/ NB-IoTNB-IoTNB-IoT2019201846%52%201965%2019100NB-IoT2015NB-IoT140040%2019201914.45/20%3.64202014.8733.8%2019~2021CAGR 27%CAGR 48.5%NB-IoT2019~2021EPS0.180.250.31PE27.7220.3616.43“”2017A2018A2019E2020E2021E6106878661,1521,408(+/-)%-12.19%12.59%25.95%33.09%22.26%7998190259320(+/-)%-40.79%23.65%94.13%36.17%23.89%0.080.090.180.250.3159.8335.3127.7220.3616.433.112.163.022.572.22(%)5.20%6.12%10.91%12.64%13.54%(%)0.00%0.00%0.00%0.00%0.00%()1,0401,0401,0401,0401,0402020/2/1466.215.06123.926.505,2631,040A1,040B/H0/036-13%-4%5%14%23%32%2019/22019/52019/82019/11%1M3M12M-6%20%34%-1%18%17%(603700)NB-IoT 20200204(603700)20200114(300259)20191223(300259)20191028S0550518010001010-58034574sunsm@nesc.cn300066/2020-02-17
2 / 21 1. ..................................................................................................... 3 1.1. ................................................................................................................................. 3 1.2. ......................................................................................... 3 1.2.1. .......................................................................................................................................................................................... 3 1.2.2. .......................................................................................................................................................................................... 5 2. NB-IoT ................................................................. 6 2.1. ................................................................................................. 6 2.2. ......................................................................................... 7 2.3. ......................................................................................... 7 2.4. ROE ................................................................................................... 8 2.5. ......................................................................... 8 2.6. ................................................................. 9 3. ............................................................. 10 3.1. ................................................................................................................... 10 3.2. ................................................................................................................................11 3.2.1.40%......................................................................................................................................................... 11 3.2.2. ...................................................................................................................................................................... 12 4. ........................................................................................... 13 4.1. NB-IoT ......................................................................................................... 13 4.2. NB-IoT ................................................................................. 15 5. ......................................................... 17 6. ....................................................................................... 18 6.1. .........
