機海論智，螢屏競大，價安為王，核芯必八！
原本定位¥1500~2000中階手機的真八核MT6592，在廠商的狂操下，瞬入殺戮紅海。
¥799 - 紅米Note／TD+G／
[email protected]／5.5”@720p／1GB RAM／8GB ROM／R13MP／F5MP／3200mAh
¥999 - 紅米Note／TD+G／
[email protected]／5.5”@720p／2GB RAM／8GB ROM／R13MP／F5MP／3200mAh
¥888 - 酷派大神F1／W+G／MT6592@GHz／5.0”@720p／2GB RAM／8GB ROM／R13MP／F5MP／2500mAh
¥798 - 榮耀3C／TD+G／
[email protected]／5.0”@720p／1GB RAM／GB ROM／
[email protected]／
[email protected]／2300mAh
¥998 - 榮耀3X暢玩版／TD+G／
[email protected]／5.5”@720p／2GB RAM／8GB ROM／R13MP@／F5MP／3000mAh
¥788 - 聯想黃金鬥士S8／TD+G／
[email protected]／5.3”@720p／1GB RAM／8GB ROM／R13MP／F5MP／3000mAh
¥988 - 聯想黃金鬥士S8／TD+G／
[email protected]／5.3”@720p／2GB RAM／16GB ROM／R13MP／F5MP／3000mAh
¥998 - nibiru H1／TD+G／
[email protected]／5.0”@1080p／2GB RAM／16GB ROM／ R13MP／F5MP／2000mAh
¥799已是大屏真八核的標竿價位，紅米再度引爆高配低價鏖戰。逐鹿中原者，豈甘寂寞？
MTK效應說明了何以空頭引三大隱憂唱衰高通。
Three-fold threat to Qualcomm in the China marke：
1.Taiwan’s MediaTek and other lower-cost providers could derail Qualcomm’s sales.
對手低價晶片將阻礙高通在華銷售。
2.China could bring down Qualcomm’s average selling price.
中國低價手機大行其道，將拉低高通產品售價。
3.China’s regulators could impose harsh requirements on Qualcomm.
中國監管單位可能對高通施加嚴苛要求。
然多頭Bernstein明顯非常不以為然。
Most competitors for the China market are well behind Qualcomm on
integration, geometry, and radio technology, and
Qualcomm holds the majority of sockets currently certified for use on China Mobile’s forthcoming LTE network. Of the primary competitive candidates, MediaTek is likely the most viable (and fierce) competitor, and
understands well how to do business in China. However,
Qualcomm’s challenges on 3G have been, in our opinion, more on marketing to the Chinese consumer than anything else. And, it appears
Qualcomm is now getting much more responsive to the demands of Chinese market. Despite previously deriding octa-core chips as a marketing gimmick, Qualcomm is fully embracing the multi-core trends, announcing its own octa-core chip, the Snapdragon 615 (or MSM8939) at the MWC. The chip clearly is aimed to counter MediaTek’s success in the octa-core segment, and is targeted at the mid range. Similarly, in another marketing effort Qualcomm is targeting their first 64 bit chip (the Snapdragon 410 MSM8916) designed specifically for the needs of the lower-end China market, delivering high performance into lower end segments at attractive price points.
Fears of ASP decline have been part and parcel with Qualcomm ever since the “Great ASP Debacle” of 2010. However, mix to emerging markets is not new; QCOM’s QTL unit growth has been driven by this shift for years. ASPs have increased markedly since that time, even as emerging market growth has substantially outpaced unit growth in developed markets, more than offsetting negative mix as the smartphone cycle continued apace.
As the 4G market, over the next few years, potentially transitions here we would love to see QCOM put a framework in place to capture payments; even if at a lower rate we believe they would still be substantially accretive as this large “shadow volume” of 3G moves over into royalty-bearing mode. We estimate substantial accretive contribution from China Mobile LTE to Qualcomm’s royalties as a result, even if it comes at a lower rate. The push toward 5-mode chipsets may help with this [...] Additionally, it appears that Qualcomm is upping their engagement with China. We note recent news that
Qualcomm is engaging with SMIC for 28nm products. While
Qualcomm has indicated they will be upping their foundry multi-sourcing efforts, we were somewhat surprised to see SMIC mentioned at least in the guise of 28nm, and SMICs inferior capabilities vs. TSMC or Samsung all suggest limited benefits to QCOM from a strict multi-sourcing perspective (benefits on pricing, flex capacity, etc). Benefits to Qualcomm from assuaging China, however, could in theory be much more substantial, and the timing of the newsflow (in the middle of the investigation) suggests other motives may indeed be at play.
- Stacy Rasgon of Bernstein Research
敦親睦鄰，Qualcomm向SMIC拋媚眼？