Bitcoin Forum
September 30, 2024, 04:39:18 AM
Welcome,
Guest
. Please
login
or
register
.
News
: Latest Bitcoin Core release:
27.1
[
Torrent
]
Home
Help
Search
Login
Register
More
Bitcoin Forum
>
Local
>
中文 (Chinese)
>
媒体
>
高通不应剥离芯片业务
Pages: [
1
]
« previous topic
next topic »
Print
Author
Topic: 高通不应剥离芯片业务 (Read 335 times)
jsgayo
(OP)
Sr. Member
Offline
Activity: 476
Merit: 250
高通不应剥离芯片业务
April 21, 2015, 07:43:54 AM
#1
对于一家成熟的高科技企业来说,交易中的难点往往在于放弃什么以及什么时候放弃。30年前成立的高通(Qualcomm)曾做出一些明智的放弃决定。比如,1999年该公司出售了手机业务,并在同一年出售了基建业务。那么,该公司现在退出芯片业务是否正当其时呢?
高通过去曾公开表示考虑过这一想法,而最近投资者同样也开始大声呼吁这么做。分析师认为,高通最有价值的业务是其许可证业务,智能手机的3G和4G无线技术使用的大多数知识产权都是由该部门提供的。这些许可证带来的版权费只占高通营收的四分之一,却占了其利润的三分之二。与此同时,高通的芯片业务为其带来了大部分营收,带来的盈利却不到一半。在引入新的无线通信标准时,这两种业务之间是能够相互补充的。比如,对于长期演进(Long Term Evolution,简称LTE)这样的新技术标准,高通可以研发其幕后的种种专利技术,并同步开发植入LTE技术的芯片,以证明这种技术的有效性。然而,瑞士信贷(Credit Suisse)指出,在如今这样的时代,高通已经在为全球绝大部分手机发放许可证,这种协同效应已不那么重要了。
拆分一家企业的合理原因,要么是由于该企业的某一业务限制了其他业务的发展,要么是由于不同业务拥有不同的增长轨迹。但就高通而言,芯片业务和许可证业务都面临着类似的不利局面。在过去12个月里,这种不利局面令其股价下跌了17%。高通的许可证业务遭遇了营收及利润的下滑,原因一方面是由于智能手机的价格正在下跌(高通的版权费是以手机价格的一定比例收取的),另一方面则是由于版权费的抽成比例降低(比如中国最近的和解案)。与此同时,高通芯片业务也出现了增长放缓的现象,而且来自联发科技(Mediatek)等企业的竞争,使其面临越来越大的压力。不过,芯片业务目前仍是高通唯一的盈利增长来源。
当然,如果出现愿以合理价格收购芯片业务的买家(瑞士信贷估计该业务的企业价值为430亿美元),高通也许会想要考虑卖掉该业务。高通股价目前看起来确实很便宜,其企业价值只有2014年自由现金流的15倍,接近5年来的最低点。不过,拆分高通不会帮助芯片业务或许可证业务解决所面临的挑战,也无助于修复它们的估值。在面临考验的时期,事实上高通各业务部门在一起可能更好一些。
译者:简易 | 来源:FT中文网
▓▓▓ BITMIXER.IO ▓▓▓
▓▓▓ High Volume Bitcoin MIXER ▓▓▓
Pages: [
1
]
Print
Bitcoin Forum
>
Local
>
中文 (Chinese)
>
媒体
>
高通不应剥离芯片业务
« previous topic
next topic »
Jump to:
Please select a destination:
-----------------------------
Bitcoin
-----------------------------
=> Bitcoin Discussion
===> Legal
===> Press
===> Meetups
===> Important Announcements
=> Development & Technical Discussion
===> Wallet software
=====> Electrum
=====> Bitcoin Wallet for Android
=====> BitcoinJ
=====> Armory
=====> Mycelium
=====> Hardware wallets
=> Mining
===> Mining support
===> Pools
===> Mining software (miners)
===> Hardware
=====> Group buys
===> Mining speculation
=> Bitcoin Technical Support
=> Project Development
-----------------------------
Economy
-----------------------------
=> Economics
===> Speculation
=> Marketplace
===> Goods
=====> Computer hardware
=====> Digital goods
=======> Invites & Accounts
=====> Collectibles
===> Services
===> Currency exchange
===> Gambling
=====> Games and rounds
=====> Investor-based games
=====> Gambling discussion
===> Lending
=====> Long-term offers
===> Securities
===> Auctions
===> Service Announcements
=====> Micro Earnings
===> Service Discussion
=====> Web Wallets
=====> Exchanges
=> Trading Discussion
===> Scam Accusations
===> Reputation
-----------------------------
Other
-----------------------------
=> Meta
===> New forum software
===> Bitcoin Wiki
=> Politics & Society
=> Beginners & Help
=> Off-topic
=> Serious discussion
===> Ivory Tower
=> Archival
===> Корзина
===> CPU/GPU Bitcoin mining hardware
===> Chinese students
===> Obsolete (buying)
===> Obsolete (selling)
===> MultiBit
-----------------------------
Alternate cryptocurrencies
-----------------------------
=> Altcoin Discussion
=> Announcements (Altcoins)
===> Tokens (Altcoins)
=> Mining (Altcoins)
===> Pools (Altcoins)
=> Marketplace (Altcoins)
===> Service Announcements (Altcoins)
===> Service Discussion (Altcoins)
===> Bounties (Altcoins)
=> Speculation (Altcoins)
-----------------------------
Local
-----------------------------
=> العربية (Arabic)
===> العملات البديلة (Altcoins)
=====> النقاشات
===> إستفسارات و أسئلة المبتدئين
===> التعدين
===> النقاشات الأخرى
===> منصات التبادل
=> Bahasa Indonesia (Indonesian)
===> Marketplace (Bahasa Indonesia)
===> Mining (Bahasa Indonesia)
===> Altcoins (Bahasa Indonesia)
===> Trading dan Spekulasi
===> Ekonomi, Politik, dan Budaya
===> Topik Lainnya
=> Español (Spanish)
===> Mercado y Economía
=====> Servicios
=====> Trading y especulación
===> Hardware y Minería
===> Esquina Libre
===> Mercadillo
=====> Mexico
=====> Argentina
=====> España
=====> Centroamerica y Caribe
===> Primeros pasos y ayuda
===> Altcoins (criptomonedas alternativas)
=====> Minería de altcoins
=====> Servicios
=====> Tokens (Español)
=> 中文 (Chinese)
===> 跳蚤市场
===> 山寨币
===> 媒体
===> 挖矿
===> 离题万里
=> Hrvatski (Croatian)
===> Trgovina
===> Altcoins (Hrvatski)
=====> Announcements (Hrvatski)
===> Off-topic (Hrvatski)
=> Deutsch (German)
===> Anfänger und Hilfe
===> Mining (Deutsch)
===> Trading und Spekulation
===> Projektentwicklung
===> Off-Topic (Deutsch)
===> Treffen
===> Presse
===> Altcoins (Deutsch)
=====> Announcements (Deutsch)
===> Marktplatz
=====> Auktionen
=====> Suche
=====> Biete
=> Ελληνικά (Greek)
===> Αγορά
===> Mining Discussion (Ελληνικά)
===> Altcoins (Ελληνικά)
=====> Altcoin Announcements (Ελληνικά)
=====> Altcoin Mining (Ελληνικά)
=> עברית (Hebrew)
=> Français
===> Actualité et News
===> Débutants
===> Discussions générales et utilisation du Bitcoin
===> Mining et Hardware
===> Économie et spéculation
===> Place de marché
=====> Échanges
=====> Produits et services
=====> Petites annonces
===> Le Bitcoin et la loi
===> Wiki, documentation et traduction
===> Développement et technique
===> Vos sites et projets
===> Hors-sujet
===> Altcoins (Français)
=====> Annonces
=> India
===> Mining (India)
===> Marketplace (India)
===> Regional Languages (India)
===> Press & News from India
===> Alt Coins (India)
===> Buyer/ Seller Reputations (India)
===> Off-Topic (India)
=> Italiano (Italian)
===> Guide (Italiano)
===> Progetti
===> Discussioni avanzate e sviluppo
===> Trading, analisi e speculazione
===> Mercato
=====> Mercato valute
=====> Beni
=====> Servizi
=====> Esercizi commerciali
=====> Hardware/Mining (Italiano)
=====> Gambling (Italiano)
===> Accuse scam/truffe
===> Mining (Italiano)
===> Alt-Currencies (Italiano)
=====> Annunci
===> Raduni/Meeting (Italiano)
===> Crittografia e decentralizzazione
===> Off-Topic (Italiano)
=> 日本語 (Japanese)
===> アルトコイン
=> Nederlands (Dutch)
===> Markt
===> Gokken/lotterijen
===> Mining (Nederlands)
===> Beurzen
===> Alt Coins (Nederlands)
===> Off-topic (Nederlands)
===> Meetings (Nederlands)
=> Nigeria (Naija)
===> Politics and society (Naija)
===> Off-topic (Naija)
=> 한국어 (Korean)
===> 대체코인 Alt Coins (한국어)
=> Pilipinas
===> Altcoins (Pilipinas)
=====> Altcoin Announcements (Pilipinas)
===> Pamilihan
===> Others (Pilipinas)
=> Polski
===> Tablica ogłoszeń
===> Alternatywne kryptowaluty
=====> Nowe kryptowaluty i tokeny
=====> Tablica ogłoszeń (altcoiny)
=> Português (Portuguese)
===> Primeiros Passos (Iniciantes)
===> Economia & Mercado
===> Mineração em Geral
===> Desenvolvimento & Discussões Técnicas
===> Criptomoedas Alternativas
===> Brasil
===> Portugal
=> Русский (Russian)
===> Новички
===> Бизнес
=====> Барахолка
=====> Обменники
===> Идеи
===> Кодеры
===> Майнеры
===> Политика
===> Трейдеры
===> Альтернативные криптовалюты
=====> Токены
=====> Бayнти и aиpдpoпы
===> Хайпы
===> Работа
===> Разное
===> Oбcyждeниe Bitcoin
=====> Новости
=====> Юристы
=> Română (Romanian)
===> Anunturi importante
===> Offtopic
===> Market
=====> Discutii Servicii
===> Minerit
===> Tutoriale
===> Bine ai venit!
===> Presa
===> Altcoins (Monede Alternative)
=====> Anunturi Monede Alternative
=> Skandinavisk
=> Türkçe (Turkish)
===> Bitcoin Haberleri
===> Pazar Alanı
===> Madencilik
===> Ekonomi
===> Servisler
=====> Fonlar
===> Proje Geliştirme
===> Alternatif Kripto-Paralar
=====> Madencilik (Alternatif Kripto-Paralar)
=====> Duyurular (Alternatif Kripto-Paralar)
===> Konu Dışı
===> Yeni Başlayanlar & Yardım
===> Buluşmalar
=> Other languages/locations
Loading...