1

-:4A170057 4A170016 4A170037 4A170039 4A170048 4A170060 4A170061 4A170913

: (ROAROE)

4A170913-1-11-24A170060-12-1EPS2-22-34A170037 -22-42-54A170039 -3-13-24A170061 -4-14-24-34A170048-5-1ROA5-2ROE4A170016 -16-16-26-34A170057-26-4 1- 1-11-2

4A17091341-1-24121996712000102719972G200010200581250200223G200720131030390.75LTE-30451997225200091920017200223G82620048200748910

49041997119981200112200223G200412005520058200693G20091216WiMAX20131030LTE

-3682199819991220005512200111200223G122004620048200710201385

1-2

1.4G LTE

2.

4G LTE4G4G7900MHz234G4G ()2412368230454904 2-2-1EPS2-22-3

4A170060EPS

EPS

201336.8%100

2-2-42-5

4A17003797989910010124129.267.868.599.288.6330458.58.797.87.747.849046.956.16.426.296.1936820.340.831.572.022.46 = ( ) /97989910010124124344419130453433316249042222210336821111154 4 1

1 9798991001012412133.23134.85121.97132.33126.273045106.27139.1091.0174.4067.314904173.26177.56113.80130.00113.16368210.3653.54103.52142.52134.36 = / 100% %(%)97989910010124123243315130452311183490444322151368211244122 4 1

1 97989910010124123.834.065.525.465.35 4.8430454.695.034.165.165.5 4.9149042.82.82.533.5 2.923682000.7 0.23979899100101241210000 0.2304500000 0490400000 03682000 0 3- 3-13-23-33-4

4A17003920082009201020112012241250.689.2485.5683.1265.174.723045122.9673.5243.9130.2925.0859.08490467.5271.9679.8456.5549.5965.13682143.52137.4133.78124.6388.76125.622720082012

2008200920102011201224127.214.094.274.395.615.1130452.974.968.3112.0514.558.5749045.415.074.576.457.365.7736822.542.662.732.934.112.99

20082012

2008200920102011201224120.580.590.620.650.640.6230451.261.461.671.982.311.7349041.751.951.631.92.231.8936821.591.741.841.811.631.72

20082012

2008200920102011201224120.410.420.420.440.440.4330450.610.710.670.730.730.6949040.60.640.640.690.770.6736820.570.710.790.660.610.661

331

4-4-14-24-3

4A170061-98991001011022412185.04158.03171.37168.2688.51304571.8492.9734.5940.7734.63490495.1879.6567.6567.3751.56368280.98158.53283.97265.28217.36 = / 989910010110224124333316230451211164490431222103368224444181-98991001011022412173.53148.77157.58150.4168.93304566.7986.9828.4631.9729.92490473.7262.6249.548.7233.16368270.32139.51261.03253.46206.45=(---)/

41989910010110224124433317130451211163490431222102368223444171- = / 9899100101102241220232.78748.94249454.32205978.9314401.7304533.1750.9963.1443.8736.4249041631.9409.22--159.5836824.4438.63169.86150.03316.551

41989910010110224124444420130452222193490433--284368211333112 5-5-1ROA5-2ROE

4A1700485.1--ROA20082009201020112012 186,780,650184,040,272186,410,943192,462,104190,950,795 45,010,34243,757,42647,608,90047,068,37539,930,974 461,847,291444,883,876442,960,433433,921,011433,975,317 0.410.420.420.440.44 24.10%23.78%25.54%24.46%20.90% 9.88%9.99%10.73%10.76%9.20%-ROA2011311.3201068.22011-ROA 20082009201020112012 54,311,60557,015,45258,547,28561,919,27367,406,445 15,371,38613,888,86213,822,18613,468,76314,691,605 92,117,28484,947,62683,722,20285,540,83690,367,382 0.610.710.670.730.73 28.3%24.36%23.6%21.75%21.8% 17.26%17.30%15.81%15.88%15.91%-ROA4G-ROA20082009201020112012 14,367,50918,600,30123,203,80725,579,85625,712,189 (890,521)3,583,7623,670,79910,664,0663,300,059 27,611,39727,347,57128,460,29834,579,23241,190,483 0.510.680.830.750.63 (6.2%)19.27%15.82%41.68%12.83%(3.16%)13.1%13.13%31.26%8.08%-ROA200920102011201231.28-ROA20082009201020112012 51,341,47953,740,29158,177,34362,408,95971,645,648 10,160,7479,230,1078,848,5658,880,99310,599,908 86,950,20485,270,07789,376,57790,448,86591,475,908 0.600.640.640.690.77 19.79%17.18%15.21%14.23%14.79% 11.87%11%9.73%9.82%11.39%-ROA2011AcerHTCSamsungMoto2008~20092012ROA200820092010201120129.88%9.99%10.73%10.76%9.20%10.11%17.26%17.30%15.81%15.88%15.91%16.43%(3.16%)13.1%13.13%31.26%8.08%12.48%11.87%11%9.73%9.82%11.39%10.76% 20112012525.2--ROE20082009201020112012186,780,650184,040,272186,410,943192,462,104190,950,79545,010,34243,757,42647,608,90047,068,37539,930,974461,847,291444,883,876442,960,433433,921,011433,975,317390,700,131381,357,718375,859,214372,559,442371,870,6850.410.420.420.440.441.181.171.181.161.1724.10%23.78%25.54%24.46%20.90%14.82%14.41%15.67%15.5%13.15%54-ROE20112012-ROE2008200920102011201254,311,60557,015,45258,547,28561,919,27367,406,44515,371,38613,888,86213,822,18613,468,76314,691,60592,117,28484,947,62683,722,20285,540,83690,367,38249,733,31053,268,30153,275,52051,552,11550,998,0020.610.710.670.730.731.851.591.571.661.7728.3%24.36%23.6%21.75%21.8%7.3%6.6%4.87%4.66%4.07%-ROE4G-ROE2008200920102011201214,367,50918,600,30123,203,80725,579,85625,712,189(890,521)3,583,7623,670,79910,664,0663,300,05927,611,39727,347,57128,460,29834,579,23241,190,48314,332,89316,290,61220,623,95128,335,90034,959,5500.510.680.830.750.631.931.681.381.221.18(6.2%)19.27%15.82%41.68%12.83%15.16%13.68%10.1%9.67%8.45%-ROE20092012ROEhttp://forums.chinatimes.com/report/chinarebar/telecom/96012501.htm-ROE2008200920102011201251,341,47953,740,29158,177,34362,408,95971,645,64810,160,7479,230,1078,848,5658,880,99310,599,90886,950,20485,270,07789,376,57790,448,86591,475,90872,664,13972,606,83872,574,81072,609,91273,715,2020.600.640.640.690.771.121.171.231.251.2419.79%17.18%15.21%14.23%14.79%5.04%4.55%3.36%3.22%2.81%-ROE4G2009~20112012ROE2008200920102011201214.82%14.41%15.67%15.5%13.15%14.71%7.3%6.6%4.87%4.66%4.07%5.5%15.16%13.68%10.1%9.67%8.45%11.41%5.04%4.55%3.36%3.22%2.81%3.8%2007ROE2009 6-4.14.24.34A1700164.1--201220112010200920086,684,6675,910,2495,579,7735,578,2925,836,84767,406,44561,919,27358,547,28557,015,45254,311,6051,949,3351,430,3221,065,263429,129309,89865-20082009201020112012100%109%127%203%232%100%99%100%103%102%100%101%83%107%54%66- 200820092010201120125,549,5945,430,1845,549,1375,722,7526,246,66451,341,47953,740,29158,177,34362,408,95971,645,648451,304299,173511,606719,630918,95867- 200820092010201120121,718,8721,682,8342,147,7852,509,9202,380,49514,367,50918,600,30123,203,80725,579,85625,712,18957,29366,91296,185125,859229,41068-PS.20082009201020112012100%96%96%101%115%100%109%127%203%232%100%98%100%103%113%100%98%125%146%138%-PS.20082009201020112012100%105%108%114%124%100%99%100%103%102%100%105%113%122%140%100%129%162%178%179%2009 iBuzz() (P/N ) 1.86 P/N -PS.20082009201020112012100%138%344%462%629%100%109%127%203%232%100%66%113%159%204%100%117%168%220%400%4.2-

( )

73

20082009201020112012335,826282,546334,346321,491255,48355.61%52.35%43.96%38.96%37.13%2001200950%201140% 74 75 2008200920102011201290,968,43686,810,99587,735,37285,574,71281,656,82448.70%47.17%47.07%44.46%42.76%3%

2012

76

77 2008200920102011201225,797,27626,739,03925,812,14027,592,81331,014,26650.25%49.76%44.37%44.21%43.29%

78 79 200820092010201120129,946,21911,743,27310,335,9957,450,5324,942,25838.68%45.91%44.54%40.06%34.40%80 81v82()83PS.2008200920102011201255.61%52.35%43.96%38.96%37.13%45.60% 48.70%47.17%47.07%44.46%42.76%46.03% 50.25%49.76%44.37%44.21%43.29%46.38% 38.68%45.91%44.54%40.06%34.40%40.72%4.3-

20082009201020112012 54,311,60557,015,45258,547,28561,919,27367,406,445 24,106,79927,165,92532,808,71237,793,87442,377,796 13,343,41113,216,73012,038,00712,955,67514,264,103 68.95%70.83%76.60%81.96%84.03%201187 () (2013-01-11 17:11)

12IPHONE59%

90 20082009201020112012 186,781 184,040 202,430 217,493 220,131 95,812 97,229 115,332 131,531 141,177 33,804 31,670 29,731 30,877 30,041 69.39%70.04%71.66%74.67%77.78%2012iPhone5HTC165.6%10135.7%201291 ()

10118.7%iPhone5HTC165.6%37.7%7.0%

101ADSL4.2%HiNet1.3%MOD18.3%4.7%10135.7%

1121,911.0101.2%463.3102.7%400.75.16102.3%

10134.3%28.2%MOD119.4 932010/04/2718:46/

(CHT) 2010 451.2 141.2 (EPS) 1.18 2009 450.9 0.3 0.07%EPS 1.18

4 1 X 8.2 149.0 7.8 5.28% 114.3 114.7 1.18

(80%)95- 20082009201020112012 51,341,47953,740,29158,177,34362,408,95971,645,648 25,544,20327,001,25232,365,20334,816,14640,631,382 12,811,94412,876,41114,607,27716,657,39419,188,280 74.71%74.20%80.74%82.48%83.49%96 97 98 20082009201020112012 18,600,30123,127,18725,579,85625,712,189 11,149,76912,795,13313,836,58315,765,970 5,850,0937,017,3896,060,9126,054,435 91.40%85.67%77.79%84.86%200991%201180%99-100 PS.20082009201020112012 68.95%70.83%76.60%81.96%84.03%76.47% 69.39%70.04%71.66%74.67%77.78%72.71% 74.71%74.20%80.74%82.48%83.49%79.12% 91.40%85.67%77.79%84.86%84.93% 6-

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&EPS

ROAROE

41254

115The end