合并的财务理由很简单:要跟上美国竞争对手是代价高昂的。在2007年由中国市场引领的利润高峰期,联发科投入研发的1美元,能带来9美元的销售。如今则只能带来4美元的销售,跟大公司相仿。营业利润率已从40%暴跌至大约14%——仍是AMD的两倍,但只有高通的一半。与此同时,晨星公司每投入1美元研发,仍可带来挺不错的6美元销售。新公司面临的挑战,将是留住1000多名(据野村证券的估计)专注研发手机的工程技术人员,并将其投入下一代项目。
New MediaTek (2011 sales of $4.2bn, compared with $6.6bn for AMD, number three) might not yet have the Americans quaking. After all, its squeezed margins are testament to the power of the biggest: its strong position with Shenzhen’s small phonemakers is being superseded by Qualcomm’s links with the emerging giants and its cut-throat pricing.
新的联发科(2011年销售为42亿美元,排名第三的AMD销售为66亿美元)也许还不能对美国同行造成威胁。毕竟,其受到挤压的利润率证明了大企业的威力:它在深圳小型手机商圈子中的强大地位,正被高通与新生代巨型企业的联系及其咄咄逼人的定价所代替。
Still, MediaTek chairman Tsai Ming-kai is known as a far-sighted thinker. The question is whether he can use his added resources to repeat his China mould-breaking move – and profit before the Americans put the squeeze on once more. After all, MediaTek knows to its cost that it is only as good as its last revolutionary product.
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