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从2017年财报看全球通信设备龙头华为“牛”在何处一体化开关电源,高频开关电源, 室外电源机柜,室内电源机柜,华为开关电源2017年华为实现全球销售收入6036亿元，同比增长15．7％，净利润475亿元，同比增长28．1％，经营活动现金流高达963亿元。 从2017年财报看全球通信设备龙头华为“牛”在何处 看点一：2017年销售收入突破6000亿元，盘子做得大但利润率不足8％ 2017年华为实现全球销售收入6036亿元，同比增长15．7％，净利润475亿元，同比增长28．1％，经营活动现金流高达963亿元。看过华为的财务数据，会发现华为的营收正在高速增长，净利在高速增长，企业的盘子是越做越大。但也看到，华为净利润仅475亿元，利润率不足8％，且一直保持在低位。这跟腾讯和阿里动辄高达20％以上的净利润率相比，简直属于一直在“赔钱”。 图表1：2013－2017年华为5年销售收入及净利润增长走势（单位：百万元，％） 从2017年财报看全球通信设备龙头华为“牛”在何处 看点二：消费者业务增长，支柱业务却进入寒冬期 仔细看看各大业务的业绩表现。其中，2017年，运营商业务实现收入2978亿元，同比增长2．5％；企业业务实现销售收入549亿元，同比增长35．1％；消费者业务，华为（含荣耀）智能手机全年发货1．53亿台，实现销售收入2372亿元，同比增长31．9％。 图表2：2017年华为各大业务构成（单位：亿元，％） 从2017年财报看全球通信设备龙头华为“牛”在何处 （1）消费者业务高速成长 2017年，华为（含荣耀品牌）智能手机全年发货总量达到1．53亿台，全球份额稳居前三。 图表3：2017全球手机销量榜（单位：百万部，％） 从2017年财报看全球通信设备龙头华为“牛”在何处 华为近年不断投入高额资金在研发上、成立海思独立开发应用处理器芯片，累积的知识产权，让华为智能手机销往全球且不易被竞争对手提告，功能性与质感方面也能与国际大厂相提并论。现阶段华为高端智能手机皆搭载海思的麒麟系列应用处理器，但中低端智能手机市场仍持续与高通、联发科合作，加上华为与全球电信商关系良好，继2015年华为出货突破一亿部大关，2017年华为智能手机全球出货1．53亿部，坐稳全球智能手机市占第三位；其中，国内出货量以9090万高居首位，市场份额达到了20．4％，相比2016年继续大涨18．6％。 图表4：2014－2017年华为智能手机出货量（单位：百万部，％） 从2017年财报看全球通信设备龙头华为“牛”在何处 图表5：2014－2017年华为智能手机市场份额不断提高（单位：百万部，％） 从2017年财报看全球通信设备龙头华为“牛”在何处 In 2017, HUAWEI achieved 603 billion 600 million yuan in global sales revenue, up 15.7%, net profit of 47 billion 500 million yuan, a 28.1% increase in the same period, and a cash flow of 96 billion 300 million yuan. From the 2017 earnings report, where is HUAWEI's "cattle", the leading global communications equipment? One point: sales revenue exceeded 600 billion yuan in 2017, but the profit margin was less than 8% yuan. In 2017, HUAWEI achieved 603 billion 600 million yuan in global sales revenue, up 15.7%, net profit of 47 billion 500 million yuan, a 28.1% increase in the same period, and a cash flow of 96 billion 300 million yuan. Looking at HUAWEI's financial data, HUAWEI's revenue is growing rapidly, and its net profit is growing at a high speed. But we also see that HUAWEI's net profit is only 47 billion 500 million yuan, and its profit margin is less than 8%, and has remained at a low level. Compared with the net profit rate of Tencent and Ali frequently up to 20%, it has always been losing money. Chart 1: China's sales revenue and net profit growth trend in the period of 2013 to 2013 / 5 (unit: million yuan,%) From the 2017 earnings report, where is HUAWEI's "cattle", the leading global communications equipment? Two point: consumer business growth, pillar business has entered the cold winter period. Look carefully at the performance of the major business. Among them, in 2017, the operating business realized revenue of 297 billion 800 million yuan, an increase of 2.5% over the same period, and the business sales revenue was 54 billion 900 million yuan, a year-on-year increase of 35.1%; consumer business, HUAWEI (Han Rongyao) smartphones shipped 153 million units throughout the year to achieve sales revenue of 237 billion 200 million yuan, a year-on-year increase of 31.9%. Chart 2:2017 for China's major businesses (unit: billion,%) From the 2017 earnings report, where is HUAWEI's "cattle", the leading global communications equipment? (1) the rapid growth of consumer business In 2017, HUAWEI (including glory brand) smart phone total annual delivery volume reached 153 million units, the world share ranked the top three. Chart 3:2017 list of mobile phone sales worldwide (unit: million,%) From the 2017 earnings report, where is HUAWEI's "cattle", the leading global communications equipment? In recent years, HUAWEI has invested high funds in research and development, established Heth independent development and application of processor chips, accumulated intellectual property rights, so that HUAWEI smartphones are sold to the world and are not easily announced by competitors, and the function and quality can also be compared with the international factory. At this stage, HUAWEI's high-end smartphones are carrying Hass kylin series application processors, but the middle and low end smartphone market continues to cooperate with Qualcomm and Co, plus HUAWEI and global telecom business relations well. After 2015, HUAWEI shipments broke through one hundred million key points, and 2017 HUAWEI smartphones shipped 153 million and sat steadily. The global smartphone market accounted for third, of which domestic shipments were top 90 million 900 thousand, with a market share of 20.4%, which continued to rise by 18.6% in 2016. Chart 4: shipments of smart phones for China in the period of 2014 to 2014 (unit: million,%) From the 2017 earnings report, where is HUAWEI's "cattle", the leading global communications equipment? Chart 5: China's share of smartphone market continues to increase in the period of 2014 to 2014 - (million units,%) From the 2017 earnings report, where is HUAWEI's "cattle", the leading global communications equipment? 华为UPS,3KVAUPS,UPS2000-A-3KTTS,200KVAUPS,400KVAUPS,通信电源,整流模块 ,壁挂电源,嵌入式电源,机柜,通信机柜,网络机柜,直流电源系统,一体化开关电源,高频开关电源, 室外电源机柜,室内电源机柜,华为开关电源,ZXDU68T601,华为TP48200,华为TP48600,华为ETP4830,华为ETP4890 |
