标题：Sunway AlertAccess China conference highlights 2016
发布日期：2016-01-14 9:41:31
内容： Positive 2016 outlook, in line with our key highlights in initiation report After experiencing two consecutive years of high growth, Sunway is positiveabout its 2016 outlook, and believes it can maintain high growth, driven by 1)continued market share gains in iPhone/iPad/Mac antenna, 2) winning newitems from Apple (EMI shielding cases, jumper cables, NFC antenna, etc), 3)organic growth from Chinese clients, and 4) expanding into the connectorbusiness (via Aexs acquisition). These guidelines and growth drivers areroughly in line with what we stated in our initiation report. Retaining Buy. Background introduction Sunway is the largest mobile device antenna maker in China, with risingexposure to mechanical parts and the connector business. Apple and Hauweiare its top clients, and account for around 40% and 20% of sales, respectively.It also supplies to other global OEMs and major Chinese smartphone brands(except Xiaomi). With plenty of upside from the Apple business, Sunway hasachieved 40%+ market shares in iPhone’s Wi-Fi/Bluetooth/GPS antenna, butthere is still plenty of room for Sunway to grow its Apple business in thecoming years by winning new items. Sunway estimates the total procurementvalue from iPhone’s RF and mechanical parts at around RMB10bn (vs. ourRMB1.3bn estimate for Sunway’s 2015 sales). Sunway's EMI shielding casesand jumper cables have been qualified by Apple and are likely to quickly gainmarket share in the coming two years. In addition, Sunway is targetingiPhone's NFC antenna and wireless charging module as the mid-/long-termgrowth drivers. Non-Apple business – Chinese client organic growth and connectors for non-IT Sunway believes that it can ride on the strong organic growth of its keyChinese clients (Huawei, Oppo, Vivo, etc) and also gain market share or winnew items from them in the coming years. In addition, the acquisition of Alexs(completed in July 2015) will help Sunway to step into non-IT areas. Alexssupplies connectors/cables in automotive, industrial and testing equipmentapplications.
发布日期：2016-01-14 9:41:31
内容： Positive 2016 outlook, in line with our key highlights in initiation report After experiencing two consecutive years of high growth, Sunway is positiveabout its 2016 outlook, and believes it can maintain high growth, driven by 1)continued market share gains in iPhone/iPad/Mac antenna, 2) winning newitems from Apple (EMI shielding cases, jumper cables, NFC antenna, etc), 3)organic growth from Chinese clients, and 4) expanding into the connectorbusiness (via Aexs acquisition). These guidelines and growth drivers areroughly in line with what we stated in our initiation report. Retaining Buy. Background introduction Sunway is the largest mobile device antenna maker in China, with risingexposure to mechanical parts and the connector business. Apple and Hauweiare its top clients, and account for around 40% and 20% of sales, respectively.It also supplies to other global OEMs and major Chinese smartphone brands(except Xiaomi). With plenty of upside from the Apple business, Sunway hasachieved 40%+ market shares in iPhone’s Wi-Fi/Bluetooth/GPS antenna, butthere is still plenty of room for Sunway to grow its Apple business in thecoming years by winning new items. Sunway estimates the total procurementvalue from iPhone’s RF and mechanical parts at around RMB10bn (vs. ourRMB1.3bn estimate for Sunway’s 2015 sales). Sunway's EMI shielding casesand jumper cables have been qualified by Apple and are likely to quickly gainmarket share in the coming two years. In addition, Sunway is targetingiPhone's NFC antenna and wireless charging module as the mid-/long-termgrowth drivers. Non-Apple business – Chinese client organic growth and connectors for non-IT Sunway believes that it can ride on the strong organic growth of its keyChinese clients (Huawei, Oppo, Vivo, etc) and also gain market share or winnew items from them in the coming years. In addition, the acquisition of Alexs(completed in July 2015) will help Sunway to step into non-IT areas. Alexssupplies connectors/cables in automotive, industrial and testing equipmentapplications.
