Group 1: Investor Relations Activity Overview - The meeting was held on November 27, 2014, in the company conference room [2] - Attendees included representatives from招商证券 and 大成基金 [2] - The company secretary 彭健 was present to address inquiries [2] Group 2: Market Insights and Implications - The Ministry of Industry and Information Technology (MIIT) released a draft opinion on opening the broadband access market, allowing private capital to enter pilot cities [2] - The involvement of private capital in broadband access may lead to reduced investment from major operators like China Telecom, which has previously invested heavily in thin coverage [2] - The company's wired business primarily serves China Telecom, and any reduction in their broadband investment could negatively impact the company's sales [2]

Group 1: Company Performance - In 2014, the company's performance declined significantly, primarily due to a noticeable drop in gross margin [2] - The expansion of product procurement by operators has led to a continuous decrease in prices, resulting in a sustained decline in gross margin [2] - Despite the challenges, the company's main business still has market opportunities due to the increase in capital expenditure plans by operators for 2015 [2] Group 2: Business Development Outlook - The total investment for 4G construction in 2015 is expected to be substantial, with the establishment of the tower company expected to lead the construction of 4G base stations in the second half of the year [2] - The growth of wireless business remains uncertain due to the lack of formal announcements regarding the bidding processes and investment scales from the tower company [2] - The wired business faces pressure due to the failure of bids for six types of wiring products by China Mobile [3] Group 3: Innovation and New Technologies - The company is focusing on business model innovation this year [3] - The smart ODN business is being cautiously promoted by operators due to high construction costs, which are approximately double that of traditional ODN, despite lower maintenance costs [3] - The price of PLC optical splitter chips has significantly increased, impacting the overall gross margin trend as the scope of centralized procurement continues to expand [3] Group 4: Specific Business Areas - The main business of "Octopus" involves smart underground pipeline networks, which have a promising application in urban pipeline construction due to faster construction times and lower costs compared to traditional methods [3]

证券代码：日海通讯 证券简称：002313 编号：2014-12 深圳日海通讯技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------------|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投 资 者 ...

Group 1: Financial Performance - In 2014, the company's revenue composition changed significantly, with wireless business at 39%, wired business at 21%, and a notable decline in gross margin due to continuous price drops in the industry [2] - The company's short-term loans decreased to 300 million RMB by the end of 2014, with other current liabilities at 200 million RMB [2] - Cash flow improved in 2014, marking the best year since the company went public, attributed to stringent accounts receivable management and optimized supplier payment terms [3] Group 2: Market Dynamics - Revenue from China Mobile accounted for approximately 49% of total revenue in 2014, with key products including ODF and outdoor cabinets [3] - The company did not win bids for six categories of products in China Mobile's 2015 procurement, which may impact sales strategies moving forward [3] - The engineering business faces pressure due to localized characteristics and funding challenges, limiting significant growth potential [3] Group 3: Inventory and Cost Management - High inventory levels at year-end 2014 were influenced by industry operational models, with a significant portion consisting of dispatched products and completed but unbilled projects [2] - The company is actively controlling costs despite a large scale and broad product sales coverage, indicating a focus on maintaining financial health [2]

Group 1: Company Operations and Market Insights - The company anticipates that China Telecom will increase its investment in fixed networks, which is its core business, while China Unicom and China Mobile will focus on base station construction [2] - The price of PLC optical splitter chips has significantly increased, but the supply price is expected to remain at the previous bidding price [2] - The overall gross margin of the company is expected to decline due to the rising prices of raw materials for chips [2] Group 2: Industry Trends and Competitive Landscape - In 2014, China Mobile's new base station construction was estimated at around 200,000 sites, with expectations for 2015 to remain stable or slightly decrease [3] - The design lifespan of ODN products used by operators is approximately 8-10 years, but network optimization may affect the update cycle [3] - The competitive landscape in the industry has become increasingly intense, with significant changes in the bidding situation among companies [3] Group 3: Financial and Operational Challenges - The overall payment terms for operators are extending, leading to an increase in the company's accounts receivable [3] - The company is actively seeking credit limits from banks to address current operational funding issues [3] - Production capacity is gradually shifting from Shenzhen to Wuhan, and current capacity is sufficient to meet order demands [3]

Group 1: Engineering Business Development - The company's engineering business primarily focuses on new construction, with limited revenue growth due to a decrease in new projects from operators. The gross profit margin for engineering is low and continues to decline [2] - The scale of engineering companies is relatively small compared to operators, leading to a weaker position, while labor costs are gradually increasing [2] Group 2: Acquisition Progress - There has been no significant progress on the acquisition of Huitong and Changhong companies, despite signing a letter of intent and ongoing discussions on details [2] Group 3: Sales Ranking of Major Operators - According to the consolidated financial statements, in 2013, China Mobile ranked first, followed by China Unicom and China Telecom [2] Group 4: Investment in Fixed-line Broadband - China Telecom is expected to increase its investment in fixed-line broadband this year, which is its core business. China Unicom and China Mobile will focus on base station construction [2][3] - The opening of the last mile to private capital in 16 pilot cities may lead to lower construction costs for private capital compared to operators, as they are more price-sensitive and have lower quality requirements [3] Group 5: Cooperation with Other Operators - China Unicom is currently using a cooperation model where partners invest in construction and share 70% of the business for three years, but the profit margin is limited [3] Group 6: Impact of Tower Companies - The impact of the tower company's centralized procurement model is uncertain, as it has not yet been determined whether procurement will be centralized at the headquarters or at the provincial level [3] Group 7: Traditional Business Development - The development of traditional businesses depends on the investment situation of operators. After a large-scale construction of 4G base stations by China Mobile in 2014, future construction scale is not expected to increase significantly [3] - The gradual implementation of centralized procurement may lead to a downward trend in product sales prices, which could further reduce the company's gross profit margin [3] Group 8: Overseas Market Situation - The overseas market mainly applies to small component products, as shipping costs for larger products are too high, resulting in a limited sales scale in international markets [3]

Group 1: Business Performance - The engineering service business generated approximately 900 million in revenue in 2014, showing stable growth, but significant growth potential is limited due to the need for upfront capital and localization characteristics [2] - The company's intelligent ODN business is managed by Aomai Optical Measurement, with several trial stations opened; however, operators are cautious about promoting intelligent ODN due to high construction costs, which are about twice that of traditional ODN [2][3] Group 2: Market Trends and Challenges - The price of PLC optical splitter chips has significantly increased, but the supply price for optical splitters remains stable; however, the overall gross margin of the company is expected to decline due to the expanding scope of centralized procurement [3] - The main business of the company’s subsidiary, Baida Tong, focuses on intelligent underground pipeline networks, which have good application prospects in operator pipeline construction and municipal pipeline projects due to faster construction and lower impact on roads [3] Group 3: Capacity and Competitiveness - The company has gradually shifted its production capacity from Shenzhen to Wuhan, with current capacity meeting order demands, although there is some overcapacity in Wuhan [3] - The enterprise network (data center) business is still in the cultivation phase, primarily focusing on the sales of passive infrastructure equipment, with a competitive edge that is currently not strong [3]

Group 1: Financial Performance - In 2014, the company's overall performance showed a significant decline, primarily due to a noticeable drop in gross margin [2] - Revenue composition: Engineering business accounted for 39%, wireless business 32%, and wired business 21%. This represents a substantial change compared to previous years, where wired business exceeded 50% in 2012 and was 30% in 2013 [2] - The continuous expansion of product range in operator centralized procurement has led to a downward trend in prices, resulting in a sustained decline in gross margin [2] Group 2: Revenue Sources - In 2014, approximately 49% of the company's revenue came from China Mobile, with key products including ODF, optical distribution frames, outdoor cabinets, and engineering services [2] - The company did not win the bid for the six-category procurement by China Mobile in 2015, which may impact future revenue [3] Group 3: Future Outlook - The total investment for 4G construction is expected to be substantial this year, with the newly established tower company set to lead the construction of 4G base stations in the second half of the year [3] - The bidding process, model, and investment scale for the tower company have yet to be officially announced [3] Group 4: Corporate Actions - The acquisition of Huitong and Changhong companies has not progressed significantly since the signing of the letter of intent, with the company taking a cautious approach to new business ventures [3] - The controlling shareholder is currently under a lock-up period, with the release scheduled for July 18 of this year [3]

证券代码：日海通讯 证券简称：002313 编号：2015-03 深圳日海通讯技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------------|-----------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投 资 者 关 系 活 动类别 | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | 参 与 单 位 名 称 及人员姓名 | 海富通基金-施敏佳、银华基金 安基金-陈俊斌、工银瑞信 | - 陈梦舒、泰信基金-袁园、中证报 - ...

证券代码：日海通讯 证券简称：002313 编号：2015-11 深圳日海通讯技术股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ■ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | 投 资 者 关 系 活 动类别 | □ | 新闻发布会 □路演活动 | | | □ 现场参观 | | | | | □其他 （请文字说明其他活动内容） | | | 中银国际证券 - | 吴友文、罗颖茵、吴彤、易景明 长江资管 -罗聪 上达私募 -郭筠晔 国信 | | 参 与 单 位 名 称 及人员姓名 | | 证券-陈昭宇 ...