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高通不应剥离芯片业务
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Topic: 高通不应剥离芯片业务 (Read 333 times)
jsgayo
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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
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