Foxconn's 3.8 billion dollars of sharp, usher in the era of the most lucrative in the history of the display-Foxconn, Terry GOU, sharp-IT information

Value 8K era will continue to enlarge the screen Panel, GOU investment absolute return fare.

From April until now, Hon Hai Chairman Terry GOU, are keen to be sharp in the Pocket. On August 12, the Hon Hai group, and sharp also announced that had passed Antitrust scrutiny of China's Ministry of Commerce. Day Hon Hai to the sharp capital 388.8 billion yen (about US $ 3.8 billion) its 66% stake, than in April shrank by $ 36% $ 6 billion offer. This is due to the sharp broke the $ 3 billion potential liabilities, the company has become insolvent, so Gou anger and bargaining.

Sharp CEO gaoqiaoxingsan has resigned on August 12, as expected by the outside world, Dai Zhengwu, Deputy Chief of the Hon Hai group will be the new CEO of sharp, the next step is the formation of a new management team, cut, combine, factory, sharp desktop paramilitary style reforming.

Dai Zhengwu said in May 2016, Hon Hai to Sharpe's restructuring will cut 7000 jobs, sharp has 43,000 employees around the world, layoffs at 16%. According to the Japan media, sharp white goods, televisions and mobile phones has been massive restructuring of the sector, from 3000 people have left since the end of last year the sharp LCD sector leaders to supplement teaching in July and move to Japan display (JDI) served as Vice President, while JDI is sharp's main rival.

Although layoffs inevitable, but if too much brain-drain, Hon Hai to buy just "hollow" sharp, $ 3.8 billion bid is still worth it?

Value of the screen

Today is not yesterday's sharp vision, $ 3.8 billion for sharp is to live the last straw. Published on July 29, the sharp first quarter of 2016, when revenue plummeted 31.5%, loss of 27.452 billion yen, or about $ 266 million. Sharp shares fell 87 yen per share, down from Hon Hai's increasing capital through third-party allotment subscribed Sharpe 88 yen per share of stock, he almost did lose money trading.

Sharp how much gold is there? Although Japan Government initially did not want to sell, but sharp's position in the industry is already much less than before. "The past always said the blockade and now have nothing to block. Sharp six-line joint venture before others, County now has more than 10 production lines, which come in come in, 10-generation lines are not robbed. "Display Search Zhang Bing, China Research Director commented," Sharpe are worth so much, Miss Hon Hai, after a tough sell to the price. ”

2017 in new Apple iPhone and iPad using OLED screen, this technology by Korea vendors occupy the leading position. Foxconn, a subsidiary of Hon Hai is Apple's largest foundry in the world, to be the Apple screen suppliers, Hon Hai's sharp OLED technology reserves and resources are urgently needed.

Mr Gou said buy sharp post-Foxconn will be able in 2017, producing OLED screens. In addition to OLED, sharp LCD has 4 generations on line 10 and line the overall layout, Hon Hai also buy after sharp can quickly cut into the large panel market.

"Sharp's production capacity in the industry's sixth, seventh, and compared to the production line, patent is Hon Hai's value. Hon Hai in the large-size LCD does not have technology and personnel reserve, Sharpe came to receive more orders. "The BoE Vice President Mr Tommy Cheung said. Huaxing bolianming, Chairman of optical view, to circumvent patent barriers, buy sharp is the best choice for Hon Hai.

Sharpe also has TV operations, surprised the Panel is that it does not and the whole mix, but both recessions. Sharp has pulled out of the TV business in Europe and North America and market position in China are increasingly marginalized. In contrast, Samsung, LG, TCL, and panels to increase the competitiveness of the machine. Compared to manufacturing capabilities, sharp need Hon Hai's strong marketing support.

Under the premise of maintaining the previous management team, Hon Hai's consolidated sharp is not difficult, after all, the main technologies on the device, the management is only part of it. However, Hon Hai is just factory, he does not produce television, he can find enough customers digestive capacity?

In short supply, Panel business the best ever

It now appears that this is not the problem.

4 months ago, when the company decided to acquire sharp, the entire LCD panel industry is caught in the embarrassment of excess capacity, advanced generation County alone has more than 10 production lines. Second half of 2015 Panel prices plummet by April 2016, 40-inch LCD Panel price of us $ 79, 55 inch only $ 175, by 60% than a year ago, almost historical low.

Worries that Hon Hai to buy sharp, new capacity release to exacerbate price falls. But just 4 months later, under the effect of supply and demand prices began to pick up, now 40-inch Panel prices skyrocketed to $ 100, 55-inch $ 182, 32 inches in April from $ 54 up to $ 68.

While the third quarter is the traditional peak season of the TV industry, but soaring prices starting from August was unexpected. According to the aoweiyun network, medium-size LCD panels out of stock in the third quarter by as much as 2 million to 3 million, accounted for more than 15% of total demand, is expected to price inflation will reach 3 to 5 dollars a month. Taiwan manufacturers AUO and Innolux are increasing. AUO Chairman, Peng said, this shortage in the event for the first time since 2007.

Prices getting lower screen bigger clarity and higher, this is the main theme of the TV industry is indisputable. The Ekon data show in 2016, 55-inch TV in the first half as sales of the first, at 22.7% per cent, an increase of more than 60%,4K ultra high definition TV penetration rate is close to 40%, on a 65-inch above the market higher. This Brazil Olympic Games for the first time using the 8K, 8K log more quickly than expected, which means the Panel industry ushered in a huge space for upgrades.

Hon Hai is ready to invest in Kaohsiung 88 billion to establish small-size LCD panel production line to meet Apple's requirements, but it is not enough to rely solely on Apple, Hon Hai needs to win more orders in the global market.

Hon Hai's most promising new industries

Hon Hai has just released the second quarter, revenue fell 5.2% to $ 29.45 billion this season, fell 21% to $ 566 million in net profit, gross profit margin of only 6%, the net interest rate for 1.92%, a 12-quarter low. This is much lower than expected, Hon Hai fell 3.69% the same day.

Seen as Apple iPhone's sales decline dragged down the Hon Hai group, Foxconn, a subsidiary of the latter is Apple's largest foundry in the world. Apple revenue, net income in the third quarter of fiscal year 2016 double down, revenues of US $ 42.358 billion, down from 49.605 billion dollars in the same period last year, net profit of US $ 7.796 billion, 27% drop 10.677 billion dollars in the same period last year. Apple greater revenue decline to 33%, losing the status of Apple's second-largest market.

Hon Hai's isn't the only company weighed down by Apple, Apple's other screen supplier JDI's second-quarter loss of $ 115 million.

Mr Gou said at the annual general meeting of shareholders in June, the company faces a tough business environment, will focus on investment in next-generation technology, including LCD and OLED.

Mr GOU has long wanted to get rid of dependence on Apple, Hon Hai has tried all these years to do mobile phones, electric cars, retailing and e-commerce in June 2016, Hon Hai's new online platform of supply chain finance financial, travel both P2P services. But these transformation are little.

$ 3.8 billion won after sharp, presumably for breakout success in the LCD panel greatly increases the possibilities. Just before the acquisition of Sharpe, Foxconn in Shenzhen LCD module manufacturer to invest US $ 20 million, to layout the entire display industry chain.

Fiscal 2015 Hon Hai Group revenue of NT $ 4.483 trillion, or about $ 135.4 billion, an increase of 6%, for the best in recent years, but below the 10% Gou had previously set goals. According to his plan, Hon Hai's revenue of NT $ 10 trillion giant, sharp is an important engine of growth.

However, Hon Hai is still facing fierce competition. Late 2016 more large size panel factory will start mass production, such as BoE 10.5 in Hefei and Fuzhou 8.5-generation cables, Hui Ke 8.6 line in Chongqing, 8.6 in xianyang in line, and so on. While the manufacturers are increasing shipments to more than 55 inches, Hon Hai can much of the cake is still unknown.

富士康38亿美元收夏普，显示屏迎来史上最赚钱时代 - 富士康,郭台铭,夏普 - IT资讯

大屏8K时代的到来将继续放大面板价值，郭台铭这笔投资绝对值回票价。

从4月等到现在，鸿海董事长郭台铭已经迫不及待要将夏普收入囊中。8月12日，鸿海集团和夏普同时宣布，已经通过了中国商务部的反垄断审查。当天鸿海向夏普出资3888亿日元（约合38亿美元）获得其66%股权，比起4月60亿美金的报价缩水了36%。这是由于夏普期间爆出了30亿美元潜在债务，公司已经资不抵债，让郭台铭愤而砍价。

夏普CEO高桥兴三已于8月12日辞职，如外界所料，鸿海集团副总裁戴正吴将出任夏普新CEO，下一步就是组建新管理团队、裁员、合并工厂，用台式准军事化风格重整夏普。

戴正吴2016年5月说，鸿海对夏普的重组将裁员7000人，夏普在全球拥有4.3万名员工，裁员比例为16%。据日本媒体报道，夏普已经对白色家电、电视机和移动电话部门进行大规模重组，从去年底至今夏普已有3000人离职，液晶部门领导人方志教和7月跳槽到了日本显示器公司（JDI）出任副社长，而JDI正是夏普主要竞争对手。

虽说裁员不可避免，但如果人才流失太多，鸿海买到的只是“空心”的夏普，38亿美元的收购价是否还值得？

屏幕的含金量

今天的夏普已非昨日景象，38亿美元对夏普来说是活下去的最后一根稻草。7月29日公布的夏普2016年第一季度财报显示，当期营收大幅下降31.5%，亏损274.52亿日元，约合2.66亿美元。夏普股价一度跌至每股87日元，低于鸿海通过第三方配股增资认购夏普股票的每股88日元，郭台铭差点就做了赔本买卖。

夏普的含金量有多少？虽然日本政府一开始不想卖，但夏普在业内的地位其实已经大不如前。“过去总说技术封锁，现在已经没什么可封锁了。以前夏普六代线要合资大家抢，现在光中国大陆就有十几条生产线，该进来的都进来了，10代线都没人抢。”Display Search中国区研究总监张兵评论说，“夏普现在还值这么多，错过鸿海，以后很难卖到这个价了。”

2017年苹果即将在新iPhone和iPad上采用OLED屏幕，这一技术目前由韩国厂商占据领先地位。鸿海旗下的富士康是苹果全球最大的代工厂，要想成为苹果的屏幕供应商，鸿海迫切需要夏普的OLED技术储备和资源。

郭台铭称，收购夏普后富士康将有能力在2017年生产OLED屏幕。除了OLED，夏普在液晶上拥有从4代线到10代线的全面布局，买下夏普后鸿海还能快速切入大尺寸面板市场。

“夏普的产能在业内排第六、第七名，比起产线，专利应该是鸿海更看重的。鸿海在大尺寸液晶上没有技术和人员储备，夏普进来之后能接到更多订单。”京东方副总裁张宇说。华星光电董事长薄连明认为，要绕开专利壁垒，买下夏普是鸿海的最佳选择。

夏普同时拥有彩电业务，奇怪的是它的面板并未和整机形成合力，反而双双衰退。夏普已经撤出了在欧洲和北美的彩电业务，在中国市场地位也日益边缘化。反观三星、LG和TCL，面板都加大了整机的竞争力。比起制造能力，夏普更需要鸿海强大的销售支撑。

在保留原有管理团队的前提下，鸿海整合夏普难度不大，毕竟这一行主要的技术都在设备上，管理只是一部分。不过鸿海只是代工厂，自己并不生产电视，郭台铭能否找到足够多的客户消化产能？

供不应求，面板业迎来史上最佳

现在看来，这已经不是问题。

4个月前，鸿海决定收购夏普时，整个液晶面板产业正陷入产能过剩的尴尬，仅中国大陆就有十几条高世代生产线。2015年下半年起面板价格一路走低，到2016年4月40吋液晶面板价格为79美元，55吋只有175美元，比一年前下跌60%，几乎是历史最低点。

当时业界担心鸿海收购夏普，新的产能释放会加剧价格下滑。没想到仅仅4个月后，供求关系作用下价格就开始回暖，现在40吋面板的价格飙升到了100美元，55吋为182美元，32吋也从4月的54美元涨到了68美元。

虽然第三季度是彩电业传统旺季，不过价格从8月就开始飞涨还是出乎意料。奥维云网的数据显示，第三季度中等尺寸液晶面板缺货幅度高达200万到300万片，占总需求的15%以上，预计每月价格涨幅将达到3到5美元。台湾厂商友达和群创都在增产应对。友达光电董事长彭双浪说，这种供不应求的盛况是2007年以来的第一次。

价格越来越低，屏幕越来越大，清晰度越来越高，这是彩电业无可争辩的主旋律。中怡康数据显示，2016年上半年55吋电视成为销量第一，占比达到22.7%，增长超过60%，4K超高清电视的渗透率接近40%，在65吋以上市场更高。本届巴西奥运会首次采用了8K直播，8K登陆的速度比预想中更快，这意味着面板业迎来了巨大的升级空间。

鸿海已经准备在高雄投资880亿建立小尺寸液晶面板生产线以满足苹果的要求，但仅仅依靠苹果是不够的，鸿海需要在全球市场赢得更多订单。

鸿海最靠谱的新产业

鸿海刚刚发布的第二季度财报显示，本季营收下滑5.2%至294.5亿美元，净利润同比下滑21%至5.66亿美元，毛利率只有6%，净利率为1.92%，创12个季度来最低。这个水平远低于外界预期，当天鸿海股价下跌3.69%。

外界认为，苹果iPhone的销量下滑拖累了鸿海集团，后者旗下的富士康是苹果全球最大的代工厂。2016财年第三季度苹果营收、净利双下滑，营收为423.58亿美元，低于去年同期的496.05亿美元，净利润为77.96亿美元，比去年同期的106.77亿美元下滑27%。苹果在大中华区的营收降幅达到33%，失去了苹果第二大市场的地位。

鸿海不是唯一受苹果拖累的公司，苹果的另一家屏幕供应商JDI第二季度亏损了1.15亿美元。

郭台铭在6月份的年度股东大会上称，公司面临艰难的商业环境，将专注于投资下一代技术，其中就包括液晶面板和OLED。

郭台铭早就希望摆脱对苹果的依赖，这些年鸿海尝试过做手机、电动汽车、零售和电子商务，2016年6月鸿海最新推出了金融在线平台做供应链金融，同时涉足P2P业务。但这些转型都收效甚微。

38亿美元拿下夏普后，鸿海在液晶面板上突围成功的可能性大大增加。就在收购夏普之前，富士康刚刚向深圳的一家液晶模组生产商投资2000万美元，意在布局整个显示产业链。

2015财年鸿海集团营收为44830亿新台币，约合1354亿美元，同比增长6%，为近年来最佳，但低于郭台铭此前设定的10%目标。按照他的计划，鸿海要成为营收10万亿新台币的巨型企业，夏普是重要的增长引擎。

不过鸿海依然面临激烈的竞争。2016年下半年起更多大尺寸面板厂将开始量产，比如京东方在合肥的10.5代线和福州8.5代线，惠科在重庆的8.6代线，中电在咸阳的8.6代线等等。同时各大厂都在增加55吋以上出货量，鸿海能分到多大的蛋糕还是未知数。