联想真的需要智能手机业务吗？

Chinese personal-computer giant Lenovo Group Ltd. says its unprofitable smartphone business will become an engine for its growth. But some analysts think the company should concentrate on its PC business, instead of getting distracted by smartphones.

中国个人电脑生产巨头联想集团(Lenovo Group Ltd.)表示，该公司目前尚未盈利的智能手机业务将成为其增长引擎。但是一些分析人士认为，该公司应该专注于个人电脑业务，不应该在智能手机业务上分散精力。

In the global PC market, Lenovo is close to becoming the largest player. Research firm IDC estimated Lenovo's market share by shipment was the second largest in the world at 15.7% in the quarter through September, slightly behind Hewlett-Packard Co. HPQ -1.52%'s 15.9%. While overall PC shipments declined 8.6% in that quarter, Lenovo's shipments grew 10%, according to IDC. This week, Lenovo reported that its net profit for the fiscal second quarter through September rose 13%, while revenue grew 11%.

在全球个人电脑市场，联想已接近坐上头把交椅。研究机构国际数据公司(IDC)估计，在截至今年九月底的这一季度，以发货量计，联想的市场份额为15.7%，排全球第二位，略低于惠普公司的15.9%。根据IDC的数据，尽管该季度全球个人电脑的总发货量下降了8.6%，联想的发货量仍然增长了10%。联想上周宣布，在截至九月底的第二财政季度，该公司的净利润增长了13%，收入增长了11%。

If Lenovo is the PC market leader, why does it need to diversify?

如果联想是个人电脑市场的领头羊，它为什么还需要使业务多样化呢？

One possible answer is that the PC industry has little room for growth. The idea that tablets are eating into PC sales is true to some extent in the U.S. and other developed markets where most people already own PCs. Still, in many emerging markets in Asia, Latin America, the Middle East and Africa, people are still buying their first PC.

一个可能的原因是，个人电脑行业的增长空间已经所剩无几。在美国和其他发达国家市场，平板电脑正在抢夺个人电脑市场的说法一定程度上是确实存在的。在这些市场，大多数人已经拥有个人电脑。不过，在亚洲、拉丁美洲、中东和非洲的许多新兴市场，人们仍然在购买自己的第一台个人电脑。

In a CLSA survey of consumers in China, India and Indonesia released last month, respondents considered PCs a necessity, but not tablets.

里昂证券(CLSA)上个月对中国、印度和印度尼西亚的消费者进行的一项调查显示，受访者认为个人电脑是必需品，平板电脑则不是。

Lenovo Chief Executive Yang Yuanqing said this week that the company's PC business has room for growth in emerging markets where PC penetration is still low. Its recent acquisition of Brazil's CCE was the latest effort to increase its presence in emerging markets outside China.

联想集团首席执行长杨元庆最近表示，该公司的个人电脑业务在个人电脑渗透率仍然较低的新兴市场存在增长空间。联想集团最近收购了巴西的CCE公司，这是联想集团在中国以外新兴市场扩大业务规模的最新尝试。

Meanwhile, the company has been spending more on its mobile device business. Last year, it created a new business unit that focuses mainly on smartphones and tablets. Earlier this year, it announced plans to spend $800 million to build a new base in China for production and development of mobile products.

同时，联想在移动设备业务方面进行了更多投资。去年，联想新设立了一个专注于智能手机和平板电脑业务的部门。今年早些时候，联想宣布了斥资8亿美元在中国新建一个移动产品生产和开发基地的计划。

Mr. Yang said this week that the company expects its money-losing smartphone business in China to become profitable in two to three quarters.

杨元庆最近表示，该公司预计其在中国的智能手机业务将在两到三个季度之后扭亏为盈。

Still, some analysts say Lenovo's recent focus on the smartphone business is distracting the company from efforts to tap potential PC demand in emerging markets. While Lenovo's PC business can continue to benefit from economies of scale, it's unclear how its smartphones can become competitive globally, they say.

尽管如此，一些分析人士说，联想最近对智能手机业务的重视使其无法集中精力开发新兴市场对个人电脑的潜在需求。尽管联想的个人电脑业务可以继续从规模效益中获益，目前还不清楚其智能手机业务能否在全球拥有竞争力。

'Lenovo should focus on selective emerging markets and try to expand their PC business in those markets,' said Sanford Bernstein analyst Alberto Moel.

Sanford Bernstein Ltd.的高级分析师默尔(Alberto Moel) 说，联想应该专注于一些优选的新兴市场，努力在这些市场扩大个人电脑业务。

Lenovo's smartphone push is a risky bet in terms of earnings. While the handset business may contribute to revenue, its profitability remains uncertain.

联想进军智能手机业务的努力在盈利方面存在风险。尽管手机业务可能会为营收带来增长，其盈利能力仍然存在不确定性。

The mobile market may be a goldmine for Apple Inc. AAPL +1.73% and Samsung Electronics Co. 005930.SE -0.07%, but fat margins exist only in the high-end segment dominated by the iPhone and Samsung's flagship Galaxy models, said Nicolas Baratte, head of CLSA's Asia Pacific technology research. Most other handset makers are locked in a cutthroat price battle that leaves very thin margins. 'It's a very, very tough market' for newcomers, said Mr. Baratte.

里昂证券(CLSA)亚太科技产业研究部主管巴拉特(Nicolas Baratte)说，手机市场可能仍然是苹果(Apple Inc.)和三星公司(Samsung Electronics Co.)的利润来源，但这一市场只在由iPhone和三星Galaxy系列手机主导的高端领域才有丰厚利润。巴拉特说，大多数其他手机制造商都卷入了激烈的价格战，导致它们的利润率非常低。巴拉特说，对于新的参与者来说，这是一个非常残酷的市常

While Lenovo is a widely recognized brand in China, it faces fierce competition in the country's crowded mobile market from other Chinese handset makers like Huawei Technologies Co. and ZTE Corp. 000063.SZ +1.07%, which are also trying to offer more smartphones with higher price tags in addition to low-end models.

尽管联想在中国是一个受到广泛认可的品牌，它在中国竞争激烈的手机市场面临着来自华为(Huawei Technologies Co.)和中兴(ZTE Corp.)等公司的激烈竞争，除了低端机型，这些公司也在努力推出更多售价更高的手机。

Outside China, where the Lenovo brand isn't as strong, challenges are even greater. Lenovo recently started selling smartphones in India, Indonesia, Vietnam and the Philippines, and the company plans to expand into more emerging markets.

在中国之外，联想品牌的影响力没那么强大，它面临的挑战也更加严峻。联想最近开始在印度、印度尼西亚、越南和菲律宾销售智能手机，此外，联想还计划将智能手机业务扩大到更多新兴市场国家。

Lenovo's smartphone strategy 'would make more sense if the company were concentrating on the Chinese market,' says Mr. Moel.

默尔说，如果联想专注于中国市场，其智能手机策略将会更富有成效。

In China, Lenovo can at least take advantage of its brand, but the environment will be much tougher in other markets, he said.

他说，在中国，联想至少可以利用其品牌上的优势，但是在其他市场，联想面临的环境可能会艰难得多。