english tutor,中學補習,補習社-聯想：成為PC老大後未來仍不確定 |
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| 【英文補習, 補習英文, english tutor, 英文課程, 中學補習, 補習社】 聯想：成為PC老大後未來仍不確定 At Lenovo, The Reward Is Uncertain 《華爾街日報》 In the global personal-computer market, being No. 1 is good, but not good enough. That is what Lenovo will discover when it claims the top spot in PC shipments this year. 在全球個人電腦市場當老大是件好事，但還不夠好。聯想(Lenovo)在取得今年PC出貨量第一名的成績時就會發現這一點。 Lenovo's surge up the rankings is impressive. The Chinese firm has gone from fourth place in global PC shipments in 2010 to second place in the third quarter of 2012, according to data from industry experts IDC. Gartner, another research firm, says Lenovo already has overtaken Hewlett-Packard to claim the top spot. 聯想排名的迅速上升的確讓人印象深刻。據行業專傢IDC的數據，這傢中國公司已從2010年全球PC出貨量的第四名，上升到2012年第三季度的第二名。根據另一傢公司Gartner的排名，聯想已經取代惠普(Hewlett-Packard)成為PC出貨量最大的廠商。 Trouble is, sustaining the breakneck growth that catapulted Lenovo into first place looks tough. The company is in a sweet spot, geographically speaking, with exposure to fast-growing China, the rest of Asia, and Latin America. 問題在於，聯想要保持躍居第一名的那種高速增長顯得非常艱難。從地理角度來說，聯想所處位置得天獨厚，它在高增長的中國、亞洲其他地區和拉丁美洲都有投資。 But the view of Lenovo as an emerging-market play is exaggerated. Mature markets - where the PC market is shrinking - accounted for 42% of the company's sales in the 12 months ended March 2012. 但把聯想看成新興市場題材股就過於誇大其辭瞭。截至2012年3月份的12個月期間，PC市場容量正在萎縮的成熟市場占聯想銷售收入的42%。 Boosting thin operating-profit margins - just 2.3% in the second quarter - will also be a challenge. Lenovo has succeeded in sustaining operating margins in markets where it has a dominant position: They were 6.5% for its China PC business in the second quarter. But in much of the rest of the world, margins are vanishingly small. Making gains, when HP is promising to compete more aggressively, could be tough. 提升本就微薄的運營利潤率──第二季度僅為2.3%──也會是一個挑戰。聯想在它處於支配地位的市場倒是維持瞭運營利潤率，比如二季度在中國PC市場的利潤率就有6.5%。但在世界上其他很多地區，其利潤率卻是微乎其微。在惠普放言將展開更大攻勢的情況下，提高利潤率可能會非常困難。 There are potential positive catalysts. David Daoud of IDC says that the launch of Windows 8 by Microsoft represents an opportunity for PC makers to escape the 'good enough' consumer mindset, whereby they are reluctant to pay a premium for superior products. If consumers are willing to open their wallets to pay for new features like touch screens, this could be an opportunity for Lenovo, which has launched four new devices designed with the Windows 8 system in mind. 某些因素可能會成為有益的業績催化劑。IDC的達烏德(David Daoud)說，微軟(Microsoft)的Windows 8使PC生產商有機會打破消費者安於現狀、不願花更高價錢購買更優產品的心態。如果消費者願意花錢購買觸摸屏等新的功能，那麼這對聯想來說可能就是一個機會。聯想已經推出四款在設計時照顧到Windows 8系統的新設備。 The firm is also betting that smartphones will be a money spinner. Growth has been explosive, with Lenovo claiming 11% of the Chinese market in the second quarter, according to IDC, and moving into India and Indonesia. Competition from Samsung, HTC, and Huawei is tough. But Lenovo's chief executive, Yang Yuanqing, says he expects the China smartphone business to show a profit inside the next two to three quarters. 聯想也在下註於智能手機，希望它將來成為一個搖錢樹。聯想在智能手機領域實現瞭飛快的增長，據IDC的數據，第二季度它占據中國市場11%的份額。同時它也在向印度和印度尼西亞挺進。三星(Samsung)、宏達國際(HTC)、華為(Huawei)帶來瞭激烈的競爭，但聯想首席執行長楊元慶說，他預計公司的中國智能手機業務將在未來兩到三個季度之內實現盈利。 Lenovo is confident that rapid growth can be sustained. Mr. Yang says a shift to profitability in the PC business in emerging markets outside China - where Lenovo has been paring losses for the last few quarters - is imminent. But with the stock trading at 12.6 times forecast earnings for the next 12 months, compared with four times for HP and 5.2 times for Dell, investors are already paying a premium for Lenovo. With success priced in, there's little room for a slip. 聯想相信這種高增長可以維持。楊元慶說，過去幾個季度聯想在中國以外新興市場的PC業務一直在縮減虧損，盈利指日可待。但是，聯想相比未來12個月預期利潤的市盈率為12.6倍，而相比之下惠普、戴爾(Dell)分別為4倍和5.2倍，投資者已經在為聯想支付溢價。聯想的成功已反映在股價之中，幾乎不存在上漲空間。 |
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