Minsheng Securities·2025-08-16 07:44Investment Rating - The report maintains a "Recommended" rating for key companies in the eSIM industry, including 汇顶科技 (Goodix Technology) and 高伟电子 (GoerTek) [4][40]. Core Insights - eSIM technology is leading the transition to a "cardless era" for smartphones, integrating communication functions into device chips and enabling remote configuration of operator information, which enhances flexibility, security, and space efficiency [1][10]. - The three major domestic telecom operators are expected to restart eSIM services that were paused for two years, with China Unicom already leading the way in several provinces [1][21]. - The global eSIM market is entering a phase of accelerated commercialization, with significant growth expected in the number of eSIM-enabled devices and connections by 2025 and 2030 [2][33]. Summary by Sections 1. eSIM Technology and Market Dynamics - eSIM technology represents a significant evolution from traditional SIM cards, offering advantages such as enhanced security and reduced device size [1][18]. - The global eSIM smartphone connection count is projected to reach 1 billion by the end of 2025 and 6.9 billion by 2030, capturing 76% of total smartphone connections [2][33]. 2. Investment Recommendations - The report suggests focusing on opportunities within the eSIM supply chain, highlighting key players such as 紫光国微 (Unisoc), 汇顶科技 (Goodix Technology), and 高伟电子 (GoerTek) [3][40]. - Specific segments to watch include chip manufacturers, eSIM chip testing, management platforms, and the Apple supply chain [3][40]. 3. Key Company Financial Projections - 汇顶科技 (Goodix Technology) is projected to have an EPS of 1.83, 2.14, and 2.41 for 2025E, 2026E, and 2027E respectively, with corresponding PE ratios of 42, 36, and 32 [4]. - 高伟电子 (GoerTek) is expected to have an EPS of 0.22, 0.29, and 0.33 for the same years, with PE ratios of 18, 14, and 12 [4].