Under the national "big manufacturing" strategic background, smart appliances are in a hot spot and the household appliances enterprises that have strong capital strength undoubtedly hope that the household appliances enterprises including Gree and Midea will make efforts to equip their smart appliances market. However, The path to upgrading intelligent equipment is to choose independent innovation or choose overseas acquisitions, the differences between the two camps notable.
At the 2017 Fortune Global Forum in Guangzhou, Fang Hongbo, chairman of Midea Group, said that Midea will expand through acquisitions, highlighting that Mideast's transition to technology companies in recent years has been achieved through a series of acquisitions, In cooperation with KUKA, GIC, YASKAWA and other giants, we not only have the world's leading industrial and medical robot manufacturing and factory automation solutions, but also have accumulated experience and market resources in the field of home appliances. System effect
At the same time, he said, the United States will have some future acquisitions.
At the same time that Fang Hongbo's "Acquisition Expansion" was published, Dong Mingzhu, who is now at the Nanjing World Smart Manufacturing Conference, responded in a diametrically opposed manner: "In the past, Chinese manufacturing had been imitating so long as it could survive and make money, In the new era of supply-side reform, we must think about what the enterprise can do and what it should do. I have no objection to buying technology or negotiating cooperation abroad, but to see that the responsibility of Chinese enterprises is to become a real creator determines that we must Take the road of independent research and development, independent research and development is a lesson we must make up!
Dong Mingzhu insisted that "rather slow, but also adhere to independent innovation, independent research and development, control the core technology." For the purchase of technology, Miss Dong revealed from the bones dismissive, 'buy technology can not allow long-term development of enterprises, there is no long-term perspective Is not the position that China's manufacturing industry deserves in the era of supply-side structural reform, in particular, as a manufacturing enterprise, it is necessary to establish its own beliefs. What China lacks most is the control of core technologies. This is the We are going to do it.
At the meeting, Dong Mingzhu's "platform" for his own intelligent equipment - five Gree's "Little Yellow Man" robotic accompaniment "singing the motherland." At the same time, Dong Mingzhu repeatedly stressed that Gree smart equipment are 'independent research and development' - 'In 2016, Gree achieved overall production efficiency of 10.5% through self-developed smart equipment.'
The face of 'aggressive' Miss Dong, the United States argued that the side of the mergers and acquisitions and independent research and development is not contradictory in Fang Hongbo view, the United States did not directly through a simple mergers and acquisitions core technology, but from 2011 onwards Adjust their own research strategies, layout of global research networks, accelerate the transformation and upgrading.
Fang Hongbo said that over the past five years, Midea has invested 20 billion yuan in scientific research and the initial achievements have been made in creating innovative systems. It is reported that Midea currently has 20 R & D centers and over 10,000 R & D personnel in 8 countries around the world. In recent years, the number of its patent applications is about 32,000, which is the highest total investment in China's R & D appliance industry. 'We know that a simple merger can reap a temporary market and financial growth, but in the long run', in artificial intelligence, Chip, sensor, big data, cloud computing and other emerging fields, the United States has been advancing research and development.
In the group's third quarterly report of 2017, KUKA brought a total revenue of RMB19.83 billion to the United States after the merger, and according to the research and analysis of Shenwan Hongyuan Research Co., Ltd., KUKA's own performance growth is highly certain. By 2020, the target will be 40-45 At the same time, it predicts that its business revenue in China will increase from the current 500 million euros to 1 billion euros. At present, 50% of the business of the card comes from the automotive field, but in the future it will further expand its proportion in areas such as 3C automation and move to There are no essential differences in technology in other manufacturing industries. '
Fang Hongbo stressed that the acquisition of KUKA and the United States focus on the synergies of the industrial chain. While the United States provides home appliances to global users, the construction of production lines and supporting logistics systems themselves provide a vast 'experimental field' for smart equipment.
In addition, there is also a 'time account' needs to be considered a calculation, an industry observer believes: 'The helm of enterprises, we must correctly understand the use of resources to maintain competitiveness is the top priority. Through the rational use of capital M & A to shorten the time Cost and establish higher barriers to the industry can provide sufficient time for enterprises is an effective competitive strategy.Individual innovation should be encouraged, but the use of capital advantage for enterprises to create innate competitive advantage is also worth learning.
He cited a set of data shows that Gree smart equipment layout started from 2013, the current total output value of about 2.5 billion yuan; and KUKA has brought nearly 200 billion revenue for the United States. 'It is like two to fight for the college entrance examination Of candidates, a hard study, a study outside also invited a professional 'foreign aid' tutorial homework, from the starting line will have a gap. '
Market response to the two companies also reflected from the market value, as of early December 2017, Midea Group has a market capitalization of about 350 billion yuan, Gree market value of about 260 billion yuan.With Wind reference 2018 consistent earnings expectations, The price-earnings ratio of the United States is expected to increase by 61%. Gree profit-earning ratio is expected to increase by 34%. The market is undoubtedly more optimistic about the long-term governance structure and business layout of the United States.
In today's era, enterprises usually want to acquire scarce resources, usually by two means: one is independent research and development, and the other is to buy products that have already been formed. Even for large enterprises, it is not a complete construction of new technology reserves in a new field 20 years ago, Apple acquired NEXT, NEXT developed the technology to become the basis for Apple's revival; In 2014, Huawei acquired Neul, which provided the core technology for the development of Huawei's Internet of Things.
The observer pointed out that 'the acquisition does not mean that the stagnation of independent innovation, the key is how successful' self-innovation 'in the acquisition of technology', although there is no shortage of acquisitions in the history of China's home appliance business case, , Mostly due to lack of experience, management is not in place.In fact, including the home appliance industry, many of China's manufacturing industry are based on the basis of foreign technology, through independent research and development, developed, including our high-speed rail , Large aircraft, dragon number, the key lies in how foreign aid-style growth into endogenous growth engine!