Handset maker Coolpad Group Ltd. (02369.HK) aims to sail past Lenovo Group Ltd. (00992.HK) to be second in smartphone shipments in China and in the top five worldwide this year, according to top management.
The company ranks third in China and seventh globally in smartphone shipments.
“We expect to see overseas sales account for 30 percent in five years and take up half of our revenue in 10 years,” Coolpad vice president and chief financial officer Jiang Chao told EJ Insight Friday. Overseas sales are now just 3 percent of the company’s income.
“We will focus on expanding our coverage in the United States, Europe and India, and plan to enter new markets including Russia, Indonesia and other parts of Southeast Asia. Coolpad already has a presence in Britain, France, Germany, Greece and Taiwan.
The company is confident of meeting its target of shipping 60 million smartphones this year.
“We expect to see slower 3G smartphone shipment growth before 4G is launched this year … We will focus on selling 4G handsets in the second half and it will take up 30 percent of our total target shipments,” Jiang said.
Of total shipments this year, 75 percent will be products priced below 1,000 yuan (US$162), 5 percent will be high-end and the rest will be mid-range. The company will launch cheaper handsets this year, with products priced as low as 799 yuan.
Coolpad will launch about 60 handset models this year, 70 percent of them for 4G. The company also plans to have 300 million yuan to 500 million yuan in capital expenditure for the period.
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