I. HMS challenges GMS?
On February 12, the EU antitrust agency held a three-day hearing. Google protested the first of the three anti-monopoly fines totaling 8.25 billion euros issued by the European Union. reasonable. Google believes that the fine is too high, and a judge in the case said that 2.4 billion euros are trivial for a super enterprise like Google.
The world is suffering bitterly, and Huawei has something to say about Google's hegemonic behavior.
Because Google's GMS service continued to block Huawei, Huawei launched its own ecological service, HMS.
As we all know, Android is a Google product. Due to complex intellectual property reasons, there is no restriction on Huawei, but Google restricts GMS services to Huawei.
GMS is a very important application for Android phones. In addition to seamless integration with the operating system, it mainly includes the Google family bucket: Google Search, Google Map, Google Drive, Google Mail (Gmail), Google Play (Google Play), Google Video (Youtube), Google Photos (Google Photos), Google Video Chat (Google Duo), etc.
Android phones in China have undergone deep transformation and do not rely on Google ’s underlying services, but foreign users have basically left their phones bricked without GMS.
Yu Chengdong said at the press conference that this world is not the only GMS company, but also iOS and its App Store. Yu Chengdong announced the launch of a $ 1 billion dazzling star program to attract and call on global developers to develop HMS core apps.
 |
| iSimu used iPhones |
Can HMS end up in three minutes?
Cousin thought it was difficult.
When iOS rose, the smartphones on the market were still Nokia's.
Whether it is the rise of Android or iOS, there are certain accidents. After all, Microsoft wants to enter the mobile phone market to share a piece of money, and it ends in failure.
Europe and the United States are very dependent on Google's business and have reached the point where they can't do anything after leaving. For example, can you tolerate the lack of WeChat, Gaode (or Baidu Map), Youku (or iQiyi) and the inability to use Alipay's mobile phone?
In this case, what does Huawei release HMS?
In fact, at the press conference, Yu Chengdong had already hinted clearly. This is the bargaining chip: "In the past 10 years, Huawei has been working with Google to provide users with a high-quality experience and build a better ecosystem. We have always been A member of this ecosystem, we are always committed to long-term cooperation with Google and other partners. In addition to Google Ecosystem, we have also launched the Huawei App Market now, making full use of new technologies such as 5G to empower developers to create new consumer experience. ability."
What does this affectionate confession mean?
It means that I want to cooperate, but I really cannot cooperate, and I am not afraid of you.
Either your big customer or your competitor, you take care of it.
Politics are sometimes complex and sometimes simple. When the rumored that the United States would restrict the export of C919 large aircraft engines to China, Trump personally came out to rumor.
If the engine of the C919 is yellow, then it is not COMAC that fell down first, so it's a big deal to start over again. The United States General Electric and related American aircraft industry chain companies may be on their knees. After Boeing plunged into a quagmire, the entire aircraft industry chain company in the United States also had difficulties, and it was counting on C919 to make a fortune.
After all, capital is behind politicians, and capital is for profit. From this perspective, Huawei's situation is also very delicate.
Huawei Performance
As an unlisted company, Huawei publishes annual reports every year. Of course, this is why the company often issues debt.
Starting to publish quarterly reports in 2019, this is strictly required by the high standards of listed companies.
According to Huawei's multiple channels, in 2019, under difficult circumstances, annual revenue can still exceed 850 billion. Yu Chengdong said that more than 10 million 5G mobile phones were shipped.
To achieve these results is really too difficult for Huawei.
However, from the perspective of Huawei's debt issuance, in the capital market, Huawei is still sought after. Suppliers who have moved forward and backward with Huawei will also benefit greatly in 2019 due to the expansion of 5G business.
Data show that Huawei has three major businesses: consumer business (mainly mobile phones), operator business and enterprise business.
Among them, the mobile phone-based consumer business accounted for more than 55%.
Behind these businesses are Huawei's more than 13,000 supplier partners, and more than 20 suppliers listed on A shares.
Core suppliers
At the end of 2018, Huawei released its first list of core suppliers for a total of 92. Among them, there are as many as 33 American suppliers. In a sense, sanctioning Huawei is a bad way to damage 800.
At the end of 2019, due to well-known reasons, Huawei did not release a list of suppliers again.
But suppliers of A shares should not change much.
My cousin is here to pick out some particularly representative introductions to their powerful strength.
1.BOE
According to statistics, the shipment data of 18 global smart panel manufacturers. In 2019, BOE BOE ’s shipments for the first time surpassed Samsung Display ’s SDC, becoming the world ’s largest smart panel manufacturer.
Fortunately, Shentianma ranked third.
It cannot be too happy that almost only Samsung makes money in the panel industry, and BOE and Shentianma are receiving state subsidies to fight bayonet.
From a financial perspective, this is not a "good" company, but from a national industry orientation, it is an encouraging trend.
Since 2019, the technology industry has become a state-guided investment industry, so investment logic cannot be simply matched by PE. It is recommended to refer to the market-to-sales ratio, and then judge the role of technology in autonomous controllability.
2. BYD
Every time my cousin introduces BYD's mobile phone assembly business, there are professionals who take pains to take classes: In the mobile phone business, BYD Electronics, which was split into a Hong Kong stock in 2007, is not BYD.
This sentence is only half right. It is not fake that BYD Electronics is listed on the Hong Kong stock market, but it is still affiliated with A-share BYD.
BYD owns 65.76% of BYD Electronics Holdings, so BYD Electronics is a consolidated subsidiary of BYD, and its business is reflected in BYD's financial report.
At present, BYD is the foundry of Huawei's mobile phone business, and also undertook Apple's iPod touch business in 2020.
My cousin didn't expect that the iPod touch, an ancient product, was still there. I personally thought that it existed to a large extent to test the ability of partners to assemble the iPhone.
3. Lixun Precision
Lixun precision production of connection parts, in 2018 won the Huawei Global Core Supplier Gold Award. Not only that, the company is also an excellent supplier of Apple. In 2020, it will undertake the assembly of Apple Watch and production of AirPods Pro.
4. Shengyi Electronics
It has won Huawei's core supplier award for many years, mainly providing PCB (printed circuit board) for Huawei. Whether it is a 5G base station, a mobile phone or a router, a large number of PCB boards are required.
5.Light Motion Technology
It is mainly engaged in the development and manufacturing of optoelectronic devices in the field of optical communications. The product basically covers the main active and passive devices. It is a Huawei optical module supplier. Cousin ** Guangxun Technology's reasons are not the same as others. In addition to the strong demand for optical modules in the 5G era, they also fancy its equity incentive plan.
My cousin has seen the N-share equity incentive plan. Guangxun Technology has the most conscience: Based on 2018, the compound growth rate of net profit in 2020 is not less than 15%; ROE in 2020 is not less than 10%, and the above indicators Both are not lower than the average level of the industry or the 75th place of the benchmark enterprise; in 2020, the sales revenue of new products shall not be less than 20% of the main business revenue.
6.SMIC
At present, Huawei's high-end chips are manufactured by TSMC. Because TSMC uses less than 25% of US technology, it is not subject to sanctions. According to reports, the United States plans to revise the technical standards from 25% to 10%, so that Huawei's 14nm chips cannot be foundry at TSMC.
The good news is that TSMC's 7nm chips use less than 10% of US technology.
This standard of sanctions is likely to be the bargaining chip, which is very bad for American high-tech companies in the long run. Because once implemented, it will make the global technology companies feel uneasy. After all, China is the world ’s largest consumer market for technology products. If American technology is used, it may not be sold in China, so it is better to not use American technology.
If it does, SMIC, which is still in the development stage, is likely to become Huawei's only choice. It is nothing more than a slightly lower yield and a slightly larger chip area, which we can all accept.
Some people will think whether TSMC will help or not, cousin thinks it will not. When Huawei was banned, most U.S. chip companies were doing everything they could to deliver stock to Huawei before the ban was enforced. You know, in 2018, Huawei's chip purchase amounted to US $ 20.8 billion, and unless forced to do so, no one would take the initiative to give up such a large piece of fat.
In addition, the cousins of Shanghai Electric Power, Huiding Technology, Offi Optics, Shentianma, etc. have also been embarrassed many times. （editor used iPhones）
No comments:
Post a Comment