If this works, look out. Lenovo thinks the server business it is set to buy from IBM – it hopes to close by the end of this year – will be a $5bn business “with higher margins than PCs,” within 12 months. Lenovo’s personal computer business probably has an operating margin of about three per cent. If Lenovo can squeeze five per cent out of servers, that is $250m of operating income, a bump of almost a quarter over what Lenovo earns now. For this, the company paid IBM $2.3bn in cash and stock.
如果事成了，那就要小心了。联想(Lenovo)认为，它将从IBM手中收购的低端服务器业务将在12个月内达到50亿美元的产值规模，且“利润率将高于个人电脑(PC)业务”。联想希望在年底前完成这笔交易。联想PC业务的营运利润率大概在3%左右。如果联想收购的服务器业务能够实现5%的利润率，那么一年的营运利润就有2.5亿美元，接近联想目前盈利的四分之一。为此，联想将向IBM支付23亿美元的现金和股票。
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