“华为寒气”吹在跨境电商的脸上，手机壳大卖利润雪崩
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">近期</span>，华为董事长任正非的一封内部信<span style="color: black;">说到</span>，要“把活下来<span style="color: black;">做为</span>最<span style="color: black;">重点</span>纲领，边缘业务全线收缩和关闭，</span><strong style="color: blue;"><span style="color: black;">把寒气传递给每一个人。”</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">华为内部的“寒气”，很大程度上来自于终端业务的大幅度下跌。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">据<span style="color: black;">第1</span>财经<span style="color: black;">信息</span>， 华为终端业务收入为1013亿元，较之2021年上半年的1357亿元，</span><strong style="color: blue;"><span style="color: black;">营收下跌了25%。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">华为终端业务覆盖手机、移动宽带及家庭终端，毫无疑问，手机是最重要的业务之一。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">手机出货量大幅度下降，华为的“寒气”，直接吹到了跨境电商的“脸上”，</span></strong><span style="color: black;">尤其是给华为手机周边<span style="color: black;">制品</span>的供货的厂家，<span style="color: black;">更加是</span>感到了深深的寒意。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">跨境电商手机壳<span style="color: black;">第1</span>股杰美特，首当其冲。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/cfc8ecbb81aa469dadca0998c70ef524~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=hHL46bvXHQYDXTMoP0zaP1WZ2WI%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图源/杰美特官网，HUAWEI<span style="color: black;">制品</span>专区</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">杰美特号<span style="color: black;">叫作</span>“手机壳之王”，凭借华为手机的大额采购量，于2020年8月24日登录深交所创业板，</span><strong style="color: blue;"><span style="color: black;"><span style="color: black;">作为</span>“中国手机壳<span style="color: black;">第1</span>股”。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">杰美特成立于2006年，主营智能手机<span style="color: black;">守护</span>壳<span style="color: black;">制品</span>，以ODM/OEM代工业务为主，兼顾自有品牌业务。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">其手机壳自主品牌X-Doria在亚马逊上有售，并经常占据Best Seller的排行榜。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/e35189bf5fd44c40baa906039b1ebd62~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=TwptCVpcTERG7iDMH0wOsPH2Sos%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2012年<span style="color: black;">起始</span>，杰美特为三星、华为等头部手机终端供货，及至2017年，华为终端以约1.27亿元的采购额，占到杰美特总营收的23.47%，</span><strong style="color: blue;"><span style="color: black;"><span style="color: black;">作为</span>杰美特<span style="color: black;">第1</span>大客户。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2019年，华为终端以3.77亿元采购额，占杰美特45.47%的营收，<span style="color: black;">作为</span><span style="color: black;">上下</span>杰美特营收的超级大客户。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">但<span style="color: black;">亦</span>正因对华为的依赖，杰美特品牌形象跟华为深度绑定，</span><strong style="color: blue;"><span style="color: black;">华为手机的出货量下跌，对杰美特产生深远影响。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">8月26日，杰美特发布2022年上半年报<span style="color: black;">表示</span>，其营收约3.6亿元，同比增长19.75%。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/b96ec1608125445eb68e31c621216134~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=7uXI7B3VnpNvIflf%2B6hTEE02pDc%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">然而，营收虽然增长，但净利润却</span><strong style="color: blue;"><span style="color: black;">亏损达1638.2万元，同比下滑205.38%。</span></strong><span style="color: black;">扣非净利润，<span style="color: black;">更加是</span>亏损3692.8万元，</span><strong style="color: blue;"><span style="color: black;">跌幅很大，两者相差360倍，近乎于大雪崩。</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/8d5db26c73c8434bba44b7d4b87da336~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=6UwHesuQnTZu8itB7ekCaJSerLs%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特2022年上半年营收净利润<span style="color: black;">状况</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">事实上，杰美特<span style="color: black;">亦</span>早已<span style="color: black;">认识</span>到对华为的过度依赖，既是“借势”，<span style="color: black;">亦</span>是<span style="color: black;">危害</span>，<span style="color: black;">因此呢</span>，杰美特在近年里竭力减少对大客户的依赖，尤其是加大<span style="color: black;">包含</span>跨境电商B2C<span style="color: black;">途径</span>的布局。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">01“戒断”大客户，自有品牌亚马逊上发力？</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从2022年上半年<span style="color: black;">状况</span>看，杰美特对客户的依赖<span style="color: black;">状况</span>仍旧<span style="color: black;">无</span>太大改善，</span><strong style="color: blue;"><span style="color: black;">只<span style="color: black;">不外</span>减少了对头部客户的供货量。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从销售模式来看，其ODM/OEM代工业务仍旧是<span style="color: black;">重点</span>的营收<span style="color: black;">源自</span>，营收约2.7亿元，占其总营收比约75.11%。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">自有品牌业务营收约8952万元，占比约24.89%。</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/16f6e31564404147abb074e4a9df07ba~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=G7m%2BQT8GyGEy%2BWC9tWLcNVypwTM%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特2022年上半年业务分布<span style="color: black;">状况</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从毛利率来看，代工<span style="color: black;">制品</span>显然不如自有品牌业务高，</span><strong style="color: blue;"><span style="color: black;">前者仅9.55%，后者高达60.93%。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">然则</span>无奈，从营收情况来看，</span><strong style="color: blue;"><span style="color: black;">代工业务营收同比增长了50.46%，</span></strong><span style="color: black;">自有品牌业务反而同比</span><strong style="color: blue;"><span style="color: black;">下降了25.9%，</span></strong><span style="color: black;"><span style="color: black;">显现</span>增收不增利的<span style="color: black;">状况</span><span style="color: black;">亦</span>就不难想象了。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">还在<span style="color: black;">持续</span><span style="color: black;">增多</span>营收的主营代工业务，或许是拖累其净利润的重要<span style="color: black;">原因</span>，9.55%的毛利确实太低了，<span style="color: black;">基本</span><span style="color: black;">没法</span>覆盖各项成本。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">好在，从2020年<span style="color: black;">起始</span>，杰美特就在降低对大客户的供货量。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">而前五大客户的采购额总占比，<span style="color: black;">亦</span>从62.88%增长到71.56%，仅仅华为占比高达45.47%，</span><strong style="color: blue;"><span style="color: black;"> <span style="color: black;">倘若</span>抽离前五大客户，杰美特营收将元气大伤。</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/920bd7824ed94dc7b132769a07e89ede~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=YHScWsq%2FI241PvQeXcU9NsU946s%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特2018-2019年前五大客户<span style="color: black;">状况</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">到了2020年，杰美特降低了对前五大客户的依赖，从71.56%下降到了65.77%，<span style="color: black;">同期</span><span style="color: black;">第1</span>大客户的采购额占比，<span style="color: black;">亦</span>从45.47%下降到了31%。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">及至2021年，杰美特对前五大客户的依赖程度进一步下降，从65.77%下降到44.14%，<span style="color: black;">第1</span>大客户的采购额占比，<span style="color: black;">亦</span>从31%进一步下降到14.37%，下降了一半不止。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/7e71dc1e828a4f3f99ad00e110ac17af~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=%2FcxkNFEBmVtL5hD86MDkPk0pQ5E%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特2021年前五大客户<span style="color: black;">营销</span><span style="color: black;">状况</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">然则</span>很难说杰美特对大客户的依赖降低，<span style="color: black;">是不是</span>是自主<span style="color: black;">选取</span>的结果。</span><strong style="color: blue;"><span style="color: black;">或许正是大客户采购量的下降，造<span style="color: black;">成为了</span>杰美特“上市即巅峰”的尴尬窘境。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2020年杰美特对前五大客户的依赖首次呈现下降趋势，全年营收约8.55亿元，微涨3.06%，</span><strong style="color: blue;"><span style="color: black;">但净利润却下滑18.9%；</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2021年杰美特全年营收约7.15亿元，同比下滑16.35%，净利润<span style="color: black;">更加是</span><span style="color: black;">暴跌</span>75.16%。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2021年年报中，</span><strong style="color: blue;"><span style="color: black;">杰美特<span style="color: black;">亦</span>承认，营业数据波动是<span style="color: black;">重点</span>客户终端出货量下降<span style="color: black;">导致</span>的影响。</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">这<span style="color: black;">亦</span>侧面反馈出，杰美特对大客户依赖的下降，或许并不是主动下调，是迫不得已。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">好在，从2021年<span style="color: black;">起始</span>，杰美特自有品牌业务<span style="color: black;">亦</span><span style="color: black;">起始</span>发力。</span><strong style="color: blue;"><span style="color: black;">其中X-Doria品牌在亚马逊美国站上开设了品牌店铺，还进行了品牌升级。</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/0b88fbea2d6442728b78d85993baa456~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=Tm0x9d6T8M4H3nnLqC7jKQasqWM%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特自有品牌X-Doria亚马逊店铺</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">制品</span>上，杰美特<span style="color: black;">亦</span>在从主打华为手机壳，向其他品牌手机壳转变，尤其是苹果手机壳方面，在2021年9月爆发了一波流量增长。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">据卖家精灵SellerSprite.com数据<span style="color: black;">表示</span>，当买家搜索“iPhone 13 case”这一热词时，会<span style="color: black;">显现</span><span style="color: black;">海量</span>的 X-Doria<span style="color: black;">制品</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">“iPhone 13 case”从2021年9月<span style="color: black;">忽然</span>异军突起，</span><strong style="color: blue;"><span style="color: black;">巅峰搜索量超过90万次。</span></strong></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/d1c89431eff24498815c5415bd8c3ff7~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=O2DCbnKGltW5bRXrouD7ipQwE00%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| X-Doria及手机壳在亚马逊上被搜索到的关键词<span style="color: black;">状况</span> 图源| 卖家精灵SellerSprite.com</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">其中一个手机壳月销量<span style="color: black;">迄今</span>遥遥领先。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">据卖家精灵SellerSprite.com数据<span style="color: black;">表示</span>，X-Doria升级后的品牌RAPTIC的一款iPhone 13 手机<span style="color: black;">守护</span>壳近30天卖出了3801个，在其前100名的<span style="color: black;">制品</span>中销量占比高达24.58%。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p26-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f58f6a86e8714e9cae7f3a92bd1aca26~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=r5iEhIYNG12Nj7rQ44wuTBzTDIw%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图源| 卖家精灵SellerSprite.com X-Doria在亚马逊上的<span style="color: black;">制品</span>销量集中度<span style="color: black;">状况</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">自有品牌在亚马逊上被搜索到的次数暴增，<span style="color: black;">必定</span>程度上对杰美特是一种安慰。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">尽管“戒断”大客户必然会产生阵痛，杰美特<span style="color: black;">亦</span>正处在最艰难的时刻，但这个向好的信号，或许能给杰美特带来转型的<span style="color: black;">期盼</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">02 <span style="color: black;">开发</span>技术停滞不前？</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;">大幅度砍削<span style="color: black;">开发</span>费，技术员年薪11.09万，</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><strong style="color: blue;"><span style="color: black;"><span style="color: black;">营销</span>员年薪23.25万</span></strong></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从技术层面上看，<span style="color: black;">初期</span>的杰美特虽然卖的是手机壳，但还是有<span style="color: black;">必定</span>的技术含量和科技感的。其一款华为手机<span style="color: black;">守护</span>壳设计，涵盖了十数道工序，采用了多重材料，对防震、防水方面做了非常专业的处理。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/31e290cd359048a5860d511464536afe~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=59zgfvuAaiYppmHnl4YIs8oWi7c%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特一款华为手机<span style="color: black;">守护</span>壳设计图</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">按理说，<span style="color: black;">这般</span>的“技术宅”，应该会对技术<span style="color: black;">开发</span>和创新充满兴趣。但<span style="color: black;">实质</span>上，从2018年<span style="color: black;">起始</span>，杰美特对<span style="color: black;">制品</span><span style="color: black;">营销</span>的热情就大过对<span style="color: black;">制品</span>的<span style="color: black;">开发</span>。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">从其招股书数据<span style="color: black;">能够</span>看出，2018年<span style="color: black;">营销</span>人员平均年薪高达18.35万元，</span><strong style="color: blue;"><span style="color: black;">而技术人员仅9.5万元，</span></strong><span style="color: black;">涨幅上<span style="color: black;">营销</span>人员同比增长35.21%，技术人员仅7.82%；</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">到2019年<span style="color: black;">状况</span>稍好，技术人员年薪涨到了11.09万元，涨幅16.72%；而<span style="color: black;">营销</span>人员则涨到了23.25万元，涨幅26.66%。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/d265842b9fc44691bd1ab0099c935a1d~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=4WH6FlASq%2FGFCueO71KDEoRWS3M%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特2017-2019年前员工薪酬<span style="color: black;">状况</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">当然，从现实<span style="color: black;">状况</span>出发，这种现象<span style="color: black;">亦</span>是<span style="color: black;">能够</span>理解的，毕竟<span style="color: black;">仅有</span>提成高，<span style="color: black;">营销</span>人员才有动力卖货；<span style="color: black;">仅有</span>东西卖得好，<span style="color: black;">机构</span><span style="color: black;">才可</span>有钱，<span style="color: black;">才可</span>进一步改善其他成员的收入<span style="color: black;">状况</span>，加大技术投入。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">但<span style="color: black;">实质</span>上到了2022年上半年，杰美特连<span style="color: black;">开发</span>投入<span style="color: black;">花费</span>都砍了不少。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">2022年上半年，杰美特<span style="color: black;">开发</span><span style="color: black;">花费</span>约1806万，去年同期约2137万，下滑了331万，同比下降约15.5%。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/fa6091b4f6c547a58a6e534b61412e70~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=JytRA1jDtQRvbWSdDkpzPSw%2FEvQ%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特2022年上半年<span style="color: black;">开发</span><span style="color: black;">花费</span></span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">在2020年的招股书中，<span style="color: black;">咱们</span>还能看到杰美特对<span style="color: black;">制品</span>技术的介绍，但上市后的2020年年报、2021年半年报及年报，以及2022年半年报中，均已看不到<span style="color: black;">关联</span>技术的介绍示意图。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">与此<span style="color: black;">同期</span>，2021年9月爆火的iPhone 13手机<span style="color: black;">守护</span>壳搜索下，最畅销的<span style="color: black;">制品</span>从外观上看，应该是下面这款手机<span style="color: black;">守护</span>壳。</span></p>
<div style="color: black; text-align: left; margin-bottom: 10px;"><img src="https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/58c0794397f54c96a35e5b9781f26443~noop.image?_iz=58558&from=article.pc_detail&lk3s=953192f4&x-expires=1726097898&x-signature=4rPS%2FMpxKM9AWWqiDEaCtJXksME%3D" style="width: 50%; margin-bottom: 20px;"></div>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">图| 杰美特一款华为手机<span style="color: black;">守护</span>壳设计图</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">而该<span style="color: black;">守护</span>壳的技术，从2020年招股书中就能找到。未知到了2021年，这款<span style="color: black;">守护</span>壳的技术<span style="color: black;">是不是</span>迭代过？</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">在华为等大客户采购量下降的<span style="color: black;">状况</span>下，杰美特还能<span style="color: black;">经过</span>iPhone 13手机<span style="color: black;">守护</span>壳实现<span style="color: black;">必定</span>的销量增长，说明了其<span style="color: black;">制品</span>有过人之处。</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;">但从搜索趋势来看，2022年7月<span style="color: black;">起始</span>，iPhone 13手机<span style="color: black;">守护</span>壳的搜索量<span style="color: black;">已然</span>呈现下跌。杰美特<span style="color: black;">是不是</span>加大对该<span style="color: black;">制品</span>的<span style="color: black;">开发</span>投入？</span></p>
<p style="font-size: 16px; color: black; line-height: 40px; text-align: left; margin-bottom: 15px;"><span style="color: black;"><span style="color: black;">咱们</span>真诚祝愿杰美特能够度过<span style="color: black;">危险</span>，再创辉煌。（文/亿观分析组）</span></p>
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