拆解分析：三星Galaxy Note 10.1利润率或高过iPad

据IHS iSuppli公司的拆解分析，如果三星能够保持其目标销售价位，三星Galaxy Note 10.1媒体平板的利润率可能高于苹果iPad。 拆解分析显示，HSPA+版Galaxy Note 10.1的材料清单(BOM)成本约为283美元。IHS表示，加上基本的制造成本，该产品的成本约为293美元。三星该版平板电脑的售价为640美元左右。 “凭借Galaxy Note 10.1，三星继续寻求可以抗衡iPad市场占有率的神奇配方，”IHS公司拆解服务资深总监Andrew Rassweiler在声明中表示，“在其它一些近期推出的平板电脑硬件利润微薄或者是零利润的情况下，每台Galaxy Note 10.1却可以为三星带来可观的利润，有望成为赚钱机器——如果三星能够把最近Galaxy Note智能手机的成功故事移植到平板电脑产品上面。” 据IHS公司，Wi-Fi版Galaxy Note 10.1的美国零售价为499美元，估计BOM成本是260美元左右。IHS公司表示，配置差不多的第三代iPad，支持Wi-Fi并具备16GB NAND闪存，刚推出时的BOM成本是316美元，零售价格是499美元。 IHS公司指出，平板电脑厂商难以维持产品刚上市时的售价。 “只有保持最初的价格水平，Galaxy Note 10.1的硬件利润率才能维持下去。问题就在这里：没有一家苹果对手能够以499美元的价格大量销售，相反，者是为了刺激销量而不断降价，“IHS公司的平板电脑与监视器研究总监Rhoda Alexander表示。 主要半导体部件 IHS公司表示，其它价格较低的iPad竞争对手包括谷歌的Nexus 7和亚马逊的Kindle Fire，这些产品的硬件基本不赚钱，而是利用包括在线服务在内的复杂商业模式来获利。 苹果的一大优势在于，它在半导体支出方面占据主导地位。据IHS公司，2012年预计苹果购买将近280亿美元的半导体，比2011年的240亿美元增加15%。IHS公司指出，这让苹果可以从供应商获得更加优惠的价格，从而帮助其降低成本和提高利润率。 但IHS认为，三星可以利用自己的内部供应便利来抗衡苹果的优势。 “三星是电子产业中的巨头，其竞争优势在于其通过内部采购可以控制其最终产品所使用的大部分器件，” Rassweiler表示，“这使得三星可以压低成本，同时提供具有竞争力的差异化。该公司的内部采购策略在Galaxy Note 10.1上面得到体现，三星提供了该产品的内存，包括闪存和DRAM，以及核心处理器、电池和许多其它部件。” IHS公司表示，Galaxy Note 10.1中来自其它供应商的部件与其它三星产品中发现的相同。Rassweiler认为，在多种产品中使用同样的部件，可以让三星从外部供应商得到有利的价格，进一步降低开发产品的边际成本。

三星Galaxy Note 10.1主要器件价格表
Source: IHS iSuppli8uAesmc

IHS公司指出，Galaxy Note 10.1采用一个四核三星Exynos处理器，与Galaxy S III手机中最近发现的相同。该平板电脑采用的英特尔无线芯片组亦与Galaxy S III中的相同，包括PMB9811和PMB5712芯片。 IHS公司的拆解分析认为，三星最新款平板电脑在技术方面没有新的突破。据IHS公司，这类硬件产品与上一代相比，通常只是稍有改进。 但IHS公司表示，新款Galaxy Note 10.1在某些方面确实加大了对媒体平板硬件的押注。IHS公司认为，这种新一代四核处理器肯定会带来性能的明显提升，将是促使许多消费者升级产品的主要动力。 本文授权编译自EE Times，版权所有，谢绝转载 本文下一页：苹果没有的：混合触摸屏

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{pagination} 混合触摸屏 IHS公司指出，Galaxy Note 10.1拥有一个iPad所不具备的特点，那就是它采用了混合式触摸屏。这种触摸屏不仅具备常规的电容感测能力，而且用户可以选择使用Wacom数字笔。该笔不需要电池或者电源，也不像鼠标那样需要电线，而是利用电感笔传感技术。IHS公司表示，消费者可以在Galaxy上面写东西，同时仍能把它当作常规的触摸平板电脑使用。 IHS公司表示，三星自己为供应电池组，其能量密度约为520Wh/L，高于450Wh/L的锂聚合物电池通常水平。 IHS公司指出，尽管拆解分析服务得出的BOM数字可能让一些人认为三星Galaxy Note 10.1利润率约为50%，但除了材料与制造成本以外，还有许多成本因素。IHS公司表示，其BOM估算不包括非材料和其它费用，比如软件和开发成本。如果把这些额外成本考虑在内，苹果和三星的利润率就会减小。基于其BOM估测和预期零售价格，IHS公司认为三星Galaxy Note 10.1的利润率略高于苹果。 IHS公司指出，最近苹果与三星在美国加州圣何塞打专利侵权官司，法院文件显示苹果iPad的毛利率不如iPhone高。 上周陪审团裁定，三星故意侵犯苹果专利权，应向苹果赔偿10.49亿美元。故意侵权的裁定，为法官把陪审团裁定的赔偿金额提高两倍奠定了基础。 本文授权编译自EE Times，版权所有，谢绝转载 参考英文原文：Teardown: Samsung tablet could have higher margin than iPad

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{pagination} Teardown: Samsung tablet could have higher margin than iPad Dylan McGrath Samsung's Galaxy Note 10.1 media tablet could deliver higher profit margins than Apple's market-leading iPad—if Samsung can maintain its target selling prices—according to a preliminary teardown analysis of the tablet conducted by IHS iSuppli. SAN FRANCISCO—Samsung Electronics Co. Ltd.'s Galaxy Note 10.1 media tablet could deliver higher profit margins than Apple Inc.'s market-leading iPad—if Samsung can maintain its target selling prices—according to a preliminary teardown analysis of the tablet conducted by IHS iSuppli. According to the teardown analysis, the HSPA+ version of the Galaxy Note 10.1 carries bill of materials (BOM) costs of about $283. Adding in basic manufacturing costs, the tablet costs about $293 to make, according to IHS. Samsung is selling this version of the tablet for about $640, IHS said. "With the Galaxy Note 10.1, Samsung continues to seek the magic formula for a media tablet that can rival the iPad’s market penetration,” said Andrew Rassweiler, senior director of teardown services at IHS, in a statement. “And where some other tablets introduced in recent times generated small or no hardware profit, the Galaxy Note 10.1 could turn a decent per unit margin for Samsung, and stands to be a money maker—if the company can extend the recent success of the Samsung Galaxy Note smartphone to its tablet line." The Wi-Fi-only version of the Galaxy Note 10.1, which retails for $499 in the U.S., carries an estimated BOM cost of about $260, according to IHS. A similarly equipped third-generation new iPad with Wi-Fi and 16GBytes of NAND flash memory carried a $316 at the time of release and a retail price of $499, the firm said. IHS noted that tablet vendors have had trouble maintaining the opening sales price over time. "The hardware profit margin for the Galaxy Note 10.1 only holds true if Samsung is able to maintain its initial price. And therein lies the rub: no Apple rival has yet demonstrated the capability to actually sell in volume at $499, instead falling back on price cuts in order to drive volume,” said Rhoda Alexander, director of tablet and monitor research for IHS. Major semiconductor listing Other less expensive iPad rivals, including Google's Nexus 7 and the Amazon Kindle Fire, generated little or no hardware profit—instead trying to make money using more complex business models involving online services, IHS said. One of Apple’s major competitive advantages is its dominance in semiconductor spending. Apple Inc. is expected to buy nearly $28 billion worth of semiconductors in 2012, up 15 percent from the $24 billion it spent on chips in 2011, according to IHS. This allows Apple to command more favorable pricing from its suppliers, helping to reduce its costs and expand its profit margins, IHS said. But, IHS said, Samsung can counter Apple's advantage by leveraging its own internal sources of supply. "Samsung is a behemoth in the electronic industry and its competitive strength lies in its control, via internal sourcing, of a large percentage of the components that go into its final products,” Rassweiler said. “This allows Samsung to keep costs down, while delivering competitive differentiation. The company’s internal sourcing strategy is certainly in evidence in the Galaxy Note 10.1, where Samsung supplies the memory—both flash and DRAM—as well as the core processor, battery and many other components." Some of the key components in the Galaxy Note 10.1 that are sourced from other suppliers are identical to devices found in other Samsung products, IHS said. Using the same components in multiple products allows Samsung to better leverage pricing with outside suppliers and further reduce the incremental cost of developing products, Rassweiler said. The Galaxy Note 10.1 features a quad-core Samsung Exynos processor, the same recently found in the Samsung Galaxy S III handset, IHS said. The tablet also has the same Intel Corp. wireless chipset found in the Galaxy S III, which includes the PMB9811 and PMB5712 devices, according to the firm. The IHS teardown analysis concluded that Samsung's latest tablet isn't breaking new ground in terms of technology. As is usually the case with such hardware releases, each device offers only an incremental set of improvements compared to the previous generation, according to IHS. But the firm said the new Galaxy Note 10.1 in some regards does up the ante for media tablet hardware. The new-generation quad-core processor is sure to make a tangible performance improvement, and will be the main upgrade driver for many consumers, IHS said. Hybrid touch scree One feature that the iPad does not have that the Galaxy Note 10.1 possesses is the hybrid touch screen, which features not only conventional capacitive touch sensing, but also gives users the option of using a Wacom digitizer pen, IHS said. Wacom's pen is passive: it requires no battery or power source, or cords—like a mouse—but works using inductive pen sensing, IHS said. Essentially one can use the Galaxy note to write on, but still utilize it as a conventional touch tablet, the firm said. Samsung supplied its own battery pack for the Galaxy Note 10.1, which features higher-than-average energy density for a Li-Polymer battery pack at about 520Wh/L energy density, compared to the typical 450Wh/L for Li-Polymer, IHS said. Although the IHS iSuppli teardown analysis service BOM numbers might lead some to conclude that Samsung stands to make about 50 points of margin on this Galaxy Note 10.1, there are more cost pieces to this puzzle than materials and manufacturing costs, IHS said. The firm notes that its BOM estimates s do not include non-material and other expenses, such as software and development. Once these additional costs are factored in, what might appear to produce a massive margin for Apple and Samsung is somewhat smaller, IHS said. Based on its BOM estimates and expected retail prices, IHS said Samsung may be able to yield slightly better margins per unit than Apple on this product. IHS noted that court documents from the recent Apple-Samsung patent litigation in San Jose, Calif. revealed that Apple's gross margins for the iPad are not nearly as high as those for its iPhone. A jury in the high-profile patent infringement case last week awarded Apple damages of $1.049 billion plus a verdict of willful infringement on many counts. The willfulness verdict opens the door to the judge awarding punitive damages of as much as three times the already record amount set by the jury.