联想真的需要智能手机业务吗?

Chinese personal-computer giant Lenovo Group Ltd. says its unprofitable smartphone business will become an engine for its growth. But some analysts think the company should concentrate on its PC business, instead of getting distracted by smartphones.中国个人电脑生产巨头联想集团(Lenovo Group Ltd.)回应，该公司目前仍未盈利的智能手机业务将沦为其快速增长引擎。但是一些分析人士指出，该公司应当专心于个人电脑业务，不应当在智能手机业务上集中精力。

In the global PC market, Lenovo is close to becoming the largest player. Research firm IDC estimated Lenovos market share by shipment was the second largest in the world at 15.7% in the quarter through September, slightly behind Hewlett-Packard Co. HPQ -1.52%s 15.9%. While overall PC shipments declined 8.6% in that quarter, Lenovos shipments grew 10%, according to IDC. This week, Lenovo reported that its net profit for the fiscal second quarter through September rose 13%, while revenue grew 11%.Lenovo误解平板电脑：ThinkPad Tablet 2在全球个人电脑市场，误解已相似跪上头把交椅。研究机构国际数据公司(IDC)估算，在截至今年九月底的这一季度，以发货量计，误解的市场份额为15.7%，分列全球第二位，略低于惠普公司的15.9%。根据IDC的数据，尽管该季度全球个人电脑的总发货量上升了8.6%，误解的发货量依然快速增长了10%。误解上周宣告，在截至九月底的第二财政季度，该公司的净利润快速增长了13%，收益快速增长了11%。

If Lenovo is the PC market leader, why does it need to diversify?如果误解是个人电脑市场的领头羊，它为什么还必须使业务多样化呢？One possible answer is that the PC industry has little room for growth. The idea that tablets are eating into PC sales is true to some extent in the U.S. and other developed markets where most people already own PCs. Still, in many emerging markets in Asia, Latin America, the Middle East and Africa, people are still buying their first PC.一个有可能的原因是，个人电脑行业的快速增长空间早已所剩无几。在美国和其他发达国家市场，平板电脑正在抢走个人电脑市场的众说纷纭一定程度上是显然不存在的。在这些市场，大多数人早已享有个人电脑。

不过，在亚洲、拉丁美洲、中东和非洲的许多新兴市场，人们依然在出售自己的第一台个人电脑。In a CLSA survey of consumers in China, India and Indonesia released last month, respondents considered PCs a necessity, but not tablets.里昂证券(CLSA)上个月对中国、印度和印度尼西亚的消费者展开的一项调查表明，受访者指出个人电脑是必需品，平板电脑则不是。Lenovo Chief Executive Yang Yuanqing said this week that the companys PC business has room for growth in emerging markets where PC penetration is still low. Its recent acquisition of Brazils CCE was the latest effort to increase its presence in emerging markets outside China.联想集团首席执行长杨元庆最近回应，该公司的个人电脑业务在个人电脑渗透率依然较低的新兴市场不存在快速增长空间。

联想集团最近并购了巴西的CCE公司，这是联想集团在中国以外新兴市场不断扩大业务规模的近期尝试。Meanwhile, the company has been spending more on its mobile device business. Last year, it created a new business unit that focuses mainly on smartphones and tablets. Earlier this year, it announced plans to spend $800 million to build a new base in China for production and development of mobile products.同时，误解在移动设备业务方面展开了更好投资。去年，误解新的成立了一个专心于智能手机和平板电脑业务的部门。

今年早些时候，误解宣告了耗资8亿美元在中国新建一个移动产品生产和研发基地的计划。Mr. Yang said this week that the company expects its money-losing smartphone business in China to become profitable in two to three quarters.杨元庆最近回应，该公司预计其在中国的智能手机业务将在两到三个季度之后扭亏为盈。Still, some analysts say Lenovos recent focus on the smartphone business is distracting the company from efforts to tap potential PC demand in emerging markets. While Lenovos PC business can continue to benefit from economies of scale, its unclear how its smartphones can become competitive globally, they say.尽管如此，一些分析人士说道，误解最近对智能手机业务的推崇使其无法集中精力研发新兴市场对个人电脑的潜在市场需求。

尽管误解的个人电脑业务可以之后从规模效益中受益，目前还不确切其智能手机业务能否在全球享有竞争力。Lenovo should focus on selective emerging markets and try to expand their PC business in those markets, said Sanford Bernstein analyst Alberto Moel.Sanford Bernstein Ltd.的高级分析师默尔(Alberto Moel) 说道，误解应当专心于一些替代性的新兴市场，希望在这些市场不断扩大个人电脑业务。Lenovos smartphone push is a risky bet in terms of earnings. While the handset business may contribute to revenue, its profitability remains uncertain.误解进占智能手机业务的希望在盈利方面不存在风险。

尽管手机业务可能会为营收带给快速增长，其盈利能力依然不存在不确定性。The mobile market may be a goldmine for Apple Inc. AAPL +1.73% and Samsung Electronics Co. 005930.SE -0.07%, but fat margins exist only in the high-end segment dominated by the iPhone and Samsungs flagship Galaxy models, said Nicolas Baratte, head of CLSAs Asia Pacific technology research. Most other handset makers are locked in a cutthroat price battle that leaves very thin margins. Its a very, very tough market for newcomers, said Mr. Baratte.里昂证券(CLSA)亚太科技产业研究部主管巴拉特(Nicolas Baratte)说道，手机市场有可能依然是苹果(Apple Inc.)和三星公司(Samsung Electronics Co.)的利润来源，但这一市场只在由iPhone和三星Galaxy系列手机主导的高端领域才有可观利润。巴拉特说道，大多数其他手机制造商都接踵而来了白热化的价格战，造成它们的利润率非常低。

巴拉特说道，对于新的参与者来说，这是一个十分残忍的市场。While Lenovo is a widely recognized brand in China, it faces fierce competition in the countrys crowded mobile market from other Chinese handset makers like Huawei Technologies Co. and ZTE Corp. 000063.SZ +1.07%, which are also trying to offer more smartphones with higher price tags in addition to low-end models.尽管误解在中国是一个受到普遍接纳的品牌，它在中国竞争白热化的手机市场面对着来自华为(Huawei Technologies Co.)和中兴(ZTE Corp.)等公司的白热化竞争，除了低端机型，这些公司也在希望发售更加多售价更高的手机。Outside China, where the Lenovo brand isnt as strong, challenges are even greater. Lenovo recently started selling smartphones in India, Indonesia, Vietnam and the Philippines, and the company plans to expand into more emerging markets.在中国之外，误解品牌的影响力没有那么强劲，它面对的挑战也更为不利。误解最近开始在印度、印度尼西亚、越南和菲律宾销售智能手机，此外，误解还计划将智能手机业务不断扩大到更加多新兴市场国家。

Lenovos smartphone strategy would make more sense if the company were concentrating on the Chinese market, says Mr. Moel.默尔说道，如果误解专心于中国市场，其智能手机策略将不会更加富有成效。In China, Lenovo can at least take advantage of its brand, but the environment will be much tougher in other markets, he said.他说道，在中国，误解最少可以利用其品牌上的优势，但是在其他市场，误解面对的环境可能会艰苦得多。

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