很難想象業(yè)界芯片巨擘意法半導(dǎo)體(STMicroelectronics)正迫切地需要一項(xiàng)全新的成長(zhǎng)策略吧？而這家歐洲半導(dǎo)體巨擘目前所面對(duì)的兩難甚至還牽涉到在公司內(nèi)外都有影響舉足輕重的的一些人。 一般來(lái)說(shuō)，公司高層主管和業(yè)界分析人士認(rèn)為，這家總部位于瑞士的半導(dǎo)體公司必須為其未來(lái)長(zhǎng)遠(yuǎn)發(fā)展導(dǎo)向全新方向。但究竟應(yīng)該拋棄沉重的負(fù)擔(dān)與非核心產(chǎn)品？還是維持現(xiàn)狀而只需微幅調(diào)整策略，逐漸在占主導(dǎo)的產(chǎn)品領(lǐng)域建立強(qiáng)大的市場(chǎng)地位？在決定ST是否應(yīng)該大幅重組業(yè)務(wù)與產(chǎn)品組合時(shí)，高層管理團(tuán)隊(duì)之間卻出現(xiàn)了意見分歧。 該公司表示將在12月初發(fā)布相關(guān)計(jì)劃，并試圖平息對(duì)于其未來(lái)發(fā)展的臆測(cè)。這些猜測(cè)都集中在ST宣稱將拆分為模擬與數(shù)字業(yè)務(wù)的計(jì)劃，但該公司目前已經(jīng)放棄采取這項(xiàng)行動(dòng)了。在本月稍早的一份聲明中，ST嚴(yán)正否認(rèn)有過(guò)這一可能動(dòng)搖公司團(tuán)結(jié)的拆分計(jì)劃存在，并補(bǔ)充說(shuō)，“ST董事會(huì)從來(lái)不曾收到過(guò)這樣的計(jì)劃”。 然而，ST公司高層主管不應(yīng)該欺騙自己，天真地認(rèn)為投資界的任何人會(huì)對(duì)于ST決定進(jìn)行拆分或放棄ST-Ericsson的決定感到驚訝。但如果投資人對(duì)此無(wú)法解決該公司現(xiàn)有問(wèn)題的計(jì)劃產(chǎn)生負(fù)面反應(yīng)的話，ST的管理團(tuán)隊(duì)也不必感到太驚訝。換句話說(shuō)，ST必須積極地拿出可為該公司帶來(lái)突破的發(fā)展計(jì)劃。 我認(rèn)為，就算ST拆分為兩家公司──一家專注于模擬，另一家專注于數(shù)字IC，其實(shí)意義并不大。以目前的產(chǎn)業(yè)來(lái)看，認(rèn)為模擬公司與數(shù)字公司二者在投資報(bào)酬率 (ROI)方面彼此對(duì)立的看法并不恰當(dāng)。事實(shí)上，對(duì)于目前不只得求生存還必須具有競(jìng)爭(zhēng)力以實(shí)現(xiàn)成功的業(yè)界半導(dǎo)體公司而言，這種看法是相當(dāng)短視的。因?yàn)?，類比和?shù)字領(lǐng)域彼此共同存在，而且還將持續(xù)下去。對(duì)于最大型的芯片公司來(lái)說(shuō)，模擬和數(shù)字產(chǎn)品是互補(bǔ)的，而且其實(shí)還可能是主要OEM制勝的關(guān)鍵。 本文授權(quán)編譯自EBN Online，版權(quán)所有，謝絕轉(zhuǎn)載 本文下一頁(yè)：ST將出現(xiàn)連續(xù)第二年的銷售下滑

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• 2012年半導(dǎo)體市場(chǎng)Top 20排名，高通榮登三甲
• 意法半導(dǎo)體否認(rèn)將拆分出售手機(jī)芯片業(yè)務(wù)
• 意法推新的微型機(jī)頂盒芯片，開創(chuàng)全新應(yīng)用領(lǐng)域CQxesmc

{pagination} ST的最重要的優(yōu)勢(shì)在于廣泛的產(chǎn)品組合以及提供廣泛的市場(chǎng)服務(wù)，包括汽車、計(jì)算機(jī)、通訊、控制系統(tǒng)、消費(fèi)電子以及工業(yè)自動(dòng)化。這已經(jīng)使得該公司足以用其它領(lǐng)域的優(yōu)勢(shì)來(lái)抵銷任何特定市場(chǎng)出現(xiàn)的疲弱。而且，盡管該公司最近的表現(xiàn)不如以往──2012年將出現(xiàn)連續(xù)第二年的銷售下滑──該公司的表現(xiàn)還可能更為惡化，使其無(wú)法以更快速成長(zhǎng)的產(chǎn)品線來(lái)抵銷其表現(xiàn)較疲弱的產(chǎn)品市場(chǎng)沖擊。 現(xiàn)在就是ST多元產(chǎn)品組合優(yōu)勢(shì)劃下句點(diǎn)，以及面對(duì)挑戰(zhàn)的開始。如果您的公司銷售情況和ST一樣持續(xù)起伏變化，那么最后將會(huì)發(fā)現(xiàn)公司結(jié)構(gòu)出現(xiàn)根本性的問(wèn)題，而今，正是該公司管理團(tuán)隊(duì)坦承這些問(wèn)題，并采取一些能夠緩解公司艱難處境的措施。 根據(jù)分析師預(yù)測(cè)，ST在2012年的營(yíng)收約為84.4億美元，較2011年的96.3億美元下跌12%以上，而銷售也下滑6%。目前對(duì)于2013年的預(yù)測(cè)還大約在97.5億美元至87億美元之間。 本文授權(quán)編譯自EBN Online，版權(quán)所有，謝絕轉(zhuǎn)載 參考英文原文：ST Conundrum: Break Up or Tweak?, by Bolaji Ojo

相關(guān)閱讀：
• 2012年半導(dǎo)體市場(chǎng)Top 20排名，高通榮登三甲
• 意法半導(dǎo)體否認(rèn)將拆分出售手機(jī)芯片業(yè)務(wù)
• 意法推新的微型機(jī)頂盒芯片，開創(chuàng)全新應(yīng)用領(lǐng)域CQxesmc

{pagination} ST Conundrum: Break Up or Tweak? Bolaji Ojo, Editor in Chief The swings in sales performance and margin-related pressures resulted in Standard & Poor's Ratings Agency putting ST on negative watch in August. ST, the research firm said, "is likely to report significantly lower revenues, operating margins, and free cash flows in 2012 than we previously expected, following a weakening of operating results that started in the second half of 2011." Nothing that has happened since August has dramatically and positively changed ST's profile. The company's digital semiconductor business remains fragile due to problems at Nokia and persistent weak demand in Europe as a result of the region's economic challenges. While ST's analog, MEMs, microcontroller, and discrete business have performed satisfactorily, this hasn't been sufficient to stem the losses. ST will likely end 2012 with negative operating margin (estimated by S&P's at about 9 percent) and a net loss for the entire year. So what should ST be doing to spark growth? The idea of breaking the company into analog and digital businesses is tempting, but it will only accelerate the ruin of the weaker digital business. However, ST cannot maintain its structural integrity without taking some hard decisions about which markets it will remain as a strong competitor in. I will address the question above in another report. For now, I believe it's time for ST to say goodbye to ST-Ericsson. Holding on to the business makes no sense notwithstanding the huge investments ST and Ericsson have put in it. The business should go on the block. ST then might see clearly enough to address its second major problem: the convoluted ownership structure that puts the French and Italian governments in key positions to call the shots about its future.