In May 92, Konka Electronics published its annual report. Last year's revenue exceeded 15 billion yuan, and the net profit after tax exceeded 3 billion yuan, while the company announced a cash dividend of 1.5 billion yuan (before tax).

At the same time, not long after the annual report was released, the quarterly report for the first quarter of 92 was released, and the revenue in the first quarter reached 4.3 billion yuan, and the profit in a single quarter reached 800 million yuan. Since its listing, it has been five consecutive quarters of profits, all of which have been growing year-on-year and quarter-on-quarter.

After being stimulated, Konka Electronics' stock price can only be said to have soared all the way.

Originally, when Konka Electronics was listed, it had a market value of 12.5 billion yuan and was disgusted by market investors. Because, as far as speculators are concerned, large companies have big plates, and it is difficult to speculate, so they naturally hate this kind of enterprise. At the same time, the A-share market has not yet formed a value investment atmosphere based on corporate fundamentals.

Well, strictly speaking, there is no value investing atmosphere in the world. In any country, the real value investors account for no more than 5% of investors. It is precisely because value investing is rare that everyone wants to prove that they can achieve more returns than buying, holding and sharing the long-term operation of the company. Though...... In the long run, these gamblers who think they are smart often lose badly, and there are few gamblers who can outperform the index for a long time. Not to mention, outperform the best companies that outperform the index.

The so-called, the bottom is smashed out by fools. Last year, Konka was listed with a market value of 12.5 billion, and the price-earnings ratio was already about 10 times. However, the market actually sold frantically, resulting in a new low for new stock listings, with the lowest share price of only more than 3 yuan, the lowest market value of 4 billion yuan, and the lowest price-earnings ratio close to 3 times the price-earnings ratio.

And then...... Well, it took more than a year just to prove that those people were stupid. Konka Electronics Co., Ltd., with the support of the new entrepreneurship department, TV sets and monitors are flying together, and revenue and profits continue to grow. The profit in the early years of listing was only more than 1 billion. Now, the annual net profit has exceeded 3 billion!

Since the stock price was only more than 3 yuan, it has been rising for more than a year. In January '92, it was back above $10 per share. With the release of last year's annual report and the first quarter of this year, the stock price has soared, 15 yuan, 20 yuan, 25 yuan, 30 yuan, 40 yuan...... All the way to a new high!

By mid-May, the stock price had stabilized at more than 40 yuan, and the market value had broken through the 50 billion mark.

The current general manager of Konka Electronics is not the general manager sent by OCT, but because Lin Qi has more equity, Lin Qi made Lin Zhongqiao of Ganghua Electronics the general manager.

Known as Hong Kong's TV king in the 80s, Lam was once the largest TV manufacturer in Asia after Japanese TV brands. However, in history, Lin Zhongqiao converted the production line into equity and included it in Konka's equity, and after Konka was listed, Ganghua continued to sell Konka's equity and withdrew from the TV manufacturing industry. After that, although Towngas still did some electronics industry, it was not a climate.

At the same time, because the major shareholder of Konka Electronics is in the real estate business, Konka Electronics is not in harmony with Konka's manufacturing positioning, and it is often the major shareholder who buys Konka's factory to build buildings for development. The focus was not on the manufacturing industry, which led to Konka even falling off the altar for a time, similar to Changhong, from a first-tier giant to a second- and third-tier brand.

However, now Konka is a subsidiary of the new entrepreneurship department, and although OCT has a bit of equity, it does not occupy a dominant position. Therefore, Konka's planning has always been to invest in technology and production. At present, Konka Electronics' business is getting stronger and stronger. The TV, monitor and other businesses can already compete with the first-line brands in Japan. In the domestic market, Japanese manufacturers have basically been squeezed out, and in the international market, Japan's market share is gradually regressing, but South Korea's Samsung, LG and other companies are constantly grabbing international market share.

But Konka is not cowardly, and the international market has grown from scratch, fighting little by little. TVs and monitors are constantly staring at the pressure of Japanese, South Korean, European and American brands, growing against the trend.

Because, the continuous market-oriented struggle has trained an iron army, and when it comes to that country, it will formulate strategies according to local conditions.

"Boss, I heard that you knocked on the new business newsletter before, and I was so scared that I thought you were beating me. After Lin Zhongqiao arrived at Lin Qi's Konka Electronics headquarters, he diligently made tea and said.

"Brother Lin Zhongqiao is a veteran of the mall, so he doesn't need me to knock him. In addition, in terms of TVs and monitors, although technical investment is still necessary, but more importantly, sales and branding, I think Konka is doing very well now. Lin Qi smiled, "Of course, technology also has to be invested." In particular, the choice of technical routes. ”

"The choice of technical route?" Lin Zhongqiao muttered.

In fact, before technology encounters disruptive innovation, it mainly relies on cost, brand, sales, and so on to gain an advantage. However, once they encounter a critical period, when the old technology is outdated and the new technology has a different technical route, many enterprises are very difficult! Because if they make the wrong choice, they will seriously fall behind and will cause huge investment losses.

When CRT display technology encountered a bottleneck before, Lin Qi made a decision, and the monitors and TV panels of the new entrepreneurial department chose plasma technology.

The main reason for choosing plasma is that the threshold for upgrading CRT to plasma is low. At the same time, the resolution, color saturation, contrast and other key indicators of plasma have been significantly improved compared with CRT.

But...... History has shown that in a few years, plasma technology will start to hit the same bottleneck as CRT. After the 21st century, major mainstream TV and display manufacturers have basically abandoned plasma and chosen liquid crystal display technology.

In the future, the plasma camp will be completely defeated, and the main factor is that plasma technology will gradually be inferior to liquid crystal when it reaches the resolution of 1080P. When liquid crystal display began to develop towards higher resolution such as 2K and 4K, plasma stopped at the resolution of about 1080P, and failed to keep up with the technological development speed of liquid crystal for a long time.

At the same time, the weight and volume of plasma are very bulky, and it is difficult to apply them to laptops, mobile phones, handhelds and other terminals, further widening the gap between the two.

Therefore, the problem discussed between Lin Qi and Lin Zhongqiao this time is that the next Konka Electronics should not blindly expand production capacity and market share in the plasma TV and display business. It is sufficient to maintain the current production capacity and share. At the same time, there are some 1080P high-end plasma TVs and monitors.

But this is just a smoke bomb, and the next thing Konka Electronics has to do is to challenge and adjust the product line. The old product line can make money and continue to produce, not scale.

At the same time, the screen of a laptop with a 720P resolution was used as an entry point to gradually lay out the LCD display. After the LCD business gradually matures, a large number of R&D teams have been cultivated, and product research and development has also matured, and then further focus on LCD TVs and LCD computer monitors.

"Boss, do you think that liquid crystal will definitely become the mainstream?" Lin Zhongqiao said in surprise.

"That's right!" Lin Qi nodded, "In the laboratory, liquid crystal display has made a lot of breakthroughs, and the future technological development and breakthroughs are clearly visible." Investing the same resources in the field of liquid crystal display, the technology upgrade and the experience of improving the product are more than plasma. Therefore, even if we now have an absolute advantage in plasma, we cannot be confused by the immediate interests and make a wrong judgment!"

"But what if there is a breakthrough in plasma technology in the future?" Lin Zhongqiao asked.

"Quite simply, we all keep investing. It's just that more investment in liquid crystal display technology is there, and plasma is currently not left behind, tracking the development of international counterparts, and maintaining the first-line echelon. Lin Qi said indifferently, "Small enterprises will consider which technical route to choose." In large enterprises, even if we identify a new direction, we still maintain investment in the old direction to avoid making mistakes! That road has to be taken, and even if it is the wrong route, it is still possible to cultivate some R&D talents. ”

Lin Zhongqiao was silent for a long time, and then he understood Lin Qi's strategic height.

It seems that Lin Qi is gambling on the technical route, but even if Lin Qi recognizes a technical route, he is still willing to continue to invest in the old route. Go through all the routes and avoid stepping into the air, which is the real pattern of industrial layout.

The layout of an industry is to invest in the industry as countless possibilities. Even if you are optimistic about one possibility, you will only prioritize investing more resources, and do not negate other possibilities.

Of course, this can only be done by big business, or even a big country.

The choice of technical route at the enterprise level is only the choice of a few technical routes. At the national level, small countries, medium-sized countries and large countries are quite different.

Small countries only do a few industries, a few technologies, and it is enough to have a very small number of advantages. In terms of industrial division of labor, 10,000 industries, a small country only has an advantage in a dozen industries, which is enough.

Slightly larger, middle-level countries, such as those in Europe, can have an advantage in one-tenth of the industry, and it is impossible, and there is no manpower and capital to do all the industry. As a result, these countries can only rely on the international division of labor.

If there are 10,000 major sub-industries in a real big country, basically, they will invest resources to do it. In more than half of the industries, it is necessary to occupy an advantage or the first echelon. But this is mainly because of the large countries like China and the United States later, which have the population and capital to have more advantageous industries.

The pattern of small countries, I will only do a few. For the sake of national security, for the sake of the rise, and for the prosperity of the people, I must make all industries the same as those of developed countries. In other words, even if subjectively, if you just want to do a good job and live a good life on your own, and there is no interference and attack on other countries, it will inevitably become a crusher for developed countries. The so-called pulverizer in developed countries is the original high-tech and high-profit industry, China's large-scale manufacturing and production, and making it into a cabbage price, is to crush the happy dream of some small and medium-sized developed countries that easily rely on a few advantageous enterprises and industries to make money, so that they can face the real cruel market economy competition.

Therefore, after the national pattern is large to a certain extent, no one will believe that if you want to pretend to be a harmless white rabbit. Because, as long as you rise, as long as you want to live a good life, you are a threat to others. It is precisely for this reason that a country with a large size, when it develops to a certain extent, must implement hegemony.

Just like before the United States became the hegemon, it just wanted to do business. However, it was later found that the international community was constantly hitting a wall and encountering various invisible barriers. After World War I and World War II, the United States realized that it is not possible to be a good person, but to be a hegemonic country in order to gain the corresponding right to speak and international status. Since then, the style of painting in the United States has gradually changed from a cowboy who cries "Europeans bully me" all day long to Uncle Sam with a carrot in one hand and a stick in the other.

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