策略行銷分析＿Asus投資分析＿slide share

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這份 12 頁、6 分鐘的簡報，乃使用政大國貿所邱志聖老師發展的 4C 架構，來分析華碩是否為一個良好投資標的報告。邱老師的 4C 架構建立在交易成本理論上，認為每一個行銷的交換關係（Exchange）中，消費者會考慮包括 C1（外顯單位效益成本，即 CP 值）、C2（事前的資訊搜尋成本）、C3（事後的道德危機成本）以及 C4（專屬陷入成本，專屬性資產理論）等四大成本。

Business

投資決策摘要
華碩電腦股份有限公司（2357 TT）
建議買進。目標價$374，漲幅7.94%
 全球最大電腦主機板製造商
 全球第四大NB 品牌廠
 台灣NB、智慧型手機市佔率第一
基本狀況(14-12-12)
產業：PC
收盤價：$346.5
本益比：12.41
股價淨值比：1.75
金融負債比率：4.25%

報告綱要
Finance
4C Product
華碩發展歷程產品發展狀況企業財務面

ASUS 總體策略4C 循環
主機板
為PC 品牌
製作主機板
(B2B)
4C
C1 C3 C2 PC
成立自己
的PC品牌
(B2C)
用聲譽吸引廠
商
用經驗降低C1
得到電腦玩家
(早期用戶)認可
得到品牌
大廠認可

ASUS 總體策略4C 循環
C2
皇家維修
俱樂部
知名度
不足
NB
成為
NB大廠
4C
C1
故障
頻傳
C3
華碩品質，
堅若磐石
Apple
產業衝擊
品牌、軟體
生態系統
開始思考C4

ASUS 總體策略4C 循環4C
C1 變型系列、Nexus 代工 推出ZenFone
變型
時代C2
C3 品牌與代工分家 集中品牌行銷
C4 ASUS Cloud、ZenUI  建立自己的C4

營收組合概況(2014-2015) Product
智慧型
手機
平板
電腦
PC
事業群
佔總營收％ 75% 9% 5%
預估成長率+5% ＋2% +30-100%
2015 預估
營收佔比％
70-73% 8% 6-9%

營收組合概況(2014-2015) Product
智慧型
手機
平板
電腦
獲利、市佔穩定
PC
事業群
集團成長動力來源
利潤薄，成長+2%

智慧型手機事業
主要成長動力來源（YoY +30%~100%）
Product
• 技術障礙較高
• 產業年成長超過30%
• 獲利率較平板優異
• 考慮競爭成長約50%
C1
挖角hTC 員工、開發PadFone 等過渡產品，延續優勢來進入市
場
C2 C3
ZenFone 參與並獲得RedDot Award 等設計大獎
C4 擺脫Android  學習小米開發ZenUI、建立ZenTalk 社群

ASUS 之4C 總體檢Product
C1 發展歷程培養製造與設計能力; 不貿然投入新產品，
以過渡產品延續既有優勢，同時設法結合新趨勢。
C3 業界公認的產品可靠度; ZenFone公關危機適當處理。
C2 積極參與國際工業設計獎、跨界合作達成品牌延伸。
C4
為消費者打造專屬資產，建立C4，
同時擺脫Android.

ASUS 近五年財務概況Financials
獲利
能力
償債
能力
成長
能力
毛利率： 13%
稅後淨利率： 5%
ROE：15%
負債比：53%
流動比率> 150%
金融負債比：4%
年複合成長率
營收：7.54%
淨利：8.62%
市場PE Band 11.5 - 13
倍
評價
2015 年
EPS 預估$30.5
2015 股價區間
$351 - $397
目標價：$374

結論
華碩電腦股份有限公司（2357 TT）
建議買進。目標價$374，漲幅7.94%
觀察重點
• 製造與設計兼具，對環境變化敏感度高
• 營業費用率穩定，品質控管無虞
• 與和碩分割後，品牌投資效益日益明顯
• 建立生態系統、試圖解決C4 問題
C1
C2
C1
C4

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