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1、11-01,11-03,11-05,11-07,11-09,11-11,12-01,12-03,12-05,12-07,12-09,12-11,13-01,2.,1.,5,1,2013,2,20,1,1,IC,1,YoY-8.19%,3%40%,021-S1010512030001,11%,4,11.5%,23,27%,33.5%,A,300,28%,10%,7.3%TV,14.5%11,2Q21%,15%0%-15%-30%-45%-60%,6%,TPK,LED,1,LED,TV,3,41.5%9%,LED,17%LED,29%,19%LED12.4%iPhone5,.2012-1-15.2
2、012-12-24,8.2%,1iPad mini,29%,23%,110%iPad,45%1,iPad,3.4.,.2012-11-149,PC ODM2.5%PC,14%,36%,NB ODM 111%,PC,NB,7%Nexus 7,5.6.,.2012-10-16iPhone5.2012-09-137.2012-08-13,7.2012-07-12,8.9.10.,-.2012-06-12-4.2012-05-14-3.2012-04-15,Feb-11,Mar-11,Apr-11,Jun-11,Aug-11,May-11,Jul-11,Sep-11,Oct-11,Dec-11,Feb
3、-12,Nov-11,Jan-12,Mar-12,Apr-12,Jun-12,May-12,Aug-12,Oct-12,Dec-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,Feb-11,Apr-11,Jun-11,Aug-11,Oct-11,Dec-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,Feb-12,Apr-12,Jun-12,Aug-12,Oct-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Dec-12,1,1,YoY-8.19%,3%,160,24%,IC,(1),2250,
4、24%,TFT,(2),40200-20-40,TEJ,LED,200150100500-50-100,TEJ,IC,1,40%,11%,3,11.5%,27.3%,27%,14.5%,33.5%,42Q,3,IC,(+40.1%YoY),4,(+33.5%YoY),(NTD bn)353025,(%)604020,(NTD bn)706050,(%)604020,40,201510,TEJ,0-20-40,302010,TEJ,0-20-40,1,Mar-11,May-11,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-11,Jul-11,Sep
5、-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Mar-11,Jul-12,Sep-12,Nov-12,Jan-13,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,Mar-11,May-11,May-11,Jul-11,Ju
6、l-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Sep-12,Nov-12,Jan-13,Nov-12,Jan-13,7,8,9,5,IC,(+14.5%YoY),6,IC,(+43.8%YoY),(NTD bn)4035302520151050TEJ,(%)806040200-20-40,(NTD bn)706050403020100TEJ,1,28%,(%)6040200-20-40,10%,TV,1,21%,6%,TPK,(+21.2%YoY),
7、TFT LCD,(+27.9%YoY),(NTD bn)35302520151050TEJ,(%)300250200150100500-50,(NTD bn)100806040200TEJ,(%)40200-20-40,(-2.0%YoY),10,LCD,(+21.3%YoY),(NTD bn)1086,(%)806040,(NTD bn)654,(%)604020,3,420,TEJLED,1,LEDTV,200-20,210,3,TEJ,LED,0-20-40,29%,12.4%,19%LED9%,41.5%,17%LED,2,Mar-11,May-11,Jul-11,Sep-11,Nov
8、-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,Mar-11,May-11,May-11,Jul-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Se
9、p-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Jul-12,Sep-12,Nov-12,Jan-13,Nov-12,Jan-13,mn),11,LED,(+27.7%YoY),12,LED,(+41.5%YoY),(NTD bn)43,(%)6040,43,(NTD bn),(%)6040,2,200,2,200,10,-20-40,10,-20-40,13(NTD1,2009006003000,TEJTEJ,(+12.4%YoY),(%)16012080400-40-80,TEJ,iPhone5,1,1,8.2%,23%,45%,29%,10%
10、,iPad,iPad mini,iPad,1,14%,14(NTD bn)806040200TEJ,(-0.2%YoY),(%)150100500-50,15(NTD bn)6543210TEJ,(+81.7%YoY),(%)200150100500-50-100,3,Mar-11,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,May-11,Jul-11,Sep-
11、11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Mar-11,May-11,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov
12、-12,Jan-13,Nov-12,Jan-13,Nov-12,Jan-13,16,(+9.6%YoY),17,HDI PCB,(+17.5%YoY),(NTD bn)543210TEJ18(NTD bn)543210TEJPCODM,(+45.4%YoY),(%)6040200-20(%)1209060300-30,(NTD bn)15129630TEJ19(NTD bn)2520151050TEJ,(+27.4%YoY),(%)403020100-10-20(%)403020100-10,PC,NB ODM 1,7%,2.5%PC,36%,11%,NB Nexus 7,20,NB ODM,
13、(+7.0%YoY),21,PC,(+35.6%YoY),(NTD bn)350300250200150100500TEJ,(%)9060300-30,(NTD bn)100806040200TEJ,(%)12080400-40-80,4,Mar-11,Mar-11,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,May-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-1
14、3,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Mar-11,May-11,Jul-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-
15、12,Sep-12,Nov-12,Jan-13,22(NTD bn)2520,(+55.7%YoY),(%)6040,23(NTD bn)43,(+32.9%YoY),(%)6040,1510,20,2,200,50,TEJ,0-20,10,TEJ,-20-40,24,PCB,(+18.9%YoY),25,(+33.9%YoY),(NTD bn)302520151050TEJ26(NTD bn)6050403020100TEJ,(+37.2%YoY),(%)6040200-20(%)9060300-30,(NTD bn)121086420TEJ27(NTD bn)400350300250200
16、150100500TEJ,(+14.1%YoY),(%)60300-30-60(%)6050403020100-10-20,5,Mar-11,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-1
17、2,Nov-12,Jan-13,Mar-11,Mar-11,May-11,May-11,Jul-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,Sep-11,Nov-11,Jan-12,Mar-12,Jul-12,May-12,Sep-12,Nov-12,Jan-13,Mar-11,May-11,Jul-11,Sep-11,Nov-11,Jan-12,Mar-12,May-12,Jul-12,Sep-12,Nov-12,Jan-13,mn),mn),28,TPK,(+35.8%YoY),29,(-
18、6.5%YoY),(NTD bn)2520151050TEJ30(NTD bn)43210TEJ32(NTD1,6001,4001,2001,0008006004002000TEJ,(+17.1%YoY)(+29.3%YoY),(%)200150100500-50(%)1501209060300-30(%)140120100806040200,(NTD bn)6050403020100TEJ31(NTD3,5003,0002,5002,0001,5001,0005000TEJ33(NTD bn)9876543210TEJ,(+101.1%YoY)(+3.4%YoY),(%)2001501005
19、00-50-100(%)1501209060300-30-60(%)100806040200-20,6,-,“,”,Analyst CertificationiiiThe analysts primarily responsible for the preparation of all or part of the research report contained herein hereby certify that:(i)the views expressed in this research report accurately reflect the personal views of
20、each such analyst about the subject securities and issuers;and(ii)no part of the analysts compensation was,is,or will be directly or indirectly,related to the specific recommendations or views expressed in thisresearch report.“”,/,(,),(1),(2)/20131,300,20%,6,300,5%,20%,2,6300,6300,300300300300300,-1
21、0%5%10%10%-10%10%10%,48,1568,8,1,100125,22,200122,518048,26,Foreign Broker-Dealer Disclosures for Distributing to the U.S.This report has been produced in its entirety by CITIC Securities Limited Company(“CITIC Securities”,regulated by the China Securities RegulatoryCommission.Securities Business Li
22、cense Number:Z20374000).This report is being distributed in the United States by CITIC Securities pursuant to Rule15a-6(a)(2)under the U.S.Securities Exchange Act of 1934 exclusively to“major U.S.institutional investors”as defined in Rule 15a-6 and the SEC no-action,letters thereunder.,Z20374000,1934“,”,15a-6(a)(2),15a-6,
