德银维持展讯通信买入评级 目标价31美元

原文：

After market close today:

The second quarter results: revenue of $ 278 million, representing 23% of our expectations high, reaching the upper limit of guidance expected gross profit margin was 37.8%, higher than the previous year's 37.3%. Operating expenses increased to 69.2 million U.S. dollars, mainly due to: 1) increase in staff salary costs, 2) new product research and development expenses increased 3) R & D subsidies decline. Accordingly, operating margin was 12.9%, lower than we expected 14% Net profit was $ 34.8 million, than we expected $ 28.5 million was 22% higher.

October rebound: As is in the process of privatization, Spreadtrum Communications does not provide expected results for the next quarter, but continues to maintain in 2013 120 million smart phone shipments are expected, and is expected to supply chain will be September / October was completed on monocyte TD smartphone inventory digestion, which will drive demand for entry-level smartphone rebound next year.

Valuation: We maintain Spreadtrum Communications stock a 'buy' rating, target price raised from $ 30 to $31