folding screen series report
Huawei Mate X Release, folding screen open OLED The new space
The core point of view:
? Huawei's first 5G Folding screen phone Mate X Release, outside the fold design innovation stunning eye
We have pre-release folding screen and Samsung released a special report Galaxy Fold Reviews analysis.2019 year 2 month twenty four Evening, Huawei released its first folding screen mobile phone"Mate X",have 5G Communications features, pricing 2299 Euro (corresponding to more than seventeen thousand yuan), is expected this year 6 Officially on sale, scheduled for this year in production 20 Of about 10,000 units.
After the conference, Huawei Mate X Generally well received by the industry, consumer groups also received a high degree of concern. On the whole, we believe that Huawei Mate X An outer fold Product Form Design and as a basis for a number of useful features that it also brings clear appearance suction preferred user experience for consumers. We believe that Samsung Galaxy Fold And Huawei Mate X After it has been published this month, although prices are high and production is limited, but is expected to ignite consumer concern for folding screen design. After the break-user pain points and needs of mature industrial chain, folding screen design in high-end smart phone market is expected to fully penetrate, open a new era of smart phones morphological appearance.
? Open a new era of flexible displays, flexible OLED Chain usher in new opportunities
For now, the major manufacturers of active layout display"Folding screen"The uncertainty is iterative development direction of the next generation of smart phones. from 2017 year iPhoneX Since the adoption of flexible OLED A rapid increase in panel production capacity, optimize the supply situation, yields continue to climb, the industrial chain also continues to mature, the cost is expected to continue to decline, the supply side already has a good foundation. Demand side, the required folding screen mobile stand-alone screen area doubled, and because innovation is expected to quickly penetrate more dominant in the smartphone market, and even the future is expected to bring a boost to the overall mobile phone sales. Under resonance supply and demand, we believe that flexible OLED Industry chain will usher in a period of high prosperity, panel makers and upstream equipment and materials related businesses usher in development opportunities.
Coverage?Buy
Previous rating?Buy
Report Date?2019-02-25
Relative market performance
7%
-2%
04/18
06/18
08/18
10/18
12/18
02/18
-12%
-twenty one%
-31%
-41%
electronic?CSI300
Analyst:?Xuxing Jun
SAC Executive No:S0260514050002
021-60750532 xuxingjun@gf.com.cn
Analyst:?More than high
SAC Executive No:S0260517090001 SFC CE No. BNX006
021-60750632 yugao@gf.com.cn
Please note that not Xuxing Jun Hong Kong Securities and Futures Commission (SFC) registered licensee, not engage in regulated activities in Hong Kong.
? Folding screen design makes smartphones more components link changes
Compared to a fixed or flexible face the original surface morphology OLED screen,"Foldable"OLEDScreen cover layer, a layer of touch,OCA Many areas of plastic, such as Polaroid, there was greater change, and in order to complete the folding screen design, smart phone must be configured to fold the shaft newly designed, more chain link usher in new opportunities. For now, Japanese and Korean manufacturers dominate over the folding screen industry chain, the domestic aspects but also the firms layout.
? Investment Advice
We recommend attention to trends in smartphone innovation is flexible folding screen OLED Bring industrial chain investment opportunities. Industry chain-related subject matter include: BOE panel manufacturing field ACigna; Yee art metal Technology, EPI precision; Mason shares field emitting material (wide Chemical cover joint team), into Puyang benefits; Selen new material science and technology; Han art laser device, electronic fine (GF mechanical joint team coverage), JT shares; Lee art polarizer spectrum;FPC Dongshan Precision, Ding Peng Holdings, Hongxin electronics field; drive IC Field SinoWealth; A stone hit areas such as sputtering targets.
? risk warning
Risk of smart phone sales have fallen sharply; the risk of new technology penetration is less than expected; the risk of market acceptance of products is less than expected.
Related research:
Monthly panel industry point of view::Part of the foot?2019-02-24
? LCD TV Panel prices to stabilize short-term, for the foldable mobile phone OLED Open space industry chain
The electronics industry: folding screen series of reports2019-02-21
of two:Samsung released folding screen machines,
Open a new era of flexible displays
it:Folding screen Special Report:?2019-02-12
A new era of flexible displays,OLED Chain new opportunities
Contact:?Wangzhao Guang 021-60750609
wangzhaoguang@gf.com.cn
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Tracking Analysis | Electronics
Focus on the company's valuation and financial analysis table
Stock short
Stock code
Ratings
currency
share price
Fair value
EPS (yuan)
PE (x)
EV / EBITDA (x)
ROE (%)
2019/2/22 (yuan/share)
2018E
2019E
2018E
2019E
2018E
2019E
2018E
2019E
Dongshan Precision
002384.SZ
Buy
CNY
15.95
15.00
0.51
1.01
31
16
11.24
7.57
9.8
16.5
Fine Electronics
300567.SZ
Buy
CNY
62.53
75.30
1.77
2.51
35
25
21.07
15.82
23.6
25.1
Data Sources:WindGF Securities Development Research Center. Note: Fine electronic overlay joint GF mechanical team.
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Tracking Analysis | Electronics
Contents Index
Huawei's first 5G Folding screen phone MATE X Release, outside the fold design innovation stunning eye?5
Huawei released 5G Folding screen machines MATE XPrice 2299 EUR?5
Eye stunning outer flap design, optimize the user experience a number of useful features?6
Break through the bottleneck of screen size, innovation dominant, folding screen smart phones become the next direction of development?7
Open a new era of flexible displays, flexible OLED Chain usher in new opportunities?7
Multi-link components change occurs, the relevant supply chain folding screen full resolution?9
Bring components change many aspects of cell phone folding screen design?9
Japanese and Korean manufacturers dominate, the domestic manufacturers are also links layout?10
Investment Advice?11
risk warning?11
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Tracking Analysis | Electronics
List of Figures
Map 1: Huawei Mate X Using an outer fold Product Form Design?5
Map 2: Huawei Mate X Fold using a hinged design?5
Map 3: Huawei Mate X Expanded screen without opening without bangs?6
Map 4: Huawei Mate X Total capacity of the dual battery design 4500mAh?6
Map 5: Huawei Mate X Split screen view can achieve multi-tasking co-operation?6
Map 6: Huawei Mate X The subject can see for yourself from the secondary screen?6
Map 7:OPPO of 2019MWC Paper invitation with folding design?7
Map 8: Lin Bin on the microblogging millet two-fold display engineering prototype?7
Map 9:LG Published rollable TV"OLED TV R"?8
Map 10: Rollable designed so that the television includes a mobility?8
Map 11:OLED Panel structure?9
Map 12: Flexible OLED Panel material cost structure (6.2 inch,2960 * 1440)?9
table 1: Change folding screen phone components involved and supply chain analysis?10
table 2: Industry chain-related subject valuation comparison?11
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Tracking Analysis | Electronics
Huawei's first 5G Folding screen phone Mate X Release, outside the fold design innovation
Meter amazing eye
We have pre-release folding screen special report "a new era of flexible displays,OLEDChain New Opportunities "and SamsungGalaxy FoldReview analysis report "folding screen Samsung released a new machine, open a new era of flexible displays," the new trend of the development of the smart phone industry chain folding screens and investment opportunities involved were introduced.
This report as the third in our series of reports folding screen, mainly on the latest release of Huawei5GFolding screen machines"Mate X"This event analysis for comment, and again folded flexible screen phone innovation trendsOLEDBring industry chain development opportunities and appropriate investment opportunities systematically comb.
Huawei released 5G Folding screen machines Mate XPrice 2299 EUR
2019year2monthtwenty fourEvening, Huawei released its first folding screen mobile phone"Mate X",have5GCommunications features, pricing2299Euro (corresponding to more than seventeen thousand yuan), is expected this year6Officially issued
Sale.according toDigiTimesReports, HuaweiMate XThis year is expected to yield20About 10,000 units tend to belong to the conceptual model.
Map 1: HuaweiMate XUsing an outer fold Product Form Design?Map 2: HuaweiMate XFold using a hinged design
Source: Huawei's official website, GF Securities Development Research Center?Source: Huawei's official website, GF Securities Development Research Center
From HuaweiMate XParameter configuration point of view(Information from Huawei2monthtwenty fourEvening new conference content):
(1)?Screen:When folded, the top side main screen size6.6Inches, the back side of the screen size6.38Inch, started, main screen merge into one8Inch big screen with openings no no bangs design,
Resolution of2480 2200 *.
(2)?Body areas:Fold a hinge design can be realized completely bonded back to back folding without leaving gaps. Overall body thickness after folding11mm, A thickness of the expanded5.4mm.
(3)?Communications:Equipped Baron5000Baseband chip, can supportNSAwithSANetworking realization5GA communication function, to achieve a theoretical peak transmission rate4.6Gbps, The fastest achievable3Seconds to download a1GVideo.
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Tracking Analysis | Electronics
(4)?Battery life:Dual battery design, a total capacity of4500mAh,stand by55WSuper fast charge (currently the industry's fastest),30Rechargeable minutes85%.
(5)?other aspects:Rear mounted three Leica camera, Kirin980Processor chip,8G RAMwith512G ROM, The side of the power key fingerprint recognition.
Map 3: HuaweiMate XExpanded screen without opening without bangs?Map 4: HuaweiMate XTotal capacity of the dual battery design4500mAh
Source: Huawei's official website, GF Securities Development Research Center?Source: Huawei's official website, GF Securities Development Research Center
Eye stunning outer flap design, optimize the user experience a number of useful features
After the conference, HuaweiMate XGenerally well received by the industry, consumer groups also received a high degree of concern.
On the whole, we believe that HuaweiMate XAn outer fold Product Form Design and as a basis for a number of useful features that it also brings clear appearance suction preferred user experience for consumers:
Map 5: HuaweiMate XSplit screen view can achieve multi-tasking co-operation?Map 6: HuaweiMate XThe subject can see for yourself from the secondary screen
Source: Huawei's official website, GF Securities Development Research Center?Source: Huawei's official website, GF Securities Development Research Center
(1)?Design:Designed such that the outer fold in the folded state, HuaweiMate XThe main screen size can achieve positive6.6Inches, much larger than SamsungGalaxy Fold(The fold) external small-screen4.6inch. By cameras important components placed into the edge of the rear side of the body in vivo, HuaweiMate XAchieved without folding and opening expand without bangs when the screen design. Further, by careful design of the folding hinge, HuaweiMate XAchieve a complete seamless body folded back to back, so that the folded body in the thickness control11mmBring slim shape characteristics.
(2)?Functions:HuaweiMate XAfter expansion8Inch screen can be divided into two, in achieving
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Tracking Analysis | Electronics
At the same time split-screen browsing, multi-tasking between dual can cooperate. When the camera, the outer flap folding screen design, so that the camera can see the subject from their own sub-screen, and the rear camera may be used as a front camera selfie.
Break through the bottleneck of screen size, innovation dominant, folding screen smart phones become the next direction of development
Screen size is a key to increasing the main iterative development of smart phones. However, after a new round of full-screen iteration, the proportion of mainstream screen flagship models in general have been80%Above, can enhance the space has been very limited, body size has reached the ultimate challenge portability and operability. For now, the screen size continues to increase along the main line, and as the dominant innovation can stimulate consumer replacement demand, folding screen design will be smart phones more clear direction of development of the next generation.
We believe that SamsungGalaxy FoldAnd HuaweiMate XAfter it has been published this month, although prices are high and production is limited, but is expected to ignite consumer concern for folding screen design. After the break-user pain points and needs of mature industrial chain, folding screen design in high-end smart phone market is expected to fully penetrate, open a new era of smart phones morphological appearance.
Open a new era of flexible displays, flexible OLED Chain usher in new opportunities
In addition to Samsung and Huawei, we observedOPPO, Millet, Apple and other major mobile phone manufacturers are in"Folding screen"Coded layout of this direction.OPPOThe first folding-screen mobile phones is also expected later this month in BarcelonaMWCConference debut; millet has publicly demonstrated its"Double-folded"Engineering prototype; Apple has applied for patents related to the folding screen.
Map 7:OPPOof2019MWCPaper invitation with folding design?Map 8: Lin Bin on the microblogging millet two-fold display engineering prototype
Source: Pacific Internet, GF Securities Development Research Center?Source: Lin Bin microblogging millet co-founder, President, GF Securities research development
Study center
For now, on the one hand, the major mobile phone manufacturers actively planning for folding screen phone display products"Folding screen"The uncertainty is iterative development direction of the next generation of smart phones; on the other hand,LGin2019year1EarlyCESPosted on TV show the world's first rollable, flexible driveOLEDLanding large-size applications. Folding screen
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Tracking Analysis | Electronics
Phone superimposed rollable TV,2019In the first year of the outbreak will be flexible display.
Map 9:LGPublished rollable TV"OLED TV R"?Map 10: Rollable designed so that the television includes a mobility
Data Sources:LGOfficial website, GF Securities Development Research Center?Data Sources:LGOfficial website, GF Securities Development Research Center
from2017yeariPhoneXSince the adoption of flexibleOLEDpanelA rapid increase in production capacity, optimize the supply situation,
Yield continue to climb, the industrial chain can continue to mature, the cost is expected to continue to decline, the feed end already has a good
Good foundation. Demand-side perspective,Required for folding screen mobile stand-alone screen area doubled, and because more innovation
Dominant expected rapid penetration in the smartphone market, and even the future is expected to bring a boost to the overall mobile phone sales. supply and demand
Under resonance, we believe that flexibleOLEDIndustry chain will usher in a period of high prosperity, panel makers and upstream equipment and materials related businesses usher in development opportunities.
? In panel manufacturing sector, we believe that flexibleOLEDPanel makers have field layout will usher in a greater performance flexibility.Samsung andLGAddition, in recent years, domestic panel makers have increased as flexible layoutOLEDProduction line, BOE has now planned for ChengduB7MianyangB11ChongqingB12And FuzhouB15FourG6Production line, Visionox Guan already plannedV2And HefeiV3TwoG6Production line, Huaxing Electric has planned WuhanT4AG6Production line, additional shentianmaAWuhan is also planning flexibilityOLEDProduction line. We prefer flexibleOLEDField has distribution panel folding screen manufacturers to fully benefit brought about by high business cycle.
? In the panel part of the device, along with the construction of a flexible panel makers continue to overweightOLEDProduction line, domestic equipment manufacturers also usher in a golden opportunity.Overall, flexibleOLEDIn particular upstream deviceArraywithCellThe main section of the core equipment of foreign companies still to control, but the mainland panel makers production line investment is generating a lot of equipment for the needs of, and to promote the localization of equipment. BOE, for example, has partnered with a number of enterprises, to jointly promote the panel production equipment at home, domestic equipment manufacturers such as Han's Laser (laser equipment), precision measuring electronics (testing equipment), JT shares (Module segment equipment), etc. It is expected to usher in a golden opportunity.
? In material part, a light emitting material,FPCAnd driveICFlexibleOLEDMaterial costs accounted for structural panels in large domestic enterprises will also benefit.according toIHS MarkitData to6.2Inches2960 * 1440FlexibleOLEDPhone panels, for example (2017Q4Data), in which the material cost structure,FPC,driveICwithOLEDLuminescent material occupies the majority, the ratio was
47%,twenty two%withtwenty one%. We believe that the domesticFPC,driveICAnd luminescent materials manufacturers will fully benefit from the flexibility possible futureOLEDSupporting demand for high-boom cycle.
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Tracking Analysis | Electronics
Map 11:OLEDPanel structure
Map 12: FlexibleOLEDMaterial cost structure panel(6.2inch,2960 * 1440)
Rays
alMierayArrt
board
Polaroid
4%
Rays
glass substrate/film
OLED
FPC
alMateri
OLED
twenty one%
47%
oniEncpsulat
• TOI anode
alMateri
Rays
• Public layers
0%
• The organic light-emitting layer
group
• Metal cathode
CIervDri
twenty two%
board
TFTglass/film
onidaRetrt
LED)
mlFi
6%
OLED structure
Data Sources:AUOGF Securities Development Research Center
Data Sources:IHS MarkitGF Securities Development Research Center
Multi-link components change occurs, the relevant supply chain folding screen full resolution
Bring components change many aspects of cell phone folding screen design
We folding screen in the early release of a special report, the components have to change the foldable mobile phone supply chain involved in a detailed analysis, summarized in terms mainly reflected in the following areas(Information fromDigiTimesReport
Road and chain research):
(1)?Panel manufacturing:It requires the use of a flexible foldable mobile phoneOLEDscreen. Compared to the original face (for example,iPhone X) Or a fixed surface (e.g.Galaxy S9) Forms a flexibleOLEDScreen, foldableOLEDScreen on the process recipe requires some adjustments (mainly in BEOL), but the change is not essential, without a separate production line.
(2)?Touch layer:due toIndium tin oxide (ITO) Kink limited capacity of the material, folding screens require metal mesh (Metal Mesh) Scheme or a touch electrode material silver nanowires.
(3)?Cover layer:Although the thickness of the glass after a certain extent be reduced to dynamic bending function,
But it is not in support of small radius of repeatedly folded and very fragile, so now requires the use of the folding screen phoneCPI(Colorless PolyimideColorless polyimide) film+Surface of the hard coat layer (Hard Coating)Program.
(4)?OCAOptical adhesive:Folding screen employedOCAPlastic must withstand20More than a million times bending work
Can not be affected, and spread out in the bending process required to have a certain degree of mobility while maintaining sticky, so in the past, a substantial increase compared to the technical difficulty.
(5)?Polaroid:For the mechanical design considerations, in order to achieve a foldable function, it is necessary to reduce as much as possibleOLEDThickness of the screen module, and therefore the folding screen polarizing plate employed greatly reduced the thickness required for a higher process requirements. Samsung, in its2018year11MonthlySDCCongress disclosed,Galaxy FoldThe thickness of the polarizer is used than the conventional reduced45%.
(6)?Structure:In order to realize a foldable mobile phone function, you need to configure the fuselage folding spindle (Hinge).
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Tracking Analysis | Electronics
Due to the need to bend the radius of curvature of the folded portion of the screen is maintained at a set value, so the shaft with the conventional electronic device (flip-function computer or laptop) a hinge mechanism used in the folding screen phone is completely different, a new design is required, and to reduce the thickness of the liquid metal is expected to use as a highly elastic high strength material solution.
Japanese and Korean manufacturers dominate, the domestic manufacturers are also links layout
according toDigiTimesResearch reports and industry chain, we SamsungGalaxy FoldSupply chain key (HuaweiMate XSupply chain less public information), the maturity of the industry chain of other vendors and national counterparts have
The layout of the manufacturers make the following sort:
table 1: Change folding screen phone components involved and supply chain analysis
Components link
Needed changes
Samsung Galaxy Fold supplier
Other mature overseas supplier
Domestic manufacturers
It requires some adjustments on the process technology
Korea LGD,Taiwan AUO
Panel manufacturing
(Mainly in BEOL), but
SDC
BOE, Visionox
Wait
No essential changes, without a separate production line
Touch embodiment for an electrode material indium tin oxide
SDC,On-cell Y-OCTA
Touch layer
(ITO) Material is converted to a metal mesh
Touch program (Metal Mesh Electricity
Taiwan TPK Wait
Ophelia light
(Metal Mesh) Or silver nanowires
Electrode material)
The cover layer
Convert from glass CPI film+Hard coating
Sumitomo Chemical
Kolon Korean Industries, Korea
Selen Science & Technology
Program
SKC Wait
OCA Optical adhesive
Technical difficulty substantial increase compared to the previous
SDI
United States 3M, Mitsubishi and other
Selen Science & Technology
Polaroid
We need to drastically reduce the thickness
Japan's Nitto Denko
Japan's Sumitomo Chemical, etc.
Sanli spectrum
Structure
A rotary shaft body folded configure
Korea KHVatec
EPI precision, Yee Technology
Data Sources:DigiTimesGF Securities Development Research Center
(1)?Panel manufacturing:Samsung Galaxy Fold Using their own SDC Produced by" Infinity Flex
Display "FoldableOLEDScreen, the other mature industrial chain suppliers include KoreaLGD,TaiwanAUO, As well as domestic flexibleOLEDBOE layout aspects of leading and Cigna.
(2)?Touch layer:SamsungGalaxy FolduseOn-CellofY-OCTATouch program (Metal Mesh Electrode material), inOLEDPanel to complete the production process in the touch layer. Industrial chain, mature vendors add-on touch areas including TaiwanTPKAs well as domestic manufacturers Ophelia light.
(3)?Cover layer:SamsungGalaxy FoldofCPICover film supplier for the Japanese manufacturer Sumitomo Chemical, in other mature industrial chain suppliers Kolon Korean Industries, KoreaSKC. Domestic manufacturers Selen Science & Technology also relevant layout.
(4)?OCAOptical adhesive:SamsungGalaxy FoldofOCAOptical adhesive supplier for the homeSDI, Other mature industrial chain suppliers, including the United States3MJapan's Mitsubishi. Domestic manufacturers Selen Science & Technology also relevant layout.
(5)?Polaroid:SamsungGalaxy FoldofOCAOptical adhesive supplier for the Japanese Nitto Denko, industry
The chain also has production capacity for Japan's Sumitomo Chemical. Domestic enterprises Sanli spectrum.
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Tracking Analysis | Electronics
(6)?Structure:SamsungGalaxy FoldFolding shaft supplier to South KoreaKHVatec, Domestic
Companies, including EPI precision, Yee technology.
Investment Advice
We recommend attention to trends in smartphone innovation is flexible folding screenOLEDBring industrial chain investment opportunities.
Industry chain-related subject matter include: BOE panel manufacturing fieldACigna; Yee art metal Technology, EPI precision; Mason shares field emitting material (wide Chemical cover joint team), into Puyang benefits; Selen new material science and technology; Han art laser device, electronic fine (GF mechanical joint team coverage), JT shares; Lee art polarizer spectrum;FPCDongshan Precision, Ding Peng Holdings, Hongxin electronics field; driveICField SinoWealth; A stone hit areas such as sputtering targets.
table 2: Industry chain-related subject valuation comparison
company name
Stock code
Related Business
unit
Market cap
Net profit/One hundred million yuan
PE Valuation
/One hundred million yuan
2017A
2018E
2019E
2017A
2018E
2019E
BOE A *
000725.SZ
Panel manufacturing
CNY
1312.98
75.68
45.86
63.51
17
29
twenty one
Visionox*
002387.SZ
Panel manufacturing
CNY
188.87
0.15
-
-
1232
-
-
Yee Technology*
300328.SZ
metallic parts
CNY
44.23
0.33
-
-
135
-
-
EPI precision*
300115.SZ
metallic parts
CNY
96.08
5.71
3.38
5.46
17
28
18
Mason shares*
002643.SZ
Luminescent material
CNY
103.10
3.85
4.30
5.35
27
twenty four
19
Puyang Huicheng*
300481.SZ
Luminescent material
CNY
43.65
0.74
1.15
1.54
59
38
28
Selen Science & Technology*
002341.SZ
Film material
CNY
134.25
1.73
4.56
6.67
78
29
20
Han's Laser*
002008.SZ
device
CNY
417.76
16.65
18.74
23.27
25
twenty two
18
Fine Electronics
300567.SZ
device
CNY
102.31
1.67
2.89
4.11
61
35
25
JT shares
300400.SZ
device
CNY
46.87
0.80
0.99
1.41
58
47
33
Sanli spectrum*
002876.SZ
Polaroid
CNY
34.72
0.82
0.38
1.07
42
92
32
Dongshan Precision
002384.SZ
FPC
CNY
256.25
5.26
8.25
16.28
49
31
16
Ding Peng Holdings
002938.SZ
FPC
CNY
556.36
18.27
27.32
32.16
30
20
17
Hongxin Electronics*
300657.SZ
FPC
CNY
42.38
0.72
1.13
1.74
59
38
twenty four
SinoWealth*
300327.SZ
drive IC
CNY
54.04
1.34
1.65
2.07
40
33
26
A stone hit*
300706.SZ
Sputtering Targets
CNY
37.61
0.41
0.00
0.00
92
-
-
LGD *
LPL.N
Panel manufacturing
USD
66.34
16.03
-
-
4
-
-
UDC *
OLED.O
Luminescent material
USD
68.67
1.04
0.57
1.12
66
120
61
Coherent *
COHR.O
device
USD
33.23
2.07
2.47
1.99
16
13
17
Note: The table Dongshan Precision and electronic precision measurement (GF mechanical joint team coverage) earnings from GF Securities, the rest A Shares of the underlying (marked*) Earnings are from Wind Consensus forecast, underlying profit forecast from Wall Street Bloomberg Consensus forecast (marked*)
risk warning
Risk of smart phone sales have fallen sharply; the risk of new technology penetration is less than expected; the risk of market acceptance of products is less than expected.
Identify risks, find value?Be sure to read the disclaimer at the end of the page
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Tracking Analysis | Electronics
GF Securities electronic components and semiconductor research group
Xuxing Jun :?Senior analyst, Bachelor of Systems Science and Engineering, Zhejiang University, Zhejiang University System Analysis and Integration Master,2012 GF Securities to join the Development Research Center.
king?Lu :?Analysts, Fudan Microelectronics and Solid State Electronics Master,2015 GF Securities to join the Development Research Center.
I?high :?Analysts, Fudan University, BS in Physics, Fudan University Master of International Trade,2015 GF Securities to join the Development Research Center.
king?Shuai :?BA School of Mechanical Engineering, Shanghai Jiaotong University, Master of Management Antai College of Economics and Research Assistant,2017 GF Securities to join the Development Research Center.
Peng?fog :?Research Assistant, Fudan University, Master of Microelectronics and Solid State Electronics,2016 GF Securities to join the Development Research Center.
Wangzhao Guang :?Research Associate, Bachelor of Materials Science and Engineering, Zhejiang University, Shanghai Jiaotong University Master of Materials Science and Engineering,2018 GF Securities to join the Development Research Center.
GF Securities-Industry Investment Rating
BUY:?Expected future 12 Within months, the stock outperformed 10%the above.
hold:?Expected future 12 Within months, the magnitude of price movements relative to the broader market between-10%~+ 10%.
Sell:?Expected future 12 Within months, the stock underperformed 10%the above.
GF Securities-Investment Rating Company
BUY:?Expected future 12 Within months, the stock outperformed 15%the above.
Overweight:?Expected future 12 Within months, the stock outperformed 5% -15%.
hold:?Expected future 12 Within months, the magnitude of price movements relative to the broader market between-5%~+ 5%.
Sell:?Expected future 12 Within months, the stock underperformed 5%the above.
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