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fast technology reported on september 14 that according to media reports, at the 2024 tsinghua pbc global finance talent forum,cai jianhui, deputy chairman of the management accounting professional committee of the chinese accounting society and director of the teaching and research center of xiamen national accounting institute, pointed out that although apple's average r&d expenditure rate in the past 10 years was much lower than that of huawei, its profit was 7.8 times that of huawei.

cai jianhui said: "the biggest gap between huawei, samsung and apple is not in brand, nor in technology, but in period costs."

apple's period expense rate has remained between 11% and 14% over the past five years, while huawei's period expenses accounted for as much as 40% of its revenue in 2023, a difference of nearly 30%, which is the main source of the profit gap between apple and huawei.

there are three main reasons why apple's period expense rate is low: the first is outsourcing, which means that apple does not need to buy land or build factories, thus demonstrating its light asset characteristics.

the second is purchasing on behalf of others. apple's electronic components are also purchased by oem companies. apple has achieved a very high level of management, namely zero inventory, and the inventory ratio does not exceed 1.5%.

the third is odm. apple's r&d scale is relatively small, but it will choose to outsource r&d. cai jianhui believes that the strength of apple's products lies in its independent r&d of core technologies and outsourced r&d of peripheral technologies, while the missing technologies are supplemented through mergers and acquisitions.

cai jianhui pointed out that apple's r&d expense ratio was 5.53% in 2023, and its average r&d expense ratio in the past 10 years was far behind huawei. if the product added value is measured by sales gross profit margin, huawei, not apple, has the highest product added value.