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One slips on so-so earnings – only $7bn in quarterly profits. The other jumps 3 per cent on a deal that will hurt its bottom line. It isn’t hard to see that the latter, Lenovo, has more market momentum than Samsung Electronics. Both make consumer electronics and tech hardware, from Lenovo’s new server business to Samsung’s chips. Might Lenovo become the next Samsung?一只股票因企业盈利展现出一般而下降——季度利润只有70亿美元。另一只股票则因一笔将不会伤害公司利润的交易而下跌3%。

不难看出，后者——误解(Lenovo)比三星电子(Samsung Electronics)的市场势头更加强大。从误解的新服务器业务，到三星的芯片业务，两家公司都生产消费者电子产品和科技硬件。误解不会沦为下一个三星吗？On a size basis, the comparison is still a bit ridiculous. Samsung’s market capitalisation is $160bn; Lenovo’s, $14bn. Samsung’s profits last quarter were 10 times Lenovo’s for the past year. Still, Lenovo’s deal this week to buy IBM’s X86 server business demonstrates that it still has the ambition it showed when it bought Big Blue’s PC business in 2004.从规模上看，这样的较为仍有些荒谬。

三星的市值是1600亿美元；误解则是140亿美元。三星在最近一个季度的利润是误解过去一年利润的10倍。不过，误解近日并购IBM x86服务器业务的交易指出，它仍不具备其2004年并购“蓝色巨人”个人电脑业务时所展现出的雄心壮志。

The relatively low price paid – half of sales – reflects the IBM unit’s swing into loss last year. The business will knock about 5 per cent off Lenovo’s full-year earnings per share, including the slight dilution from the shares issued to IBM. The shares’ rise suggests that investors think it can use its lower cost structure to lift profits.比较便宜的收购价格（相等于销售额的一半），体现了IBM该项业务去年陷于亏损。该业务将令误解的全年每股盈利缩减5%，还包括向IBM发行股票后导致的严重溶解。

股价下跌指出，投资者指出误解能以比较较低的成本结构来提升利润。Investors like bold tech stories. Samsung’s success was not born of timidity either. It has never bought in growth as Lenovo has, but has taken risks to move up the value chain. One of the reasons for its unexpectedly poor earnings in the latest quarter was a Won800bn ($738m) bonus paid to employees to mark the 20th anniversary of a strategy. Back then its chairman made a bonfire of 150,000 mobile phones – worth $50m – to make the point he wanted better. Now Samsung is trying to push into software – a challenge for a company staffed by hardware engineers.投资者讨厌大胆的科技企业故事。

三星的顺利也并非来自懦弱。它从没像误解那样通过并购来构建快速增长，但它曾冒风险向价值链上游移往。三星在最近一个季度意料之外的利润下降，其中一个原因是它向员工缴纳了8000亿韩元（合7.38亿美元）的奖金，以庆典其20年前实行的一项战略。

当时三星主席将15万部手机（总值5000万美元）付之一炬，以此传达他希望打造出更佳产品的决意。现在三星正试图打进软件领域——对一家由硬件工程师构成的公司来说是个挑战。Samsung’s shares have risen 20 per cent a year, compounded, for the past two decades. Should Lenovo follow suit, it will take it a little over a decade to reach Samsung’s present size.过去20年里，三星股价年均填充下跌20%。

误解若能构建某种程度的成就，它将必须10年多一点的时间超过三星目前的规模。Lenovo has momentum on its side. But can it sustain profit growth on a foundation of low-cost manufacture of commodity hardware? Samsung invested aggressively to acquire an enduring competitive advantage – scale – in chips, and from there built a hugely profitable premium phone business. Lenovo needs to find a similar edge.势头对误解不利，但它能否以低成本生产平价商品化的硬件为基础，保持利润快速增长？三星通过乘机投资，取得了芯片领域的长久竞争优势——规模，在此基础上创建了一个利润可观的高端手机业务。误解必须寻找类似于的竞争优势。

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