【研报】通信行业：政策催化、行业需求、技术成熟共促nb~iot智能水表风口-20200217[25页].pdf

1、 / NB-IoT NB-IoT 202010% “” NB-IoT20172019 “”NB-IoT 2G 4.433.526%47% 0.71.1 31%(Lora NB-IoT)10%NB-IoT 202040% 4000 500600 20NB-IoT EPS PE 2018A 2019E 2020E 2018A 2019E 2020E 5.40 0.21 0.31 0.37 25.24 17.17 14.76 31.32 1.37 1.82 2.47 22.80 17.21 12.69 5.06 0.18 0.25 0.31 27.72 20.36 16.43 -2% 5% 12%

2、19% 26% 33% 2019/2 2019/3 2019/4 2019/5 2019/6 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 % 1M 3M 12M -4.20% 9.11% 11.20% 1.61% 7.58% -5.37% 105 12164 8621 123.43 3.89 6995 70 % 48.19 (603700)NB-IoT 20200204 (603700) 20200114 (300259) 20191223 (300259) 20191028 S0550518010001 010-58034574 2

3、020-02-17 2 / 25 1. NB-IoT. 4 1.1. . 4 1.2. . 4 1.3. NB-IoT . 5 1.3.1.1.0 . 5 1.3.2.NB-IoT5G . 6 1.3.3.NB-IoT . 6 1.3.4.NB-IoT . 8 1.3.5.NB-IoT2G . 8 2. . 9 2.1. . 9 2.2. . 9 2.3. 10% . 11 3. . 12 3.1. . 12 3.2. . 12 4. . 14 4.1. . 14 4.2. . 15 4.3. . 16 4.4. . 17 4.4.1. . 17 4.4.2. . 18 4.4.3.() .

4、19 4.4.4. . 20 4.4.5. . 21 4.4.6. . 21 3 / 25 5. . 22 5.1. . 22 5.2. . 22 4 / 25 1. NB-IoT 1.1. “”“” 2016“” () “” 20182019“ ”2017 () 202010%2019 1“” “” “”20196 “” 1 1 2016.2 “” 2 2016.10 “” 3 2016.6 “” 4 2017.1 () 5 2017.6 (NB-IoT) 6 2019.1 2019 44 NB-IoT 202031 1.2. 2015603 20.72% 5 / 25 DMA 1 2 NB

5、-IoT NB-IoT ICIC IC 2017(1)20172018 309534181.76 23(2)20172018 1020% 12%24067 IT NB-IoTIoT 20169 “+” 2017322NB-IoT1200NB-IoT 201879 NB-IoT202050 2019 4.45 1.3. NB-IoT 1.3.1. 1.0 6 / 25 2GNB-IoTLora 3 1.3.2. NB-IoT5G 201833GPP RAN793GPP“5G NReMTC/NB-IoT ”R14R15R163GPPNB-IoT R14R15 R16R15 R16NB-IoTLTE

6、eMTC2G 43GPP 3GPP 1.3.3. NB-IoT 7 / 25 NB-IoT NB-IoTLTE20dB 10010km+DRX()PSM 105GSMANB-IoT 721 5NB-IoT NB-IoT 2NB-IoT VIP GSMA 2017NB-IoTNB-IoT 20172019“” 20173NB-IoT2020 58NB-IoT20176 30NB-IoT20178NB-IoT 20171010NB-IoT() 2017 99.8%2018 100% 20192 375NB-IoT 8 / 25 1.3.4. NB-IoT 9010020176 2017NB-IoT