Zheng Quan Zhi Xing·2025-07-02 16:24Core Viewpoint - The company, Hangzhou Colin Electric Co., Ltd., reported a decline in revenue from its main business segments, specifically in the digital intelligent sensing products for the power grid and related technical services, with a total revenue of 541.37 million yuan in 2024, reflecting a year-on-year decrease of 11.38% and 14.37% respectively [2][11][12]. Group 1: Business Performance - The revenue from digital intelligent sensing products was 112.76 million yuan in 2024, down from 127.23 million yuan in 2023, a decrease of 11.38% [2][11]. - The revenue from power-related technical services was 40.79 million yuan in 2024, down from 47.64 million yuan in 2023, a decrease of 14.37% [2][11]. - The revenue generated in Zhejiang province was 71.49 million yuan, showing a significant decline of 42.72% year-on-year [2]. Group 2: Sales Channels and Customer Base - The company primarily acquires business through inquiry, bidding, and competitive negotiation, with inquiry accounting for 76.28% of sales in the digital intelligent sensing products segment [4][7]. - The major customers for digital intelligent sensing products are concentrated in the state grid and southern grid subsidiaries, with significant sales through e-commerce procurement [7][12]. - The company’s major clients include Beijing Zhongdian Puhua Information Technology Co., Ltd., which significantly contributes to the revenue from power-related technical services [9][12]. Group 3: Inventory and Order Coverage - The company employs a production model combining "sales-driven production" and "safety stock," maintaining appropriate inventory levels based on customer contracts and actual shipments [12][14]. - As of the end of 2024, the company had a substantial inventory balance, with a year-end order coverage rate of 52.45% for digital intelligent sensing products and 55.75% for power-related technical services [13][14]. - The long inventory aging is primarily due to the need to meet diverse customer demands, with a significant portion of inventory being digital intelligent sensing products [12][14]. Group 4: R&D and Future Outlook - The company invested 22.68 million yuan in R&D for digital intelligent sensing products and power-related technical services in 2024, resulting in the acquisition of 5 invention patents and 7 utility model patents [12][19]. - The company is actively expanding into the energy storage sector, with a reported revenue of 38.04 million yuan from energy storage systems in 2024, marking a significant increase of 1,598.95% year-on-year [16][19]. - The company aims to leverage opportunities in the energy transition and carbon neutrality initiatives, enhancing its product offerings in the energy storage market [18][19].