Lenovo's Troubles Abroad

对中国最大的电脑生产商联想集团有限公司(Lenovo Group Ltd.)来说，在国内市场的主导地位可能还不足以使它摆脱困境。该公司周四将公布第三财季出现了亏损，这一点它此前已经承认。分析师们预计，联想集团这一季度将净亏损5,800万美元，而该公司上年同期则实现利润1.72亿美元。联想集团的根本问题是没有能力在中国这一核心市场之外成功扩展业务。该公司40%以上的销售额都是在中国市场实现的。Getty Images香港一家商店展示联想笔记本电脑。联想逾40%的销量来自中国。而它2005年对国际商业机器公司(IBM)个人电脑业务引人瞩目的收购对此应负一定责。对这一业务的收购鼓励联想集团将业务重点放在了商用电脑销售领域，随着企业纷纷削减支出，联想的业绩也遭受重创。与此同时，它在开拓中国以外家用电脑市场方面又起步较晚，现在不得不在这一日益萎缩的市场上苦苦打拼。这导致联想集团的市场占有率出现了下降。2008年10至12月的那个季度，该公司在全球个人电脑发货量中所占的份额从上年同期的7.5%下降到7.2%。而它的竞争对手宏 (Acer)和惠普(Hewlett-Packard)的市场占有率则有上升。即使是在本土市场上，联想集团也未能要风得风要雨得雨。虽然它在中国电脑市场的龙头地位是稳定的，但惠普和戴尔(Dell)这两家竞争对手则更善于从规模较小的竞争对手那里夺取市场份额。联想集团的未来前景现在很大程度上取决于该公司斥资1.5亿美元的重组行动，联想此次重组将裁员十分之一。公司管理层希望能在亚太地区和俄罗斯复制联想在中国市场取得的成功，联想将对这两个地区的子公司实施合并。虽然这一举措长远来看可能收到效果，不过在这些市场的进展看来不大可能显著缓解联想集团眼下正遭受的痛楚。联想有可能展开收购攻势，该公司早就被认为是富士通(Fujitsu)欧洲业务的竞购者之一。鉴于截至去年9月底联想还拥有13亿美元的银行存款，或许它是有实施收购的资金实力的。但该公司的生钱速度正在放缓。在2009财年的上半段，公司从经营活动中获得的现金为6,400万美元，只有上年同期的7%。一场炫耀性收购可能会吸引媒体的关注，但却会进一步减少公司的现金头寸，而联想集团看来近期又无望实现销售反弹。Andrew Peaple相关阅读更新：联想预计3Q亏损  将裁员11% 2009-01-08联想集团放弃收购巴西电脑厂商 2008-12-18 本文涉及股票或公司document.write (truthmeter('2009年02月05日13:27', '0992.HK'));联想集团有限公司（简称：联想集团）英文名称：Lenovo Group Ltd.总部地点：中国大陆上市地点：香港交易所股票代码：0992document.write (truthmeter('2009年02月05日13:27', 'HIT'));日立公司英文名称：Hitachi Ltd. (ADS)总部地点：日本上市地点：纽约证交所股票代码：HITdocument.write (truthmeter('2009年02月05日13:27', 'PC'));Panasonic Corp. (ads)总部地点：日本上市地点：纽约证交所股票代码：PCdocument.write (truthmeter('2009年02月05日13:27', 'PC'));Panasonic Corp. (ads)总部地点：日本上市地点：纽约证交所股票代码：PCdocument.write (truthmeter('2009年02月05日13:27', 'LNVGY'));Lenovo Group Ltd. (ads)总部地点：中国大陆上市地点：美国场外交易粉单市场(Pink Sheet)股票代码：LNVGYdocument.write (truthmeter('2009年02月05日13:27', '6752.TO'));松下电器产业公司英文名称：Panasonic Corp.总部地点：日本上市地点：东京证交所股票代码：6752document.write (truthmeter('2009年02月05日13:27', '6501.TO'));Hitachi Ltd.总部地点：日本上市地点：东京证交所股票代码：6501document.write (truthmeter('2009年02月05日13:27', '6502.TO'));东芝公司英文名称：Toshiba Corp.总部地点：日本上市地点：东京证交所股票代码：6502


For Lenovo Group, China's flagship computer maker, domestic dominance isn't good enough.The company will report a third-quarter loss on Thursday, a fact it has already acknowledged. Analysts expect a $58 million net loss, compared with a $172 million profit in the same period a year earlier.Lenovo's root problem is an inability to expand successfully outside its core Chinese market, where it makes more than 40% of its sales.Its high-profile acquisition of International Business Machine's PC business in 2005 is partly to blame. The acquired company encouraged a focus on sales to the commercial sector, meaning Lenovo has been hard hit as companies cut spending. Meanwhile, it came late to the consumer PC sector outside China; now it is struggling to make headway in a shrinking market.That is leading to a loss of market share for Lenovo. Its share of world-wide PC shipments slipped to 7.2% in the October-December quarter of 2008, from 7.5% a year earlier. Rivals like Acer and Hewlett-Packard have seen their market share grow.Even at home, Lenovo isn't having it all its own way. Its market-leading position in China is stable, but H-P and Dell are proving more adept at capturing share from smaller players.Much hinges now on the company's $150 million revamp, which will see one-tenth of Lenovo's staff cut. Management is hoping the company's success in China can rub off in the Asian-Pacific region and Russia, as it combines those units. That might pay off long term, but those markets look unlikely to ease Lenovo's short-term pain significantly.Acquisitions are tipped -- Lenovo has long been seen as a contender for Fujitsu's European operations. And with $1.3 billion in the bank at the end of September, Lenovo might appear to have a decent war chest. But cash generation is slowing: The $64 million of cash generated from operating activities in the first half of fiscal 2009 was only 7% of that made in the same period the year before.A splurge now might grab the headlines but weaken that cash position further -- at a time when a sales recovery for Lenovo doesn't look imminent.Andrew Peaple