強弩之末，還是天花板效應？



Samsung去年第四季財報顯示，行動事業部門獲利首見負成長。

繼Apple之後，Samsung亦面臨增收減益的難題。不受季節性影響，連續九季成長的智機銷售，在購物旺季竟現季營收衰退。



從相關數據觀之，營收減少8.6%，而營益大減18.4%，代表銷售組合中，高利潤的旗艦機種出貨量減少，較低利潤的中低階款式相對銷量增加，拉低ASP，導致營益銳減，OPM自前季的18.3%滑落至16.1%。

美、中兩大智機市場，Samsung旗艦機在美受制於新iPhone的主場優勢，中低階款在華則遭遇當地品牌新一波低價互聯網手機的狙擊，兩地逢挫。

Samsung shipped 13 million units of its S4 in the fourth quarter, down from 17 million in the previous three months. Sales of Samsung’s Galaxy S4 have slowed amid competition from the iPhone 5s and 5c, along with Chinese handsets priced as low as $100.
- Daewoo Securities@Dec 23, 2013

Galaxy S4第4季，預估每月銷售量由原先的700萬支下修至300~400萬支，且明年需求極可能持續低迷下去。
- 韓國經濟日報@Dec 30, 2013

整體智慧型手機市場重心，現在已從超高階類的500美元以上，落在300美元區間。
- Ahn Seong Ho@Hanwha Securities

大陸與印度廉價手機傾巢而出，加上蘋果手機翻新，刻正打壓三星。即將問世的Galaxy S5智慧手機將有助穩定獲利，但想在已擁擠不堪的智慧手機市場提昇獲利將不太可能
- Neil Mawston of Strategy Analytics

Profitability of smartphones seems to have weakened further than expected. The high-end smartphone market seems saturated and the question is to what extent Samsung can protect its margins from mass market smartphones.
- Lee Seung-woo with IBK Investment & Securities

韓元升值也衝擊獲利，匯兌損失約7,000億韓元。匯率因素同時影響其海外售價的吸引力。

We blame he ernings miss on “non-operating reasons” such as the special bonus and foreign exchange losses, estimating that the stronger won eroded Samsung’s operating profit by about Won700bn.
- Jae Lee with Daiwa

The South Korean won recently hit a five-year high against the US dollar, also weighing on performance, inflicting foreign-exchange losses and making Samsung’s exports pricier for overseas buyers.


Amid macroeconomic uncertainties such as a strong Korean won and increased concerns over possible quantitative easing tapering in the US, our earnings were lower than what the market expected, and due specifically to a "negative currency impact" of 700 billion won and a one-off 800 billion won employee bonus to mark the 20th anniversary of a marketing strategy by Chairman Lee Kun-Hee that laid the groundwork for the company's recent success.
- Robert Yi, head of Samsung's investor relations

While the number of people buying smartphones is still increasing, its getting harder for Samsung to tap new demand for its high-end handsets. So Samsung will have to lower prices to sell them, which will in turn decrease its profit margins.
- Nho Gen-Chang at HMC Investment Securities

Samsung將持續完整價格帶的全線產品策略，同時聚焦供應鏈管理以保持獲利能力。

Samsung plans to maintain its focus on managing its supply chain while delivering a “full line-up” of smartphones with varying levels of price and features.

Samsung said smartphones will account for 70 percent of total mobile product shipments this year and that it would broaden its tablet line-up with mid- and low-end models and larger screens.

相對上一季的鉅額行銷支出，Samsung將降低2014年行銷預算比例。

We'll actively leverage global sports events such as the Sochi (Winter) Olympics and our retail channels... but we will try to raise the efficiency of our marketing spend and lower our overall mobile marketing budget to revenue this year compared with last year
- Kim Hyunjoon, Senior Vice President of Samsung