (including TD-SCDMA, TD-LTE), China Unicom WCDMA investment. In particular, while China Mobile did not officially announced in 2011 and 2012, TD investments, 2011 TD investments is not implemented, but we believe that China Mobile TD investments will take place in 2012High growth rates. Support logic: China Mobile in 2011 TD-SCDMA investments there is no large-scale tenders, only modest expansion (TD base stations number of 214,000, 2011.5 month period until the end of 2011 only 6,000); according to the Minister of Ministry of seedlings required, TD-SCDMA base stations need to be in before 2014 reaches 400,000A base station
tera gold, the end of 2011 more than 220,000 base station. Therefore, we think investment in TD-SCDMA will achieve a substantial growth in 2012, TD-LTE experimental network will deploy 20,000 base stations; 2013, TD-SCDMA investment TD-LTE investment scale of growth is expected to remain. Optical communications
tera gold, we judge the overall increase in 26.7%, especially China Mobile (transmission, broadband) and China Unicom transmission investment growth is key. Investment in transport mainly data traffic growth and the 3G network deployment of demand-driven. China Mobile and China Unicom's mobile data traffic growth in 2011 respectively, 152.1%; in addition, China Mobile, China Unicom, respectively in TDNetwork and WCDMA/HSPA network construction at the same time synchronization is required to deploy PTN transport network. Broadband investment will grow with broadband speed-raising project in national broadband strategies, the Ministry-led by sustained investment growth. 3, considering 2012 operator investment structure, we recommend ZTE, fiberhome communications and NSU ZTE:In the three major domestic carriers occupy leading market shares in the stock market, rapid growth in capital spending will fully benefit from the 2012 operators; 2012 GSM GSM falling investment does not affect company of China Mobile revenue growth (we judge in 2011, the company through the relocation of competitive equipment boosted market share, but revenue is expected in 2012 shouldGrowth); better benefit from TD (company 2011 TD income fall faster, we render about 50% fall 2012 is expected to show high growth), WCDMA, optical communication equipment investment growth; fiberhome communications: for possession including the core network, transmission network, access network and optical fiber cables manufacturers of the most all-optical communication line, carrier optical communicationCore beneficiaries of investment growth. NSU: leading supplier of the ODN equipment, mainly benefiting operators FTTx broadband access network ODN driven construction equipment needs. Risk carriers actual capital expenditures are not up to expectations.
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