15. 塑胶、五金、电子零件公司
15. Plastic, Hardware, and Electronic Component Companies
网友：请教段总生产电子产品零件配件的公司（如塑胶、五金、电子零件）如何进行价值分析：该类公司都有几个特点：
Netizen: I would like to ask how companies that produce electronic product components, such as plastic, hardware, and electronic parts, conduct value analysis. These types of companies have several characteristics:
一是有大量的应收款，目前国内电子产品行业普通都是三个月（90天）的结款周期（当然少数独家供应，不能替代的品牌零件除外）。客户是类似NOKIA（诺基亚），三星、LG及国内品牌等终端品牌客户。电子行业是充分竞争的行业，一旦客户中倒下一个，都会造成大量的款项无法收回。想想几年前的夏新、波导的倒下，其大量的供应商一定很受伤。
Firstly, they have a large amount of receivables, and the current payment cycle for the domestic electronic product industry is generally three months (90 days) (except for a few exclusive suppliers and irreplaceable branded components). Customers are terminal brand customers such as Nokia, Samsung, LG, and domestic brands. The electronic industry is a highly competitive industry. Once one customer goes bankrupt, it will cause a large amount of uncollected payments. Think about the bankruptcy of Xaomi and Boda a few years ago, which must have hurt a lot of their suppliers.
二是公司业绩不稳定，易忽上忽下。当傍上像NOKIA、Apple这样的超级大客户，业绩会快速飙涨。一旦合作出现问题，业绩也会一落千丈。当然如能超级大客户前介入，则是巨大的机会。
Secondly, the company's performance is unstable and can fluctuate greatly. When a super-large customer like Nokia or Apple is added, the performance will quickly rise. Once there are problems in cooperation, the performance will also plummet. Of course, if you intervene before the super-large customer, it is a huge opportunity.
三是进入门槛比较低。基本很少有技术壁垒。
Thirdly, the entry threshold is relatively low. Basically, there are few technical barriers.
段永平：呵呵，你要是想忙一天的话，就请朋友来家里吃饭。
Duan Yongping: Hehe, if you want to be busy for a day, invite friends to have a meal at home.
你要是想忙一年的话，就装修你的房子。
If you want to be busy for a year, decorate your house.
你要是想忙一辈子的话，就多买几个这样的企业。（2011－01－05）
If you want to be busy for your whole life, buy more companies like this. (2011-01-05)
网友：你对恒生电子怎么看？
Netizen: What do you think of Hang Seng Electronics?
段永平：对不起，不知道这家公司。不过，一般来讲，大部分“电子公司”可能都不值得投资，因为生意模式一般都不会太好。（2019－09－09）
Duan Yongping: I'm sorry, I don't know this company. However, generally speaking, most "electronics companies" may not be worth investing in because their business model is usually not very good. (2019-09-09)
16. 高端，低端商业模式
16. High-end and Low-end Business Models
01. 网友：小米刚成立时说只做发烧手机，1年后做了青春版，现在又出了更低端的红米，不懂雷军想怎样，不看好！我看小米最值钱的也就是开发的一些软件。
01. Netizen: When Xiaomi was first established, they said they would only make high-end smartphones. But after one year, they released the Youth Edition, and now they have launched the even lower-end Redmi. I don't understand what Lei Jun is thinking, and I'm not optimistic about this! I think the most valuable aspect of Xiaomi is their software development.
段永平：低价是条最容易的路，也是一条最难的路。（2013－08－04）
Duan Yongping: Offering low prices is the easiest path, but also the most difficult one. (2013-08-04)
02. 网友：（从高端入手真是厉害）为什么说从高端入手真厉害？您能说说从高端市场入手比低端入手的道理及利弊吗？
02. Netizen: (Starting from the high-end is impressive) Why is it said that starting from the high-end is impressive? Can you explain the reasons and pros and cons of starting from the high-end market compared to starting from the low-end?
段永平：很少有人这样做，因为成功率太低。但如果成功的话，成本是最低的。（2013－07－02）
Duan Yongping: Few people do it because the success rate is very low. But if successful, the cost is the lowest. (2013-07-02)
段永平：我们一直算是高端机吧？这次只是进入智能手机而已。一般而言，我们只要有足够长的时间，国内好像都是算很厉害的那种吧。相信一段时间后国内买Android的人多数都会把OPPO作为选项之一的。（2011－07－14）
Duan Yongping: We have always be counted as high-end phones, right? This time, we are just entering the smartphone market. Generally speaking, as long as we have enough time, we seem to be quite formidable domestically. I believe that after some time, most people in China who buy Android phones will consider OPPO as one of their options. (2011-07-14)
03. 网友：请教一下学长现在对Android的前景怎么看呢？您觉得Android做高端有前途吗？另外您觉得苹果会不会着力占领廉价手机市场？这样做的话对他们好处多还是坏处多？
03. Netizen: I would like to ask how you currently view the future of Android? Do you think there is a future for Android in the high-end market? Also, do you think Apple will focus on occupying the low-cost smartphone market? In doing so, would it bring more benefits or disadvantages to them?
段永平：在相当长的时间里，Android的量依然会是最大的，不能说Android做高端如何，但某个品牌用Android做个很贵的手机出来是很可能的，会买的人当然要叫那个高端了。另外，在Android里也有高低端之分。
Duan Yongping: For a considerable period of time, the quantity of Android will still be the largest. We cannot say how Android will fare in the high-end market, but it is quite possible for a certain brand to release an expensive Android smartphone. Those who buy it will naturally consider it as a high-end device. Additionally, there is also a distinction between high-end and low-end within the Android market.
苹果大概永远都不会专门做所谓的廉价手机市场，对学弟提出这个问题感到有点意外，说明你对企业的理解已经和大众很接近了。苹果的策略一直都在那里摆着呢，做最好的产品，让前面的产品做入门级以及提高级的产品。大概三年内，当iPhone7出来的时候，iPhone5c就会变成入门级的产品，大概会卖到2000出头，那个时候会有点好看哈。
Apple will probably never specifically target the so-called low-cost smartphone market. I am a bit surprised that you asked this question, which indicates that your understanding of enterprises is already very close to the general public's. Apple's strategy has always been there, to make the best products and let previous products serve as entry-level or advanced products. In about three years, when iPhone 7 comes out, iPhone 5c will become an entry-level product and will probably be sold for around 2000 yuan. It will look quite appealing at that time.
另外，iPhone5s绝对是划时代的，不知道为什么那么多人会视而不见？我可以肯定的是，三星里很多人要开始“熬夜压力大了”。（2013－09－03）
Furthermore, iPhone 5s is definitely groundbreaking. I don't know why so many people are turning a blind eye to it. What I can say for sure is that many people in Samsung will start "feeling the pressure and staying up late". (2013-09-03)
04. 网友：哪位朋友能谈谈iWatch？
04. Netizen: Can someone talk about the iWatch?
段永平：那还是一个传说，从何谈起？不过，关于苹果的传说最搞笑的就是廉价iPhone。有了这个传说后，接着就有了苹果该不该这样做的讨论。其实不管认为苹果该不该卖廉价iPhone的人大概都是不太懂苹果的，因为苹果的文化里根本就不会有这个争论。（2013－02－15）
Duan Yongping: That is still a legend, where do we even begin? However, the most amusing rumor about Apple is the cheap iPhone. After this rumor surfaced, there were discussions about whether Apple should or should not do it. Actually, those who think Apple should or should not sell a cheap iPhone probably don't understand Apple, because such a debate doesn't exist in Apple's culture. (2013-02-15)
17. 联想
17. Lenovo
01. 网友：联想3年：如何走出阴影
01. Netizen: Lenovo's 3-year Plan: How to Emerge from the Shadows
在PC上的市场份额跃居至全球第二大的联想集团，如何走出行业领先者和技术变革的阴影，成为一家拥有未来的公司？中国最大的PC厂商联想集团距离自己的梦想似乎又近了一步，在过去3年的时间里，它的表现堪称神奇。这家吞下IBM PC业务立志成为全球性……
Lenovo Group, which has jumped to become the world's second-largest market share in PCs, how does it emerge from the shadows of industry leaders and technological change and become a company with a future?The largest PC manufacturer in China, Lenovo Group, seems to be one step closer to its dream. Its performance over the past three years can be described as miraculous. This company that acquired IBM's PC business aims to become a global...
段永平：这么长的文章好难看。靠低价得到的份额实际就是阴影本身，很难走出来的。看看诺基亚就明白了。（2012－02－19）
Duan Yongping: Such long article is hard to read. The market share obtained through low prices is actually the shadow itself, and it's very difficult to get out of it. Just look at Nokia, and you'll understand. (2012-02-19)
02. 网友：老段，BYD（比亚迪）的成本优势应属于护城河，而且是比较重要的护城河，你认为呢？
02. Netizen: Mr. Duan, BYD's cost advantage should be considered a moat, and a relatively important one. What do you think?
段永平：呵呵，还没见过成本优势可以成“护城河”的，很少有企业能长期维持低成本的，制造业好像没见过。而且靠自己产品卖低价的企业就很难有长久的，至少我没见过。这是我的观点，和BYD无关。（2010－05－24）
Duan Yongping: Hehe, I have never seen a cost advantage become a "moat." Very few companies can maintain low costs in the long term, I haven't seen any in the manufacturing industry. And companies that rely on selling their products at low prices will find it very difficult to sustain themselves in the long run, at least I haven't seen any. This is my view, and it has nothing to do with BYD. (2010-05-24)
03. 引用：惠普首季PC出货反超苹果 夺回霸主地位
03. Quote: HP's First Quarter PC Shipments Surpass Apple, Regaining Dominant Position
据市场调研公司Canays周二发布的报告显示，惠普公司今年第一季度的PC出货量反超苹果，重新夺回市场霸主的地位。Canays的统计是将平板电脑计入了PC的出货量，而iPad（平板电脑）去年第四季度的出货量达到创记录的1500万台，使得苹果当季超越惠普，成为……
According to a report released by market research firm Canays on Tuesday, HP's PC shipments in the first quarter of this year surpassed Apple, reclaiming the dominant position in the market. Canays' statistics include tablet computers in PC shipments, and the iPad's shipments in the fourth quarter of last year reached a record-breaking 15 million units, enabling Apple to surpass HP for the quarter...
段永平：呵呵，当个不那么赚钱的霸主味道不太好哦。（2012－05－10）
Duan Yongping: Hehe, being a dominant player that doesn't make much money doesn't feel too good. (2012-05-10)
04. 惠普TouchPad（平板电脑）平板市场占有率第二三星排第三
04. HP TouchPad Ranks Second in Tablet Market Share, Samsung Ranks Third
iPad（平板电脑）之外各大平板电脑市场份额，其他平板电脑的市场占有率情况，而排位第一的居然是即将绝版的惠普TouchPad。尽管平板电脑已经成为了众多PC企业……
In addition to the iPad, the market share of various other tablet computers, and surprisingly, the soon-to-be-discontinued HP TouchPad ranks first. Although tablet computers have become the choice of many PC enterprises...
段永平：这是对市场占有率含义的最好解释的案例——除了iPad以外，占有率最高的亏得最多。很高兴我们的pad没敢推，理性面对现实的勇气有时候还是会有回报的。（2011－11－24）
Duan Yongping: This is the best example explaining the meaning of market share—apart from the iPad, the highest market share means the biggest loss. I'm glad we didn't dare to roll out our pad; sometimes, facing reality with rationality sometimes does bring rewards. (2011-11-24)
ps：“低价是条最容易的路，也是一条最难的路”，“靠低价得到的份额实际就是阴影本身，很难走出来的”。