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日期：2021年 9月 1日
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期： 2021年 9月 1日
期： 2021年 9月 1日
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摘要
摘要
我国原始设计制造企业数目众多，具有竞争激烈、利润空间有限等特点，同
时具备良好研发能力与众多技术专利等这些核心竞争力的原始设计制造商数量
更是有限。在国内市场，我国的原始设计制造商主要依靠成本优势，但由于受到
国际相关政策影响以及国内智能手机等电子产品的需求增量变缓，导致原始设计
制造企业的上游供应商议价能力增强，使得国内各厂商的成本优势愈发不明显，
利润空间进一步被压缩。所以面对国内外市场的变化，没有核心竞争力的原始设
计制造商面临着被淘汰的风险，因此解决上游供应商供货量有限与布局新业务成
为国内原始设计制造企业的必经之路，而如何实现上述两个问题是各原始设计制
造商面临的难题。WT科技作为国内原始设计制造企业的代表成功并购 AS半导
体，通过并购完成了对产业链上游的整合，实现了向 ODM与半导体产业协同发
展的转型，成功解决了上游供应商供货不足与布局新业务的难题，其并购对国内
同类型原始设计制造企业具有借鉴意义。
本文首先对 WT科技与 AS半导体及二者所处的行业进行分析，发现 WT科
技存在产业链上下游议价能力增强，原始设计制造商利润空间狭小和国际市场份
额不足等问题，而其原因在于产业链上下游市场和政策环境的变化、成本优势变
小、原始设计制造商业务同质化严重等。其次，本文运用波特五力模型对 WT
科技并购前所处的行业环境以及发展困境进行分析，然后运用 SPACE矩阵对通
过并购实现产业链整合的必要性进行论证。结合 WT科技存在的问题与成因，通
过并购的企业战略实现产业链上游的整合以及向产业链下游延伸，能够有效解决
WT科技目前发展中的困境，总结出 WT科技为何选择并购企业战略的原因。再
者通过对产业链整合产生的效果进行分析，同时运用财务指标分析并购实现产业
链整后的短期绩效与长期绩效，对于并购后短期绩效其明显上升，对于长期绩效
还需协同效应与整合加深后体现。最后，对全文进行总结，得出相关结论，对与
WT科技同行业且亟待通过产业链整合转型升级的原始设计制造企业提供启示。
关键词：原始设计制造企业；转型升级；并购；产业链整合
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Abstract
Abstract
There are many ODM in China, which have the characteristics of fierce
competition and limited profit space. At the same time, the number of original design
manufacturers with core competitiveness, such as good R & D ability and many
technical patents, is even more limited. In the domestic market, China's original
design manufacturers mainly rely on the cost advantage. However, due to the
influence of international policies and the slowing down of domestic demand for
electronic products such as smart phones, the bargaining power of upstream suppliers
of original design and manufacturing enterprises is enhanced, which makes the cost
advantage of domestic manufacturers less obvious, and the profit space is further
compressed. Therefore, in the face of changes in the domestic and foreign markets,
the original design manufacturers without core competitiveness are facing the risk of
being eliminated. Therefore, transformation and upgrading become the only way for
domestic original design and manufacturing enterprises, and how to transform and
upgrade is a difficult problem faced by the original design manufacturers. As a
representative of domestic original design and manufacturing enterprises, Wingtec has
successfully acquired as semiconductor. Through merger and acquisition, it has
completed the integration of the upstream of the industrial chain, and realized the
transformation to the coordinated development of ODM and semiconductor industry.
Its development of M & A has reference significance for domestic similar original
design and manufacturing enterprises.
This paper firstly analyzes Wingtec, as semiconductor and their industries. It is
found that Wingtec has insufficient bargaining power, narrow profit space of original
design manufacturers and insufficient international market share. The reasons lie in
the changes of domestic and foreign market and policy environment, the decrease of
cost advantage, and the serious homogenization of business of original design
manufacturers. Secondly, this paper uses Porter's five forces model to analyze the
current situation of the company before the merger and acquisition of Wingtec, and
then uses space matrix to demonstrate the necessity of industrial chain integration
through M & A. Combined with the existing problems and causes of Wingtec, this
paper sorts out the merger and acquisition of as semiconductor by Wingtec, and
summarizes the vertical industrial chain integration of Wingtec, the improvement of
its own technical capability, the coordinated development of ODM and semiconductor
industry and the internationalization strategy. Furthermore, financial indicators are
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