聯想真的需要智能手機業務嗎?
Chinese personal-computer giant Lenovo Group Ltd. says its unprofitable smartphone business will become an engine for its growth. But some analysts think the company should concentrate on its PC business, instead of getting distracted by smartphones.
中國個人電腦生產巨頭聯想集團(Lenovo Group Ltd.)表示，該公司目前尚未盈利的智能手機業務將成爲其增長引擎。但是一些分析人士認爲，該公司應該專注於個人電腦業務，不應該在智能手機業務上分散精力。In the global PC market, Lenovo is close to becoming the largest player. Research firm IDC estimated Lenovo's market share by shipment was the second largest in the world at 15.7% in the quarter through September, slightly behind Hewlett-Packard Co. HPQ -1.52%'s 15.9%. While overall PC shipments declined 8.6% in that quarter, Lenovo's shipments grew 10%, according to IDC. This week, Lenovo reported that its net profit for the fiscal second quarter through September rose 13%, while revenue grew 11%.
Lenovo聯想平板電腦：ThinkPad Tablet 2在全球個人電腦市場，聯想已接近坐上頭把交椅。研究機構國際數據公司(IDC)估計，在截至今年九月底的這一季度，以發貨量計，聯想的市場份額爲15.7%，排全球第二位，略低於惠普公司的15.9%。根據IDC的數據，儘管該季度全球個人電腦的總髮貨量下降了8.6%，聯想的發貨量仍然增長了10%。聯想上週宣佈，在截至九月底的第二財政季度，該公司的淨利潤增長了13%，收入增長了11%。If Lenovo is the PC market leader, why does it need to diversify?
如果聯想是個人電腦市場的領頭羊，它爲什麼還需要使業務多樣化呢？
One possible answer is that the PC industry has little room for growth. The idea that tablets are eating into PC sales is true to some extent in the U.S. and other developed markets where most people already own PCs. Still, in many emerging markets in Asia, Latin America, the Middle East and Africa, people are still buying their first PC.
一個可能的原因是，個人電腦行業的增長空間已經所剩無幾。在美國和其他發達國家市場，平板電腦正在搶奪個人電腦市場的說法一定程度上是確實存在的。在這些市場，大多數人已經擁有個人電腦。不過，在亞洲、拉丁美洲、中東和非洲的許多新興市場，人們仍然在購買自己的第一臺個人電腦。In a CLSA survey of consumers in China, India and Indonesia released last month, respondents considered PCs a necessity, but not tablets.
里昂證券(CLSA)上個月對中國、印度和印度尼西亞的消費者進行的一項調查顯示，受訪者認爲個人電腦是必需品，平板電腦則不是。Lenovo Chief Executive Yang Yuanqing said this week that the company's PC business has room for growth in emerging markets where PC penetration is still low. Its recent acquisition of Brazil's CCE was the latest effort to increase its presence in emerging markets outside China.
聯想集團首席執行長楊元慶最近表示，該公司的個人電腦業務在個人電腦滲透率仍然較低的新興市場存在增長空間。聯想集團最近收購了巴西的CCE公司，這是聯想集團在中國以外新興市場擴大業務規模的最新嘗試。Meanwhile, the company has been spending more on its mobile device business. Last year, it created a new business unit that focuses mainly on smartphones and tablets. Earlier this year, it announced plans to spend $800 million to build a new base in China for production and development of mobile products.
同時，聯想在移動設備業務方面進行了更多投資。去年，聯想新設立了一個專注於智能手機和平板電腦業務的部門。今年早些時候，聯想宣佈了斥資8億美元在中國新建一個移動產品生產和開發基地的計劃。Mr. Yang said this week that the company expects its money-losing smartphone business in China to become profitable in two to three quarters.
楊元慶最近表示，該公司預計其在中國的智能手機業務將在兩到三個季度之後扭虧爲盈。Still, some analysts say Lenovo's recent focus on the smartphone business is distracting the company from efforts to tap potential PC demand in emerging markets. While Lenovo's PC business can continue to benefit from economies of scale, it's unclear how its smartphones can become competitive globally, they say.
儘管如此，一些分析人士說，聯想最近對智能手機業務的重視使其無法集中精力開發新興市場對個人電腦的潛在需求。儘管聯想的個人電腦業務可以繼續從規模效益中獲益，目前還不清楚其智能手機業務能否在全球擁有競爭力。'Lenovo should focus on selective emerging markets and try to expand their PC business in those markets,' said Sanford Bernstein analyst Alberto Moel.
Sanford Bernstein Ltd.的高級分析師默爾(Alberto Moel) 說，聯想應該專注於一些優選的新興市場，努力在這些市場擴大個人電腦業務。Lenovo's smartphone push is a risky bet in terms of earnings. While the handset business may contribute to revenue, its profitability remains uncertain.
聯想進軍智能手機業務的努力在盈利方面存在風險。儘管手機業務可能會爲營收帶來增長，其盈利能力仍然存在不確定性。The mobile market may be a goldmine for Apple Inc. AAPL +1.73% and Samsung Electronics Co. -0.07%, but fat margins exist only in the high-end segment dominated by the iPhone and Samsung's flagship Galaxy models, said Nicolas Baratte, head of CLSA's Asia Pacific technology research. Most other handset makers are locked in a cutthroat price battle that leaves very thin margins. 'It's a very, very tough market' for newcomers, said Mr. Baratte.
里昂證券(CLSA)亞太科技產業研究部主管巴拉特(Nicolas Baratte)說，手機市場可能仍然是蘋果(Apple Inc.)和三星公司(Samsung Electronics Co.)的利潤來源，但這一市場只在由iPhone和三星Galaxy系列手機主導的高端領域纔有豐厚利潤。巴拉特說，大多數其他手機制造商都捲入了激烈的價格戰，導致它們的利潤率非常低。巴拉特說，對於新的參與者來說，這是一個非常殘酷的市場。While Lenovo is a widely recognized brand in China, it faces fierce competition in the country's crowded mobile market from other Chinese handset makers like Huawei Technologies Co. and ZTE Corp. +1.07%, which are also trying to offer more smartphones with higher price tags in addition to low-end models.
儘管聯想在中國是一個受到廣泛認可的品牌，它在中國競爭激烈的手機市場面臨着來自華爲(Huawei Technologies Co.)和中興(ZTE Corp.)等公司的激烈競爭，除了低端機型，這些公司也在努力推出更多售價更高的手機。Outside China, where the Lenovo brand isn't as strong, challenges are even greater. Lenovo recently started selling smartphones in India, Indonesia, Vietnam and the Philippines, and the company plans to expand into more emerging markets.
在中國之外，聯想品牌的影響力沒那麼強大，它面臨的挑戰也更加嚴峻。聯想最近開始在印度、印度尼西亞、越南和菲律賓銷售智能手機，此外，聯想還計劃將智能手機業務擴大到更多新興市場國家。Lenovo's smartphone strategy 'would make more sense if the company were concentrating on the Chinese market,' says Mr. Moel.
默爾說，如果聯想專注於中國市場，其智能手機策略將會更富有成效。In China, Lenovo can at least take advantage of its brand, but the environment will be much tougher in other markets, he said.
他說，在中國，聯想至少可以利用其品牌上的優勢，但是在其他市場，聯想面臨的環境可能會艱難得多。
