Acer Trips, Lenovo Next? 联想应避免重蹈宏基覆辙
The folks at Lenovo (HKEx: 992) are surely celebrating, after the latest numbers showed it zoomed past sputtering Taiwanese PC maker Acer (Taipei: 2353) to take the spot as the world’s third largest PC seller in the second quarter. (Chinese article) But before they celebrate too much, I would advise Lenovo’s leaders to take a good look at what happened to Acer to avoid a similar fate of the former high-flyer. First let’s look at the numbers. According to iSuppli, Lenovo’s PC shipments soared 23 percent in the second quarter from a year earlier, giving it 12 percent of the world’s PC market. That was more than enough to lift it past Acer, whose shipments plummeted 20 percent to give it just over 10 percent of the global PC market. Acer’s story is relatively well known, as its low-price strategy to grab share in tough Western markets from better run rivals Dell (Nasdaq: DELL) and Hewlett Packard (NYSE: HPQ) ultimately backfired and drove the company’s bottom line into the red. Lenovo has seen its sales soar in large part due to its earlier decision to focus on emerging markets, drawing on expertise gained in its home in China where it controls more than a quarter of the market. But it has shown a worrisome tendency recently to buy dying Western computer makers, picking up Germany’s Medion (previous post) and taking over NEC’s (Tokyo: 6701) PC business in Japan (previous post), much the way Acer took over the dying Gateway brand in the US in 2007. Recent signals from Lenovo’s acquisition-happy Chairman Liu Chuanzhi indicated he was strongly considering a bid for HP’s PC business, which HP is trying to sel. But Liu later backed off and said Lenovo wouldn’t enter the race. If true, that would be a smart move for Lenovo, which should focus on integrating its Japanese and German acquisitions and building its emerging markets business to avoid following in Acer’s footsteps.
Bottom line: Lenovo needs to study the case of Acer and avoid overly aggressive ambitions in Western markets to avoid repeating Acer’s recent rapid fall from grace.
联想(0992.HK)员工一定在庆祝，公司第二季度超过宏基(2353.TW)成为全球第三大个人电脑（PC）厂商。但他们最好不要高兴过头，我建议，联想领导层应仔细审视宏基的经历，避免遭遇相同的命运。首先，来看看最新数据。市场研究公司iSuppli称，联想第二季度PC发货量同比增长23%，其全球市场份额增至12%。这使联想远远超过宏基，後者第二季度PC发货量下滑20%，全球市场份额仅略高于10%。宏基的故事相对广为人知。凭借低价策略，宏基从戴尔(DELL.O)和惠普(HPQ.N)手中抢得西方市场份额，但最终适得其反，导致宏基出现亏损。联想PC销量大涨，主要归因于早先侧重新兴市场的决策，并充分利用在国内积累的专业经验。联想占据国内PC市场逾四分之一份额。但联想收购德国Medion和日本NEC(6701.T)PC业务，这一趋势令人担忧，做法很像宏基2007年在美国收购濒临破产的Gateway。联想董事长柳传志稍早的讲话表明，有意竞购惠普打算出售的PC业务，但近期却打退堂鼓，称联想不会参与竞购。如果情况属实，可谓明智之举。联想应致力于整合上述两起并购，发展新兴市场业务，避免重蹈宏基的覆辙。
一句话：联想应以宏基为鉴，避免在西方市场过度扩张，再现宏基近期迅速下滑一幕。
Related postings 相关文章:
◙ Lenovo Sets Sights on Russia, Style 联想进军俄罗斯市场，研发时尚型PC
◙ Lenovo Considers Dangerous HP Computer Bid 联想应慎购惠普PC业务
◙ Lenovo Discovers the Right Formula a Little Too Late 联想再次“晚一步”
