本文摘要：Hon Hai is reportedly in the market to add 100,000 employees to its payroll, more than live in any of the largest cities in five US states. These workers would be destined to produce the next iPhone. Analysts anticipate an October launch d

Hon Hai is reportedly in the market to add 100,000 employees to its payroll, more than live in any of the largest cities in five US states. These workers would be destined to produce the next iPhone. Analysts anticipate an October launch date.据报导，鸿海(Hon Hai)正在聘用10万名新的员工，比美国5个州任何一个大城市的市民还多。这些工人据信将生产下一代iPhone手机。分析师预计该手机的发售时间将在10月。

Hon Hai’s special relationship with Apple has driven much of its growth in recent years. Apple accounts for just under half of revenues for Hon Hai (also known as Foxconn), up from 17 per cent in 2007, the year of the first iPhone.鸿海与苹果(Apple)的类似关系，近年来推展其大部分快速增长。苹果占到鸿海（又名富士康）营收的近一半，2007年苹果发售第一款iPhone手机时，上述比例为17%。But the relationship has been skewed. Apple infamously leaves little profit for its suppliers. While Hon Hai’s revenues have more than doubled since 2007, net income is up only 40 per cent. JPMorgan estimates that between early 2010 and mid 2012, Hon Hai assembled the iPad for zero profit in an effort to persuade Apple to remain exclusive. As margins dropped, Hon Hai’s price to earnings ratio fell from a high of 21 times in 2007 to a (post-crisis) low of 9. The stock is now trading at 11 times forward estimates.但这种关系是变形的。

苹果有完全不给供应商腾出利润余地的恶名昭彰。虽然鸿海的营收自2007年以来减少了一倍多，但净利润仅有快速增长了40%。摩根大通(JPMorgan)估算，从2010年初至2012年年中，鸿海以零利润装配iPad，以此希望劝说苹果保持独家供应商决定。

随着利润率暴跌，鸿海的市盈率从2007年的21倍之低，上升至（经济危机之后）的低点——9倍。目前其预期市盈率为11倍。Apple was unfaithful anyway, promiscuously spreading its orders around other suppliers. Surprisingly, the impact on Hon Hai’s profitability has been positive. Hon Hai got tough, negotiating to include more of their own components in Apple’s products, and improving margins. At the same time Apple’s margins have been falling; it will not be pushed much further.苹果无论如何都是嫉妒的，大肆向其他供应商发放订单。

令人车祸的是，这对鸿海的利润率产生了大力的影响。鸿海逆强硬态度了，通过谈判将自己生产的更好零部件用作苹果产品，提升了利润率。

与此同时，苹果的利润率却在暴跌；它无法再有更大妥协了。So Hon Hai, a company with annual revenues of $130bn, must find another path to growth. There are some possibilities. New customer Huawei is world number three in smartphones with 5 per cent market share. But this leaves Hon Hai hostage to the fortunes of yet another brand. Attempts to diversify have included acquiring a 4G licence for $300m. While negligible next to Hon Hai’s $8bn in free cash flow in 2014, this is hardly an area of expertise and looks like a distraction. A new product from Apple may well cause excitement. But Hon Hai will need more than that to secure growth for the next generation of investors.所以，年营收1300亿美元的鸿海，必需寻找另一条快速增长之路。有几个有可能。

新的客户华为(Huawei)在全球智能手机行业名列第三，享有5%的市场份额。但这让鸿海的命运受限于另一个品牌。尝试多元化的希望还包括耗资3亿美元取得4G牌照。

这一方面相对于鸿海2014年80亿美元的权利现金流微不足道，另一方面不是其专长所在，看上去更加像不会分神。来自苹果的新产品有可能不足以引起激动。但鸿海要为下一代投资者保证快速增长，必须的远不止于此。

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