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1、CONFIDENTIALBrown Goods and PC Competitor Analysis: ToshibaSAMSUNG ELECTRONICS CHINA (SEC China)August 20, 2001This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organization without prior written approval
2、 from McKinsey & Company. This material was used by McKinsey & Company during an oral presentation; it is not a complete record of the discussion.SEC China010821BJ-ToshibaOVERVIEW OF COMPETITOR ANALYSIS FRAMEWORK1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting
3、 yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate
4、 strategyKey product offeringsMarket position1SEC China010821BJ-ToshibaBACKGROUND INFORMATION1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus o
5、nMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate strategyKey product offeringsMarket position2SEC China010821BJ-ToshibaSource: Toshiba website, Lit searchBACKGROUND IN
6、FORMATION TOSHIBAEstablished:1875 by Hisashige TanakaPresident & CEO:Tadashi OkamuraTotal Assets:US$51,578 millionShareholders Equity: US$10,054 millionNumber of employees: 190,000 worldwide(As of September 30, 2000)Domestic Plants, Branches OfficesAnd Other Facilities:Production facilities: 25Branc
7、h offices: 35Sales offices: 23Overseas Plants, Branches Officesand Other Facilities:Offices: 10Manufacturing companies: 42Subsidiaries & affiliates: 723SEC China010821BJ-ToshibaSource: Company website, Lit searchBACKGROUND INFORMATION DALIAN TOSHIBA TELEVISION, LTDLocation:Dalian, Liaoning ProvinceS
8、tarting year:1996Registered Capital:US$30 millionUnit Sold: color TV 1 million sets, 50% export (Year 2000)Joint Venture PartnersTypeForeign Juristic Persons SharesForeign Juristic Persons SharesToshibaToshiba (China) Co.Dalian Daxian (Group) Co., Ltd.Number of employees: 2,000Products: 21 34 color
9、TV (CRT, Projection, Flat)Domestic Juristic Persons Shares4SEC China010821BJ-ToshibaSource: Company Report, Lit searchTOSHIBAS CORPORATE MANAGEMENT TEAMPresident & CEOTadashi OkamuraCorporate projectCorporate staffCorporate support services iValue Creation Company CEO: Tsutomu Kawada e-Solutions Com
10、pany CEO: Hiroo Okuhara Social Infrastructure Systems Company CEO: Tsuyoshi Kimura Digital Media Network Company CEO: Atsutoshi Nishida Mobile Communications Company CEO: Tetsuya Mizoguchi Power Systems & Services Company CEO: Toshiyuki Oshima Semiconductor Company CEO: Takeshi Nakagawa Display Devi
11、ces & Components Company CEO: Eisaburo Hamano Medical Systems Company CEO: Masamichi Katsurada Home Appliances Company CEO: Makoto Nakagawa5SEC China010821BJ-ToshibaSource: Company website, Literature SearchHISTORY OF TOSHIBA6SEC China010821BJ-ToshibaSource: Literature Search; McKinsey AnalysisTOSHI
12、BAS DEVELOPMENT WENT THROUGH THREE STAGESOrganization structureCorporate strategyProduct Development & Technology1875-1939Two Japanese electrical equipment manufacturers merged in 1939 to create Toshiba. Technological innovation accounted for the companies successes. One of the founders was the so-c
13、alled Edison of Japan.Main products included transformers, electric motors, light bulbs, radio receivers, and cathode-ray tubes.1978- PRESENT1939-1978The company grew rapidly and became a market leader in the electrical and electronic industry. However, the organization became more bureaucratic.The
14、company continued to be innovative in the early years, producing many firsts in the industry. However, It lost its innovator image in the 70s .Numerous leading products in the electrical and electronics areas. Examples includes Japans first vacuum cleaner, first fluorescent lamp, first radar, etc.To
15、shiba shifted direction by investing heavily in IT segment. The organization became increasingly global, employing 190,000 employees world-wide with annual sales over 5 trillion.IT focus, diversification, innovation and globalization are four key elements of Toshibas corporate strategy. Toshiba is i
16、ntensively focusing on IT-related business (i.e. telecom and internet), meanwhile, leveraging its legacy businesses to generate stable incomeBusiness Building Becoming Industry LeaderMeeting worldwide competition7SEC China010821BJ-ToshibaSource:Literature Search; McKinsey AnalysisDEVELOPMENT OF DALI
17、AN TOSHIBAS TV BUSINESS IN CHINAKey initiativeKey results1996-1997Founded as a joint venture in 1996, construction was completed in 1997. Conducted accurate market forecast and implemented just in order inventory management. Inventory turn-over less than two days.Made profit the next year.20011998-2
18、000Focused on high profit margin PJTV segment, and competed on technology, service and management rather than price.Strengthened customer serviceRevenue and profit grew 50% annually. Became the No. 1 market share leader in PJTV segment. Toshiba decided to relocate its digital TV production to Dalian
19、 and invested 300 million to expand capacity from one million units to 1.5 million unitsexported 800,000 units to Japan. Business Building Establishing Leadership in PJTV MarketBecoming Toshibas Key Global TV Production Base8SEC China010821BJ-ToshibaTOSHIBA WILL FURTHER INVEST IN IT INDUSTRY IN CHIN
20、ABackground informationSource: Literature research, interviewTo support Chinas 10th 5-year plan, we will enlarge our investment in IT industry. Toshiba has the world-leading LCD related and semiconductor technology. The amount of each investment will exceed I billion USD.“Apart from Japan, Toshiba d
21、ivides global market into four regions, America, Europe, China and the rest of Asia. China is the only region made up of one single countryChief representative of Toshiba in ChinaInvested companies in ChinaTotal investmentChief representativeTotal number of employeesImportance of ChinaFuture investm
22、ent plan23RMB 6 billionPintianxinzheng (pinyin)over 10,000Chief representative of Toshiba in ChinaSource:literature research, interview9SEC China010821BJ-ToshibaTOSHIBA IS THE LEADING PLAYER IN NOTEBOOK MARKET BOTH IN CHINA AND GLOBALLYTimeKey milestones198519901993199419992000Introduced the first n
23、otebook in the worldIntroduced STN notebookIntroduced color TFT notebookIntroduced Pentium-empowered notebookRanked number one in China notebook market for 4 yearsRanked number one in world wide notebook market for 7 yearsEra analysis of Toshiba in NotebookSource:literature research, interview10SEC
24、China010821BJ-ToshibaSTRATEGY1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and s
25、ales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product /marketMissionVisionCorporate strategyMarket positionKey product offerings11SEC China010821BJ-ToshibaTOSHIBAS MISSION AND VISIONCorporate mission“We, the Toshiba Group companies, based on our total commitment to
26、people and to the future, are determined to help create a higher quality of life for all people, and to do our part to help ensure that progress continues within the world communityCorporate vision“To grow with excellence as the leading-edge, internet-ready enterprise globally by accelerating innova
27、tion with agility, and to create a 21st century of success hand in hand with our customersSource: Company website, Lit search.12SEC China010821BJ-ToshibaTHREE STRATEGIES PROPEL TOSHIBA TO BECOME A GLOBAL HI-TECH LEADER IN THE NEW MELLIMUMToshiba as a leading-edge, internet-ready global leader in hi-
28、techAccelerate the speed of innovationManagement Innovation (MI2001) is a major initiative being promoted throughout Toshiba Group. It is aimed at advancing creative destruction and competitive superiorityChampion market-centric managementCustomer Relationship Management and Supply Chain Management
29、systems will be deployed to cover company-wide operations.Be internet-readyDigital Manufacturing, a new system, will be introduced throughout the Toshiba GroupAn IT infrastructure for collaborative engineering will be established Source: Lit search, external interviews: Toshiba Annual Report 13SEC C
30、hina010821BJ-ToshibaASSESSMENT OF TOSHIBAS CURRENT STRATEGIC POSITION SWOTStrengthsBroad and diversified product portfolioStrong presence in AsiaStrong R&D and manufacturing capabilitiesWeaknessesLess customer focusedWeak brand name in cutting-edge information technologiesUnbalanced global presenceO
31、pportunitiesGlobal digital convergenceEmerging technologies, i.e., Internet, 3GChina joining WTO opens doors to foreign companiesThreatsBureaucratic management styleIts core semiconductor business is a cyclical commodity businessBehind the curve in key IT developments14SEC China010821BJ-ToshibaTHERE
32、 ARE TWO SUCCESSFUL MODELS IN THE CHINA CTV MARKET, DALIAN TOSHIBA FOLLOWS THE SONY MODELThe Konka ModelCapital intensive, aggressive growth through economies of scale in manufacturing and in the sales forceFrom 1993 to 1998 Konka acquired TV manufacturers: North east Du Dan Jian, San Xi, An Suo, Ch
33、ong Qing factories to bulk upGrew capacity by 2 million units from 1993 to 1998Through economics of scale and aggressive pricing Konka was able to grow market share from 3% to 11% from 1995 to 2000The Sony ModelZero in on the high end, high profit segment of CRT TV market with a strong brand able to
34、 command price premiumsNot in a strong presence in unit market share, but the top brand when consumers respond for the brand quality and reliabilityCorporate philosophy unwilling to sacrifice profits for larger market share (vast different from Chinese players)Future target focused on higher end, cu
35、tting edge technology TVs e.g. PJTV, Digital TV, LCD and PDP which have significantly higher profit margins. Source: Lit search, McKinsey analysis 15SEC China010821BJ-ToshibaTOSHIBA SHIFTS ITS STRATEGIC FOCUS TO APPLICATION SOLUTION AND CUSTOMER SERVICE IN CHINA NOTEBOOK MARKETMissionTo be the most
36、responsible IT product application solution and service providerTimeStrategic focus1996199719981999Product itselfChannel developmentApplicationCustomer service2000VIP certification focusing on core customersChannel development into 2nd tier geographiesApplication solution of mobile office conceptTos
37、hiba notebook strategy* in ChinaStrategy evolvement * Toshiba notebook strategy in China is co-developed by Digital China, Toshibas exclusive notebook chief-distributor in ChinaSource:literature research, interview16SEC China010821BJ-ToshibaPRODUCT/MARKET1. Background informationLocationRegistered c
38、apitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Profit 2. Strat
39、egy 3. Product /marketMissionVisionCorporate strategyKey product offeringsMarket position17SEC China010821BJ-ToshibaTOSHIBAS GLOBAL NET SALES BY BUSINESS SEGMENTSource: Toshiba web site, Lit SearchYea 2000 ( billion)Information & Communications & Industrial Systems 1,858Power Systems 571Electronic D
40、evices & Components 1,477Digital Media 1,518Home Appliances 660Others 47318SEC China010821BJ-ToshibaDALIAN TOSHIBAs KEY TV PRODUCT OFFERINGSColor TVs (inch, model no.)Projection TV Series: 43 6161D9UXC50D9UXC43D9UXC50D8UXC43D8UXC Source:Company website, Lit searchCRT TV Series: 21 2929D2DC29D2XC25D2
41、XC25E3DC321D2NC Flat TV Series: 21 3434D8UXC34D6DC29D8UXC29D6DC29D3XC25D6XC21AF6C 19SEC China010821BJ-ToshibaDALIAN TOSHIBAS MARKET POSITION IN CHINAS CONVENTIONAL CRT TV MARKET: NO. 5 MARKET SHARE LEADERMarket share by sales, %Source: GFK, McKinsey Analysis, External interviews: Konka, Sony, Toshib
42、a19992000Others 100%100%Key trends Rationale Industry undergoes further consolidation Foreign players lose market share to local playersTop five players in the market Changhong, TCl, Konka, Hisense, Skyworth,controlled 41.6% of the market in 1999 grew to 43.7% in 2000 Local players increased market
43、share from 65% in 1999 to 67% in 20001.92.0RowaLGPanda Jinxing Skyworth-RGBXoceco Philips Haier Panasonic Hisense Toshiba TCLChanghongKonka Sony 20SEC China010821BJ-ToshibaDALIAN TOSHIBAS MARKET POSITION IN CHINAS PJTV MARKET: NO. 1 MARKET SHARE LEADERSource: GFK, internal interview, literature sear
44、ch, external interviews: Sony, Panasonic, ToshibaKey trendsRationale Established MNCs, Toshiba, Sony will continue to dominate market Local players start establishing themselves by 2005High-end producers with superior technology in pixel resolution and brightnessLocal players expected to acquire key
45、 PJTV technologies as of 2003As comparison, Changhong alone now controls 20% of large screen CRTV market, local players likely to gain similar share in PJTV market Market share by salesPercent Local (KonkaChanghong, etc)Other MNCsHitachi PanasonicSamsungSonyToshiba19992000100%100%21SEC China010821BJ
46、-ToshibaPJTV PLAYERS STRENGTHS AND WEAKNESSESCompanyStrengths/weaknessesToshibaStrong brand nameAggressive sales and marketingSonyNo. 1 brand namePremium market with highest industry profitsSamsungStrong quality in resolution and brightnessSolid position in the marketComparable technology with Japan
47、ese counterpartsOther MNCs: Panasonic, Philips, etc.Possess the technology, but yet to establish themselves in marketLocal companies: TCL, Konka, Hinsense, Haier, ChanghongLack the key technologies for PJTV components tubes and screenLow-end brand have resulted in low sales volumeWill fill up the te
48、chnology gap by about 2003 Source: Lit search, McKinsey analysis22SEC China010821BJ-ToshibaTOSHIBA HAS A FULL-LINE PROUCT OFFERING IN NOTEBOOK, COVERING LOW-END TO PREMIUM SEGMENT Source: Literature researchKey product offeringsSatellite Series 2800 (13.3, 14.1, 15.0)Portege Series (7220CT, 3480CT,
49、3490CT)Tecra Series (8100H, 8000J, 8200)Satellite 1750 (13.3)New satellite 2800 (13.3, 14.1,15.0)Satellite Pro 4600 (13.3, 14.1, 15.0)New Satellite Pro 4600 (14.1)Satellite 3000 (13.3)Source:literature research23SEC China010821BJ-ToshibaTOSHIBA IS STRONG IN EDUCATION, LARGE AND MEDIUM BUSINESS, BUT
50、PARTICULARLY WEAK IN GOVERNMENTSource: IDCSmall office Home 100% =ToshibaMarket average73484Education Government Large businessSmall businessMedium business 3.83.53.7Sales by customer segmentsPercent of units shipment (000s), 200024SEC China010821BJ-ToshibaTOSHIBA IS GENERALLY A MEDIUM TO HIGH-END P
51、LAYER, PARTICULARLY STRONG IN USD 2.5-3.5K PRICE BRANDSource: IDC0.9Low(0-2k)Medium (2-2.5k)High (2.5-3.5k)100% = 0.110.120.170.73.51.40.10.08Premium (3.5K)2.2Toshibas market share0.1Sales by customer segmentsPercent of units shipment (M), 2000Others DellIBMFounderLegend AcerToshiba25SEC China010821
52、BJ-ToshibaVALUE CHAIN STRATEGY1. Background informationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and
53、 sales force)Organization structureOwnership structureSales Profit 2. Strategy 3. Product/market MissionVisionCorporate strategyKey product offeringsMarket position26SEC China010821BJ-ToshibaSource: Literature Search, Konka web site, team analysis R&DManufacturingMarketing& SalesDistribution After-S
54、ales ServicesToshiba Digital Media Network Company is responsible for Color TV R&DDalian Toshiba is responsible for TV production. 30% parts come from ChinaDalian Toshiba and its 4 subsidiaries in Dalian, Beijing, Shanghai and Guangzhou are responsible for marketing and salesDalian Toshiba primarily
55、 uses sales forces in its four subsidiaries to sell TV products directly to retailers. It also uses distributors in certain regions such as Chongqing.Toshiba (China) helped set up the after-sales service network, and Dalian Toshiba is running the network and responsible for PNL.Digital mediaDigital
56、MediaNetwork Co.Dalian Toshiba TV Co.TOSHIBA CHINA TV BUSINESS HAS A PRODUCT LINE ORIENTED VALUE DELIVERY SYSTEM27SEC China010821BJ-ToshibaDALIAN TOSHIBAS TV DISTRIBUTION CHANNELSource: McKinsey Literature Search, external interviews, McKinsey analysisDalian Toshiba TV Co.Manufacturing PlantDalian S
57、ubsidiaryBeijing SubsidiaryShanghai SubsidiaryGuangzhou SubsidiaryDistributorsRetailers:Hyper/super-market: 10%Designated Stores: 25%Dept. Stores: 30%Specialty Stores: 35%Consumers Subsidiary Sales Force70%30%28SEC China010821BJ-ToshibaTOSHIBA ADOPTS THE NATIONAL CHIEF-DISTRIBUTOR PRACTICE IN NOTEBO
58、OK BUSNIESS IN CHINA R&DManufacturingMarketing and brandingSales and distributionAfter-sales serviceToshiba R&DToshiba SHOEM: Renbao, a Taiwanese OEM playerDigital ChinaDigital China (for Toshiba notebook only)ToshibaDigital ChinaCentralize key accounts across different productsCentralize SI for key
59、 accounts (banking, tax)Be in charge of channel develop-ment and managementDigital ChinaMajor responsibilityToshiba SH factoryParts inventoryAncillary hotlineToshibaToshiba SHOEMToshibaToshiba SHDealersDigital ChinaSource: interview29SEC China010821BJ-ToshibaTOSHIBA HAS POSITIONED CHINA AS A KEY R&D
60、 BASE *The other two R&D centers are in the UK and the US respectivelySource:Literature researchThree-layer structure of Toshiba R&DFirst layer focusing on technology trends in the next 3-5 yearsSecond layer focusing on multi-media technology and technology trends in the next 2-3 yearsThird layer fo
61、cusing on product developmentToshiba R&D in ChinaEstablished R&D department in Beijing, April 2001Plan to develop it into Toshiba (China) R&D center” in October 2001 which will be the third overseas R&D center of ToshibaPlan to have 250 people this year and expand to 500 people in R&D center in 2005
62、R&D30SEC China010821BJ-ToshibaTOSHIBA HAS OUTSOURCED THE MAJOR PART OF NOTEBOOK MANU-FACTURING AND ITS DISTRIBUTOR IS CAPABLE OF CUSTOMIZATION IN CONFIGURATION Source:Literature research, interviewManufacturingParties involvedResponsibilitiesToshiba SHAssembling production to cover total volume sold
63、 in ChinaAssembling production for expertOEM (Renbao)Major part of notebook manufacturingDigital ChinaCustomization for big-batch order according to customers individualized demand for hardware configuration31SEC China010821BJ-ToshibaUNDER STRONG COST PRESSURE, DIGITAL CHINA AND TOSHIBA ARE PUSHING
64、TOWARDS MORE FLATTENED CHANNEL STRUCTURE Source: CCID, interviewChannel StructureChannel Cost Percent of retail priceDigital ChinaCore distributors ( 50)DirectSpecialty shops (over 100)Industry distributorsEnd usersSecond tier dealers (hundreds)Before 19971997-19981999-2001Future expecta-tion of man
65、u-facturers 10108-105-8Pay sufficient attention to fast-growing customer segments, such as education and home, as well as major segments, such as government and businessExpand into 2nd-tier geographies and enhance channelChannel strategy32SEC China010821BJ-ToshibaDIGITAL CHINA IS BUILDING UP AN ADVA
66、NCED NATION-WIDE DISTRIBUTION NETWORK TO FURTHER CUT DOWN COST Source:Literature research, interviewDistributionKey initiativeBuild up a nation-wide logistics systemTotal investmentRMB 65 millionThree-tier structure3 first-tier centers in Beijing, Shanghai and Guangzhou7 second-tier centersThird-tie
67、r componentsDetailed practiceProviders deliver to three first-tier centersInventory is distributed among all the three tiers with inventory cycle shortening from first tier to the thirdSCM management is through IT network33SEC China010821BJ-ToshibaDESPITE CONTINUOUS IMPROVEMENT, TOSHIBA NOTEBOOKS CU
68、STOMER SERVICE STILL LAGS BEHIND IN CERTAIN ASPECTSVIP certificate For A-class customers, Toshiba notebook guarantee includes response within 10 hours, and repair finished within 20 hours, otherwise offering a backup notebookOn-site serviceOn-site service is offered in Beijing, Shanghai, and Guangzh
69、ouDell and Acer offer 4-hour response commitment Dell offers on-site service in major cities in ChinaCustomer service* FootnoteSource: SourceMajor initiativesCompetitorsofferings Source:Literature research, interview34SEC China010821BJ-ToshibaORGANIZATION AND OWNERSHIP1. Background informationLocati
70、onRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership structureSales Pr
71、ofit 2. Strategy 3. Product /marketMissionVisionCorporate strategyMarket positionKey product offerings35SEC China010821BJ-ToshibaSource: Lit search, team analysisTOSHIBAS CORPORATE STRUCTUREStatutory AuditorsBoard of DirectorsPresident & CEOCorporate projectCorporate staffCorporate support servicesi
72、Value Creation Companye-Solutions CompanySocial Infrastructure Systems Company Digital Media Network CompanyMobile CommunicationsCompanyPower Systems & Services CompanySemiconductor CompanyDisplay Devices & Components CompanyMedical Systems CompanyHome Appliances CompanyJapanForeign Country Dalian T
73、oshiba TV, LtdOther JVOther SubsidiariesJapanForeign Country36SEC China010821BJ-ToshibaTOSHIBAS MAJOR SHAREHOLDERSSource: Toshiba website(As of September 30,2000) EntityPercent OutstandingThe Dai ichi Mutual Life Insurance CompanyThe Sakura Bank,Ltd.Nippon Life Insurance CompanyState Street Bank and
74、 Trust CompanyThe Chase Manhattan Bank NA LondonThe Sumitomo Trust and Banking Co.,Ltd.Employees Stock Ownership PlanThe Mitsubishi Trust and Banking CorporationMitsui Mutual Life Insurance CompanyThe Nippon Fire & Marine Insurance Co.,Ltd.3.94%3.88%3.36%2.55%2.28%2.27%1.88%1.68%1.65%1.55%37SEC Chin
75、a010821BJ-ToshibaTOSHIBA HEADQUARTER HOLDS THE MAJORITY OF ITS NOTEBOOK MANUFACTURING JV IN CHINA Source: Literature researchOwnership structureToshibaToshiba China Co., LtdShanghai JinqiaoToshiba Computer (Shanghai) Co., Ltd80%10%10%38SEC China010821BJ-ToshibaFINANCIAL PERFORMANCE1. Background info
76、rmationLocationRegistered capitalManagementteamEquitystructureStarting yearNumber of employeesEra analysis4. Value chain strategy5. Organization and ownership 6. Financial performanceFocus onMarketing, advertising and promotionDistribution (channel and sales force)Organization structureOwnership str
77、uctureSales Profit 2. Strategy 3. Product/marketMissionVisionCorporate strategyMarket positionKey product offerings39SEC China010821BJ-ToshibaTOSHIBAS OVERSEAS SALES AND R&D EXPENDITURESOverseas Sales(￥billion)R&D Expenditures(￥billion)Source: Toshiba 2001 Annual Report, Lit search 199819992000CAGR=
78、4.7%199819992000￥2,040￥2,116￥2,2352,0001,5001,0005000￥323￥317￥3443202401608005.96.05.8R & D ExpendituresPercentage of Net Sales40SEC China010821BJ-ToshibaTOSHIBAS HISTORICAL REVENUES AND PROFITSNet SalesCAGR = 1.9% 19971998199920002001Net IncomeCAGR = 9.4%*Source: Toshiba 2001 Annual Report, Lit sea
79、rch Yen billion1997199819992000200141SEC China010821BJ-ToshibaIN 2000, DALIAN TOSHIBAS UNIT SALES IN CHINA WAS 7% OF CHANGHONGS UNIT SALES, BUT DALIAN TOSHIBAS GROSS PROFIT IN CHINA WAS 89% OF CHANGHONGS GROSS PROFIT Unit SalesthousandDalian ToshibaChanghong Source: 21st Century Economic report, Mar
80、ch 19, 2001Gross Profitbillion RMBDalian ToshibaChanghong42SEC China010821BJ-ToshibaDESPITE OF STRONG GROWTH OF TOTAL MARKET, TOSHIBA NOTEBOOK HAS EXPERIENCED STAGNANT GROWTH OF 4.4% ANNUALLYNotebook revenue (RMB billions)Source: IDCToshiba in China19992000199898-00 CAGRPercent Total China market19992000199898-00 CAGRPercent 48.64.86.110.64.41.61.51.743SEC China010821BJ-Toshiba
