ADI對(duì)Maxim（美信）的收購已經(jīng)完成，Maxim不得已放棄其全球分銷渠道——Avnet（安富利）。近日，在 Avnet 2022 財(cái)年第一季度財(cái)報(bào)電話會(huì)議上，有分析師提出：AEkesmc

“Avnet什么時(shí)候能賺回失去美信后的這部分收入？“AEkesmc

針對(duì)此問題，Avnet的CEO Phil Gallagher回應(yīng)：“Maxim的流失不會(huì)對(duì)我們未來幾個(gè)季度的收益產(chǎn)生任何影響，甚至在做2023財(cái)年計(jì)劃時(shí)，我們都不需要因?yàn)镸axim在這方面做需重新預(yù)算。“AEkesmc

盡管 Maxim貢獻(xiàn)了Avnet銷售額中的5億美元，但這只是Avnet 2021財(cái)年195億美元總收入的3%。AEkesmc

Gallagher 相信這部分業(yè)務(wù)可以過渡到Avnet的其他產(chǎn)品線。他指出，Maxim的脫離將在幾個(gè)月內(nèi)完成，但Avnet不會(huì)修改其季度預(yù)測。AEkesmc

“我們認(rèn)為它不會(huì)影響我們整個(gè)財(cái)年的收益。” Gallagher在 Avnet 2022 財(cái)年第一季度財(cái)報(bào)電話會(huì)議上對(duì)分析師說。Avnet 報(bào)告第一季度銷售額為56億美元，同比增長18.2%。“我們已經(jīng)制定了計(jì)劃。我們有很棒的供應(yīng)商合作伙伴，他們擁有該技術(shù)的一部分，我們正在對(duì)此進(jìn)行映射，這將成為團(tuán)隊(duì)的目標(biāo)。我們看到了取代 [Maxim]業(yè)務(wù)的機(jī)會(huì)。”AEkesmc

（注：去年年底，Avnet才完全終止TI代理線產(chǎn)品的銷售，這部分產(chǎn)品線的收入占Avnet總收入高達(dá)10%左右。）AEkesmc

也有分析師擔(dān)心AMD對(duì)Xilinx的收購會(huì)影響Avnet渠道。事實(shí)上，Xilinx和Avnet已經(jīng)有了幾十年的獨(dú)家合作關(guān)系，而Avnet是AMD的長期分銷商。Xilinx的競爭對(duì)手Altera(現(xiàn)為英特爾所有)過去曾與艾睿（Arrow）結(jié)盟。這兩家FPGA的領(lǐng)導(dǎo)者一直都避免在分銷渠道中碰撞。AEkesmc

Arrow首次分銷Maxim產(chǎn)品

Avnet此前是Maxim唯一的全球批量分銷合作伙伴，與Maxim的合作歷史悠久。AEkesmc

在Maxim并入ADI之前，Maxim的其它分銷商伙伴還包括Future Electronics、RS Electronics，還有Digi-Key、Newark與Mouser，還有幾家專門與區(qū)域性代理商。AEkesmc

但，自2000年代中期以來，Arrow與Maxim沒有任何關(guān)系，跟上產(chǎn)品、技術(shù)和客戶群的速度可能具有挑戰(zhàn)性。AEkesmc

Maxim的分銷陣容變化，遵循了ADI公司在收購凌力爾特公司后制定的計(jì)劃。2017 年，ADI 將其全球履行業(yè)務(wù)整合到旗下，Arrow該公司同時(shí)也為模擬供應(yīng)商提供設(shè)計(jì)服務(wù)。AEkesmc

此次，ADI/Maxim將保留其所有小批量分銷商，包括 Farnell（隸屬Avnet）。AEkesmc

艾睿電子歷來沒有對(duì)供應(yīng)商的分銷調(diào)整發(fā)表過評(píng)論。ADI公司也沒有對(duì)其分銷網(wǎng)絡(luò)的變化發(fā)表評(píng)論。AEkesmc

“最近成功收購 Maxim極大地?cái)U(kuò)展了 ADI 公司的產(chǎn)品和解決方案組合。“ADI在一份聲明中表示，“雖然我們不評(píng)論具體細(xì)節(jié)，但我們分銷戰(zhàn)略的任何變化，都將繼續(xù)把我們的客戶置于我們一切工作的最前沿，使他們與我們公司的互動(dòng)盡可能無縫。”AEkesmc

并購對(duì)分銷界的沖擊

全球大的分銷商們，都曾經(jīng)歷過收購帶來的沖擊。AEkesmc

德州儀器 (TI) 歷史上廣泛借助分銷，并且沒有禁止分銷商的競爭產(chǎn)品線。該公司于2017年開始減少分銷渠道，并在2019年取消了6家分銷商，開始直接為其客戶提供服務(wù)（除了由Arrow處理的全球履行訂單），這對(duì)行業(yè)帶來沉重打擊。 AEkesmc

近年來，大型原廠并購層出不窮，并購之后，原廠的產(chǎn)品組合通常也會(huì)合并，采用的分銷商也更少。整合分銷渠道的目的之一，就是幫助原廠節(jié)省成本，包括對(duì)分銷商進(jìn)行培訓(xùn)的成本，提供給分銷商低于直銷價(jià)的產(chǎn)品價(jià)格，以及物流和售后等相關(guān)費(fèi)用成本。AEkesmc

但是，原廠們很少調(diào)整自己的目錄分銷商或小批量分銷商。這些訂單規(guī)模更小、單價(jià)更高、交付更快。AEkesmc

Avent營收預(yù)測

目前，Avnet的工程客戶仍然可以通過Farnell購買Maxim。AEkesmc

Avnet 一直在通過增加庫存、提高整個(gè)Avnet業(yè)務(wù)的可見性、以及提供更多自助工具來投資 Farnell及其整體電子商務(wù)運(yùn)營。AEkesmc

Farnell在2022 財(cái)年第一季度的收入達(dá)到創(chuàng)紀(jì)錄的4.55億美元，運(yùn)營利潤率為10.9%。AEkesmc

其中，電子商務(wù)貢獻(xiàn)了營收的53%、總交易量的69%。AEkesmc

“在過去的 18 個(gè)月中，F(xiàn)arnell平臺(tái)取得了積極成果，該團(tuán)隊(duì)實(shí)現(xiàn)了數(shù)字化轉(zhuǎn)型，并且隨著我們在未來幾個(gè)季度將所有 Avnet 業(yè)務(wù)轉(zhuǎn)移到該平臺(tái)，我們對(duì)取得更大成功的潛力感到非常興奮。“Avnet首席財(cái)務(wù)官Tom Liguori在2022財(cái)年第一季度財(cái)報(bào)電話會(huì)議上指出，”我們還在上個(gè)季度繼續(xù)投資庫存，增加了18,800個(gè)SKU。這反映了我們在2022財(cái)年再增加 250,000個(gè)SKU 的計(jì)劃的持續(xù)進(jìn)展。“AEkesmc

本季度，15%的Farnell銷售額來自過去兩年增加的新SKU。“對(duì)于我們的第二財(cái)季，我們指導(dǎo)收入在53億美元至57億美元之間，調(diào)整后每股收益在1.20美元至1.30美元之間。”Liguori指出。AEkesmc

附錄：

對(duì)話Avnet的首席執(zhí)行官Phil Gallagher【中英文音頻】AEkesmc

在Avnet第一季度財(cái)報(bào)電話會(huì)議后的第二天，《國際電子商情》姐妹刊EPSNews的編輯Barb Jorgensen在Avnet的首席執(zhí)行官Phil Gallagher鳳凰城的辦公室中采訪了他，以下是采訪錄音和腳本。 AEkesmc

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安富利（Avnet）的CEO Phil GallagherAEkesmc

###AEkesmc

A fundamental element of the supply chain in the electronics industry is the distribution business. Some of the biggest distributors are multi-billion dollar multinational conglomerates, and they’re absolutely critical in getting the right parts to the customers who need them, when they need them.AEkesmc

電子行業(yè)供應(yīng)鏈中的一個(gè)基本要素是分銷業(yè)務(wù)。最大的分銷商有些是資產(chǎn)數(shù)十億美元的跨國集團(tuán)，當(dāng)顧客需要獲得合適的零部件時(shí)，這些分銷商就起到至關(guān)重要的作用。AEkesmc

Whenever there’s any merger & acquisition activity, there’s always the possibility that there will be some fallout for distributors. In other words, M&As carry the potential to disrupt the supply chain.AEkesmc

只要發(fā)生企業(yè)并購，分銷商往往會(huì)受到影響。換而言之，并購可能會(huì)造成供應(yīng)鏈中斷。AEkesmc

Following its acquisition by Analog Devices Inc. last year, Maxim’s business has been consolidated under Avnet competitor Arrow Electronics Inc. The two rank among the largest distributors in the world. A disclaimer here: EE Times is part of AspenCore, and AspenCore is owned by Arrow.AEkesmc

繼去年被亞德諾半導(dǎo)體公司（Analog Devices Inc.）收購后，美信公司（Maxim）的業(yè)務(wù)已整合到安富利集團(tuán)（Avnet）的競爭對(duì)手艾睿電子（Arrow Electronics Inc.）旗下。這兩家公司均躋身全球最大的分銷商之列。在此需要先聲明：《EE Times》是AspenCore媒體集團(tuán)旗下的刊物，而AspenCore隸屬于艾睿電子公司。AEkesmc

Anyway, Maxim accounted for approximately $500 million of Avnet’s annual sales, which reached $19.5 billion in fiscal 2021.AEkesmc

總之，安富利集團(tuán)2021財(cái)年的銷售額為195億美元，其中美信業(yè)務(wù)銷售額占到了將近5億美元。AEkesmc

Barb Jorgensen is the editor of our sister publication, EPSNews. Phil Gallagher is the CEO of Avnet. Barb caught up with Gallagher, who was in his office in Phoenix, the day after Avnet’s fiscal Q1 earnings call. During the conversation, you’ll hear Gallagher reference Farnell. That’s Avnet’s catalog business.AEkesmc

Barb Jorgensen是我們姊妹媒體EPSNews的編輯。Phil Gallagher是安富利集團(tuán)的首席執(zhí)行官。安富利集團(tuán)第一季度財(cái)報(bào)電話會(huì)議召開次日，Gallagher在其位于鳳凰城的辦公室內(nèi)接受了Barb的采訪。在他們的談話中，您將會(huì)聽到Gallagher提及Farnell公司，這是安富利集團(tuán)的目錄分銷業(yè)務(wù)。AEkesmc

Here’s Barb Jorgensen with Avnet’s Phil Gallagher.AEkesmc

以下是Barb Jorgensen與安富利集團(tuán)Phil Gallagher的對(duì)話。AEkesmc

BARB JORGENSEN: So first, supplier consolidation. It’s not new. This isn’t even the most recent move with Analog Devices buying other companies. So talk a little bit about the history of that if you would.AEkesmc

BARB JORGENSEN：首先，我們來談?wù)劰?yīng)商整合這個(gè)問題。我們都知道，收購屢見不鮮，這甚至不是ADI最新的一次收購。如果方便的話，請(qǐng)您分享這段歷史。AEkesmc

PHIL GALLAGHER: Yeah. Thanks, Barbara. Thanks for having me on. And hope everybody’s doing well. Yeah, we did have a good quarter. Actually a great quarter. Both the Avnet core, and of course, Farnell’s part of that. Farnell had a record quarter in the July-August-September quarter. So again, really proud of the team navigating these interesting market conditions in the working environment, as you and I were talking.AEkesmc

PHIL Gallagher：好的，謝謝Barbara。首先，感謝您的邀請(qǐng)，并祝大家一切順利。的確，我們這一季度業(yè)績不錯(cuò)。事實(shí)上，這是一個(gè)非常棒的季度。安富利集團(tuán)的核心業(yè)務(wù)，當(dāng)然集團(tuán)旗下Farnell公司的業(yè)務(wù)也完成得非常出色。Farnell第三季度（7 - 9月）的業(yè)績創(chuàng)下了紀(jì)錄。說到這里，我再次為我們的團(tuán)隊(duì)感到驕傲，正如咱們所說的那樣，他們在工作環(huán)境中很好地應(yīng)對(duì)了這些有趣的市場狀況。AEkesmc

I’ve been with Avnet since 1982. So consolidation is not new, it’s part of what we deal with. And that’s where the word adaptability comes in, and perseverance. And as you know, Barbara, we’re in our 100 year anniversary this year. And if you’re not going to adapt, you’re not going to last 100 years. And I say that for distribution in general because consolidation can affect you positively or negatively or neutral. Depends on the situation.AEkesmc

我在1982年就加入了安富利集團(tuán)。因此，整合對(duì)我來說并不是什么新鮮事，因?yàn)樗俏覀児ぷ鞯囊徊糠?。這里就需要提到適應(yīng)力和毅力這兩個(gè)詞。Barbara，如你所知，今年是我們公司成立100周年。如果不去適應(yīng)環(huán)境，我們公司根本無法維持百年之久。我這么說是針對(duì)一般情況下的分銷業(yè)務(wù)而言，因?yàn)檎峡赡軙?huì)給公司帶來積極影響，也可能會(huì)帶來負(fù)面影響或中性影響。這需要視情況而定。AEkesmc

And as I said on the analysts call, the earnings call yesterday, when I started, some of our top product lines were General Electric, RCA, Intercell, Fairchild, Motorola, National Semiconductor, Intel, AMD. And they’re the only two that are left out of that group. Okay? So it is just something that continues to evolve.AEkesmc

正如我昨天在分析師電話會(huì)議和財(cái)報(bào)電話會(huì)議上所說，當(dāng)我加入安富利集團(tuán)時(shí)，我們的頂尖產(chǎn)品線有通用電氣（General Electric）、美國無線電公司（RCA）、Intercell公司、飛兆半導(dǎo)體（Fairchild）、摩托羅拉（Motorola）、美國國家半導(dǎo)體（National Semiconductor）、英特爾（Intel）、超微半導(dǎo)體（AMD）。而現(xiàn)在只剩下了其中兩個(gè)。對(duì)吧？所以，整合只是一個(gè)不斷演進(jìn)的過程。AEkesmc

Who’s next? We don’t know. We don’t sit in boardrooms nor do I even try to speculate. And we’ve been on the positive side of a lot of these. Infineon acquired Cypress, and we got Cypress back. Microchip acquired Microsemi, we got Microsemi. Renesas acquired IDT. And Dialog recently. We’ve been the benefactor of those. And finally we want to talk about the positives.AEkesmc

下一個(gè)被收購的會(huì)是誰呢？我們不得而知。我們不是董事會(huì)成員，我也不妄加推測。我們一直都從積極的角度看待這些收購。英飛凌（Infineon）收購了塞普拉斯（Cypress），我們后來又奪回了塞普拉斯。微芯科技（Microchip）收購了美高森美（Microsemi），我們后來又奪得了美高森美。瑞薩電子（Renesas）收購了IDT，最近又收購了Dialog。對(duì)于這些案例而言，我們一直是受益者。所以，最終我們都會(huì)談?wù)撌召彽暮锰帯?span style="display:none">AEkesmc

This most recent one, the ball didn’t bounce our way. You know, the incumbent with Analog Devices is going to pick up Maxim. And I want to assure our customers and engineering communities out there, we will work with you on that supply chain. Be sure there’s no disruption to service from us from the supply chain or from a technical standpoint.AEkesmc

然而，最近的一次收購，事情并沒有朝著我們所預(yù)期的發(fā)展。如你所知，ADI的現(xiàn)任總裁計(jì)劃收購美信。如果聽眾中有我們公司的客戶和工程界人士，我想向你們保證，我們將在那條業(yè)務(wù)供應(yīng)鏈上繼續(xù)與你們合作。無論從供應(yīng)鏈還是技術(shù)角度，我們都會(huì)確保我們的服務(wù)不會(huì)中斷。AEkesmc

From a size standpoint, it’s roughly 3%. So in the grand scheme of things, it’s 3% of our revenues. It’s really something that’s very, very overcome-able. And matter of fact, we said on the earnings call, it will have no effect on the balance of our fiscal year, which goes through June.AEkesmc

從規(guī)模來看，美信的業(yè)務(wù)占我們總體量的3%左右。因此，總體而言，美信的銷售額只占我們收入額的3%，克服美信被收購所帶來的影響是非常非常容易的。事實(shí)上，我們在財(cái)報(bào)電話會(huì)議上也提到，美信被收購將不會(huì)影響本財(cái)政年度的結(jié)存，該財(cái)政年度到今年6月底截至。AEkesmc

As far as engineers go, 30% of our business is captured in engineering designs. So we’re absolutely committed to that. We’re not reducing our field application engineers, we’re not reducing our account management or inside sales teams, it’s not large enough to do that. But we are going to repurpose them to our other suppliers. And if you look at Maxim, for example, some of the biggest parts of the Maxim portfolio were data to interface. Well, we got some great solutions in data interface. You got Renaissas, we got microchip, NXP, ST Micro and Op Amps, you got On Semi, you got Renaissas, microchip. So I go through the line card, Diodes, inc.AEkesmc

就工程師而言，我們30%的業(yè)務(wù)都集中在工程設(shè)計(jì)上。所以我們一定會(huì)致力于此。我們不會(huì)裁減我們的現(xiàn)場應(yīng)用工程師，也不會(huì)裁減我們的客戶經(jīng)理團(tuán)隊(duì)或內(nèi)部銷售團(tuán)隊(duì)，因?yàn)樗麄兊臄?shù)量還沒有多到要裁員的地步。但我們打算把他們重新分派至其他供應(yīng)商。以美信為例，其產(chǎn)品組合中占據(jù)最大部分的是數(shù)據(jù)接口。而我們在數(shù)據(jù)接口方面有許多優(yōu)質(zhì)的解決方案。你們有瑞薩電子，我們有Microchip、恩智浦、意法半導(dǎo)體。在運(yùn)算放大器領(lǐng)域，你們有安森美，瑞薩電子，以及Microchip，那我們就轉(zhuǎn)向Diodes的線。AEkesmc

We’ve got a phenomenal current line card that can help us navigate the Maxim TI, which is now three years old. But more important, the engineering community needs to know we’ve got the solutions in total that can help them with their designs.AEkesmc

我們當(dāng)前擁有一流的產(chǎn)品線，這有助于我們成功應(yīng)對(duì)美信與德州儀器（TI）的收購，現(xiàn)在已經(jīng)有三年了。然而更重要的是，工程界需要知道，我們已經(jīng)有了一套能夠幫助他們進(jìn)行工程設(shè)計(jì)的完整方案。AEkesmc

BARB JORGENSEN: You alluded to this a little bit yesterday on the earnings call, too. And I think it’s something worth expanding a bit on. With Texas Instruments, we had them begin with discontinuing their basically a distribution incentive program called demand creation. And then has really, you know, limited its volume distribution now, which is probably pretty much what the channel was doing with TI.AEkesmc

BARB JORGENSEN: 您在昨天的財(cái)報(bào)電話會(huì)議上也間接提到了這一點(diǎn)。我認(rèn)為這點(diǎn)值得展開來談一談。說到德州儀器，我們看到他們著手停止所謂的需求創(chuàng)造，其實(shí)也就是他們的分銷激勵(lì)計(jì)劃。隨后，如你所知，這的確限制了它現(xiàn)在的分銷量，這可能就是渠道對(duì)德州儀器所產(chǎn)生的影響。AEkesmc

And with analog, with its acquisition of linear, consolidated its volume business under a single global distributor, and it’s following suit with Maxim. In general, what does this say about the semiconductor industry and its reasons for doing this? Are they margin-driven? Is it a direction of sales that they’re going in? I’m not smart enough to draw any conclusion. I’d like to hear your thoughts on that.AEkesmc

ADI收購凌力爾特（Linear）后把它的業(yè)務(wù)量整合至單個(gè)全球分銷商之下，接下來ADI也會(huì)對(duì)美信采取類似措施?？偟膩砜矗@對(duì)半導(dǎo)體產(chǎn)業(yè)意味著什么？它這樣做又是出于什么原因呢？是受利益驅(qū)使嗎？是他們正在努力的一個(gè)銷售方向嗎？恕我愚鈍，目前還得不出結(jié)論，想聽聽您的見解。AEkesmc

PHIL GALLAGHER: We don’t talk about them much anymore. Yeah, they started that 15, 20 years ago. So there was a clear trend where their direction was. More direct, less reliance on the channel, which is continuing to happen, even though they’ve already consolidated into one. If you look at Maxim, about 30% of our business was tied to design. The balance was fulfillment, which really [UNINTELLIGIBLE]. And it’s still 30%, even with some of the line losses we just talked about.AEkesmc

PHIL Gallagher：我們都不怎么談?wù)撍麄兞?。是啊，他?5、20年前就開始這么做了。所以他們的方向已經(jīng)很明顯了，就是更多關(guān)注直銷，更少依賴渠道，即使他們已經(jīng)整合，還是會(huì)繼續(xù)沿用這一套?？纯疵佬?，你會(huì)發(fā)現(xiàn)我們大約30%的業(yè)務(wù)與設(shè)計(jì)有關(guān)。平衡點(diǎn)在于履行，這真[轉(zhuǎn)寫者無法聽懂此處內(nèi)容]。即便算上我們剛剛提到的產(chǎn)品線減少，與設(shè)計(jì)有關(guān)的業(yè)務(wù)依舊是30%。AEkesmc

So I think there’s a growing reliance, frankly, on the channel for hitting that that longer tail customer. There’s no doubt, the most efficient way for these suppliers to go to market is through distribution. Okay, it’s their most profitable channel to the market. I don’t have any suppliers that I can speak to that are looking to move away from demand creation or design incentives through supply chain. So are there gonna be adjustments to it? Yeah, there’s always gonna be adjustments to it.AEkesmc

所以，坦白說，我認(rèn)為供應(yīng)商們會(huì)越來越依靠分銷渠道來吸引長尾客戶。毫無疑問，這些供應(yīng)商要打入市場，最有效的方式就是通過分銷。這也是他們進(jìn)入市場獲利最多的方式。與我交談過的所有供應(yīng)商都希望通過供應(yīng)鏈制造需求或設(shè)計(jì)激勵(lì)模式。以后它們的策略是否會(huì)有所調(diào)整呢？是的，總會(huì)有所調(diào)整的。AEkesmc

We’re actually investing more in online design services support, in addition to our field application engineers. We’re adding centers of excellence around certain technologies. We’re increasing our software print. I mean, you look at lines like Xilinx. We’re 75, 80% of their business and their designs. And we do reference designs for them.AEkesmc

實(shí)際上，除了加大對(duì)現(xiàn)場應(yīng)用工程師(FAE)的投入，我們還在加大對(duì)在線數(shù)字設(shè)計(jì)服務(wù)的投資。圍繞某些技術(shù)，我們正在新增多個(gè)卓越中心。我們正提高軟件的知名度與應(yīng)用范圍?？纯促愳`思（Xilinx）這類分銷線，我們承包了他們75%-80%的業(yè)務(wù)和設(shè)計(jì)，還給他們做參考設(shè)計(jì)。AEkesmc

So it’ll change, of course it’s going to change. And we’ll adjust as we always have, but again, we don’t see us at risks there. Lines like Monolithic Power Supply. Great line. Okay, starting up, been around for a few years, actually. But they really rely on us to help hit those customers that they just can’t hit from an efficiency standpoint.AEkesmc

所以供應(yīng)商的策略會(huì)出現(xiàn)調(diào)整，這點(diǎn)毋庸置疑。我們也會(huì)一如既往地適應(yīng)變化。不過，我想強(qiáng)調(diào)一點(diǎn)，我們并不認(rèn)為公司會(huì)因此而陷入危機(jī)。比如美國芯源系統(tǒng)有限公司（MPS）的分銷線，該分銷線做得非常出色。它從最初成立，到現(xiàn)在也有幾年了。但他們確實(shí)離不開我們，因?yàn)閺男式嵌葋砜?，他們吸引不到特定客戶，我們可以幫他們獲得。AEkesmc

BRIAN SANTO: That was my colleague, Barb Jorgensen, editor of EPS News, and Phil Gallagher, CEO of Avnet. Barb has a story on EPS News with details about Avnet’s strategy following the purchase of Maxim by ADI.AEkesmc

Brian Santo：以上是我的同事EPS News編輯Barb Jorgensen與安富利集團(tuán)首席執(zhí)行官Phil Gallagher的對(duì)話。Barb在EPSNews上發(fā)表了一篇文章，詳細(xì)介紹了安富利集團(tuán)針對(duì)ADI收購美信后的戰(zhàn)略。AEkesmc

And that concludes this episode of the Weekly Briefing. Thank you for listening.AEkesmc

以上是本周的新聞播報(bào)。感謝您的收聽。AEkesmc