被動元件產業演進與成長策略探討－以國巨公司為例

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Executive MBA Program in International Business Management College of Management

National Taiwan University Master Thesis

A Study on the Industry Evolution and Growth Strategies in the Passive Component Industry – A Case Study of Yageo Corporation

Chi-Han Lee

Advisor: Chun-Chung Chen, Ph.D.

101 7

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2008 10 EMBA

EMBA 2009

EMBA

15 EMBA EMBA

101 7

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1980 1997

2000

2010

Vishay Murata

SEMCO 2010

TDK Taiyo Yuden

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THESIS ABSTRACT

INTERNATIONAL BUSINESS MANAGEMENT COLLEGE OF MANAGEMENT

NATIONAL TAIWAN UNIVERSITY

NAME Chi-Han Lee MONTH/YEAR JULY, 2012 ADVISER Dr. Chun-Chung Chen

TITLE A Study on the Industry Evolution and Growth Strategies in the Passive Component Industry – A Case Study of Yageo Corporation

Passive components including resistor, capacitor and inductor are used as basic components for electronic circuit design. Benefited from the growth of electronics industry, Taiwan’s passive component companies have experienced phenomenon growth too. Yageo Corporation established in 1977 and focus on providing resistor products. In 2000 Yageo merged Philip’s Passive Component Division to extend its international channel and customer coverage. Yageo continued M&A strategy to expand product line coverage into ceramic capacitor and inductor between 2000 and 2008.

Both Personal Computer Industry and Digital Appliance Industry are going to maturity period of industry life cycle. The major growth drivers will come from the Smart Phone Industry, which is the 2^nd growth curve of Mobile Industry, Energy Industry and Automotive Electronics Industry. Smart Phone Industry drives the major innovation and new product development to meet requirements of compact design and high speed computing in the market. Such kind of situation already changed the product development ecosystem of Passive Component Industry. Vishay in the Chip Resistor and Murata in Ceramic Capacitor (MLCC) are the global leader in terms of revenue and technologies. Samsung’s Subsidiary SEMCO became the worldwide #2 ceramic

capacitor manufacturer within 5 years. Japanese Companies such as TDK and Taiyo Yuden turned into the negative operation margin due to the SEMCO’s aggressive price strategy.

Through this study we come out the Yageo’s 10-year growth strategies to keep Yageo as worldwide top leading passive component company.

• Increase ASP for overall product portfolio as a global product and technology leading company

• Fast response to market requirements of end-user markets to gain the first-mover advantage

• Regional channel price discrimination strategy to achieve profitable growth Keywords Passive Component, Growth Strategy, Channel Price Discrimination,

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THESIS ABSTRACT ... iv

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Digitalization and Globalization ... 12!

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(MLCC) ... 18!

(Linear Resistor) ... 24!

... 28!

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5-1 ... 43!

5-2 ... 44!

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ASP ... 63!

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1-1 ... 69!

1-2 ... 70!

1-3 Wireless Component ... 71!

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RLP/ITP ... 75!

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2-1 .………..5

2-2 ……….6

2-3 ………8

2-4 Alchemy Growth Model ……….8

2-5 Acquisition-based Growth Model ………9

2-6 Organic Growth Model ……… ……… 9

2-7 ……… 10

3-1 ……… 13

3-2 2000 ……… 14

3-3 ……… 15

3-4 2011 ………18

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3-1 17 17 22

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Corporate Strategies:

Where to Compete and Invest?

•  Growth Strategy

•  Vertical Integration

•  Business Diversification Strategy

•  Global Strategy and Internationalization Strategy

Business Strategies:

How to Compete?

•  Competitive Strategy

•  Strategic Positioning

•  Cost Advantages

•  Differentiation Advantages

Functional Strategies:

How to Implement?

•  Marketing Strategy

•  Manufacturing Strategy

•  Financial Strategy

•  Human Resources Strategy

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Digitalization and Globalization

Moore’s Law

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!"!!!!

!50!!

!100!!

!150!!

!200!!

!250!!

!300!!

!350!!

1991! 1992! 1993! 1994! 1995! 1996! 1997! 1998! 1999! 2000! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011!

B"US$"

Year"

China&Asia!

Japan!

Europe!

Americas!

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!"!!!!

!20!!

!40!!

!60!!

!80!!

!100!!

!120!!

!140!!

!160!!

!180!!

1991! 1992! 1993! 1994! 1995! 1996! 1997! 1998! 1999! 2000! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011!

B"US$" Americas!

Europe!

Japan!

China&Asia!

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0%!

10%!

20%!

30%!

40%!

50%!

60%!

70%!

80%!

90%!

100%!

1991!1993!1995!1997!1999!2001!2003!2005!2007!2009!2011!

Share"%"

Year"

China&Asia!

Japan!

Europe!

Americas!

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(MLCC)

!$17.93!!

!$2.50!!

!$2.22!!

!$5.46!! Capacitor!64%!

Linear!Resitors!9%!

Inductors!8%!

Protection!Components!

19%!

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0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

1800!

0.00!

2.00!

4.00!

6.00!

8.00!

10.00!

12.00!

B"pcs"

B"US$"

Year"

MLCC!Value!

MLCC!Volume!

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0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

1800!

0.75!

0.8!

0.85!

0.9!

0.95!

1!

1.05!

B"pcs"

ASP"Index"

"Year"

MLCC!Volume!

MLCC!ASP!Index!

0!

500!

1000!

1500!

2000!

2500!

0.00!

2.00!

4.00!

6.00!

8.00!

10.00!

12.00!

14.00!

2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! 2012! 2013! 2014! 2015! 2016! B"pcs"

B"US$"

Year"

!!

MLCC!Value!

MLCC!Volume!

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0!

500!

1000!

1500!

2000!

2500!

0!

0.2!

0.4!

0.6!

0.8!

1!

1.2!

2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! 2012! 2013! 2014! 2015! 2016! B"pcs"

ASP"Index"

Year"

MLCC!Volume!

MLCC!ASP!Index!

0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

1800!

1991! 1992! 1993! 1994! 1995! 1996! 1997! 1998! 1999! 2000! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010!

B"pcs"

SEMI!Volume!

MLCC!Volume!

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Weighting of

Business Segment Yageo Murata SEMCO Taiyo Yuden Industrial &

Specialty (17%) 25% 17% 6% 17%

Automotive

Electronics (11%) 2% 12% 2% 5%

Computer & IT

Machines (23%) 28% 24% 35% 30%

Telecommunication

(27%) 21% 30% 28% 26%

Consumer

Electronics (22%) 24% 17% 30% 22%

0!

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40!

60!

80!

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120!

140!

160!

180!

1991! 1992! 1993! 1994! 1995! 1996! 1997! 1998! 1999! 2000! 2001! 2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010!

Index"

SEMI!ASP!

MLCC!ASP!

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Yageo! Murata! SEMCO! Taiyo!yuden!

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(Linear Resistor)

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0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

0.00!

0.50!

1.00!

1.50!

2.00!

2.50!

3.00!

B"pcs"

B"US$"

Year"

Resistor!Value!

Resistor!Volume!

0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

0!

0.2!

0.4!

0.6!

0.8!

1!

1.2!

B"pcs"

ASP"Index"

"Year"

Resistor!Volume!

Resistor!ASP!Index!

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0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

1800!

2000!

0.00!

0.50!

1.00!

1.50!

2.00!

2.50!

3.00!

3.50!

4.00!

2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! 2012! 2013! 2014! 2015! 2016! B"pcs"

B"US$"

Year"

Resistor!Value!

Resistor!Volume!

0!

200!

400!

600!

800!

1000!

1200!

1400!

1600!

1800!

2000!

0!

0.2!

0.4!

0.6!

0.8!

1!

1.2!

2002! 2003! 2004! 2005! 2006! 2007! 2008! 2009! 2010! 2011! 2012! 2013! 1014! 2015! 2016! B"pcs"

ASP"Index"

Year"

Resistor!Volume!

Resistor!ASP!Index!

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Yageo! VISHAY! KOA! TA"I!

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HP!

17%!

Lenovo!

16%!

Dell!

Acer! 12%!

Asus! 11%!

10%!

Toshiba!

9%!

Apple!

8%!

Samsung!

7%!

Sony!

4%! Fujitsu!

2%!

Others!

4%!

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Quanta!

27%!

Compal!

Wistron! 19%!

IEC! 16%!

8%!

Foxconn!

7%!

Pegatron!

11%!

Others!

12%!

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5-1

Type 1 OEM /Branded customer -1

Type 4 EMS/ODM customer

Type 5 Middle/Small Accounts OEM

Factory

EMS Factory

EMS/ODM Factory

Own Factory OEM

control

OEM Control

EMS control

EMS/ODM control

Depend

AVL/ OEM

control OEM

Control OEM

control EMS/ODM

control Depend

OEM EMS EMS EMS/ODM Distributor

Nokia Samsung LG

Apple CISCO NSN

Microsoft Honhai Flextronics Jabil Quanta

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5-2

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Type Y2011 US$ B

Y2011 US$ M

Y2011 %

Capacitor- ceramic (MLCC) 8.78 354 4.0%

Capacitor- others 9.15 42 (*a) 0.5%

Capacitor All 17.93 397 2.2%

Linear Resistor - SMD 1.80 303 16.9%

Linear Resistor – Through Hole 0.70 33 4.7%

Linear Resistor All 2.50 336 13.5%

Inductors 2.22 104(*b) 4.7%

Protection Components 5.46 5.5 0.1%

Total Market Value of Passive Components 28.11 843 3.0%

!$8.78!,!34%!

!$9.15!,!35%!

!$2.50!,!10%!

!$5.46!,!21%!

Worldwide!Passive!Components!Shipment!by!Product!

Type!(US$B)!

MLCC!

Other!Capacitors!

Linear!Resistor!

Protection!Components!

0.35406,!50%!

0.3068,!43%!

0.0055,!1%!

Yageo!Passive!Components!Shipment!by!Product!Type!

(US$!B)!

MLCC!

Other!Capacitors!

Linear!Resistor!

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2009! 2010! 2011!

Industrial!&!Specialty! $3.30!! $3.20!! $3.80!!

Automotive!Electronics! $1.80!! $2.70!! $2.50!!

Computer!!!&!IT!machine! $4.70!! $5.60!! $5.20!!

Telecommunication! $4.90!! $5.90!! $5.90!!

Consumer!Electronics! $5.70!! $6.10!! $4.80!!

!$"!!!!

!$5.00!!

!$10.00!!

!$15.00!!

!$20.00!!

!$25.00!!

B"US$"

2009! 2010! 2011!

Industrial!&!Specialty! 16%! 14%! 17%!

Automotive!Electronics! 9%! 11%! 11%!

Computer!!!&!IT!machine! 23%! 24%! 23%!

Telecommunication! 24%! 25%! 27%!

Consumer!Electronics! 28%! 26%! 22%!

0%!

10%!20%!

30%!40%!

50%!60%!

70%!80%!

100%!90%!

Share%"

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2006! 2007! 2008! 2009! 2010! 2011!

China&Asia! $11.27!! $13.19!! $11.88!! $11.67!! $13.98!! $13.59!!

Japan! $4.14!! $4.23!! $3.34!! $3.27!! $3.19!! $2.72!!

Europe! $4.13!! $4.23!! $3.13!! $3.07!! $3.93!! $3.40!!

Americas! $3.46!! $3.24!! $2.50!! $2.46!! $3.44!! $2.94!!

!$"!!!!

!$5.00!!

!$10.00!!

!$15.00!!

!$20.00!!

!$25.00!!

!$30.00!!

B"US$"

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2006! 2007! 2008! 2009! 2010! 2011! 2016!

China&Asia! 49%! 53%! 57%! 57%! 57%! 60%! 66%!

Japan! 18%! 17%! 16%! 16%! 13%! 12%! 10%!

Europe! 18%! 17%! 15%! 15%! 16%! 15%! 13%!

Americas! 15%! 13%! 12%! 12%! 14%! 13%! 11%!

0%!

10%!20%!

30%!

40%!50%!

60%!

70%!80%!

90%!

100%!

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Yageo! Murata! SEMCO! Taiyo!yuden!

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Yageo! VISHAY! KOA! TA"I!

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1-1

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20.0!

40.0!

60.0!

80.0!

100.0!

120.0!

140.0!

M"sets"

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1-2

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1-3 Wireless

Component

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RLP/ITP

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15. Palma, Michael J., 2012, “Worldwide Quarterly Electronics Manufacturing Services Vendor Shares and Market Update Briefing Presentation, Q4 2011” , IDC Corporate

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