当前，全球智能手机市场已进入存量创新阶段，多摄像头、3D 摄像头、屏 下指纹识别、折叠屏等多种新元素陆续出现在各手机厂商最新发布的旗舰机型 上，智能手机市场增长的主要驱动力已从手机出货量的增加逐步转向单机价值量 的提升。欧菲光深耕光学光电领域近 20 年，凭借着雄厚的技术积累、先进的产 品设计能力、创新驱动的管理模式，通过整合垂直一体化产业链高速发展，成为 全价值链中值得客户信赖的伙伴。公司主营业务包括微摄像头模组、触摸屏及触 控显示全贴合模组、指纹识别模组和智能汽车电子产品与服务。 本文在借鉴国内外竞争战略、会计政策和财务分析等理论研究和实践探索成 果的基础上，以欧菲光为研究案例，运用哈佛分析框架法，以战略为起点，分析 了欧菲光经营的宏观、欧亿·体育（中国）有限公司和公司内部环境，从会计政策识别与评值、信息披露 质量评价等方面对其进行了会计分析，从盈利能力、营运能力、偿债能力、发展 能力等方面揭示了其财务竞争能力和管理水平，进而对欧菲光现存经营问题有针 对性地提出完善策略。主要结论有：（1）在智能手机欧亿·体育（中国）有限公司进入存量市场、欧亿·体育（中国）有限公司 竞争加剧环境下，欧菲光选择集中资源重点发展光学领域，向上游材料和元器件 延伸，并加入软件算法的整合，以高端产品打开市场增长空间，构建欧亿·体育（中国）有限公司技术壁 垒，保证公司的综合竞争力，稳固公司的欧亿·体育（中国）有限公司龙头地位；（2）一方面，“一带 一路”、中国制造 2025 战略布局，以及坚持创新驱动、质量为先、绿色发展、 结构优化、人才为本的政策导向，为欧菲光发展创造了良好的发展环境。另一方 面，当前欧亿·体育（中国）有限公司市场已进入存量创新阶段，欧亿·体育（中国）有限公司集中度持续提升，欧菲光也面临行 业内企业间相互竞争、潜在进入者和替代品的威胁与挑战，以及产品服务议价能 力减弱和经营绩效提升放缓的压力；（3）固定资产折旧年限及折旧方法、应收 账款及坏账计提方法、存货等是欧菲光的关键会计政策。欧菲光能够依法依规充 分进行信息披露；在会计政策选择上偏向能提升当期业绩的会计政策；在应收账 款的坏账计提上占比较高，而存货的前期计提相对不充分；（4）近三年欧菲光 的盈利能力有所下降，营运能力等有弱化迹象但总体平稳，偿债风险较大，发展 动能受欧亿·体育（中国）有限公司不景气影响有所弱化。其中，欧菲光营业利润率的提高是其财务竞争 力提升的主要着力点；（5）欧菲光提升企业核心竞争力，实现公司美好蓝图和 前景应着力做好专注核心战略，发挥集团效应；持续加大研发，提高欧亿·体育（中国）有限公司壁垒； 完善管理制度，控制生产成本；加强生产管理，强化过程控制；优化融资渠道， 规避财务风险；巩固既有优势，提高核心价值等方面工作。II 关键词：欧菲光；哈佛分析框架；经营环境；竞争力；对策III Abstract At present, the global smartphone market has entered the stage of stock innovation. Many new elements, such as multi-camera, 3D camera, off-screen fingerprint identification, folding screen and so on, have successively appeared on the latest flagship models released by various cellphone manufacturers. The main driving force for the growth of smartphone market has gradually shifted from the increase of the quantity of cellphone to the increase of the value of per cellphone. O-film, deeply engaged in the field of optical photoelectricity for nearly 20 years, with the huge accumulation of technology, the design ability of advanced product and the innovated management mode, has become a reliable partner in the whole value chain by rapid development based on integrating vertical integrative industrial chain. The company's main business includes micro camera module, touch screen and touch display full fit module, fingerprint identification module and intelligent automobile electronic products and services. Based on the theoretical research and practical explorations from competition strategy at home and abroad, accounting policy and financial analysis, this paper analyzes O-film’s macro, industrial and internal environment by using the Harvard analysis framework and the strategy as a starting point. And this paper makes accounting analysis of O-film from the aspects of accounting policy identification and evaluation, evaluation of information disclosure quality and so on. From the profitability, operation ability, debt paying ability and development ability, this paper reveals its financial competitiveness and management level, and then puts forward improvement strategies for the existing operation problems of O-film. The main conclusions are: (1) In the environment of smartphone industry entering stock market and intensified industry competition, O-film chose to focus on the optical field by concentrating various resources. It ensures the company's comprehensive competitiveness and stabilizes the company's leading position in the industry through extending to the upstream materials and components, joining the integration of software algorithms, opening up market growth space with high-end products, and building industry technical barriers; (2) O-film is facing opportunities and challenges. On the one hand, the domestic environment, such as “one belt, one road” policy, Chinese 2025 strategic layout and the policy adheres to innovationIV driven, green development, quality priority and structural optimization in the industry, creates a favorable environment for O-film. One the other hand, at present, with the industry entering the stage of stock innovation, and the industry’ concentration continues to improve, O-film also faces threats and challenges of competition, potential entrants and substitutes, as well as the pressure of weakening the bargaining power of products and services and slowing down the improvement of business performance; (3)The depreciation period and method of fixed assets, the method of withdrawing accounts receivable and bad debts, and the inventory are the key accounting policies of O-film. O-film can fully disclose information in accordance with laws and regulations; it prefers accounting policies that can improve current performance and accounts for a relatively high proportion in bad debt provision of accounts receivable, while the early provision of inventory is relatively inadequate; (4) In the past three years, O-film has declined its profitability, weakened its operation ability but it is generally stable. Although O-film with high debt repayment risk, its development momentum has been weakened by the impact of the industry downturn. Among them, the improvement of O-film’s operating profit margin is the main focus of its financial competitiveness; (5) In order to enhance the core competitiveness of the company and realize the company's bright blueprint and prospect, O-film should make some actions. Firstly, focus on the strategy and give full play to the group effect. Secondly, continue to increase R & D and improve industry barriers. Thirdly, improve management system and control production cost. Fourthly, strengthen production management and process control. Fifthly, optimize financing channels and avoid financial risks. Sixthly, consolidate existing advantages and improve the core values. Key words :O-film; Harvard analysis framework; business environment; competitiveness; strategyV 目 录 摘要····I Abstract················III 目 录····V 第 1 章 绪论·············· 1 1.1 研究背景与意义················· 1 1.1.1 研究背景1 1.1.2 研究意义1 1.2 研究综述········ 2 1.2.1 国外研究综述············3 1.2.2 国内研究综述············4 1.2.3 文献述评7 1.3 研究内容········ 8 1.4 研究方法········ 8 1.5 研究创新········ 9 第 2 章 哈佛框架财务分析的基本理论··············· 10 2.1 战略分析·······10 2.2 会计分析·······11 2.3 财务分析·······11 2.4 前景分析·······12 第 3 章 基于经营环境的欧菲光战略分析············ 13 3.1 欧菲光概况····13 3.2 欧菲光经营的基本情况分析·15 3.3 欧菲光经营的宏观环境分析·20 3.4 欧菲光经营的欧亿·体育（中国）有限公司环境分析·21 3.4.1 欧亿·体育（中国）有限公司发展特征分析···· 21 3.4.2 现存企业间竞争······· 24 3.4.3 潜在进入者威胁······· 26 3.4.4 替代品威胁··············26 3.4.5 购买方议价能力······· 26 3.4.6 供应商议价能力······· 26 3.5 欧菲光经营的内部环境分析·27 3.5.1 欧菲光经营发展战略· 27 3.5.2 欧菲光同行标杆企业选择············· 27 第 4 章 基于会计政策的欧菲光会计分析············ 28 4.1 会计政策识别·28 4.2 会计政策评估·29 4.2.1 固定资产折旧政策···· 29 4.2.2 存货相关会计政策···· 3