Group 1: Company Overview - Suzhou Electrical Science Research Institute Co., Ltd. was established in 1965 and has developed into the largest independent third-party testing and certification institution in the field of power transmission and transformation equipment in China [2][3] - The company currently employs approximately 1,300 staff and has been authorized by various national authorities to establish multiple national quality supervision and inspection centers [3][4] Group 2: Business Goals and Financial Projections - The company aims to increase its operating revenue from 800 million CNY in 2019 to 1.45 billion CNY by 2023 [4] - Future revenue targets include reaching approximately 1.5 billion CNY within five years [5] Group 3: Certification and Testing Integration - The company has been recognized as a certification body by the National Certification and Accreditation Administration, achieving an integrated model of testing and certification [4][5] - The integration of testing and certification is seen as a significant growth point for future revenue, with international peers generating a larger proportion of their income from certification [4][5] Group 4: Competitive Advantages - The company possesses high barriers to entry in terms of qualifications, technology, and funding, along with a well-established power supply system [5] - It has advanced testing capabilities, including 18 generators with varying capacities, which enable it to conduct complex destructive tests [5] Group 5: Market Outlook and Client Base - The company serves over 10,000 clients and is committed to providing high-quality one-stop services [6] - The market outlook is positive, driven by increasing national policies emphasizing safety and quality, particularly in the power transmission and transformation sectors [6][7] Group 6: Future Developments and Upgrades - The company plans to upgrade its laboratory equipment according to industry standards over the next 15 to 20 years [6] - Continuous changes in standards and regulations necessitate regular retesting of products, indicating a growing demand for testing services [7]

证券代码： 300215 证券简称：电科院 编号：2019015 苏州电器科学研究院股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------|--------------------------------------------------------------| | | | | | 投资者关系活动 | ■ | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | □其他 | | | 参与单位名称及 | | 华泰证券研究所 环保公用事业首席研究员 王玮嘉 | | 人员姓名 | | 广发基金 权益投资一部基金经理 邱璟旻 | | | | 广发基金 研究发展部研究员 贾乃鑫 | | 时间 | 2019 年 10 月 11 | 日 15:30~17:30 | | 地点 | 苏州市吴中区越溪前珠路 | 5 号 | | 上市公司接待人 | | | | 员姓名 | | 董事会秘书：顾怡倩；财务总监：刘明珍；证 ...

Company Overview - Founded in 1965, the company became a publicly listed entity in May 2011 and has developed into the largest independent third-party testing and certification research institution in China's power transmission and transformation equipment sector, with over 1,300 employees [3][4]. - The company has established 10 national and industry quality inspection centers, including the "National Electrical Product Quality Supervision and Inspection Center" and the "National Energy Transformer Assessment Center" [3][4]. Financial and Operational Insights - The company has invested over 4 billion RMB in building advanced electrical testing systems, achieving five world-firsts and five China-firsts in testing technology [4]. - Expected capital expenditure for the current year is projected to be between 200 million to 300 million RMB, with a focus on optimizing existing projects rather than large-scale new investments [6][7]. Market Position and Competitive Advantages - The company is recognized as a national high-tech enterprise and is authorized as a testing institution for mandatory product certification (CCC) [3]. - It offers a one-stop service with a wide range of testing capabilities, which is a significant competitive advantage in the market [5][7]. Business Dynamics - The company’s testing services are influenced by various factors, including product development stages, regulatory requirements, and the need for periodic re-testing every three to five years due to changing standards [5][6]. - The company maintains a flexible pricing strategy, with low-voltage testing aligned with government pricing and high-voltage testing based on market rates [6]. Future Prospects - The company does not anticipate significant pressure from salary increases for its employees, as the current workforce is sufficient to support projected revenues of 1.5 to 2 billion RMB [6][7]. - There are considerations for potential acquisitions, although the company currently focuses on its existing facilities in Suzhou and Chengdu [7]. Investor Relations - The investor relations activity included a site visit on December 13, 2019, attended by analysts and representatives from various investment firms [2][8].

证券代码： 300215 证券简称：电科院 编号：2019011 苏州电器科学研究院股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------------|----------------------------------------------------| | | | | | 投资者关系活动 | ■ | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | ■其他 电话会议 | | | 参与单位名称及 | 调研 9:30-11:00 | ： | | 人员姓名 | | 北京鞍钢投资有限公司总经理 汤金样 | | | | 北京鞍钢投资有限公司资本部负责人 宋宁 | | | | 北京鞍钢投资有限公司风险管理与法律部部长 肖小红 | | | 电话会议 | 14:00-14:35 ： | | | 富邦证券 分析师 陈碧芬 | | | | | 台新证券投资信托股份有限公司 基金经理 游欣颖 | | | 富邦证券 ...

Company Overview - Suzhou Electrical Science Research Institute Co., Ltd. was established in 1965 and has become the largest independent third-party testing and certification institution in China's power transmission and transformation equipment sector [2][3]. - The company currently employs 1,300 staff and has been recognized as a national high-tech enterprise [3]. Testing and Certification Capabilities - The company has established 10 national and industry quality inspection centers, including the National Electrical Product Quality Supervision and Inspection Center and the National Smart Grid High Voltage Equipment Quality Supervision and Inspection Center [3]. - In 2018, the company was approved as a certification body, achieving an integrated testing and certification goal, aligning with international industry trends [3]. Financial Performance - Revenue growth was slow in 2014 and 2015, but rebounded in 2016 and 2017, with a slight slowdown in 2018 [4]. - The company aims to increase its revenue from 800 million yuan in 2019 to 1.45 billion yuan by 2023 [6]. Market Dynamics - The low-voltage electrical testing revenue has not seen significant growth due to a limited market size and intense competition among domestic testing institutions [4]. - The company is strategically positioned in East China, where many low-voltage electrical product manufacturers are located, providing a geographical advantage [4]. Future Development Plans - The company plans to enhance its testing capabilities and aims to build a world-class comprehensive testing institution [6]. - The electrical testing industry is expected to benefit from national policies promoting large-scale investments in distribution networks and smart grids [5]. Investment and Market Strategy - The company is focusing on strategic and financial investments, with the China Inspection Group providing oversight without interfering in daily operations [5]. - Plans are in place to establish three market departments targeting traditional power transmission products, renewable energy products, and system equipment testing [9]. Operational Insights - The average accounts receivable turnover period is approximately 20 days, with clients typically required to pay before testing [7]. - The company is currently not planning to establish laboratories in other locations but is considering acquisitions and market promotion efforts [8].

证券代码： 300215 证券简称：电科院 编号：2019009 参与单位名称及 新时代证券股份有限公司研究所新能源行业首席分析师 开文明 人员姓名 新时代证券股份有限公司研究所电新行业分析师 刘华峰 华泰证券研究所环保公用事业研究员 张墨 中欧基金管理有限公司权益研究部高级研究员 汤洁 上海常春藤资产管理有限公司高级分析师 陈恺睿 北京市星石投资管理有限公司周期投资部基金经理 王荣亮 苏州电器科学研究院股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|----------------------------|-----------| | | | | | 投资者关系活动 | ■ 特定对象调研 □分析师会议 | | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 | □路演活动 | | | ■ 现场参观 | | | | □其他 | | | --- | --- | |----------------|-------------------------------------------------------------| | ...

证券代码： 300215 证券简称：电科院 编号：2019013 苏州电器科学研究院股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|---------------------------|------------------------------------------------------------| | | | | | 投资者关系活动 | ■ | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □ 新闻发布会 | □路演活动 | | | ■ 现场参观 | | | | □其他 | | | 参与单位名称及 | | 中信证券股份有限公司 公用环保行业首席、研究部高级副总裁 李 | | 人员姓名 | 想 | | | | | 中信证券股份有限公司 电力设备及新能源研究部高级经理 华夏 | | | | 中信证券股份有限公司 研究部高级经理 袁阳 | | | | 华泰证券研究所 环保公用事业首席研究员 王玮嘉 | | | | 碧云资本管理有限公司 合伙人、研究分析师 吕品贤 | | | | 拾贝投资管理（北京） ...

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证券代码： 300215 证券简称：电科院 编号：2019007 苏州电器科学研究院股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------|--------------------------------------------------------------| | | | | | 投资者关系活动 | ■ | 特定对象调研 □分析师会议 | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 | □路演活动 | | | ■ 现场参观 | | | | □其他 | | | 参与单位名称及 | | 银河基金管理有限公司股票投资部基金经理 神玉飞 | | 人员姓名 | | 新时代证券股份有限公司研究所 能源行业首席分析师 开文明 | | | | 新时代证券股份有限公司研究所 电新行业分析师 刘华峰 | | 时间 | 2019 年 5 月 29 | 日 下午 13:30~ 15:30 | | 地点 | 苏州市吴中区越溪前珠路 | 5 号 | | 上市公司接待人 | | 副总经理：李昊泽；董事 ...

证券代码： 300215 证券简称：电科院 编号：2019012 苏州电器科学研究院股份有限公司投资者关系活动记录表 | --- | --- | --- | |----------------|---------------------------|------------------------------------------------------------| | | | | | 投资者关系活动 | ■ | 特定对象调研 □分析师会议 | | 类别 | □ 媒体采访 □业绩说明会 | | | | □ 新闻发布会 | □路演活动 | | | □ 现场参观 | | | | □其他 | | | 参与单位名称及 | | 华创证券有限责任公司研究所军工组组长首席研究员 卫喆 | | 人员姓名 | | 华创证券有限责任公司研究所军工组助理研究员 王卓星 | | | | 上海常春藤资产管理有限公司高级分析师 陈恺睿 | | | | 上海鑫富越资产管理有限公司高级研究员 苏凯 | | | | 上海汇利资产管理有限公司高级研究员 朱远峰 | | | 汇蠡投资管理合伙人 许成 | | | | 汇蠡投资管理合伙人 王莹霞 ...