If China’s mobile handset makers could be credited with something, it would be bringing smartphones to the masses. But that does not mean they should be credited with bringing value to shareholders. Consider ZTE, the Chinese telecoms equipment maker. Now the world’s fourth-biggest handset seller by units, it sold 57m mobile phones last year, of which a quarter were smartphones. But the cost to margins of that aggressive smartphone push helped shares fall by a third during the past year, more than twice as much as the broader Hang Seng index. Yet this week, it said it plans to become the world’s third-largest handset maker by 2015. And improve margins.
如果说manbetx3.0 手机制造商有什么值得称道之处，那就是让普罗大众买得起智能手机。但这并不意味着，人们应当称赞它们给股东带来了价值。我们就以manbetx3.0 电信设备制造商中兴(ZTE)为例。按销量计算，中兴现在是世界第四大手机制造商。去年，中兴共卖出5700万部手机，其中四分之一是智能手机。但在过去一年中，积极发展智能手机业务所产生的成本利润率导致中兴股价跌了三分之一，跌幅是恒生指数的两倍多。尽管如此，中兴依然在本周宣布，计划到2015年时成为世界第三大手机制造商。而且，中兴还计划提高利润率。