Chapter 164 [The art of the chip is the ultimate praise for capital (21/73)]
As time passed, the conference call entered the question-and-answer session. The first analyst from Dongcai Securities queued up to ask: "I would like to ask about the company's layout in the field of cloud computing. Did the company miss out on entering the market now?"
We also invested in a start-up company called 'Wei C Cloud', and we found that the team is composed of freshly graduated college students. Is cloud computing a bit rash?"
Lu Ming: "Cloud computing is an important investment track for the company. Tiansheng is late. I was born late, so it makes no sense. Tiansheng will be late but will not be absent."
Participants in the conference call with branches in various places couldn't help laughing when they heard this. This is really a flaw. Tiansheng Capital has only been established for more than a year, and Lu Ming is only 24 years old. He can be called a genius boy in the financial world.
The kind that comes out of nowhere.
Lu Ming continued: "Cloud computing is a big field. In the future 5G communication era, the service boundaries of cloud computing will be further expanded. It will also comprehensively promote the application of technologies such as big data and artificial intelligence, and upgrade the industrial structure.
Judging from the overall background, cloud computing will fully penetrate into traditional industrial fields, further promote the transformation of the Internet from reality to reality, and empower the development of traditional industries. How can Tiansheng be absent? Being born late, we can only increase our efforts to catch up. Wei C
Cloud is the first investment in cloud computing but it will definitely not be the last."
"Let's talk about Vitamin C Cloud. The company has just been established and is not very famous. However, it is small and beautiful, specialized and refined. It is the king of niche fields. The company's research revealed the advantages of this team. Its research efficiency is high and the decision-making chain is short.
, this team has a profound insight into the emerging consumption of the Internet, this 20 million is well worth the investment, and it is worth trial and error."
…
The second investor who asked the question was a retail investor: "Good afternoon, Mr. Lu, I want to know about the Tiansheng Fund, the latest closed fund released by the affiliated fund company, the fund manager of Tiansheng Flexible Allocation Group D, I
I found that Manager Zhang’s performance ranking before joining Tiansheng Fund was at the bottom, the fund he managed was once struggling to be liquidated, the size of the fund he managed was also small, and he even stepped on a thunderstorm..."
Upon hearing this, many institutional analysts and other retail investors who attended the meeting laughed out loud in the real world outside the network line. The good financial report meeting suddenly became joyful.
This wave of killing operations is a bit cruel. This is the rhythm of Manager Zhang being publicly executed. When I look back at the minutes of the conference call, I think people will be angry. I never expected to become famous in this way.
After a while, Lu Ming couldn't help but smile and said: "There is no doubt that Manager Zhang is an excellent fund manager. He sticks to his philosophy and is long-term. The return of value will only be late but never absent. After experiencing ghosts and ups and downs, and being baptized by wind and rain, he understands better.
Steady and long-term progress. Have you subscribed for this fund? Don’t panic, I have a brother here, so you can sleep peacefully."
When a group of institutional analysts attending the meeting heard Lu Ming's confident and somewhat bohemian response, they rolled their eyes wildly and cursed wildly, expressing admiration for his glossing over his words.
His performance before joining the company was not good, and he lost money from investors. He said that he was adhering to the concept, long-termism, value return, and what other things had gone through ghosts and twists and turns, and was baptized by wind and rain. It was nonsense. He said that he had stepped on the dark history of thunder.
It's so fresh and refined.
In fact, institutional investors are also a little confused. It is not that there are no fund managers with excellent domestic performance, and Tiansheng Capital is not without money. Why should such a fund manager with a dark history of stepping into the thunder be hired to manage a plate?
A closed fund worth over RMB 2 billion?
If it weren't for Tiansheng's flexible allocation and the "first brother" as an investment consultant as a ballast, not many investors would buy it, and it would be impossible to quickly oversubscribe and be sold out.
…
The third investor who asked the question was an analyst from a major LP institution from Tiansheng Capital: "The company has invested heavily in the semiconductor industry in the primary market, including Will Share, Huiding Technology, Trillion Innovation, etc., can it have an impact on the integrated circuit industry?"
Can you give us a detailed outlook on Tiansheng Capital?”
Lu Ming said with a joking tone: "There is a joke circulating in the market, saying that a company doing chip research and development can drive the stock price to take off, but Gerry Electric said it was going to make chips, but the stock price fell sharply. The reason is that others just said it and it was not true.
But Sister Dong really wants to make chips."
This remark once again caused the participants to burst into laughter.
Lu Ming said methodically: "This is a joke circulating on the Internet, but it sounds very helpless and even a bit sad. I can say clearly that Tiansheng Capital is going to make a big bet in the field of domestic integrated circuits with real money.
On the one hand, there are indeed too many people in this industry who do not do personnel work. Investors often lose their money, but there is always someone who does personnel work. Do you have feelings for family and country? There must be some. With so many financial resources, Tiansheng Capital pursues
While LPs are responsible for profits, they must also have a higher vision of the landscape.”
"Domestic substitution in the integrated circuit industry is inevitable. What will you do if the West strangles your neck in the future? Integrate into the international division of labor in the international semiconductor industry chain? If the country wants to promote industrial transformation and upgrading, it must seek breakthroughs in high-tech and high value-added industries. Then
You have to share the cake with Western capital. I don’t think they will give you a big share. At most, they will give you a little bit of dregs. So do you want to upgrade? You must upgrade and transform, which will inevitably lead to conflicts of interest. I cannot rule out giving you
Cut off supply."
"So there must be domestic substitution, and we must follow the path of domestic semiconductors. There are too many people who do not do human work. What Tiansheng Capital has to do is to find the group of people and companies in the industry who are doing the right thing, and then provide them with
The support of strong financial capital cannot prevent people and companies who want to do serious business from being unable to raise funds in the capital market. Chips, this art of every inch is the ultimate compliment to capital."
Having said this, Lu Ming paused for a moment, took a sip from the water glass and then continued: "Of course, Tiansheng represents the employer, and I am also responsible for LP. It is my responsibility to bring excellent profits to LP, so what about this
Is the field profitable? Of course it is!”
"In terms of application processors or ADAS in automobiles, there is a lot of demand for CPUs, GPUs, and ISPs. Another track is wearable devices, TWS, watches, and AR. The combined functions of these three will be very huge in the future. This
One side needs an ultra-low power consumption track, and the other is the cloud. Tiansheng is investing in this area, and there is no boundary on the cloud side."
"CSI Sensor Tiansheng is optimistic about Will shares. On the market demand side, there is a benchmark point. No matter how the short-term demand fluctuates, it has increased significantly year-on-year. There is a gap with UCE, the largest single consumer electronics manufacturer. On the supply side, the increase
Semiconductor Manufacturing Company and Samsung mainly spend on advanced processes. Large-scale mass production of ordinary processes is not that easy. It will take three to five years to really mass produce. Will has time to pursue it, and Tiansheng will also provide strong financing support.
support."
"Capital is profit-seeking. There is no doubt that production capacity expansion also flows to SPC, SENSOR, DRIVER, and then BCD. These are high gross profit margins. The Matthew effect in the design industry means that resources are tilted towards large manufacturers. Long-term, stable and sustainable growth can
In the current period, Will Co., Ltd. has advantages in the mainland, and Tiansheng's financing support can further expand its advantages."
"Including the trillion-dollar innovation in NOR-Flash, there are still many category vision plans, including NOR, NAND, DRAM, MCU and fingerprint recognition. According to Tiansheng's research, the founder of the company was already a senior engineer in 2004 and resigned.
He founded a semiconductor company named Giga-Device, which was the predecessor of Giga Innovation."
"The company's development was also quite bumpy. In the early days, it did not get the expected market returns. Even though it had advanced technology, it had to compromise with the market in the end. In order to survive, it had to open up a new track. It started making NOR-Flash chips ten years ago.
At that time, this kind of flash memory with very small capacity had already been matured by some foreign giants. GigaDevice Innovation was not competitive and the market size was limited. In 2008, GigaDevice Innovation still developed the first 8M-bit flash memory in China.
The NOR-Flash chip breaks the foreign technology monopoly."
"But before NOR chips could make a big splash in the market, they encountered the arrival of the mobile Internet era. As a result, the mobile phone era changed. Steve Jobs redefined smartphones. With the advent of a new era, feature phones declined rapidly, and their main functions were NOR-Flash.
The market size continues to shrink, and even became depressed for a time.”
"But for GigaDevice, it was a blessing in disguise. The shrinking market does not mean there is no market. The exit of the NOR production giant has given other small and medium-sized manufacturers a lot of room for development, and GigaDevice is one of them. Seize the opportunity
It has taken up a lot of opportunities. After more than ten years of development, the company has been good at leveraging and utilizing its strengths. I am optimistic that the company's team has the ability to expand more possibilities for itself on the original narrow runway."
Finally, after hearing Lu Ming's explanation, the major institutional investors who participated in the conference call felt both reassured and uneasy.
They were relieved because everyone heard that Lu Ming obviously had in-depth research and participation in the domestic integrated circuit industry. But they were worried because everyone found out that Lu Ming really wanted to play with chips.
This story is really difficult to tell. If the story is not told well, it can easily turn into an accident.
Lu Ming is telling a story now, but he is not telling the whole story. Even if the company Trillion Innovation has received financing from Tiansheng Capital, it will still choose to IPO this year because it is really short of money and high technology is burning money.
And this company develops according to the normal trajectory of Lu Ming's previous life, and its stock price can also create a high growth of 40 times in 4 years (after restoration). Tiansheng Capital invested 300 million, and after the sell-off in the next four years, it will bring in hundreds of millions.
The investment return of 100 million is a basic operation. Counting several trend big T operations, it will be even more.
There are also Weill shares whose stock prices have increased more than 30 times in four years, including Huiding Technology, whose stock price has a return on investment of 15 times in four years. Although Huiding's stock has been raised later, Tiansheng Capital must have been better before it was raised.
Withdrew early with huge profits.
Of course, Lu Ming is determined to contribute his part to boost the domestic alternative to the integrated circuit industry, but the premise is that Tiansheng also wants to make money. Good companies that can really stand out will be held for a long time. As for Huiding, they only do
If its upward trend is no longer good, Lu Ming, as a capital investor, will not hesitate to abandon it.
…
(Ps: Donkeys of the production team...forget it, stop talking nonsense, one word, vote!)
