126罗兰贝格-供应链与人力资源

WirelessSemiconductorIndustryInitiatingCoverageSeelastpageforimportantdisclosuresEQUITYRESEARCH1July7,2004BlaineR.Carroll,CFA(617)428-5708blaine.carroll@opco.comInvestmentOpinion:Thewirelessindustryisundergoingamajorupgradecycleasoperatorsrolloutnext-generationnetworksthatoffercustomersenhancedfeaturesontheirwirelessdevicessuchasInternetaccess,colorscreens,cameraphonesandaudioandvideocapabilities.Theindustryisshowinghealthygrowthinhandsetshipmentsasdemandhasincreasedandreplacementtimehasshortened.Ourpreferrednameswithinourcoverageuniverseappeartobewellpositionedtotakeadvantageofthisupgradecycleastheycontinuetostrengthentheircompetitivepositionwithinthemarket.Assuch,weareinitiatingcoverageonRFMD,SLAB,SWKSandTQNTwithBuyratingsandANADwithaNeutralrating.