证券代码：300414 证券简称：中光防雷 四川中光防雷科技股份有限公司投资者关系活动记录表 编号：2016-14 | --- | --- | --- | --- | |----------------|----------------------------|-------|---------------------------------------------| | | | | | | 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 （请文字说明其他活动内容） | | 参与单位名称及 | | | 广发证券 黄勇 权益及衍生品投资部· 研究总监 | | 人员姓名 | | | 中信证券 王宇伟 资产管理业务 · 高级经理 | | | 国泰君安 傅锴铭 研究所 | | · 石油化工行业 | | | 元优资产 杨佩骐 研究员 | | | | | 上银基金 颜枫 投资研究部 | | · 研究员 | | | 国投瑞银 刘潇潇 基金投资 ...

Company Overview - Sichuan Zhongguang Lightning Protection Technology Co., Ltd. is a leading provider of lightning protection products and services, specializing in R&D, production, and sales of SPD, grounding products, lightning rods, and lightning monitoring instruments [3][4] - The company is the first in the industry to obtain dual qualifications for lightning protection engineering design and construction, and is the only listed company in the lightning protection sector in China [3][4] Financial Performance - In 2015, the company achieved operating revenue of CNY 359.77 million, a decrease of 21.19% compared to the previous year [4] - Operating profit was CNY 90.94 million, down 15.79% year-on-year; total profit was CNY 95.26 million, down 15.28% [4] - Net profit attributable to shareholders was CNY 80.58 million, a decline of 17.43% year-on-year, but an increase of 72.89% compared to 2013 [4] Industry Context - The lightning protection industry in China is rapidly developing, with many small-scale enterprises and a low market concentration [4][5] - The market is characterized by high entry barriers due to technical, certification, and customer barriers [4][5] - The company ranks first in sales revenue in the telecommunications sector from 2012 to 2015, and is actively expanding into construction, electricity, transportation, and aerospace sectors [5][6] Market Expansion Strategy - The company plans to enter the electricity, rail transportation, military, and new energy sectors through mergers and acquisitions [6][7] - It aims to maintain its leading position in the telecommunications industry while expanding into other markets, targeting to be among the top three in various sectors within 3-5 years [6][10] - The company is also focusing on international market expansion and international mergers and acquisitions [10] Military Sector Development - The company has obtained all necessary qualifications for military lightning protection and is actively expanding its business in this area [7][8] - The military market for electromagnetic protection is expected to grow significantly due to increasing defense investments and the electronicization of military equipment [8][9] - The company collaborates with military research institutions to develop electromagnetic protection equipment for command systems and vehicles [8][9] Future Strategic Planning - The company will continue to expand its existing lightning protection product lines while developing new products such as intelligent lightning monitoring systems and portable lightning protection devices [9][10] - It aims to leverage its competitive advantages in telecommunications to explore new markets in defense, aerospace, electricity, and new energy sectors [9][10] - The company plans to enhance its capital operations to optimize investor returns and increase long-term value [10]

证券代码：300414 证券简称：中光防雷 编号：2016-30 四川中光防雷科技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 （请文字说明其他活动内容） | | 参与单位名称及 | | 东方证券 刘炳红 证券研究所·通信行业研究员 | | 人员姓名 | 中银国际证券 吴彤 研究部·经理 | | | 时间 | 2016 年 11 月 4 | 日上午 | | 地点 | 成都市高新区西部园区天宇路 | 19 号 | | 上市公司接待人 员姓名 | 许慧民 副总经理 | | | | | 一、公司紧抓主业通信防雷市场，公司主业的后续计划 ...

Group 1: Acquisition Strategy - The acquisition of Iron Creation Technology (铁创科技) was achieved through a private placement, with a price-to-earnings (PE) ratio of only 7 times, reflecting a total valuation of 108 million [3][4] - The acquisition aims to create synergies such as joint procurement, shared production bases, and collaborative R&D efforts, enhancing operational efficiency [3][4] - The acquisition does not involve additional fundraising, minimizing equity dilution for existing shareholders [4] Group 2: Market Capacity - The lightning protection industry market capacity has shown consistent growth, with the total market reaching 375.54 billion yuan in 2015 [5] - The railway lightning protection market is approximately half the size of the communication lightning protection market [5][6] - The company is focusing on expanding into new sectors such as military, electricity, and renewable energy, while maintaining its core focus on communication [6][7] Group 3: Competitive Position - After acquiring Iron Creation Technology, the company aims to become the industry leader within 3-5 years, particularly in railway freight lightning protection [7][10] - The company is already a top supplier for major clients like Ericsson and Huawei, indicating a strong competitive position in the communication sector [9][10] - The company is actively exploring opportunities in high-safety-demand sectors such as military and electricity, where imported products currently dominate [8][9] Group 4: Future Outlook - The company anticipates a gradual recovery in performance following structural adjustments in 2015-2016, with confidence in future growth driven by new industry expansions [9][10] - The company plans to continue its acquisition strategy, focusing on complementary businesses within the lightning protection industry and related sectors [10] - The company has established a platform for international collaboration in lightning protection, enhancing its market presence and technological resources [8]

Group 1: Company Overview and Acquisition - Sichuan Zhongguang Lightning Protection Technology Co., Ltd. aims to become the industry leader in lightning protection within 3-5 years after acquiring Tichuang Technology, which has a competitive edge in railway freight and power lightning protection [2][3] - The acquisition of Tichuang Technology was conducted through a private placement at a price-to-earnings (PE) ratio of 7, with a total valuation of 108 million [3][4] - Tichuang Technology is expected to achieve net profits of 10 million, 12 million, 16 million, and 22 million from 2016 to 2019 [3] Group 2: Future Growth and Market Expansion - The company plans to expand its existing lightning protection product business while actively entering military, power, and new energy sectors [4][5] - The company has established strategic partnerships with international photovoltaic inverter companies to enhance its lightning protection product offerings [4] - The company is focusing on high-tech applications in various industries, including telecommunications, military, and new energy, to maintain its competitive advantage [4][5] Group 3: Financial Performance and Market Trends - The company experienced a revenue peak in 2014, followed by a decline in 2015-2016 due to structural adjustments, but anticipates growth in new industries starting next year [6][7] - The company's main product, SPD, accounts for approximately 85% of total sales revenue, with a stable gross margin of around 40% [7][8] - The company expects to continue its acquisition strategy, focusing on complementary businesses within the lightning protection industry [8][9] Group 4: Competitive Positioning and International Business - The company has achieved a competitive pricing advantage, with its products priced at about two-thirds of those from leading German competitors [8][9] - Approximately one-third of the company's revenue comes from overseas orders, with major clients including Ericsson and Samsung [9] - The company is developing new international partnerships and focusing on markets in the Americas and Europe, while also considering Southeast Asia and Africa [9]

Company Overview - Sichuan Zhongguang Lightning Protection Technology Co., Ltd. is a leading provider in the lightning protection industry, specializing in R&D, production, and sales of lightning protection products, as well as integrated solutions for lightning protection engineering [1][2]. - The company is the first in the industry to obtain dual qualifications for lightning protection engineering design and construction, and it is the only listed company in the lightning protection sector in China [1]. Market Position and Clientele - Zhongguang Lightning Protection is a market leader in the lightning protection field, with strong R&D capabilities and brand recognition, serving major global telecommunications manufacturers such as Ericsson, Huawei, and Nokia [2]. - The company has seen stable performance growth alongside the construction of 4G networks and the upgrade of telecommunications equipment [2]. Market Capacity - The lightning protection market capacity in China has shown consistent growth from 2010 to 2015, with the telecommunications sector reaching a market capacity of ¥92.07 billion in 2015 [3]. - The railway lightning protection market is estimated to be about half the size of the telecommunications lightning protection market [3]. Military and Electromagnetic Protection Development - The company is collaborating with military institutions to develop electromagnetic protection devices for command systems and military vehicles [4][5]. - It has obtained all necessary qualifications for military lightning protection, including a quality management system certificate [5]. Financial Performance and Future Outlook - The company experienced a peak in performance in 2014, followed by a structural adjustment period in 2015-2016, with a focus on new industry investments [6]. - The company aims to become a top player in the railway lightning protection sector within 3-5 years following the acquisition of Tichuang Technology, which ranks among the top three in the industry [2][6]. Strategic Expansion - Future business expansion will focus on telecommunications, military, electricity, and new energy sectors, with ongoing efforts to enhance market presence through acquisitions and technological advancements [7][8]. - The company is also exploring opportunities in the electric power sector, particularly in secondary lightning protection and smart lightning monitoring systems [7]. Competitive Advantage - Zhongguang Lightning Protection's products are priced approximately 2/3 of those from leading European competitors, providing a competitive edge in terms of cost-effectiveness [8][9]. - The company has established a significant presence in overseas markets, with nearly one-third of its revenue coming from international orders [9]. Acquisition Strategy - The company plans to continue its acquisition strategy, focusing on complementary businesses within the lightning protection industry and related sectors [10].

Market Overview - The lightning protection industry in China has shown significant growth, with the market capacity reaching approximately 375.54 billion CNY in 2015, up from 237.33 billion CNY in 2010 [4]. - The railway lightning protection market is estimated to be about half the size of the communication lightning protection market [4]. Company Strategy and Growth - The company aims to become the industry leader in railway lightning protection within 3-5 years following the acquisition of Tichuang Technology, which ranks among the top three in the railway lightning protection sector [3][5]. - Future growth will focus on expanding existing lightning protection products while actively exploring military, electric power, and new energy sectors [5][6]. Product Development and Market Segmentation - The company is developing advanced lightning protection solutions for various industries, including military, electric power, and new energy, with a focus on high-tech applications such as intelligent lightning monitoring systems [6][8]. - The company has established strategic partnerships with international firms in the photovoltaic inverter sector to enhance its product offerings [6]. Financial Performance and Projections - The company has experienced a decline in revenue over the past two years due to structural adjustments, but it anticipates growth in new sectors starting next year [9]. - The main product, Surge Protective Device (SPD), accounts for approximately 85% of revenue, with a stable gross margin of around 40% [10]. International Expansion - Currently, nearly one-third of the company's revenue comes from overseas orders, with major clients including Ericsson and Samsung [10]. - The company plans to focus on developing new partnerships in the Americas and Europe while also considering Southeast Asia and Africa [10]. Mergers and Acquisitions - The company intends to continue its acquisition strategy, targeting complementary businesses within the lightning protection industry and related sectors [11].

证券代码：300414 证券简称：中光防雷 编号：2016-36 四川中光防雷科技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 （请文字说明其他活动内容） | | 参与单位名称及 | | | 华商基金 董延平 养老金业务部·总经理 | | 人员姓名 | | | 恒大集团 赵远飞 权益投资部·投资经理 | | | | | 西南证券 赵 琦 研究发展中心·电子行业高级分析师 | | | | | 西南证券 占 琦 机构客户部·产品经理 | | | | | 宽华集团 雷 芸 成都运营中心·机构业务总监 | | | | | 锦臻 ...

证券代码：300414 证券简称：中光防雷 编号：2016-37 四川中光防雷科技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 （请文字说明其他活动内容） | | 参与单位名称及 | 国泰君安 宋嘉吉 研究所 | · 通信行业首席分析师 | | 人员姓名 | | | | 时间 | 2016 年 12 月 | 日下午 | | 地点 | 成都市高新区西部园区天宇路 | 19 号 | | 上市公司接待人 | 杨国华 副总经理 | | | 员姓名 | 周辉 董事、董秘、副总经理 | | | | 许慧民 副总经理 | | | | | 一、公司的技术优势主要是哪些 ...

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