科技：华为承先啟後

行业报告 科技│中国│2020年2月25日 Powered by the EFA Platform 科技-其他 华为承先啟後 ■ 近期市场把焦点放在华为的硬件开发上。 ■ 我们认为，在华为无法取得美国软件（特别是GMS）之后，系统/软件开发（HMS）是支持硬件开发的关键。 华为再次引起市场关注 华为昨晚发布了Mate Xs和MateBook X Pro，预计两项产品均会成为市场焦点。但我们认为，在华为无法取得美国软件（特别是GMS）之后，系统/软件开发（HMS）是支持硬件开发的关键。 什么是华为移动服务（HMS）？ 华为移动服务（HMS）是一个智能移动互联网生态系统，由华为应用程序和服务以及第三方应用程序和服务组成，并是基于华为终端云服务和开发人员服务的核心框架构建。该服务以华为终端的用户体验为中心。如图1所示，HMS生态系统包括：a）硬件，b）芯片组，c）操作系统，d）HMS，以及e）第三方应用程序。作为HMS生态系统和华为终端移动应用服务的核心，HMS有助开发人员专注于创新，并在所有情况下为所有终端实现单点接入和智能全球发送。HMS包含：1）HMS应用程序，以及2）HMS核心与功能。HMS应用程序和相关第三方应用程序都是通过集成HMS Core和HMS Capabilities向最终用户提供服务的应用程序。HMS Core和HMS Capabilities汇聚了华为终端的开放云服务，并集成了华为芯片组设备和基于云的开放计算能力。它为开发人员提供了各种情景下的方案开发能力，并使他们能够快速接入HMS生态系统。据华为表示，华为移动服务在全球稳步增长。例如，华为AppGallery于2018年4月开始在全球范围提供服务，而在不到两年时间内，月平均活跃用户已超过3.9亿，每年的总下载量达1,800亿次。 为什么华为需要HMS 华为已在硬件产品方面拥有强大的能力。它发布了世界上第一个5G基站核心芯片天罡。在智能计算领域中，公司已拥有鲲鹏服务器处理器和泰山服务器。公司亦拥有AI驱动的SoC，即用于智能手机的麒麟产品。但是，华为在软件（尤其是消费类软件）方面的成就相对有限，然而华为正在努力追赶。它已经拥有一个操作系统鸿蒙OS。现在，随着HMS发展，华为可更好地与全球开发人员联系。这使合作伙伴和开发人员能够通过华为向全球用户提供高质量的内容和服务，从而使用户能够探索更好的数字生活，而不受美国Google和Apple生态系统的限制。 潜在受益者和相关股份 a）应用程序细分市场的潜在受益者包括万兴科技[300624.CH]、当虹科技[688039.CH]和金山办公[688111.CH]。 b）OS领域的潜在受益者包括诚迈科技[300598.CH]（间接拥有Deepin的股份）、中国软件[600536.CH]（中标麒麟（NeoKylin）和麒麟（Kylin））、新支点和神州数码[000034.CH]。 c）芯片组和硬件领域的潜在受益者包括中国长城[000066.CH]（飞腾CPU）。 图1: 华为移动服务(HMS)生态系统的组成 来源: 中国银河国际证券研究部, 公司 中国 分析员 布家杰 (香港证监会中央编号：AEU692) T (852) 3698 6318 E markpo@chinastock.com.hk 李哲瀚 (香港证监会中央编号：BNL479) T (852) 3698 6256 E alexli@chinastock.com.hk 王志文 (香港证监会中央编号：AIU435) T (852) 3698 6317 E cmwong@chinastock.com.hk Sector Note Technology│China│February 25, 2020 Powered by the EFA Platform Technology - Others Huawei bridges the gap ■ The market has focused mainly on Huawei’s hardware development. ■ We believe that system/software development (HMS) is the key for Huawei to support hardware development since it cannot access US software, especially GMS. Huawei attracts market attention again Huawei launched Mate Xs and MateBook X Pro last night, which are expected to be hot topics in the market. However, we believe that system/software development (HMS) is the key to Huawei’s support for hardware development, since it cannot access US developed software, especially GMS. What is Huawei Mobile Services (HMS)? Huawei Mobile Services (HMS) is an intelligent mobile internet ecosystem, comprising Huawei apps and services, and third-party apps and services, based on Huawei's core framework of terminal cloud services and developer services. It centers on the user experience on Huawei terminals. As shown in Figure 1, the HMS ecosystem comprises a) hardware, b) a chipset, c) an operating system, d) HMS, and e) third-party apps. As the core of both the HMS ecosystem and Huawei's terminal mobile application services, HMS helps developers focus on innovation and implement one-point access and intelligent global distribution for all terminals in all scenarios. HMS comprises 1) HMS apps and 2) HMS Core & Capabilities. HMS apps and third-party apps are all apps that provide services to end-users by integrating HMS Core and Capabilities. HMS Core & Capabilities is a collection of open cloud services of Huawei terminals, integrating Huawei chipset-device, cloud-based open computing capacity. It provides developers with all-scenario development capacity and enables them to quickly access the HMS ecosystem. According to Huawei, Huawei Mobile Services is growing steadily worldwide. For example, HUAWEI AppGallery started its global service in April 2018, and in less than two years, Huawei has garnered more than 390m average monthly active users (MAU), with 180bn total downloads per year. Why Huawei needs the HMS Huawei already has strong capabilities in hardware products. It launched world’s first 5G base station core chip, Tiangang; it has the Kunpeng server processor and Taishan server in the intelligent computing domain; and it has an AI-driven system on a chip (SoC), Kirin for smartphones. However, Huawei has had comparatively limited achievements in software (especially consumer software). But Huawei is trying to catch up. It already has an operating system, HarmonyOS. Now with the development of HMS, Huawei is better connected to global developers. This empowers its partners and developers to provide high-quality content and services through Huawei to global users, allowing users to explore a better digital life, rather than being restricted by the U.S. Google and Apple ecosystems. Potential beneficiaries and related names. a) Potential beneficiaries in the App segment include Wondershare [300624.CH], Arcvideo [688039.CH] and Kingsoft Office Software [688111.CH]. b) Potential beneficiaries in the OS segment include Archermind Technology [300598.CH] (which indirectly owns a stake in Deepin), Chin