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【出版时间及名称】：2009年11月中国电脑硬件行业研究报告
【作者】：摩根大通
【文件格式】：PDF
【页数】：35
【目录或简介】：
Table of Contents
Executive Summary .................................................................3
Key investment ideas...............................................................4
Initiate coverage on leading China IT distributors with positive views.......................4
1. Synnex (OW): Global best practice, local knowledge .............................................4
2. Digital China (OW): Putting PCs on the hands of next millions Chinese................5
Vendor prospects hinge on distribution dynamics .......................................................5
1. Acer (OW): China momentum picking up...............................................................5
2. Mediatek (OW): Centralized product, Flat distribution ...........................................6
3. Lenovo (UW): China margins showing cracks........................................................7
PC/ Handset Distribution in China ..........................................8
A short history but fast evolving..................................................................................8
Key challenges involved in distributions in China.......................................................8
Low-tier cities to become a new growth driver............................................................8
PC Distribution – Expand to Low Tier Cities........................11
China PC market outlook remains strong ..................................................................11
PC Distribution Overview..........................................................................................14
Key players: Digital China, Ingram Micro, Synnex, ECS/ VST................................15
Key to success: Different strategy for large and small cities .....................................16
Major PC Vendors’ Distribution Strategy .............................18
Lenovo – extensive channel model............................................................................18
HP – flat regional distributor model ..........................................................................18
Dell – aggressively into indirect model for consumer/SMB......................................19
Acer – starting to mimic HP to build up own sales team...........................................20
ASUS – solid in large cities, limited in low-tier cities...............................................21
Implications on PC vendors .......................................................................................22
Handset Distribution: Consolidation Phase.........................23
Handset market growth to recover in 2010................................................................23
Handset distribution overview...................................................................................24
Multiple business models of distribution channels ....................................................26
Key players: PTAC, China Telling, Synnex ..............................................................27
Pros and Cons of various channels ............................................................................28
Major Handset Vendors’ Distribution Structure...................30
Nokia – comprehensive and active in channel management......................................30
Chinese brands / non-brands – flattened channel structure........................................30
Other global brands – still chasing the ghost .............................................................31
Key to success: Cost control, IT system, flat structure ..............................................31
Appendix: Distribution Chain................................................32
General structure........................................................................................................32
Role of distributors ....................................................................................................32
We acknowledge the contribution of Christopher Ma, Udit Garg, Peng Chen and Lan
Deng to this report.
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