96.9.

15

.
>>

.
()
()

.
()Re-Rating
()De-Rating

.
()
()

.
>>

.
()

()
1.(2498)
(1)
a.

b.
90919293100
EPS7-815
95

9495205.6%114.28%EPS
3357.85
9495941100
955122011
95HTC
()
969551220
400-500

(2)
a.HTC
b.
c.Iphone
CDMAHTC Vogue
d.3G10

e.57.3196105.81EPS18.46

100

f.2008Google20

g.10

2.(2454)
(1)
a.

b.
909192928300-400
785180(170-240)93
93143.23400

949596()27.6%23.56%40%()

4
941171628(
)

(2)
a.

b.
2008

c.IC

d.Wimax()

e.3.5ADIIC
973-3.3

NOKIAMOTOROLA
SAMSUNGLG3GTD-SCDMA

.
()Re-Rating
(Re-Rating)
600-750(3020-25)
95333.42
154.37260100
103.74EPS25
EPS33-345
9796

()De-Rating

(De-Rating)95HTC

9551220400450-580
(45X10-13)

.
()
(Fundamental is always win in time)

()()

(Re-RatingDe-Rating)
(De-RatingRe-Rating
)

10

()
1.
()

2.

3.

4.

5.