飆股背後的故事3
系微(6231)自公布七月營收後,股價一飛沖天,五天就大漲44.77%,即使股市有中美貿易戰利空消息,也無法影響他上漲的氣勢,究竟是什麼原因呢?
系微為一家專業系統韌體(Firmware)設計公司,其母公司是國內快閃記憶體通路商-倍微(6270),持有他12.9%的股權。過去因購併美商SystemSoft公司BIOS (電腦基本輸入/輸出系統)產品部門及相關智慧財產,所以擁有獨立自主的BIOS核心及相關產品研發技術。主要從事BIOS程式碼的開發及設計,應用領域涵蓋嵌入式系統、筆記型電腦及桌上型電腦。
那BIOS是什麼,他又有什麼功能?
BIOS(基本輸出輸入系統)是載入在電腦硬件系統上的最基本的軟件程式碼,我們開機時大致分為五個過程階段:1 . 初始階段(Initial Phase)、2 . 開機載入階段(Boot Loader Phase)、3 . 核心載入階段(Kernel Load Phase)、4 . 核心初始化階段(Kernel Initiation Phase)、5 . 登錄階段(Logon Phase),每個階段循序漸進,必需完成這些程序,電腦才能正常運作。而BIOS就是初始階段過程的執行者。
BIOS 的全稱為 " Basic Input/Output System ",從字義上來解釋就是 : 基本的輸入及輸出系統。也就是說這個微系統控制著電腦的基本輸出及輸入裝置。開機時第一個啟動的程序就是 BIOS,必須先跑完 BIOS 這個程序,電腦才能繼續開機載入階段的後續動作。
在電腦的主機板上都會有 BIOS 晶片,而我們所說的 BIOS 就是寫在這個晶片當中的程式。且這個程式內容會因各別的主機板設計而有所不同。正常使用中的電腦 BIOS 已經設定完成,而這些設定通常是針對主機板的預定功能及其可支援的硬體而來。下圖有 AMI 的 BIOS 晶片。
BIOS 有兩大功能 , 除了提供電腦各硬體裝置的服務外,於電腦開機時尚需對各系統測試及初始設定電腦各硬體裝置,而系統測試及初始設定電腦各硬體裝置的工作,就是 POST 程式 --- 電源啟動自我檢測(POST,Power On Self Test)。
當我們打開電源或重新啟動電腦時,電腦將會啟動存放在 BIOS 中的 POST 程序,POST 主要的工作是負責對電腦各硬體設備做好初始設定與基本測試工作,以保證電腦能正常運作。例如確認實體記憶體(RAM)大小及硬體組件 , 例如:硬碟、鍵盤、顯示器、磁碟機、Serial Port、系統時間等 , 檢查這些設備是否存在或可否正常運作。
完成 POST 程序後,BIOS 會將位於開機硬碟中的啟動程式載入記憶體中執行,此時 BIOS 也就將執行權交給系統的開機程序而功成身退了。因此 BIOS 在電腦開機的過程中是十分重要的,好的 BIOS 程式撰寫關係著開機程序是否正確與快速的完成。
維持高毛利,營收持續創新高,會是下一黨飆股?
回到系微的財報,我們可以看到他的毛了率相當的高,一直維持在82%左右。今年上半年合併營收年增17.0%達4.59億元,營業利益達4,582萬元,較去年同期增加逾1倍,而這多增加的兩千萬或許對於一家製造業公司並無太大效益,但對於高毛利IP開發公司卻截然不同。在過去的演講中,我就跟大家分享過,IP開發的公司,擁有相當高的毛利,且其成本基本上都屬固定成本,所以在盈虧臨界點(breakeven point)不變的前提下,銷售量越大,企業實現的利潤便越多,因為這些多出來的營收全歸屬獲利。如果系微營收只有七月單月創新高,我認為漲幅只是短期的,且是有限的,但若持續創新高,長期來說是一家不錯的公司,因此我們可以從產業面來分析系微是否一家值得大家長期留意的公司。
系微從NB/PC及伺服器成熟市場跨入新雲端運算市場
BIOS產業跨入門檻極高且耗時,產業屬性為易守難攻 。由於系微擁有領先業界UEFI Framework技術及超過八年量產經驗,其 UEFI 韌體架構下的 InsydeH2O 建立在 C 語言上,有利於國際 大廠在韌體後續的研發與改版,使系微逐漸在 NB/PC 市場打開市佔,成為 Dell 與 Amazon 合作夥伴,成為 BIOS 主要供應商。2018 年系微成功打入微軟最新 Surface Go 供應鏈,支援 Intel 第 7 代 Pentium Gold 處理器,而今年可望陸續導入微軟其他產品 BIOS 的供應可能,但因 NB已屬成熟市場,因此成長幅度有限。
而在伺服器產品部份,由於整體配合複雜度相對於PC/NB高,所以單價是傳統NB/PC 的數倍。2018年因成功進入華為與浪潮的伺服器市場,使其營收比重逐漸提升,轉虧為盈。今年則展望華為等中國伺服器市場於 2Q19 後動能逐漸轉強,搭配北美市場伺服器 BIOS 市場需求,因此在伺服器產品線可望成長。
除了在筆電及伺服器市場拿下大廠訂單外,系微更擴大在雲端運算市場占有率,其最先進UEFI韌體BIOS產品InsydeH2O及系統管理解決方案Supervyse,支援亞馬遜轉投資AWS的雲端硬體安全模組CloudHSM服務,因此我認為系微接下來都會有一個不錯的營收,值得大家留意。
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這款大家應該都很熟,原為二戰運輸機C-47原,在1960年代越戰期間,改裝成空中砲艇「AC-47」,代號「幽靈」(Spooky),綽號被稱「噴火神龍」(Puff, the Magic Dragon,出自1963年發表的美國流行歌曲〈魔法龍帕夫〉)
美軍在C-47的兩個窗開口上,以及所有左側的貨艙門上安裝3挺M134機槍(Minigun),其主要功能是為地面部隊實行近距空中支援,可以提供綿密的火網支援,有效火力覆蓋約為一個平均直徑47.5公尺的微橢圓面,由於在越南戰場上得到實戰驗證,獲得駐越美軍的尊敬與仰賴,這也是美軍首個空中砲艇的始祖
#VietnamReviited
The Douglas AC-47 Spooky (also nicknamed "Puff, the Magic Dragon") was the first in a series of gunships developed by the United States Air Force during the Vietnam War. It was designed to provide more firepower than light and medium ground-attack aircraft in certain situations when ground forces called for close air support.
In August 1964, years of fixed-wing gunship experimentation reached a new peak with Project Tailchaser under the direction of Capt. John C. Simons. This test involved the conversion of a single Convair C-131B to be capable of firing a single GAU-2/A Minigun at a downward angle out of the left side of the aircraft. Even crude grease pencil crosshairs were quickly discovered to enable a pilot flying in a pylon turn to hit a stationary area target with relative accuracy and ease. The Armament Development and Test Center tested the craft at Eglin Air Force Base, Florida, but lack of funding soon suspended the tests. In 1964, Capt. Ron W. Terry returned from temporary duty in Vietnam as part of an Air Force Systems Command team reviewing all aspects of air operations in counter-insurgency warfare, where he had noted the usefulness of C-47s and C-123s orbiting as flare ships during night attacks on fortified hamlets. He received permission to conduct a live-fire test using the C-131 and revived the side-firing gunship program.
By October, Capt. Terry's team under Project Gunship provided a C-47D, which was converted to a similar standard as the Project Tailchaser aircraft and armed with three miniguns, which were initially mounted on locally fabricated mounts—essentially strapped gun pods intended for fixed-wing aircraft (SUU-11/A) onto a mount allowing them to be fired remotely out the port side. Captain Terry and a testing team arrived at Bien Hoa Air Base, South Vietnam, on 2 December 1964, with equipment needed to modify two C-47s. The first test aircraft (43-48579, a C-47B-5-DK mail courier converted to C-47D standard by removal of its superchargers) was ready by 11 December, the second by 15 December, and both were allocated to the 1st Air Commando Squadron for combat testing. The newly dubbed "FC-47" often operated under the radio call sign "Puff". Its primary mission involved protecting villages, hamlets, and personnel from mass attacks by VC guerrilla units.
Puff's first significant success occurred on the night of 23–24 December 1964. An FC-47 arrived over the Special Forces outpost at Tranh Yend in the Mekong Delta just 37 minutes after an air support request, fired 4,500 rounds of ammunition, and broke the Viet Cong attack. The FC-47 was then called to support a second outpost at Trung Hung, about 20 miles (32 km) away. The aircraft again blunted the VC attack and forced a retreat. Between 15 and 26 December, all the FC-47's 16 combat sorties were successful. On 8 February 1965, an FC-47 flying over the Bong Son area of Vietnam’s Central Highlands demonstrated its capabilities in the process of blunting a Viet Cong offensive. For over four hours, it fired 20,500 rounds into a Viet Cong hilltop position, killing an estimated 300 Viet Cong troops.
The early gunship trials were so successful, the second aircraft was returned to the United States early in 1965 to provide crew training. In July 1965, Headquarters USAF ordered TAC to establish an AC-47 squadron. By November 1965, a total of five aircraft were operating with the 4th Air Commando Squadron, activated in August as the first operational unit, and by the end of 1965, a total of 26 had been converted. Training Detachment 8, 1st Air Commando Wing, was subsequently established at Forbes AFB, Kansas. In Operation Big Shoot, the 4th ACS in Vietnam grew to 20 AC-47s (16 aircraft plus four reserves for attrition).
The 4th ACS deployed to Tan Son Nhut Air Base, Vietnam, on 14 November 1965. Now using the call sign "Spooky", each of its three 7.62 mm miniguns could selectively fire either 50 or 100 rounds per second. It can be seen in action here. Cruising in an overhead left-hand orbit at 120 knots air speed at an altitude of 3,000 feet (910 m), the gunship could put a bullet or glowing red tracer (every fifth round) bullet into every square yard of a football field-sized target in potentially less than 10 seconds. And, as long as its 45-flare and 24,000-round basic load of ammunition held out, it could do this intermittently while loitering over the target for hours.
In May 1966, the squadron moved north to Nha Trang Air Base to join the newly activated 14th Air Commando Wing. The 3rd Air Commando Squadron was activated at Nha Trang on 5 April 1968 as a second AC-47 squadron, with both squadrons redesignated as Special Operations Squadrons on 1 August 1968. Flights of both squadrons were stationed at bases throughout South Vietnam, and one flight of the 4th SOS served at Udorn Royal Thai Air Force Base with the 432nd Tactical Reconnaissance Wing. The superb work of the two AC-47 squadrons, each with 16 AC-47s flown by aircrews younger than the aircraft they flew, was undoubtedly a key contributor to the award of the Presidential Unit Citation to the 14th Air Commando Wing in June 1968.
One of the most publicized battles of the Vietnam War was the siege of Khe Sanh in early 1968, known as "Operation Niagara". More than 24,000 tactical and 2700 B-52 strikes dropped 110,000 tons of ordnance in attacks that averaged over 300 sorties per day. During the two and a half months of combat in that tiny area, fighters were in the air day and night. At night, AC-47 gunships kept up a constant chatter of fire against enemy troops. During darkness, AC-47 gunships provided illumination against enemy troops.
The AC-47D gunship should not be confused with a small number of C-47s which were fitted with electronic equipment in the 1950s. Prior to 1962, these aircraft were designated AC-47D. When a new designation system was adopted in 1962, these became EC-47Ds. The original gunships had been designated FC-47D by the United States Air Force, but with protests from fighter pilots, this designation was changed to AC-47D during 1965. Of the 53 aircraft converted to AC-47 configuration, 41 served in Vietnam and 19 were lost to all causes, 12 in combat. Combat reports indicate that no village or hamlet under Spooky Squadron protection was ever lost, and a plethora of reports from civilians and military personnel were made about AC-47s coming to the rescue and saving their lives.
As the United States began Project Gunship II and Project Gunship III, many of the remaining AC-47Ds were transferred to the Vietnam Air Force, the Royal Lao Air Force, and to Cambodia's Khmer Air Force, after Prince Norodom Sihanouk was deposed in a coup by General Lon Nol.
A1C John L. Levitow, an AC-47 loadmaster with the 3rd SOS, received the Medal of Honor for saving his aircraft, Spooky 71, from destruction on 24 February 1969 during a fire support mission at Long Binh. The aircraft was struck by an 82-mm mortar round that inflicted 3,500 shrapnel holes, wounding Levitow 40 times, but he used his body to jettison an armed magnesium flare, which ignited shortly after Levitow ejected it from the aircraft, allowing the AC-47 to return to base. #Phoenix
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