撰文：李星三星集团最近的半年度详细财务报告数据显示，三星电子集团第二季度营收达549亿美元，税后利润72.9亿美元，分别较去年同期增长23.4%和471%。三星电子上半年总收入达到1082亿美元，税后利润达到123亿美元，同比分别增长18%和403%。2024年第二季度，负责半导体的DS部门在所有业务中复苏最为显著，销售额为28.56万亿韩元，同比增长达94%，环比增长23%，营业利润为6.45万亿韩元，总利润贡献占比达61.8%。但在越南，三星的相关业务业绩出现了下降。越南4家三星工厂二季度营收超150亿美元，利润超10亿美元，营收和利润均环比出现下降。三星表示，三星太原、三星北宁、三星显示器越南和三星胡志明CE综合体4家工厂的总收入达到150亿美元，同比增长近12%，但环比下降了约10%。其中，三星太原工厂依然贡献最大，达56亿美元。紧随其后的是三星显示器越南（41.6亿美元）、三星北宁（39.7亿美元）和三星胡志明CE综合体（13亿美元）。三星越南4家工厂的总利润也出现了下降，仅达到10.2亿越南盾，同比下降15.7%，环比下降了约14%。三星表示利润下降的原因主要是因为三星太原工厂仅带来4.2亿美元的利润，而去年同期为6.7亿美元，2024年第一季度为7.2亿美元。不过在对比了全球各地的投资环境后，三星集团还是决定在越南增加投资扩产，投资18亿美元(约合128亿人民币)在越南北宁，新建AMOLED柔性显示屏的后段模组工厂进行扩产。越南北宁省党常委在9月15日的省委第一次会议上同意了签署关于三星显示越南子公司在安丰工业园区开发新项目的谅解备忘录，安丰工业园也是原三星北宁工厂的所在地。三星电子于2008年正式开始在越南投资，斥资6.7亿美元在北部的北宁省建造了一家手机工厂。此后，越南太原省、河内市、胡志明市的投资不断扩大，截至去年累计投资额达224亿美元。目前，三星越南是越南最大的外国直接投资公司，运营着四个生产公司、一个销售公司和一个研发中心。尤其是三星电子在越南出货的智能手机作为核心生产基地，占该公司总产量的一半以上。不过三星集团和资本市场的投资者，都对三星集团的未来发展有所担忧。九月初，三星集团宣布中国销售团队进行裁员约30%，虽然三星集团在中国大陆的员工本来就很少，影响的人数也在200人以内。但在9月11日、12日，三星电子已指示其全球子公司裁员15%的销售营销人员和30%的行政人员。除中国区外，印度区也开始有员工接到裁员通知。而印度的三星南部工厂员工则正在举行无限期的罢工，要求继续增加工资和福利待遇。今年以来，三星集团由于AI手机和存储芯片业务复苏，业绩和利润恢复明显，三星集团在资本市场上的总市值也从去年底约在657兆韩元，上涨到了今年7月一度超过720兆韩元。受工厂罢工和裁员影响，从9月3日至11日的净抛售金额接近3.6兆韩元，三星电子股价连续7个交易日走低，周三一度跌至6万4200韩元的1年来新低，连带让三星集团市值在周三跌破了600兆韩元大关。南韩证券交易所指出，除了三星SDI（SamsungSDI）以外，三星集团旗下17家上市公司有16家在周三收低，也让三星集团的总市值跌破600兆韩元，来到593.874兆韩元。外界认为，这次资本市场抛售三星集团的股票，除了三星宣布从中国区开始裁员外，另外更重要的原因是随着苹果、华为秋季的新品消息不断为市场所了解，外界对三星手机的竞争力产生了动摇。而且除了三星高端机型受苹果和华为新品手机的压制外，在200美元的主力出货机型领域，三星手机也受到了中国品牌手机的冲击。市场数据显示，在增长速度最快的印度市场，三星手机的销量已经落后于中国品牌小米和vivo。同时，整个资本市场对于中国市场的消费降级，以及全球经济复苏缓慢的预期越来越悲观，也导致了投资者对工业产品的投资更加谨慎。而在印度市场上，三星除了面临着员工罢工、市场竞争与裁员等负面影响外，还面临印度政府对三星业务运营合规的指控。印度竞争委员会（CCI）进行的反垄断调查发现，亚马逊和Flipkart违反了当地竞争法，优先考虑选定的卖家，优先考虑某些列表，并大幅打折产品，伤害了其他公司。据印度竞争委员会（CCI）一份报告显示，三星、小米等智能手机公司与亚马逊和沃尔玛旗下的Flipkart“勾结”，违反反垄断法，在这些电商印度网站上独家推出产品，袒特定卖家、优先展示某些商品以及大幅打折销售产品，并提供大幅折扣以压低小型竞争对手并损害小型实体零售商的利益。其中五家公司的印度子公司：包括韩国三星、小米、摩托罗拉、真我realme和一加手机（OnePlus）等，与亚马逊及其附属公司“勾结”，参与了“独家”手机发布的做法，违反了竞争法。不过三星集团对于半导体业务仍然抱有信心，其AI芯片的HBM高速内存已经通过了台积电和英伟达的认证，由于单价和利润较高，对半导体业务的增长十分有利。而在普通存储业务上，三星集团也认为随着AIPC的上量，以及AI终端应用程序的推进，未来对高速内存和大容量内存的新增需求，仍会缓慢释放并长期增长，对稳住三星集团半导体业务的基本盘有利。而在三星电子方面，虽然手机业务出现了一些创新困难的瓶颈，但在AMOLED显示屏领域，三星仍然是高端手机与平板显示屏的主力供应商，包括三星自己和市场最大的采购商苹果，都主要从三星电子购买相关AMOLED显示屏产品。而且三星还正在往市场推广笔电的AMOLED显示屏，同时也是市场唯一在AMOLED业务上有盈利的企业，短时间内竞争优势十分明显。三星电子在越南扩产AMOLED显示模组产能，并且根据原来三星与越南政府之间的协商规划，三年内将每年都会投入10亿美元来进行扩产，总共投资将达到30亿美元，未来越南将成为三星集团除本土外，全球最大的AMOLED显示模组代工基地。Samsung's troubles: Viet Nam's performance is declining, investment is throwing money; India employees are on strike, compliance is investigatingEditor: LucienSamsung Electronics Group's second-quarter revenue reached $54.9 billion and after-tax profit was $7.29 billion, up 23.4% and 471% respectively from the same period last year, according to Samsung Group's most recent semi-annual detailed financial report. Samsung Electronics' total revenue in the first half of the year reached US$108.2 billion, and after-tax profit reached US$12.3 billion, up 18% and 403% year-on-year, respectively.In the second quarter of 2024, the DS division, which is responsible for semiconductors, recovered most significantly among all businesses, with sales of 28.56 trillion won, up 94% year-on-year and 23% quarter-on-quarter, and operating profit of 6.45 trillion won, accounting for 61.8% of total profit.But in Viet Nam, Samsung's related business performance declined. The revenue of the four Samsung factories in Viet Nam exceeded US$15 billion in the second quarter and the profit exceeded US$1 billion, and both revenue and profit decreased quarter-on-quarter.Samsung said the total revenue of the four factories of Samsung Taiyuan, Samsung Bac Ninh, Samsung Display Viet Nam and Samsung Ho Chi Minh CE complex reached $15 billion, up nearly 12% year-on-year but down about 10% month-on-month. Among them, Samsung's Taiyuan plant still contributed the most, reaching 5.6 billion US dollars. It was followed by Samsung Display Viet Nam ($4.16 billion), Samsung Bac Ninh ($3.97 billion) and Samsung Ho Chi Minh CE Complex ($1.3 billion).The total profit of Samsung's four factories in Viet Nam also declined, reaching only 1.02 billion Viet Nam dong, down 15.7% year-on-year and about 14% month-on-month. Samsung said the decline in profit was mainly due to the fact that Samsung's Taiyuan plant brought in only $420 million in profits, compared with $670 million in the same period last year and $720 million in the first quarter of 2024.However, after comparing the investment environment around the world, Samsung Group decided to increase investment and expand production in Viet Nam, investing 1.8 billion US dollars (about 12.8 billion yuan) in Bac Ninh, Viet Nam, to build a new AMOLED flexible display back-end mold group factory to expand production.At the first meeting of the provincial party committee on September 15, the Standing Committee of Viet Nam's Bac Ninh Provincial Party Committee agreed to sign a memorandum of understanding on the development of a new project by Samsung Display's Viet Nam subsidiary in An Phong Industrial Park, which is also home to Samsung's former Bac Ninh factory. Samsung Electronics officially began investing in Viet Nam in 2008, spending $670 million to build a mobile phone factory in the northern province of Bac Ninh. Since then, investment in Viet Nam's Thai Nguyen Province, Hanoi City, and Ho Chi Minh City has been expanding, reaching a total of $22.4 billion as of last year.Currently, Samsung Viet Nam is the largest FDI company in Viet Nam, operating four production companies, one sales company and one R&D center. In particular, Samsung Electronics' smartphones shipped in Viet Nam are the core production base, accounting for more than half of the company's total production.However, Samsung Group and investors in the capital market are worried about the future development of Samsung Group.In early September, Samsung Group announced that its sales team in China would lay off about 30% of its workforce, although Samsung Group has a small number of employees in Chinese mainland and affects less than 200 people.But on September 11 and 12, Samsung Electronics has instructed its global subsidiaries to lay off 15% of its sales and marketing staff and 30% of its administrative staff. In addition to China, employees in India have also begun to receive layoff notices. And employees at Samsung's southern factory in India are on strike indefinitely to demand continued wage and welfare increases.Since the beginning of this year, Samsung Group's performance and profits have recovered significantly due to the recovery of AI mobile phone and memory chip business, and the total market value of Samsung Group in the capital market has also risen from about 657 trillion won at the end of last year to more than 720 trillion won in July this year.Samsung Electronics' share price fell for seven consecutive trading days due to factory strikes and layoffs, with a net selling amount of nearly 3.6 trillion won from September 3 to 11, falling to a one-year low of 64,200 won on Wednesday, which in turn caused Samsung Group's market value to fall below the 600 trillion won mark on Wednesday.In addition to Samsung SDI, 16 of the 17 listed companies under the Samsung Group closed lower on Wednesday, sending the Group's total market capitalization below 600 trillion won to 593.874 trillion won, the South Korea Stock Exchange said.The outside world believes that the capital market sold the shares of Samsung Group, in addition to Samsung's announcement of layoffs from China, another more important reason is that as Apple, Huawei's new product news in the autumn continues to be known to the market, the outside world has shaken the competitiveness of Samsung mobile phones.And in addition to Samsung's high-end models being suppressed by Apple and Huawei's new mobile phones, Samsung mobile phones have also been hit by Chinese brand mobile phones in the field of $200 main shipping models. Market data shows that in India, the fastest-growing market, Samsung's mobile phone sales have lagged behind Chinese brands Xiaomi and vivo.At the same time, the increasingly pessimistic expectations of the downgrade of consumption in the Chinese market and the slow recovery of the global economy across the capital market have also led investors to be more cautious about investing in industrial products.In the India market, Samsung is facing negative impacts such as employee strikes, market competition and layoffs, as well as accusations from the India government that Samsung's business operations are compliant.An antitrust investigation conducted by the Competition Commission of India (CCI) found that Amazon and Flipkart violated local competition laws by prioritizing selected sellers, prioritizing certain listings, and heavily discounting products, hurting other companies. According to a report by the Competition Commission of India (CCI), smartphone companies such as Samsung and Xiaomi "colluded" with Amazon and Walmart's Flipkart to violate antitrust laws by launching products exclusively on these e-commerce India sites, favoring specific sellers, giving priority to certain products, selling products at deep discounts, and offering deep discounts to depress smaller competitors and harm small brick-and-mortar retailers.Five of the companies' India subsidiaries, including Korea's Samsung, Xiaomi, Motorola, Realme and OnePlus, "colluded" with Amazon and its affiliates to engage in "exclusive" phone launches, in violation of competition laws.However, Samsung Group still has confidence in the semiconductor business, and the HBM high-speed memory of its AI chips has been certified by TSMC and NVIDIA, which is very beneficial to the growth of the semiconductor business due to the high unit price and profit. In terms of general storage business, Samsung Group also believes that with the increase of AIPC and the advancement of AI terminal applications, the new demand for high-speed memory and large-capacity memory will continue to be slowly released and grow in the long run, which is conducive to stabilizing the fundamentals of Samsung Group's semiconductor business.In terms of Samsung Electronics, although there are some bottlenecks in the mobile phone business that are difficult to innovate, in the field of AMOLED displays, Samsung is still the main supplier of high-end mobile phones and tablet displays, including Samsung itself and Apple, the largest buyer in the market, mainly purchase related AMOLED display products from Samsung Electronics.Moreover, Samsung is also promoting the AMOLED display of notebook computers to the market, and it is also the only company in the market that is profitable in the AMOLED business, and its competitive advantage is very obvious in a short period of time.Samsung Electronics expands AMOLED display module production capacity in Viet Nam, and according to the original consultation plan between Samsung and the Viet Nam government, it will invest $1 billion per year to expand production for three years, with a total investment of $3 billion, and Viet Nam will become the world's largest AMOLED display module foundry base of Samsung Group in addition to its own country.
