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富士康:独角兽驾到

来源: 南方日报网络版     时间: 2018年10月23日 11:13:43
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(原)(标)(题)(:富)(士)(康)(:独)(角)(兽)(驾)(到)(
继)(360回)(归)(A股)(之)(后)(,电)(子)(产)(业)(中)(的)(超)(级)(巨)(无)(霸)(富)(士)(康)(以)(雷)(霆)(之)(势)(抢)(滩)(A股)(市)(场)(,并)(在)(3月)(8号)(的)(发)(审)(委)(会)(议)(上)(全)(票)(通)(过)(,IPO历)(程)(仅)(36天)(,刷)(新)(了)(A股)(市)(场)(IPO过)(会)(记)(录)(。
今)(日)((6月)(8日)(),其)(正)(式)(登)(陆)(上)(交)(所)(,开)(盘)(大)(涨)(44%。
富)(士)(康)(的)(闪)(电)(过)(会)(及)(上)(市)(一)(石)(激)(起)(千)(层)(浪)(,吃)(瓜)(群)(众)(议)(论)(纷)(纷)(,媒)(体)(报)(道)(铺)(天)(盖)(地)(。
风)(云)(君)(难)(耐)(寂)(寞)(,在)(查)(阅)(富)(士)(康)(的)(招)(股)(书)(之)(后)(,也)(来)(跟)(大)(家)(分)(享)(一)(下)(自)(己)(的)(看)(法)(。
(图)(片)(来)(自)(网)(络)()
一)(、富)(士)(康)(简)(介)(
富)(士)(康)(这)(家)(公)(司)(在)(国)(内)(声)(名)(远)(播)(、妇)(孺)(皆)(知)(,但)(是)(大)(部)(分)(对)(它)(的)(了)(解)(仅)(限)(于)(“电)(子)(厂)(”、“规)(模)(挺)(大)(的)(”、“给)(苹)(果)(公)(司)(做)(代)(工)(”、“军)(事)(化)(管)(理)(”等)(。所)(以)(风)(云)(君)(觉)(得)(有)(必)(要)(先)(系)(统)(介)(绍)(一)(下)(这)(家)(公)(司)(。
在)(介)(绍)(富)(士)(康)(之)(前)(,先)(简)(单)(说)(下)(富)(士)(康)(的)(实)(际)(控)(股)(股)(东)(鸿)(海)(精)(密)(。鸿)(海)(精)(密)(是)(郭)(台)(铭)(于)(1974年)(在)(台)(湾)(创)(立)(,专)(业)(从)(事)(计)(算)(机)(、通)(讯)(、消)(费)(性)(电)(子)(等)(3C产)(品)(研)(发)(制)(造)(。
1988年)(鸿)(海)(精)(密)(进)(军)(中)(国)(大)(陆)(,创)(立)(了)(以)(富)(士)(康)(为)(核)(心)(的)(一)(系)(列)(公)(司)(。
随)(着)(全)(球)(电)(子)(产)(业)(的)(狂)(飙)(突)(进)(,鸿)(海)(精)(密)(及)(其)(富)(士)(康)(迅)(速)(发)(展)(壮)(大)(,2005年)(超)(越)(竞)(争)(对)(手)(伟)(创)(力)(,崛)(起)(为)(全)(球)(最)(大)(的)(电)(子)(产)(业)(科)(技)(制)(造)(服)(务)(商)(。
目)(前)(鸿)(海)(精)(密)(营)(收)(近)(万)(亿)(人)(民)(币)(,拥)(有)(员)(工)(百)(余)(万)(人)(,是)(全)(球)(屈)(指)(可)(数)(的)(制)(造)(业)(巨)(头)(,2017年)(位)(居)(《财)(富)(》全)(球)(500强)(第)(27位)(。
2005年)(以)(前)(,富)(士)(康)(在)(大)(陆)(的)(生)(产)(基)(地)(主)(要)(在)(以)(深)(圳)(为)(核)(心)(的)(珠)(三)(角)(地)(区)(,但)(随)(着)(中)(国)(沿)(海)(地)(区)(的)(劳)(动)(力)(成)(本)(的)(急)(剧)(上)(升)(,富)(士)(康)(开)(始)(推)(行)(内)(迁)(战)(略)(,将)(其)(工)(厂)(迁)(往)(河)(南)(、山)(西)(、山)(东)(、湖)(北)(,河)(北)(、四)(川)(、贵)(州)(等)(。
富)(士)(康)(目)(前)(的)(全)(球)(布)(局)(策)(略)(是)(:“两)(地)(研)(发)(、三)(区)(设)(计)(制)(造)(、全)(球)(组)(装)(交)(货)(”。也)(就)(是)(技)(术)(研)(发)(以)(大)(中)(华)(区)(与)(美)(国)(为)(两)(大)(重)(要)(战)(略)(支)(点)(,设)(计)(制)(造)(是)(以)(中)(国)(大)(陆)(为)(中)(心)(,在)(亚)(美)(欧)(三)(大)(洲)(设)(立)(多)(个)(制)(造)(基)(地)(,然)(后)(在)(全)(球)(范)(围)(内)(进)(行)(组)(装)(,追)(求)(大)(规)(模)(、高)(效)(率)(、低)(成)(本)(、高)(品)(质)(的)(垂)(直)(整)(合)(制)(造)(优)(势)(。
富)(士)(康)(的)(商)(业)(模)(式)(与)(传)(统)(的)(EMS、ODM有)(所)(不)(同)(,它)(吸)(收)(了)(这)(两)(种)(模)(式)(的)(优)(势)(,建)(立)(起)(“电)(子)(化)(、零)(组)(件)(、模)(块)(机)(光)(电)(垂)(直)(整)(合)(服)(务)(商)(业)(模)(式)(”,简)(称)(eCMMs模)(式)(。(后)(续)(风)(云)(君)(会)(详)(细)(介)(绍)(这)(种)(商)(业)(模)(式)()。
在)(上)(市)(之)(前)(,鸿)(海)(精)(密)(对)(其)(旗)(下)(资)(产)(进)(行)(整)(合)(,将)(其)(体)(系)(内)(的)(通)(信)(网)(络)(设)(备)(、云)(服)(务)(设)(备)(及)(精)(密)(工)(具)(和)(工)(业)(机)(器)(人)(业)(务)(及)(相)(关)(资)(产)(整)(合)(进)(富)(士)(康)(工)(业)(互)(联)(网)(股)(份)(有)(限)(公)(司)(。
所)(以)(,目)(前)(在)(A股)(上)(市)(的)(富)(士)(康)(公)(司)(,是)(一)(家)(全)(球)(领)(先)(的)(通)(信)(网)(络)(设)(备)(、云)(服)(务)(设)(备)(、精)(密)(工)(具)(及)(工)(业)(机)(器)(人)(专)(业)(设)(计)(制)(造)(服)(务)(商)(。
富)(士)(康)(的)(产)(品)(主)(要)(运)(用)(于)(智)(能)(手)(机)(、宽)(带)(和)(无)(线)(网)(络)(、企)(业)(网)(络)(及)(数)(据)(中)(心)(的)(基)(础)(建)(设)(以)(及)(精)(密)(核)(心)(零)(组)(件)(的)(自)(动)(化)(智)(能)(制)(造)(等)(。
整)(合)(之)(后)(的)(富)(士)(康)(,截)(止)(到)(2017年)(底)(,拥)(有)(员)(工)(人)(数)(26.9万)(、总)(资)(产)(规)(模)(1485.96亿)(元)(、净)(资)(产)(281.83亿)(元)(;2017年)(营)(收)(3545.44亿)(元)(、归)(母)(净)(利)(158.68亿)(元)(。
二)(、业)(务)(、商)(业)(模)(式)(及)(核)(心)(竞)(争)(力)(分)(析)(
(一)()业)(务)(分)(析)(
富)(士)(康)(的)(业)(务)(大)(致)(可)(以)(划)(分)(为)(三)(类)(:通)(信)(网)(络)(设)(备)(、云)(服)(务)(设)(备)(、精)(密)(工)(具)(及)(工)(业)(机)(器)(人)(。其)(中)(前)(两)(种)(是)(其)(传)(统)(业)(务)(,占)(其)(营)(收)(的)(比)(例)(超)(过)(90%,也)(是)(其)(利)(润)(的)(主)(要)(来)(源)(,属)(于)(现)(金)(牛)(业)(务)(;第)(三)(类)(业)(务)(是)(新)(兴)(业)(务)(,目)(前)(尚)(处)(于)(培)(育)(阶)(段)(。
1、通)(信)(网)(络)(设)(备)(
通)(信)(网)(络)(设)(备)(类)(产)(品)(主)(要)(包)(括)(各)(类)(型)(网)(络)(设)(备)(、电)(信)(设)(备)(及)(通)(信)(网)(络)(设)(备)(高)(精)(密)(机)(构)(件)(等)(。
网)(络)(设)(备)(产)(品)(主)(要)(是)(网)(络)(交)(换)(机)(、路)(由)(器)(、无)(线)(设)(备)(等)(,主)(要)(客)(户)(思)(科)(、ARRIS等)(;电)(信)(设)(备)(产)(品)(主)(要)(包)(括)(行)(动)(基)(站)(、光)(传)(输)(设)(备)(等)(,主)(要)(卖)(给)(华)(为)(、诺)(基)(亚)(等)(;通)(信)(网)(络)(设)(备)(高)(精)(密)(机)(构)(件)(主)(要)(是)(智)(能)(手)(机)(高)(精)(密)(金)(属)(机)(构)(件)(等)(,大)(客)(户)(是)(苹)(果)(公)(司)(为)(代)(表)(的)(手)(机)(品)(牌)(商)(。
通)(信)(网)(络)(设)(备)(产)(业)(是)(一)(个)(已)(经)(发)(展)(得)(非)(常)(成)(熟)(的)(产)(业)(,行)(业)(增)(长)(率)(不)(高)(,大)(概)(在)(3%—4%之)(间)(,行)(业)(内)(部)(竞)(争)(激)(烈)(,行)(业)(集)(中)(度)(很)(高)(。
据)(IDC数)(据)(库)(统)(计)(,在)(2015年)(的)(全)(球)(电)(信)(设)(备)(市)(场)(,鸿)(海)(精)(密)(和)(伟)(创)(力)(两)(家)(公)(司)(吃)(掉)(了)(一)(半)(的)(市)(场)(,前)(四)(大)((另)(两)(家)(是)(新)(美)(亚)(和)(捷)(普)()厂)(商)(的)(市)(场)(份)(额)(超)(过)(了)(70%;在)(2015年)(的)(全)(球)(网)(络)(设)(备)(市)(场)(,鸿)(海)(精)(密)((富)(士)(康)()一)(枝)(独)(秀)(,占)(据)(了)(49%的)(市)(场)(份)(额)(。
2、云)(服)(务)(设)(备)(
云)(服)(务)(设)(备)(类)(产)(品)(主)(要)(包)(括)(服)(务)(器)(、存)(储)(设)(备)(及)(云)(服)(务)(设)(备)(高)(精)(密)(机)(构)(件)(等)(,其)(中)(最)(主)(要)(的)(产)(品)(是)(服)(务)(器)(。主)(要)(客)(户)(是)(戴)(尔)(、惠)(普)(、亚)(马)(逊)(等)(行)(业)(巨)(头)(。
在)(云)(服)(务)(设)(备)(市)(场)(中)(,服)(务)(器)(和)(存)(储)(设)(备)(也)(已)(步)(入)(成)(熟)(阶)(段)(,毛)(利)(率)(低)(、行)(业)(增)(长)(缓)(慢)(,据)(相)(关)(机)(构)(预)(测)(,17年)(到)(21年)(复)(合)(增)(长)(率)(大)(概)(在)(3.9%左)(右)(。
这)(个)(领)(域)(里)(,主)(要)(玩)(家)(除)(了)(鸿)(海)(精)(密)((富)(士)(康)(),还)(有)(台)(湾)(的)(广)(达)(和)(纬)(颖)(科)(技)(。
3、精)(密)(工)(具)(及)(工)(业)(机)(器)(人)(
精)(密)(工)(具)(产)(品)(主)(要)(包)(括)(金)(刚)(石)(工)(具)(、钨)(钢)(工)(具)(和)(微)(细)(丝)(锥)(等)(,产)(品)(广)(泛)(应)(用)(于)(电)(子)(、模)(具)(等)(领)(域)(中)(的)(精)(密)(制)(造)(。
工)(业)(机)(器)(人)(则)(是)(自)(动)(化)(、智)(能)(化)(的)(机)(器)(装)(置)(。主)(要)(用)(于)(执)(行)(重)(复)(度)(和)(危)(险)(度)(较)(高)(的)(工)(作)(,以)(节)(省)(人)(力)(支)(出)(、缩)(短)(作)(业)(时)(间)(、提)(高)(产)(品)(质)(量)(。
(二)()商)(业)(模)(式)(和)(核)(心)(竞)(争)(力)(
在)(电)(子)(制)(造)(服)(务)(行)(业)(,大)(体)(上)(有)(三)(种)(商)(业)(模)(式)(。
第)(一)(种)(是)(EMS,专)(业)(电)(子)(制)(造)(服)(务)(,也)(叫)(代)(工)(服)(务)(,即)(为)(品)(牌)(公)(司)(提)(供)(制)(造)(、采)(购)(、部)(分)(设)(计)(以)(及)(物)(流)(等)(服)(务)(。EMS模)(式)(又)(可)(以)(分)(为)(两)(种)(,一)(种)(是)(纯)(代)(工)(,客)(户)(提)(供)(设)(计)(图)(纸)(、材)(料)(,甚)(至)(是)(设)(备)(,自)(己)(只)(负)(责)(加)(工)(;另)(一)(种)(是)(代)(工)(带)(料)(,除)(了)(加)(工)(之)(外)(,还)(提)(供)(全)(部)(或)(者)(部)(分)(材)(料)(采)(购)(服)(务)(。
EMS模)(式)(下)(主)(要)(是)(赚)(点)(加)(工)(费)(。这)(种)(模)(式)(无)(需)(承)(担)(库)(存)(风)(险)(,也)(不)(会)(与)(客)(户)(产)(生)(竞)(争)(,但)(是)(技)(术)(含)(量)(低)(,所)(以)(毛)(利)(率)(也)(低)(,纯)(粹)(是)(赚)(点)(血)(汗)(钱)(。
第)(二)(种)(是)(ODM,即)(自)(主)(设)(计)(制)(造)(。结)(构)(、外)(观)(、工)(艺)(等)(主)(要)(自)(主)(开)(发)(,客)(户)(看)(中)(了)(,拿)(回)(去)(直)(接)(或)(者)(稍)(加)(改)(造)(后)(贴)(上)(自)(己)(的)(品)(牌)(出)(售)(。ODM模)(式)(下)(主)(要)(是)(赚)(设)(计)(费)(。
这)(种)(模)(式)(需)(要)(强)(大)(的)(设)(计)(能)(力)(,技)(术)(含)(量)(比)(较)(高)(,毛)(利)(率)(也)(相)(对)(较)(高)(,但)(是)(需)(要)(承)(担)(库)(存)(风)(险)(。
富)(士)(康)(在)(发)(展)(过)(程)(中)(,吸)(收)(了)(两)(大)(门)(派)(的)(精)(华)(,开)(创)(了)(一)(种)(叫)(做)(eCMMS的)(新)(模)(式)(,有)(人)(称)(这)(种)(模)(式)(为)(“零)(组)(件)(模)(块)(化)(快)(速)(出)(货)(模)(式)(”,富)(士)(康)(自)(己)(称)(之)(为)(“电)(子)(化)(、零)(组)(件)(、模)(块)(机)(光)(电)(垂)(直)(整)(合)(服)(务)(商)(业)(模)(式)(”,听)(起)(来)(还)(蛮)(拗)(口)(的)(。
在)(这)(种)(模)(式)(下)(,富)(士)(康)(提)(出)(了)(“一)(站)(式)(”订)(购)(的)(概)(念)(,类)(似)(于)(大)(家)(经)(常)(看)(到)(的)(“拎)(包)(入)(住)(”。
它)(根)(据)(客)(户)(的)(需)(求)(,将)(服)(务)(进)(行)(拆)(分)(,从)(零)(组)(件)(延)(伸)(到)(机)(械)(模)(块)(、电)(子)(模)(块)(、系)(统)(组)(装)(和)(测)(试)(。
零)(组)(件)((即)(Component)是)(一)(个)(模)(块)(最)(基)(本)(的)(构)(成)(元)(素)(;模)(块)((即)(Module)是)(一)(件)(产)(品)(的)(一)(个)(部)(分)(,子)(系)(统)(;第)(二)(个)(“M”是)(Move,即)(移)(动)(速)(度)(,从)(零)(组)(件)(到)(完)(整)(的)(带)(系)(统)(的)(产)(品)(,富)(士)(康)(都)(能)(保)(证)(快)(速)(的)(整)(合)(速)(度)(,提)(供)(高)(效)(率)(和)(低)(成)(本)(的)(服)(务)(。
类)(似)(于)(军)(事)(上)(那)(种)(“机)(械)(化)(快)(速)(反)(应)(部)(队)(”。“S”即)(Service,指)(“服)(务)(”。一)(方)(面)(是)(设)(计)(服)(务)(,参)(与)(客)(户)(的)(设)(计)(过)(程)(,即)(共)(同)(设)(计)(;另)(一)(方)(面)(是)(对)(客)(户)((产)(品)()提)(供)(全)(方)(位)(的)(服)(务)(,包)(括)(物)(流)(和)(售)(后)(服)(务)(。而)(第)(一)(个)(字)(母)(“e”,则)(是)(用)(ERP系)(统)(完)(成)(物)(流)(和)(信)(息)(流)(的)(整)(合)(,打)(通)(电)(子)(制)(造)(服)(务)(产)(业)(链)(。
电)(子)(产)(品)(这)(种)(东)(西)(的)(生)(命)(周)(期)(很)(短)(,更)(新)(换)(代)(很)(快)(,所)(以)(对)(效)(率)(的)(要)(求)(极)(高)(。
在)(eCMMS模)(式)(下)(,富)(士)(康)(能)(快)(速)(整)(合)(上)(中)(下)(游)(产)(业)(链)(,从)(前)(端)(的)(设)(计)(到)(零)(组)(件)(、模)(块)(再)(到)(组)(装)(、交)(货)(,快)(速)(反)(应)(、一)(气)(呵)(成)(,并)(且)(能)(保)(质)(保)(量)(。
富)(士)(康)(把)(效)(率)(发)(挥)(到)(了)(极)(致)(,并)(锻)(造)(出)(一)(条)(全)(球)(3C电)(子)(行)(业)(最)(短)(的)(供)(应)(链)(,这)(些)(东)(西)(构)(成)(了)(富)(士)(康)(的)(核)(心)(竞)(争)(力)(,也)(是)(富)(士)(康)(能)(在)(电)(子)(制)(造)(服)(务)(行)(业)(纵)(横)(捭)(阖)(雄)(霸)(天)(下)(的)(奥)(秘)(所)(在)(。
所)(谓)(天)(下)(武)(功)(,唯)(快)(不)(破)(,就)(是)(这)(个)(道)(理)(。
富)(士)(康)(的)(这)(种)(核)(心)(竞)(争)(力)(,表)(现)(在)(财)(务)(数)(据)(上)(,最)(明)(显)(的)(特)(征)(有)(两)(个)(:一)(是)(毛)(利)(率)(高)(于)(主)(要)(竞)(争)(对)(手)((通)(过)(在)(供)(应)(链)(中)(的)(深)(度)(参)(与)(和)(整)(合)(,赚)(取)(更)(高)(的)(附)(加)(值)();二)(是)(存)(货)(周)(转)(率)(明)(显)(高)(于)(行)(业)(平)(均)(水)(平)((通)(过)(效)(率)(来)(提)(高)(资)(产)(周)(转)(速)(度)()。
这)(两)(点)(,我)(们)(后)(续)(进)(行)(财)(务)(分)(析)(再)(详)(细)(讨)(论)(。
(图)(片)(来)(自)(网)(络)()
三)(、财)(务)(分)(析)(
(一)()盈)(利)(能)(力)(分)(析)(
先)(来)(看)(富)(士)(康)(最)(近)(三)(年)(总)(体)(的)(营)(收)(、成)(本)(和)(毛)(利)(、期)(间)(费)(用)(情)(况)(:
单)(位)(:亿)(元)(
最)(近)(三)(年)(,富)(士)(康)(的)(营)(收)(年)(复)(合)(增)(长)(率)(为)(14%,不)(过)(这)(里)(要)(说)(明)(一)(下)(,富)(士)(康)(2016年)(的)(营)(收)(跟)(15年)(相)(比)(大)(致)(持)(平)(,2017年)(营)(收)(同)(比)(大)(增)(30%,主)(要)(是)(因)(为)(鸿)(海)(对)(旗)(下)(资)(产)(进)(行)(整)(合)(,富)(士)(康)(并)(购)(了)(部)(分)(鸿)(海)(旗)(下)(资)(产)(,导)(致)(营)(收)(大)(增)(,属)(于)(外)(延)(增)(长)(,非)(内)(生)(增)(长)(。
再)(看)(毛)(利)(率)(,大)(致)(维)(持)(在)(10.5%左)(右)(,基)(本)(维)(持)(在)(一)(个)(比)(较)(稳)(定)(的)(水)(平)(,波)(动)(不)(大)(。
这)(个)(毛)(利)(率)(在)(行)(业)(内)(其)(实)(是)(属)(于)(比)(较)(高)(的)(水)(平)(,风)(云)(查)(阅)(了)(鸿)(海)(精)(密)(最)(近)(三)(年)(的)(毛)(利)(率)(,大)(概)(在)(7%到)(7.5%之)(间)(,所)(以)(从)(毛)(利)(率)(上)(也)(可)(以)(看)(出)(,鸿)(海)(本)(次)(剥)(离)(出)(来)(在)(A股)(上)(市)(的)(这)(部)(分)(资)(产)(,是)(旗)(下)(的)(优)(质)(资)(产)(,精)(锐)(部)(队)(。
最)(后)(看)(费)(用)(率)(:
最)(近)(三)(年)(的)(费)(用)(率)(处)(于)(上)(升)(趋)(势)(,这)(里)(面)(主)(要)(是)(两)(个)(因)(素)(:
一)(是)(富)(士)(康)(近)(三)(年)(在)(研)(发)(方)(面)(加)(大)(了)(投)(入)(,2015年)(至)(2017年)(的)(研)(发)(支)(出)(分)(别)(是)(47.84亿)(、54.86亿)(、79.34亿)(,占)(其)(营)(收)(比)(重)(分)(别)(为)(1.75%、2.01%、2.24%,并)(且)(这)(些)(研)(发)(费)(用)(全)(部)(计)(入)(当)(期)(费)(用)((管)(理)(费)(),没)(有)(进)(行)(任)(何)(资)(本)(化)(,这)(是)(富)(士)(康)(费)(用)(率)(走)(高)(的)(最)(主)(要)(因)(素)(。
第)(二)(个)(因)(素)(就)(是)(汇)(率)(,2017年)(人)(民)(币)(兑)(美)(元)(大)(幅)(升)(值)(,导)(致)(富)(士)(康)(出)(现)(大)(概)(9亿)(的)(汇)(兑)(损)(失)(,导)(致)(财)(务)(费)(用)(增)(加)(。
下)(面)(我)(们)(进)(一)(步)(将)(富)(士)(康)(的)(毛)(利)(率)(和)(期)(间)(费)(用)(率)(跟)(同)(行)(业)(公)(司)(进)(行)(对)(比)(分)(析)(。
在)(对)(比)(之)(前)(风)(云)(君)(先)(要)(说)(明)(一)(下)(:A股)(上)(市)(公)(司)(中)(其)(实)(并)(没)(有)(富)(士)(康)(真)(正)(意)(义)(上)(的)(竞)(争)(对)(手)(,不)(管)(是)(营)(收)(规)(模)(还)(是)(行)(业)(地)(位)(,都)(跟)(富)(士)(康)(不)(对)(称)(,风)(云)(君)(认)(为)(跟)(他)(们)(比)(较)(没)(有)(多)(大)(的)(意)(义)(。
所)(以)(本)(次)(的)(对)(比)(标)(的)(选)(取)(在)(美)(国)(上)(市)(的)(伟)(创)(力)((FLEX.O)和)(在)(台)(湾)(上)(市)(的)(广)(达)((2382.TW),这)(两)(家)(公)(司)(都)(是)(世)(界)(500强)(,也)(是)(电)(子)(制)(造)(服)(务)(行)(业)(久)(负)(盛)(名)(的)(超)(级)(巨)(头)(,其)(中)(广)(达)(成)(立)(于)(1988年)(,是)(目)(前)(全)(球)(第)(一)(大)(笔)(记)(本)(电)(脑)(研)(发)(设)(计)(制)(造)(公)(司)(,2016年)(营)(业)(收)(入)(约)(8940亿)(新)(台)(币)(,是)(富)(士)(康)(在)(云)(服)(务)(设)(备)(领)(域)(主)(要)(的)(竞)(争)(对)(手)(。
伟)(创)(力)(是)(全)(球)(著)(名)(的)(电)(子)(专)(业)(制)(造)(服)(务)(公)(司)(,1969年)(成)(立)(,总)(部)(设)(在)(新)(加)(坡)(,16年)(营)(收)(244.2亿)(美)(元)(,是)(富)(士)(康)(在)(通)(信)(网)(络)(设)(备)(领)(域)(的)(主)(要)(竞)(争)(对)(手)(。
先)(看)(通)(信)(网)(络)(设)(备)(领)(域)(,将)(富)(士)(康)(与)(伟)(创)(力)(近)(三)(年)(毛)(利)(率)(进)(行)(对)(比)(:
注)(:伟)(创)(力)(17年)(4季)(报)(尚)(未)(披)(露)(,2017年)(毛)(利)(率)(为)(前)(三)(季)(度)(毛)(利)(率)(
从)(上)(面)(数)(据)(可)(以)(看)(出)(,富)(士)(康)(的)(毛)(利)(率)(远)(高)(于)(伟)(创)(力)(,这)(一)(方)(面)(得)(益)(于)(富)(士)(康)(的)(eCMMS商)(业)(模)(式)(带)(来)(的)(高)(附)(加)(值)(;另)(一)(方)(面)(得)(益)(于)(通)(信)(网)(络)(设)(备)(高)(精)(密)(机)(构)(件)(业)(务)(带)(来)(的)(高)(毛)(利)(,这)(块)(业)(务)(对)(于)(富)(士)(康)(通)(信)(网)(络)(类)(设)(备)(的)(毛)(利)(贡)(献)(率)(接)(近)(80%。
在)(移)(动)(互)(联)(网)(等)(应)(用)(蓬)(勃)(发)(展)(、产)(品)(不)(断)(推)(陈)(出)(新)(的)(背)(景)(下)(,全)(球)(手)(机)(市)(场)(新)(机)(型)(不)(断)(推)(出)(,客)(户)((特)(别)(是)(苹)(果)(公)(司)()对)(于)(高)(端)(手)(机)(组)(件)(的)(性)(能)(要)(求)(亦)(不)(断)(提)(升)(,富)(士)(康)(该)(类)(产)(品)(技)(术)(含)(量)(较)(高)(、毛)(利)(率)(也)(较)(高)(。
再)(将)(富)(士)(康)(云)(服)(务)(设)(备)(业)(务)(与)(广)(达)(进)(行)(对)(比)(:
前)(面)(我)(们)(说)(过)(,在)(云)(服)(务)(设)(备)(市)(场)(中)(,服)(务)(器)(和)(存)(储)(设)(备)(已)(步)(入)(成)(熟)(阶)(段)(,毛)(利)(率)(低)(,规)(模)(效)(应)(非)(常)(明)(显)(。从)(数)(据)(来)(看)(,富)(士)(康)(和)(广)(达)(的)(毛)(利)(率)(旗)(鼓)(相)(当)(,广)(达)(最)(近)(三)(年)(的)(平)(均)(毛)(利)(率)(为)(4.8%,富)(士)(康)(为)(4.75%,差)(异)(非)(常)(微)(弱)(。
再)(来)(比)(较)(三)(家)(公)(司)(的)(费)(用)(率)(:
在)(这)(三)(巨)(头)(中)(,费)(用)(率)(最)(低)(的)(是)(广)(达)(,平)(均)(1.9%左)(右)(;最)(高)(的)(是)(伟)(创)(力)(,在)(4.44%左)(右)(,富)(士)(康)(的)(费)(用)(率)(平)(均)(为)(4.03%。这)(是)(由)(各)(公)(司)(的)(业)(务)(特)(点)(形)(成)(的)(,广)(达)(主)(要)(做)(服)(务)(器)(,毛)(利)(率)(低)(,费)(用)(率)(也)(低)(;伟)(创)(力)(主)(要)(做)(通)(信)(网)(络)(设)(备)(,相)(比)(云)(服)(务)(器)(,这)(种)(业)(务)(毛)(利)(率)(相)(对)(较)(高)(,费)(用)(率)(也)(高)(,富)(士)(康)(两)(种)(业)(务)(都)(有)(,所)(以)(费)(用)(率)(居)(于)(两)(者)(之)(间)(。
最)(后)(来)(看)(三)(家)(公)(司)(的)(销)(售)(净)(利)(率)(:
注)(:伟)(创)(力)(和)(广)(达)(尚)(未)(披)(露)(第)(四)(季)(度)(财)(务)(数)(据)(,2017年)(销)(售)(净)(利)(率)(为)(前)(三)(季)(度)(净)(利)(率)(。
从)(最)(近)(三)(年)(的)(销)(售)(净)(利)(率)(来)(看)(,富)(士)(康)(明)(显)(高)(于)(两)(家)(竞)(争)(对)(手)(,富)(士)(康)(最)(近)(三)(年)(平)(均)(销)(售)(净)(利)(率)(为)(5.04%,而)(伟)(创)(力)(和)(广)(达)(的)(平)(均)(销)(售)(净)(利)(率)(为)(分)(别)(为)(1.84%和)(1.65%。
所)(以)(从)(最)(终)(的)(盈)(利)(能)(力)(来)(看)(,富)(士)(康)(远)(比)(伟)(创)(力)(和)(广)(达)(优)(秀)(。
(二)()运)(营)(能)(力)(分)(析)(
存)(货)(周)(转)(能)(力)(对)(比)(:
从)(三)(家)(公)(司)(的)(存)(货)(周)(转)(速)(度)(来)(看)(,富)(士)(康)(最)(近)(三)(年)(的)(平)(均)(存)(货)(周)(转)(率)(为)(9.24次)(,广)(达)(和)(伟)(创)(力)(分)(别)(是)(7.4次)(、6.47次)(,说)(明)(富)(士)(康)(的)(存)(货)(周)(转)(能)(力)(要)(比)(广)(达)(和)(伟)(创)(力)(更)(优)(秀)(。
这)(得)(益)(于)(富)(士)(康)(的)(eCMMS商)(业)(模)(式)(,也)(称)(为)(“零)(组)(件)(模)(块)(化)(快)(速)(出)(货)(模)(式)(”,这)(种)(模)(式)(的)(优)(越)(性)(我)(们)(前)(面)(已)(经)(介)(绍)(过)(,而)(卓)(越)(的)(存)(货)(周)(转)(能)(力)(是)(这)(种)(商)(业)(模)(式)(在)(财)(务)(数)(据)(中)(的)(具)(体)(表)(现)(之)(一)(。
工)(业)(富)(联)(董)(事)(长)(陈)(永)(正)(致)(辞)(。(图)(片)(来)(自)(网)(络)()
(三)()成)(长)(能)(力)(
目)(前)(,电)(子)(制)(造)(服)(务)(行)(业)(已)(经)(步)(入)(成)(熟)(期)(,整)(个)(行)(业)(增)(长)(比)(较)(缓)(慢)(,市)(场)(基)(本)(上)(被)(头)(部)(几)(家)(公)(司)(瓜)(分)(完)(毕)(。
包)(括)(富)(士)(康)(在)(内)(的)(行)(业)(巨)(头)(的)(营)(收)(增)(长)(都)(比)(较)(缓)(慢)(甚)(至)(是)(停)(滞)(,我)(们)(以)(2016年)(为)(例)(,富)(士)(康)(的)(营)(收)(同)(比)(增)(长)(-0.03%,广)(达)(营)(收)(同)(比)(增)(长)(率)(为)(-11.25%,伟)(创)(力)(营)(收)(同)(比)(增)(长)(-2.28%。
虽)(然)(从)(报)(表)(数)(据)(来)(看)(,富)(士)(康)(最)(近)(三)(年)(的)(营)(收)(复)(合)(增)(长)(率)(为)(14%,但)(是)(我)(们)(也)(说)(过)(,这)(主)(要)(是)(因)(为)(内)(部)(资)(产)(整)(合)(,富)(士)(康)(并)(购)(鸿)(海)(旗)(下)(部)(分)(资)(产)(所)(致)(。
那)(么)(富)(士)(康)(未)(来)(的)(增)(长)(点)(在)(哪)(里)(?
首)(先)(,随)(着)(5G技)(术)(的)(兴)(起)(和)(大)(规)(模)(商)(用)(,移)(动)(通)(信)(技)(术)(的)(升)(级)(将)(带)(来)(新)(一)(轮)(电)(子)(产)(品)(置)(换)(潮)(。在)(各)(种)(新)(技)(术)(的)(不)(断)(推)(陈)(出)(新)(的)(影)(响)(下)(,未)(来)(全)(球)(智)(能)(手)(机)(市)(场)(将)(保)(持)(较)(快)(增)(长)(,产)(品)(更)(新)(换)(代)(速)(度)(不)(断)(加)(快)(。
其)(次)(,工)(业)(互)(联)(网)(的)(发)(展)(与)(普)(及)(将)(产)(生)(大)(量)(的)(对)(相)(关)(电)(子)(设)(备)(的)(需)(求)(,具)(体)(包)(括)(传)(感)(器)(、边)(缘)(数)(据)(计)(算)(设)(备)(、网)(络)(设)(备)(、服)(务)(器)(、存)(储)(设)(备)(、精)(密)(工)(具)(和)(工)(业)(机)(器)(人)(等)(。
这)(些)(需)(求)(将)(成)(为)(该)(行)(业)(新)(的)(增)(长)(点)(。
四)(、富)(士)(康)(新)(征)(程)(:工)(业)(互)(联)(网)(和)(智)(能)(制)(造)(
富)(士)(康)(上)(市)(之)(前)(,给)(自)(己)(取)(了)(一)(个)(比)(较)(拉)(风)(的)(名)(字)(,叫)(做)(“富)(士)(康)(工)(业)(互)(联)(网)(股)(份)(有)(限)(公)(司)(”。
风)(云)(君)(认)(为)(,富)(士)(康)(这)(家)(公)(司)(的)(最)(大)(看)(点)(,也)(就)(在)(于)(工)(业)(互)(联)(网)(。
在)(第)(四)(次)(工)(业)(革)(命)(的)(背)(景)(下)(,各)(国)(制)(造)(业)(相)(继)(迈)(入)(变)(革)(时)(代)(,向)(数)(字)(化)(、网)(络)(化)(、智)(能)(化)(转)(变)(,已)(经)(逐)(渐)(进)(入)(智)(能)(制)(造)(的)(时)(代)(。富)(士)(康)(进)(军)(工)(业)(互)(联)(网)(和)(智)(能)(制)(造)(,也)(是)(大)(势)(所)(趋)(。
(一)()工)(业)(互)(联)(网)(
这)(年)(头)(,搞)(工)(业)(的)(很)(多)(,搞)(互)(联)(网)(的)(也)(很)(多)(,但)(是)(搞)(工)(业)(互)(联)(网)(的)(,凤)(毛)(麟)(角)(。
核)(心)(原)(因)(在)(于)(一)(般)(的)(工)(业)(企)(业)(和)(互)(联)(网)(公)(司)(,都)(无)(法)(取)(得)(海)(量)(的)(工)(业)(生)(产)(数)(据)(。而)(富)(士)(康)(是)(工)(业)(制)(造)(领)(域)(的)(超)(级)(巨)(无)(霸)(,手)(里)(撰)(着)(海)(量)(的)(工)(业)(生)(产)(数)(据)(。
富)(士)(康)(在)(电)(子)(制)(造)(行)(业)(浸)(淫)(数)(十)(年)(,基)(于)(在)(电)(子)(设)(备)(智)(能)(制)(造)(领)(域)(生)(产)(制)(造)(工)(艺)(和)(流)(程)(的)(丰)(富)(经)(验)(,积)(累)(了)(海)(量)(的)(工)(业)(数)(据)(,为)(潜)(在)(的)(数)(据)(挖)(掘)(和)(应)(用)(提)(供)(了)(优)(质)(的)(数)(据)(来)(源)(。这)(些)(数)(据)(是)(工)(业)(生)(产)(过)(程)(中)(价)(值)(增)(值)(的)(体)(现)(,也)(是)(搭)(建)(工)(业)(互)(联)(网)(生)(态)(系)(统)(的)(基)(石)(。
富)(士)(康)(本)(次)(募)(投)(的)(8个)(项)(目)(,有)(4个)(跟)(工)(业)(互)(联)(网)(有)(关)(,分)(别)(是)(工)(业)(互)(联)(网)(平)(台)(、云)(计)(算)(及)(l )(效)(能)(运)(算)(平)(台)(、l )(效)(运)(算)(数)(据)(中)(心)(、通)(信)(网)(络)(及)(云)(服)(务)(设)(备)(、5G及)(物)(联)(网)(互)(联)(互)(通)(解)(决)(方)(案)(,涉)(及)(投)(资)(金)(额)(近)(100亿)(元)(。
其)(中)(工)(业)(互)(联)(网)(系)(统)(平)(台)(可)(以)(通)(过)(开)(发)(集)(智)(能)(定)(位)(、影)(像)(过)(程)(记)(录)(、智)(能)(能)(源)(管)(理)(、智)(能)(制)(造)(中)(心)(、表)(面)(组)(装)(技)(术)(智)(能)(应)(用)(平)(台)(、基)(于)(大)(数)(据)(的)(自)(适)(应)(测)(试)(功)(能)(为)(一)(体)(的)(平)(台)(,通)(过)(网)(络)(连)(接)(生)(产)(环)(节)(的)(各)(组)(成)(部)(分)(,实)(现)(核)(心)(信)(息)(的)(频)(繁)(流)(动)(,为)(企)(业)(提)(供)(实)(时)(信)(息)(和)(生)(产)(预)(测)(,提)(高)(生)(产)(质)(量)(,降)(低)(误)(差)(成)(本)(。
云)(计)(算)(平)(台)(帮)(助)(公)(司)(利)(用)(高)(效)(能)(运)(算)(对)(边)(缘)(计)(算)(、云)(端)(处)(理)(、人)(工)(智)(能)(、云)(连)(云)(、8K图)(像)(处)(理)(应)(用)(等)(领)(域)(,进)(行)(实)(时)(运)(算)(及)(数)(据)(处)(理)(,实)(现)(云)(端)(软)(件)(与)(生)(产)(边)(缘)(层)(数)(据)(之)(间)(的)(互)(相)(协)(作)(。
高)(效)(运)(算)(数)(据)(中)(心)(将)(为)(公)(司)(提)(供)(在)(工)(业)(互)(联)(网)(发)(展)(云)(连)(云)(、网)(连)(网)(、物)(连)(物)(的)(基)(础)(设)(施)(,达)(成)(8K影)(像)(大)(数)(据)(、物)(联)(网)(、安)(全)(监)(控)(、自)(动)(化)(、智)(能)(工)(厂)(等)(智)(能)(应)(用)(。
5G及)(物)(联)(网)(互)(联)(互)(通)(解)(决)(方)(案)(项)(目)(将)(研)(发)(以)(5G为)(连)(网)(技)(术)(的)(5G物)(联)(网)(智)(能)(工)(厂)(解)(决)(方)(案)(,实)(现)(8K超)(高)(画)(质)(影)(像)(、机)(器)(人)(之)(间)(的)(连)(接)(、数)(据)(实)(时)(处)(理)(的)(超)(低)(时)(延)(。
(二)()智)(能)(制)(造)(
本)(次)(富)(士)(康)(募)(投)(的)(智)(能)(制)(造)(项)(目)(主)(要)(有)(三)(个)(:智)(能)(制)(造)(技)(术)(研)(发)(、智)(能)(制)(造)(产)(业)(升)(级)(、智)(能)(制)(造)(产)(能)(扩)(建)(,总)(投)(资)(约)(173亿)(元)(。
智)(能)(制)(造)(技)(术)(研)(发)(项)(目)(主)(要)(是)(通)(过)(自)(主)(开)(发)(设)(备)(实)(现)(生)(产)(系)(统)(的)(自)(我)(诊)(断)(、调)(整)(及)(优)(化)(,应)(用)(工)(业)(大)(数)(据)(及)(人)(工)(智)(能)(技)(术)(,以)(提)(高)(智)(能)(手)(机)(机)(构)(件)(的)(产)(品)(良)(率)(,提)(高)(生)(产)(效)(率)(、降)(低)(成)(本)(。
智)(能)(制)(造)(产)(业)(升)(级)(项)(目)(主)(要)(是)(以)(现)(有)(的)(加)(工)(设)(备)(、检)(测)(装)(置)(、物)(流)(系)(统)(与)(工)(业)(机)(器)(人)(为)(基)(础)(,应)(用)(智)(能)(制)(造)(新)(技)(术)(,升)(级)(改)(造)(、提)(升)(品)(质)(、提)(高)(效)(率)(、降)(低)(成)(本)(,以)(增)(强)(智)(能)(手)(机)(机)(构)(件)(在)(产)(业)(中)(的)(竞)(争)(力)(。
智)(能)(制)(造)(扩)(建)(项)(目)(是)(为)(满)(足)(未)(来)(智)(能)(制)(造)(的)(产)(能)(需)(求)(,同)(时)(升)(级)(环)(境)(安)(全)(装)(置)(与)(监)(控)(系)(统)(,实)(现)(优)(化)(节)(能)(环)(保)(,打)(造)(新)(一)(代)(绿)(色)(智)(能)(制)(造)(生)(产)(基)(地)(。
在)(互)(联)(网)(和)(人)(工)(智)(能)(的)(狂)(潮)(之)(中)(,富)(士)(康)(拟)(利)(用)(自)(身)(的)(数)(据)(、资)(金)(、技)(术)(优)(势)(,搭)(建)(一)(个)(工)(业)(互)(联)(网)(生)(态)(系)(统)(,将)(人)(、数)(据)(和)(机)(器)(连)(接)(、融)(合)(,形)(成)(智)(能)(制)(造)(平)(台)(,进)(一)(步)(提)(高)(生)(产)(品)(质)(、优)(化)(生)(产)(过)(程)(,增)(强)(其)(核)(心)(竞)(争)(力)(。
(三)()对)(外)(合)(作)(
除)(募)(投)(项)(目)(外)(,富)(士)(康)(已)(提)(前)(在)(人)(工)(智)(能)(和)(物)(联)(网)(方)(面)(进)(行)(了)(战)(略)(布)(局)(。2017年)(,人)(工)(智)(能)(领)(域)(的)(知)(名)(科)(学)(家)(、前)(百)(度)(首)(席)(科)(学)(家)(吴)(恩)(达)(出)(走)(百)(度)(,建)(立)(了)(一)(家)(旨)(在)(帮)(助)(制)(造)(业)(公)(司)(用)(算)(法)(来)(降)(低)(成)(本)(、提)(升)(质)(量)(管)(理)(水)(平)(、消)(除)(供)(应)(链)(瓶)(颈)(的)(公)(司)(Landing.AI。
Landing.AI的)(第)(一)(个)(战)(略)(合)(作)(伙)(伴)(是)(富)(士)(康)(。
从)(合)(作)(内)(容)(来)(看)(,这)(将)(势)(必)(大)(大)(加)(快)(富)(士)(康)(在)(人)(工)(智)(能)(应)(用)(层)(面)(的)(步)(伐)(,使)(富)(士)(康)(更)(具)(有)(新)(技)(术)(元)(素)(,也)(对)(富)(士)(康)(旗)(下)(的)(工)(业)(互)(联)(网)(公)(司)(带)(来)(正)(向)(帮)(助)(。
2017年)(6月)(,富)(士)(康)(宣)(布)(将)(牵)(手)(荷)(兰)(KPN风)(险)(投)(资)(公)(司)(、GinkoVentures、法)(国)(最)(大)(电)(信)(公)(司)(Orange及)(瑞)(士)(电)(信)(等)(公)(司)(,共)(同)(参)(与)(法)(国)(物)(联)(网)(及)(云)(计)(算)(大)(厂)(Actility的)(新)(一)(轮)(融)(资)(,总)(投)(资)(额)(高)(达)(2500万)(美)(元)(,并)(加)(入)(LoRA物)(联)(网)(联)(盟)(。
此)(外)(,富)(士)(康)(先)(后)(投)(资)(了)(数)(家)(集)(成)(电)(路)(设)(计)(商)(和)(ElectricImp,这)(些)(投)(资)(将)(为)(它)(进)(军)(物)(联)(网)(行)(业)(提)(供)(巨)(大)(的)(助)(力)(。
富)(士)(康)(本)(身)(在)(连)(网)(设)(备)(、电)(信)(和)(数)(据)(中)(心)(等)(硬)(件)(平)(台)(生)(产)(方)(面)(就)(拥)(有)(优)(势)(,如)(果)(它)(能)(够)(收)(购)(到)(相)(关)(技)(术)(将)(这)(些)(硬)(件)(设)(备)(整)(合)(在)(一)(起)(,它)(就)(能)(够)(在)(物)(联)(网)(行)(业)(建)(立)(牢)(固)(的)(地)(位)(。
五)(、富)(士)(康)(的)(估)(值)(
对)(于)(一)(家)(公)(司)(的)(估)(值)(,向)(来)(是)(一)(个)(见)(仁)(见)(智)(的)(事)(情)(,这)(就)(像)(站)(在)(街)(上)(看)(美)(女)(,有)(的)(喜)(欢)(御)(姐)(,有)(的)(喜)(欢)(萝)(莉)(,口)(味)(不)(同)(罢)(了)(。
那)(么)(富)(士)(康)(应)(该)(按)(照)(多)(少)(倍)(PE来)(估)(值)(比)(较)(合)(理)(?风)(云)(君)(来)(说)(说)(自)(己)(的)(看)(法)(。
我)(们)(先)(来)(看)(看)(同)(行)(业)(的)(上)(市)(公)(司)(目)(前)((2018.3.13)的)(估)(值)(水)(平)(:
这)(四)(家)(公)(司)(,其)(中)(伟)(创)(力)(和)(捷)(普)(都)(是)(美)(国)(上)(市)(公)(司)(,广)(达)(在)(台)(湾)(上)(市)(,环)(旭)(电)(子)(是)(A股)(上)(市)(公)(司)(。伟)(创)(力)(和)(广)(达)(前)(面)(我)(们)(详)(细)(介)(绍)(过)(,都)(是)(世)(界)(500强)(,电)(子)(制)(造)(行)(业)(的)(巨)(头)(。
捷)(普)(是)(全)(球)(三)(大)(电)(子)(合)(约)(制)(造)(服)(务)(商)(之)(一)(,2016年)(营)(业)(收)(入)(为)(183.5亿)(美)(元)(,也)(是)(该)(行)(业)(的)(巨)(头)(之)(一)(;环)(旭)(电)(子)(是)(首)(家)(在)(A股)(上)(市)(的)(台)(资)(电)(子)(制)(造)(企)(业)(,也)(是)(A股)(目)(前)(规)(模)(最)(大)(业)(绩)(最)(好)(的)(电)(子)(制)(造)(企)(业)((还)(有)(一)(家)(是)(比)(亚)(迪)(,但)(是)(比)(亚)(迪)(通)(常)(被)(认)(为)(是)(一)(家)(汽)(车)(制)(造)(企)(业)()。
风)(云)(君)(认)(为)(,这)(四)(家)(公)(司)(的)(估)(值)(水)(平)(,大)(致)(能)(代)(表)(目)(前)(全)(球)(资)(本)(市)(场)(对)(于)(电)(子)(制)(造)(服)(务)(企)(业)(的)(估)(值)(水)(平)(。
从)(数)(据)(上)(看)(,截)(止)(到)(2018年)(3月)(13日)(,四)(家)(公)(司)(的)(平)(均)(市)(盈)(率)(为)(26.91倍)(,动)(态)(市)(盈)(率)(26.43倍)(。
但)(是)(富)(士)(康)(不)(管)(是)(行)(业)(地)(位)(、供)(应)(链)(整)(合)(能)(力)(、盈)(利)(能)(力)(、运)(营)(能)(力)(,都)(要)(高)(于)(上)(述)(四)(家)(公)(司)(;另)(外)(,富)(士)(康)(目)(前)(正)(在)(积)(极)(进)(军)(工)(业)(互)(联)(网)(产)(业)(,竭)(力)(打)(造)(智)(能)(制)(造)(平)(台)(,抢)(占)(技)(术)(制)(高)(点)(,是)(行)(业)(内)(的)(先)(行)(者)(和)(领)(头)(羊)(,估)(值)(水)(平)(应)(该)(高)(于)(行)(业)(平)(均)(水)(平)(。
在)(从)(富)(士)(康)(的)(发)(展)(趋)(势)(来)(看)(,它)(是)(率)(先)(大)(规)(模)(进)(军)(工)(业)(互)(联)(网)(和)(智)(能)(制)(造)(领)(域)(的)(工)(业)(巨)(头)(,应)(该)(给)(与)(其)(合)(理)(的)(估)(值)(溢)(价)(。先)(来)(看)(A股)(市)(场)(规)(模)(较)(大)(的)(工)(业)(互)(联)(网)(和)(智)(能)(制)(造)(企)(业)(的)(估)(值)(水)(平)(:
(数)(据)(来)(源)(:同)(花)(顺)(2018年)(3月)(13日)(收)(盘)(数)(据)()
所)(以)(,我)(们)(认)(为)(2018年)(富)(士)(康)(的)(合)(理)(估)(值)(应)(该)(在)(30倍)(PE左)(右)(。其)(2017年)(归)(母)(净)(利)(润)(为)(158.68亿)(,对)(应)(的)(估)(值)(应)(该)(在)(4800亿)(左)(右)(。
对)(于)(A股)(市)(场)(,富)(士)(康)(具)(有)(稀)(缺)(性)(,或)(许)(一)(切)(均)(有)(可)(能)(性)(。
(来)(源)(市)(值)(风)(云)(作)(者)(商)(立)(木)()返)(回)(搜)(狐)(,查)(看)(更)(多)(责)(任)(编)(辑)(:
声)(明)(:该)(文)(观)(点)(仅)(代)(表)(作)(者)(本)(人)(,搜)(狐)(号)(系)(信)(息)(发)(布)(平)(台)(,搜)(狐)(仅)(提)(供)(信)(息)(存)(储)(空)(间)(服)(务)(。
阅)(读)(()
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