_ 3 November 2016 World Auto WatchWatch, Analyst, 3774 3763, inwoo.park@miraeasset.com
, Analyst, 3774 3763, inwoo.park@miraeasset.com Table of contents 2
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (m units) (USD bn) 60 LIDAR 9 LIDAR Long-range RADAR 8 50 Long-range RADAR Short/Mid-Range RADAR 3.5 7 Short/Mid-Range RADAR 40 8.9 6 3.5 5 30 4 2.0 20 3 0.8 35.3 3.0 2 0.8 10 0.7 10.7 1 0.8 0 0 2.6 2014 2020 2014 2020 10
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (m units) (USD bn) 120 100 80 Camera 8 7 6 5 Camera 60 40 20 33.6 104.0 4 3 2 1 2.2 6.8 0 0 2014 2020 2014 2020 13
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (m units) (USD bn) 50 40 V2X connected new vehicles 16 14 12 V2X cost 30 10 20 43.5 8 6 15.2 4 10 18.7 6.5 2 0 5.0 0 1.8 2015 2020 2025 2015 2020 2025 20
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (USD bn) (USD bn) 6 Global digital map market 2.0 Digital maps used in automotive industry 5 1.6 4 1.2 3 2 1 2.7 5.1 0.8 0.4 1.0 1.5 0 0.0 2015 2020 2015 2020 23
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (USD bn) (USD bn) 16 14 12 10 HUD Information display Instrument cluster 0.4 1.2 3.8 1.5 1.2 0.9 HVI market 8 2.5 6 0.6 1.2 4 2 7.0 9.5 0.3 0.7 0 0.0 2015 2020 2015 2020 30
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (USD bn) 4 Automotive semiconductor revenue for ADAS 3 2 1 1.6 2.0 2.4 2.8 3.2 3.7 0 2015 2016E 2017E 2018E 2019E 2020E (USD bn) 50 40 Instrument Aftermarket Safety Powertrain Infotainment EV/HEV Chassis Body ADAS 30 20 10 0 2015 2016E 2017E 2018E 2019E 2020E 37
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, Analyst, 3774 3763, inwoo.park@miraeasset.com (k units) 40,000 30,000 Level 4 Level 3 80,000 20,000 11,800 10,000 18,000 230 0 1,400 4,800 2015 2020E 2025E 2035E 2050E 39
, Analyst, 3774 3763, inwoo.park@miraeasset.com (USD bn) 100 80 60 Software The others 25.0 40 10.0 62.0 20 0.5 31.2 11.5 0 2015 2020E 2030E 40
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, Analyst, 3774 3763, inwoo.park@miraeasset.com World Auto Watch Integrated Oil
, Analyst, 3774 3763, inwoo.park@miraeasset.com Company section
Others 70% Harlap Shmuel 7% Analyst 3774 3763 inwoo.park@miraeasset.com T Rowe Price 6% Wellington 6% Ameriprise 6% FMR 5% 46
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자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 4 49
Others 78% T Rowe Price 10% Analyst 3774 1785 hm.lee@miraeasset.com FMR 7% JPMorgan Chase 5% 50
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자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 4 53
Others 51% Blackrock 3% Schaeffler KG 36% Schaeffler V 10% Analyst 3774 3763 inwoo.park@miraeasset.com 54
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자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 5 58
Others 70% FMR 15% Vanguard 9% Blackrock 6% Analyst 3774 3803 hwdoh@miraeasset.com 59
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자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 자료 : Bloomberg, 미래에셋증권리서치센터 4 62
(Non-GAAP 기준 ) 4.4 14.1 0.0 (USD) 1,000 900 현재가블룸버그 TP 800 700 600 500 400 300 Jan-13 Jan-14 Jan-15 Jan-16 CFA, Analyst 3774 1938 yongjei.jeong@miraeasset.com 63
(%) 100 90 80 70 60 50 40 30 20 55 55 54 Others Sohu Yahoo Microsoft Baidu (%) 45 40 35 30 25 20 15 10 Search Engine Amazon Ebay 10 Google 5 0 2013 2014 2015 0 2009 2011 2014 2 64
(USD) (USD) 1,000 900 800 700 24x 21x 18x 1,000 900 800 700 4.0x 3.5x 3.0x 600 15x 600 2.5x 500 400 12x 500 400 2.0x 300 300 200 200 100 2010 2011 2012 2013 2014 2015 2016 100 2010 2011 2012 2013 2014 2015 2016 Figure 8 알파벳 P/E 표준편차밴드 Figure 9 알파벳 P/B 표준편차밴드 (x) 26 (x) 4.5 24 22 20 18 16 14 12 +2std +1std Avg. -1std -2std 4.0 3.5 3.0 2.5 +2std +1std Avg. -1std -2std 10 2010 2011 2012 2013 2014 2015 2016 2.0 2010 2012 2014 2016 3 65
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Figure 11 (USD bn) 매출 80 영업이익 70 영업이익률 ( 우 ) 60 50 40 30 20 10 (%) 38 36 34 32 30 28 26 24 22 Figure 12 (USD bn) 80 Others bet 70 Ad others 60 Network 50 Google.com 40 30 20 10 0 2009 2010 2011 2012 2013 2014 2015 20 0 2009 2010 2011 2012 2013 2014 2015 (%) 50 40 30 20 10 0 (10) Aggregated Network Google Sites (%) Aggregated 10 Network 5 Google Sites 0 (5) (10) (15) (20) 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 (20) 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 5 67
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(%) 72.9 6.3 6.2 6.0 3.7 2.7 2.3 FMR LLC VANGUARD GROUP BLACKROCK STATE STREET CORP T ROWE PRICE GROUP I CAPITAL GROUP COMPAN Others 7 69
, Analyst, 3774 3763, inwoo.park@miraeasset.com Recommendations Distribution of Ratings Compliance Notice