港股科技行业板块投资策略

1、11.1“”1.21.3PS1.42/2.1212.25G SOC2.32.4IoT2.5/33.13.21H213.33.444.15GARPUcapex-4.4SaaS2021ITSaaSSaaSSaaSSaaS677.1+7.27.37.4127.5ASM Pacific81.72.73.842020%.85.96.97.98.99.1010.1011.1012.10ROE 11ROE 11151Q17-3Q20 15161Q17-3Q20 151720205G 15181Q19-2Q20ASP 15191Q20-3Q20 16201Q19-3Q20 16213Q20-4Q20 1622

2、2019-2021.1623IoT 1824.1825.1826.1927.192818-193Q19 20292G-4G 25ARPU 261H 20205G ARPUARPU 28325G 28ARPU5GARPU 28PaaSIaaSSaaS 30352019SaaS 30362019SaaS 31372015-2019IaaSPaaSSaaS.32382015-2019IaaSPaaSSaaS.323940SaaSSaaS.33.331356202020197891011125G 80%60%40%20%0%2015 2016 2017 2018 2019 2020E 2021E 20

3、22E恒生科技指数中位数信息技术板块中位数 可选消费板块中位数400350300250200150100500ASPYoY25%20%15%10%5%0%-5%-10%中国消费端IoT设备连接数（亿台）YoY3530252015105020192020E2021E2022E2023E2024E2025E14%12%10%8%6%4%2%0%中国汽车电子市场规模（亿元）YoY10,0009,0008,0007,0006,0005,0004,0003,0002,0001,00002018 2019 2020E 2021E 2022E 2023E 2024E 2025E12%10%8%6%4%2%0

4、%全球车载镜头市场规模（百万美元）YoY1,200120%1,000100%80080%60060%40040%20020%00%201720182019E2020E2021E20182020E323Gb%fiYoY YoY YoY YoY33936122 l29B13963393651962S961084-3614996150.24X35%49836%331004-7%67%12.-9961081&160:7%37610B6638%30%36%llS69ZYoY92YoY0.21K7914679-1SK 111322.419&812X73-4%105294.0306

5、78S.SW io:2a8Jw1:*iX416400438497534YoY10ff1352210%10ff119IUYoY952297242ft102475S103416YoY930094802ff99415S99415S97ff97a96622Z244400YoY10564%235442045151614%41Z4404624845S10%86514ff8472986g 1%346425385385 -23-VRVR APP OTT VR5.?fT:SaaS O%?k&1Bg,%5.1.20 TfiB(1Q 21TIT 6if!?t, %?til2I?t SaaS T1?kZ(Rtt?t

6、34: APaaS. laas. SaaS IffIi/F1! et*Cloud Market GrowthPaaS Growthlaas GrowthAII cloud GrowthSaaS GrowthYear-on-Year Growth Rate40%3020%1Q192Q193Q194Q191Q202Q20Source. Egnegy Research GroupA.f4 f: Synergy Research 35: 2019 &AUSaaS Ng6fffIi6Lk -30-SaaS市场规模IaaS市场规模PaaS市场规模800700600500400300200100020152016201720182019930.3932.6953.71,156.51,369.215.10.22.321.31