National technology: Future Watch mobile payment

The company benefited from the promotion of China Mobile's 2.4G "Rfid-sim scheme" and was the main chip designer of China Mobile 2.4G.　　In the current NFC, Simpass, and Rfid-sim three major mobile payment schemes, the Rfid-sim program uses 2.4GHZ UHF to penetrate the phone's fuselage more easily, integrating the payment function into the SIM card. Company July 4, 2009 and Mobile signed a 2-year cooperation framework agreement, mobile payment chip in 2009, the company has 51.65 million revenue.　　With the basic clarity of mobile payment strategy, it is expected to bring the company rapid growth, but the current mobile 2.4G technology and UnionPay-oriented 13.56M technical standard direction selection is the most critical point. Company Communications Chip has established the development of RF products business direction, and focus on the future 3G/4G mobile communications, providing terminal RF chip and RF module as a whole solution. 3G/4G Mobile Communication RF analog chip market total capacity will be similar to the future 3G/4G mobile Communication User Market scale.　　The advent of the 3G era is expected to make the company's communications chip growth significantly. We forecast the company in 2010, 2011 and 2012 EPS is 1.42 yuan, 2.02 yuan, 2.9 yuan respectively.　　Based on the company's high growth, to give 2010 40 times times the PE, a reasonable valuation of 56.8 yuan. Risk factors: The uncertainty of Rfid-sim mobile payment Scheme standard, the technical stability in large-scale application.