Zhang Shaojie nodded and said, "In this matter, make preparations with both hands." First-hand preparation, we urged the political axe, provided us with relevant technical personnel, and set up our TFT-LCD R&D team as soon as possible. Key technologies should keep up with the research and development progress of other countries in the world as soon as possible. Upstream materials should also be gradually produced independently, and be prepared for ten or eight years of technical research! The second preparation was the introduction of a production line from Toshiba. Of course, it is best to negotiate with upstream material companies and use orders to attract companies such as Asahi Glass and Sumitomo Chemical to China to produce supporting raw materials for us. The industrial chain is gradually formed, and we have the opportunity to absorb and learn their technology! When we can produce the supporting raw materials, their use value will be gone!"

"Boss, are you serious about the TFT-LCD panel?"

"Of course, in the future, TFT-LCD will not only be able to become the mainstream display of notebook computers. For other CRT TVs and desktop displays, the potential for technical exploitation has almost been exhausted. The display effect of the LCD panel will eventually completely surpass the CRT, and it is only a matter of time before it replaces the position of the CRT CRT picture tube company! Zhang Shaojie smiled indifferently, "If you don't lay out earlier, you will have to taste the taste of being beaten if you fall behind in the future?" ”

"Replace CRT?" Chen Xunzhen gasped.

In the 80s, the CRT TV set, as well as the market for monitors, has reached more than 1 billion units per year, and the entire market size is 100 billion dollars!

How amazing will the market prospect be for the technology that can replace CRT?

The purpose of Longteng Technology Co., Ltd. is actually for TFT-LCD panels! As for low-end manufacturing industries with very low technology content such as PCs and laptops, Zhang Shaojie is not eye-catching at all.

However, the TFT-LCD industry, with its high investment, high-tech content, and low return industry, made Zhang Shaojie have to find a way to let Longteng Company get some money-making projects first, so as to raise this really high-tech TFT-LCD industry, but it is a loss-making TFT-LCD industry.

Of course, PCs, laptops and other products can be installed with TFT-LCD displays. If the development is good, it is equivalent to finding a stable market for TFT-LCD panels

In the company, I saw the laptop production line, which has entered the stage of saturated production. On average, more than 1,500 computers are produced per day.

At least half of the products in this are labeled with the "Dragon Teng brand"!

The Longteng brand laptop, compared with the Compaq brand, is much lighter, and the surname can not be inferior.

The ordinary workers of the company also said disdainfully: "What kind of thing is Compaq, our Longteng brand computer is much better than them!" ”

"Yes, if our Longteng brand computers can be sold to the United States, Compaq is estimated to have to stop cooking!"

"Low-key, the above has already been tested, our technology is too strong, and American silver is jealous, so we will consider focusing on the Asian market for the time being!"

Zhang Shaojie heard the pride of many workers, and just smiled indifferently, Longteng brand computers, CPU Intel, display screens are Toshiba, and other hardware are basically imported from overseas. How can you start with strong technology?

An assembly plant, for Zhang Shaojie, this does not mean much at all

If you want to have a voice, you have to work hard to be the setter of technical standards!

For example, Xiaobawang Company has set its own standards and has become the most profitable enterprise in the home game industry. This is Zhang Shaojie's proud work.

If in the future, Longteng Technology will succeed in the TFT-LCD project, Toshiba's first-generation production line is nothing.

The company is in the LCD panel industry and has strong technical strength. However, in terms of market share, the scum is not as good. The pattern of the LCD panel industry in later generations is basically 50% of the market share of Korean enterprises, 30% of the market share of Taiwanese enterprises, and less than 10% of the market share of enterprises.

Of course, on the surface, the company does not have a high market share in the LCD panel market, but the core glass substrate, liquid crystal raw materials and other markets are in a dominant market position.

In fact, this is also related to the choice of enterprises. In the 80s, the company did not occupy a market advantage in TV assembly, so it sold TV assembly production lines to China, South Korea, Taiwan, and Southeast Asian countries. However, the company has made great profits with upstream core components such as CRT picture tubes.

After the 90s, after the company did not have an advantage in the production of the LCD industry, the market competition did not have an advantage, so it focused on the production of core raw materials.

Later, whether it is South Korea, Taiwan, Chinese mainland and other important production areas of the new and old LCD industry, there will be liquid crystal upstream raw material factories opened by me. It can be seen that the influence of this in the LCD industry is not as insignificant as it seems.

It is precisely for this reason that Zhang Shaojie knows that no matter how strong your design ability is and how many core patents you have, the raw materials cannot be self-sufficient and are still controlled by others.

Therefore, Zhang Shaojie's ambition is stronger than that of most LCD industry companies later - the upstream and downstream of the entire industrial chain must have technical competitiveness!

—————————— in Shenzhen, he explained the development direction of Longteng Technology Company, and Zhang Shaojie returned to Hong Kong.

As soon as he returned to Hong Kong, a bunch of good news came to the private financial institution "Shaojie Fund" set up by Zhang Shaojie - the fund made a profit of more than HK$1 billion in the first half of the year! Among them, half belong to the dividends of blue chips such as Hutchison Whampoa, HSBC and so on!

The stock market crash that began in 81 only affected the market value of the stock, but did not affect its own value. Even in the stock market crash, many excellent companies, the stock price is plummeting, but the company's profitability and asset value continue to increase.

Although at the end of '83, after the implementation of the linked exchange rate system in Hong Kong, the Hong Kong dollar exchange rate crisis was temporarily lifted, so that the market in Hong Kong gradually stabilized.

However, the financial industry is still in fear.

Even if Li Ka-shing's Hutchison Whampoa announced a dividend of HK$4 per share, it stimulated a large amount of capital to interest in Hutchison. However, the stock market itself remains dead.

In 84, Jardine Matheson announced that it would move its headquarters to the tax haven of Bermuda. It can be seen that the consortium led by British capital in Hong Kong has lost confidence in the future of Hong Kong.

However, for Zhang Shaojie, now is a golden opportunity everywhere.

For example, according to the annual report data in the first half of this year, due to the stabilization and rebound of real estate prices, the assets of real estate companies have rapidly expanded several times. Of the HK$2 billion in dividends distributed by Hutchison Whampoa, HK$400 million went to Cheung Siu-kit's Dragon Fund.

After Hutchison paid a dividend of 2 billion yuan, the net assets of the entire company still exceeded 3 billion Hong Kong dollars, with an average net asset of 6 yuan per share. However, the stock price per share is only more than 2 yuan.

For this kind of cheap stocks, Zhang Shaojie can salivate, this is the real value investment!

Value investing, in fact, is also divided into many categories. The most primitive value investment is static analysis. Based on the net assets that the company already has. The value of falling below the net assets, the value of the stock price higher than the net assets. Generally, when the stock price is less than 50% of the net assets, you will consider buying. This kind of static analysis never considers the future of the company, only considers the immediate valuation and value, and has low technical content and low risk. In the first half of the 20th century, this kind of static, absolute value investing was certainly profitable. However, in the 80s, when this method was still used, it was impossible to pick any stocks that met the criteria for static value investing.

Historically, since the 30s of the 20th century, the world stock market has been in a series of crashes. Graham, the master of value investing, initially chose the goal of "trying to buy when the stock price falls to 50% of net assets, and when the stock price falls to 25% of net assets, you can also buy it, and work hard until the economy recovers, and everyone can earn several times, or even dozens of times the windfall profits." ”

Graham's stock selection is an absolute value investment, and the limitations of the times are extremely strong. After the 60s, following Graham's way of looking for stocks, there were no cheap stocks in the world that met the requirements.

Therefore, Graham's heirs, Warren Buffett and others, had to start measuring the value of stocks by the company's future development. This "dynamic value investing" that bets on a company's future is more technical and risky than Graham's "static value investing" approach.

Zhang Shaojie thanks for the stock market crash! The stock price allows him to buy shares at the same standard of static value investing!

Last year, he bought 20% of the total share capital of Hutchison Whampoa stocks, worth HK$3 worth of net assets, for more than 1 yuan, which is equivalent to buying shares cheaply at 50% of the net asset price.

What is surprising is that by 84 years, Hutchison's net assets per share once reached 10 Hong Kong dollars. Even if the dividend of 4 Hong Kong dollars is divided, the remaining net assets still reach 6 Hong Kong dollars!

However, the net worth has reached such a terrifying level, and the stock price is actually only more than 2 yuan, which is equivalent to about 40% of the net worth.

Whether it is measured by Graham's net worth per share, or Warren Buffett's measured by the company's future growth and earning power, Hutchison Whampoa is a perverted bull stock!

"Boss, you're simply the best stock speculator in history!" Chen Shaohe praised from the bottom of his heart.

"Low-key, this is standing on the shoulders of giants, you know, I already believe in value investing!" Zhang Shaojie was holding a copy of Graham's "Securities Analysis", with a proud face of my value investment.

(To be continued)