宏达电：宏达电在改变,但第四季市场预估依然过高

ઔߒ୉ᜢࣔ֗ૹ૞ࢶ᥻ࠃႈᓮ೶ߠॵᙕAΖ ᇷԳᚨᛵދΔࠐ࢓ᄐ೭ڶࠐآࢨছؾ౨࣍ױᇆ۩ሉհֆ׹ࢬܫ໴ߒઔࠡցՕፖ࿜ެᇷދנᇷԳ࣍೚ދΖࢤհড়ᨠܫ໴ء墿ᓢડۖᐙ᥼ܓڶڼڂ౨ױֆ׹ءᇞ៬᤟੡ࠀΔګ೚֮૎א଺এܫ໴ءైΖڂၦەխԫႈࠡီ੡ܫ໴ءழΔᚨႛലխ֮ΖૉދᇷԳኙ࣍խ֮᤟֮հփ୲إᒔ۶ٚڶࢤጊംΔᓮ೶ە଺ࡨ૎֮ठΖʳैᏝઌኙ؀᨜ףᦞਐᑇ।෼1191692192693192012ڣ10ִ2013ڣ1ִ2013ڣ4ִ2013ڣ7ִ-58-48-38-28-18-8212ैᏝ(NT$)ैᏝઌኙ؀᨜ףᦞਐᑇ।෼(%)ؑଖNT$108,637ۍᆄցքଡֲִؓ݁ګٌၦNT$3,026.8ۍᆄցੌຏڇ؆ैᑇ(ۍᆄै)852.1۞طੌຏैᑇֺࠏ70.5% ؆ᇷ਍ैֺ෷22.8% ՕैࣟΙ਍ैֺ෷৖ཕދᇷΙ5.1% ෣૤႘ֺ෷(71.4%) ޢै෣ଖ (2013F) NT$95.98 ैᏝ෣ଖֺ (2013F) 1.3଍១ࣔჾ墿।(NT$ᆄցۍ)ڣॣ۟ԼԲִ20112012A2013F2014FᛜᄐگԵ465,795289,020200,465230,769ᛜᄐܓ墿68,78818,820(5,164)4,718࿔৵ొ墿61,97616,742(1,443)5,268ޢैઆ塒(ց)72.7419.65(1.69)6.18ᏺڣैઆ塒ޢ෷ (%) 58.0(73.0)(108.6)(465.0)ܓैैޢ(ց)40.001.990.000.62ֺ墿ء (଍)1.86.5(75.3)20.6ྲཱྀܓ෷(%) 31.41.60.00.5ैࣟᦞ墿໴ሟ෷ (%) 70.017.8(1.7)6.2ݛሒሽ (2498 TT) ψHere's To Changeωݛሒሽڇޏ᧢Ι܀ร؄ࡱؑ໱ቃ۷ࠉྥመ೏ૹعᔄנေ࿛Κ2013ڣร؄ࡱؑ໱ቃ۷ࠉ៱መ৫ᑗᨠΚቃ֨խء۷2013ႛگᛜࡱร؄ڣ400ᏙցΔለBloomberg 28֚ؑ໱ቃ۷ؓ݁ଖ480܅Ꮩց17%Ζݺଚቃ۷HTC One Maxຄၦലנִႛሒપ15Δ֭ᆄ ࠡ࣍ڂፌCPU (QCOM S600Δᤁञኙ֫ঞਢආش QCOM S800) ய౨ለኬΔ׊ਐెᙃᢝ๻ૠشࠌለլঁܓΖڂଚቃ۷ݺΔڼ2013ैઆ塒ႛሒޢࡱร؄ڣ0.05ցΔለ Bloomberg 28 ֚ؑ໱ޢैઆ塒ቃ۷ଖ0.31܅ց84%Ζ ข঴Ղؑຒ৫ለቃཚᒷኬΚছቃ۷ؾ֨խء Butterfly 2 ፖݛሒሽऱՀԫཱི዁ᤎᖲല࢏ᙈ࣍2014ଚ٣ݺΔඡ࣍נංࡱፖรԲࡱรԫڣছቃཚऱ2013ࡱร؄ڣ/2014ଚቃ۷ݺΔڼᦸ࣍ڶΖࡱรԫڣ 2014྇ࡱലگᛜࡱรԫڣ11%Ζ ψHere’s To Changeωݛሒሽڇޏ᧢ΚޣψԺإሒሽݛᎁ੡֨խءܡ૿யᚨਢإڇᑨࠡছေ۷ؾছၞΖྥۖΔٻֱᒔऱإ᧢ωΔཛޏΖڰ᥆መࡸႨݝ᠏ֆ׹ށאߩ ݛሒሽ໌ᙄԳ࠱־Ւല૤ຂᐗࢪᛜሎΚᄅፊ໴ᖄࢶ᥻ݛሒሽ໌ᙃԳ־࠱Ւբڃូᇠֆ׹Ζઔߒխ֨ᎁ੡ױࠡ౨൷ጥᐗࢪᛜሎΔຍข঴঴ᔆΖ֗ขய෷سऱࠐآሒሽݛ֒࣍༼ܗڶല ܅ၸᖲጟࡡ؆זՠΚءխ֨ᎁ੡Δݛሒሽױ౨ᄎലለ܅ၸᖲጟٌԫᒵطEMS ᄐृΔڕࠏព௧ႃቸזՠΔۖᇠֆ׹ױٍࠐآ౨ආ࿳ᖞޏࠡܗΔءګขسඨচ྇ױႈᜰൻࠟڼᜤ࿇ઝऱ๠෻ᕴΖش᧯ข঴ءګ࿨ዌΖ ޓᄅ໴ܫ ؀᨜Κ֫ᖲ2013ڣ10ִ16ֲ ދᇷ৬ᤜΚᔄנʻፂ਍ေ࿛ʼؾᑑᏝឆܶይ/ၓ༏Κ (36.5)% ֲཚ 2013/10/15 گᒌᏝ NT$127.50 ԼԲଡִؾᑑᏝ NT$81.00 ছڻؾᑑᏝ NT$90.00 ؀᨜ףᦞਐᑇ 8,367.9 ᇷಛޓᄅΚ᝟ఒֲ୶ඨܓፖᛧگၦᛜەஇΔݺଚՀଥ2013ڣቃ۷ଖ۟ޢै෣ჾ1.69ցΔࠀՀᓳ2014ܓቃ۷ᛧڣ33%Ζ طᑑᏝؾ90ցᓳ૾۟81ցΔএ௅ᖕैᏝ෣ଖֺፖ෼८ੌၦމ෼ေᏝऄංጩۖ൓Ζ ءխ֨ᨠរΚሒݛྥ೏۷ࠉᎁ੡ؑ໱֨խءሽ2013ፖᛧگऱᛜࡱร؄ڣቃ۷ለگऱᛜࡱଚร؄ݺΖܓBloomberg 28֚ؑ໱ቃ۷ؓ܅ଖ݁17%Δᛧܓቃ۷ঞ܅࣍ؑ໱۷ଖ84%Ζ ֆ׹១տΚݛሒሽറسࠃขፖᔭഇჸሉGoogle Android პຌ֗อߓ Windows ܂ᄐߓอऱཕᐝী֫ᖲΖ ໴ܫઔߒ୉Κ ᇯࡲᕬ +886 2 3518 7913 dennis.chan@yuanta.com ૹՕಥ᣸Κڶܫ໴ءԳ୉ኙߒՀઔא ࣥ壅࿴ +886 2 3518 7915 franky.lin@yuanta.com