It is extremely complicated for a company to prepare for listing. The listing counseling period should be more than 3 months, or maybe one year, then the recommendation of the core brokers and sponsors, and finally the meeting of the audit Committee. It is estimated that the whole process will cost tens of millions or even hundreds of millions of yuan.
Then it took Lenovo only one day to cancel, because the sponsor was CICC, and the relevant sponsor representative of CICC was also interviewed by the CSRC afterwards.
In China, you can't find a company whose reputation is worse than Lenovo's, even Baidu has to give up.
Lenovo's problem lies in corporate culture, and the values of management are the direct reason why Lenovo has been pushed to the forefront of public opinion again and again.
When Yang was asked whether you are a China company or an American company, his answer was that you are a global company rooted in China.
Lenovo dare not be car-scrapping. The most essential reason is that the company has no core technology. It is disgusting that upstream technology depends on downstream American and overseas markets.
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Dependence on the United States
Mainland China is not Lenovo's largest market, but Europe and America are Lenovo's main battlefields, and the company's sales revenue in Chinese mainland only accounts for 23.47%.
After years of development, the concentration of PC industry has been very high. Lenovo, Hewlett-Packard, Dell, Apple and Acer all have a market share of over 70%, among which Lenovo ranks first.
It is not difficult to find from Lenovo's financial report that the company's main income still depends on computers, and personal computers and smart devices account for 89.58%, of which personal computers and smart devices account for 79.87%, mobile devices account for 9.33%, and data center business accounts for 10.42%.
Lenovo has long realized the problem of single business, but Lenovo's development in the field of mobile phones is not very good. The existing mobile phone business was also acquired by Motorola.
Lenovo has a bad reputation, not because of poor management. Can make the PC terminal the first in the world, at least the sales volume is good.
The key point is that Lenovo's core technology is basically in Europe and America, except that its foundry is in China, which makes no contribution to domestic substitution.
Whether in the field of computers or mobile phones, Lenovo's technology basically relies on processors from the United States, Intel and AMD, mobile phone processors from Qualcomm, graphics cards from NVIDIA and Microsoft systems.
Not only that, Lenovo has even acquired its main products. The computer business acquired IBM of the United States, NEC of Japan, Motorola of mobile telephone service and IBM of the server business.
In fact, Lenovo is not the previous Lenovo except Logo. Many people say it's "the conscience of American imperialists".
If you can buy a core technology like Weil, you can buy a business that Lenovo basically has no core technology.
In terms of gross profit margin, the gross profit margin of Lenovo's interim report in 2020 is 15.4 1%, and the gross profit margin of data center business is only 13.0 1%, which is the gross profit of assembly plants.
02
Equipment manufacturer
Lenovo's production mode is self-production and outsourcing. According to the prospectus, in FY 2020, among the top five suppliers, the fourth and fifth largest suppliers all came from outsourcing production and processing services, indicating that the company's outsourcing processing ratio is not low.
Lenovo's main procurement raw materials include: processor chips, memory and memory devices, monitors and software. Among the top five suppliers, the top two are processor chips and software.
A computer is composed of a processor chip, a memory stick, a memory, a display, software, a circuit board and an iron case.
Basically, it can be determined that Lenovo is the most downstream assembly of the entire industrial chain, and a large number of assemblies are entrusted to processing plants and OEMs.
As can be seen from the financial reports in the past three years, the gross profit margin of Lenovo's various businesses is less than 20%, and the gross profit margin of most businesses is declining.
In the field of science and technology, whoever owns the core technology will have the right to speak and get a higher profit rate. The gross profit margin of mobile phone chips in Qualcomm is 57.5 1%, that of Microsoft is 68%, and that of foundries is basically around 65,438+00%.
In the digital age, the global data center business is growing rapidly. As Lenovo's most potential business, it only gets the profit rate of OEM.
03
Low R&D expenditure
Generally, the R&D expenditure of R&D enterprises accounts for more than 10%, and Huawei will maintain R&D expenditure of around 15% every year. In 2026,5438+0, its R&D investment was125.7 billion, ranking second in the world.
Lenovo's R&D investment in fiscal year 2019-202/KLOC-0 was 8.495 billion yuan, 9.289 billion yuan and 9.852 billion yuan respectively, accounting for 2.48%, 2.63% and 2.39% of revenue respectively.
Unit: million yuan
Less than 3% of R&D is really not high, lower than Xiaomi, but Lenovo itself is not an R&D enterprise. In the most beautiful period of Lenovo, Liu Chuanzhi's attitude was resolutely not to engage in core technology.
I have set up an assembly plant.
04
Lenovo has no future.
As a listed company with a revenue of more than 300 billion, Lenovo's valuation in Hong Kong stocks is less than 10 times, and its market value is only10 billion Hong Kong dollars.
The pricing power of the Hong Kong stock market depends entirely on foreign capital, which means that not only domestic capital is not optimistic, but also foreign capital does not recognize Lenovo's model.
Both mobile phone business and computer business belong to the fully competitive Red Sea. There is basically no room for Lenovo in the field of mobile phones. Motorola cannot be sold in mainland China. There are Xiaomi and Samsung in Africa and Samsung, Xiaomi and OV in Europe.
In addition, Lenovo's R&D investment is low, even if there is a subversive technological revolution similar to Apple, it will not be Lenovo's turn.
And the hardware company itself has no room for imagination.
The future division of labor of players in the digital age has also been very clear. Amazon, Google, Microsoft, Huawei, Ali, Lenovo as a foundry, is really difficult.
Steve Jobs, the founder of Apple, once said at the press conference that "every once in a while, a revolutionary product will appear". Technology itself is iterative, and companies without innovation ability still talk about valuation.