力合微机构调研关注电网数字化机遇，非电网物联网业务增长迅速

Core Viewpoint - Recent attention on Lihua Micro (688589.SH) focuses on its smart grid business, non-grid IoT layout, and overseas expansion strategy [1] Group 1: Institutional Research - Huatai Baoxing Fund and Southern Fund conducted a survey on February 6, 2026, emphasizing the opportunities for the company during the "14th Five-Year Plan" period due to digital investment in the power grid [2] Group 2: Business Progress - The company's non-grid IoT business, including smart home and smart hotel sectors, has seen a revenue growth rate exceeding 30% in recent years, with plans to deepen its layout in this area while advancing overseas market expansion and industrial acquisition opportunities [3] - The company also mentioned optimizing profitability and guiding convertible bond conversions through improved investor communication [3] Group 3: Industry Policy and Environment - The State Grid is expected to increase fixed asset investment during the "14th Five-Year Plan" period (2026-2030), promoting digitalization and intelligent construction of the power grid, which may present market growth opportunities for Lihua Micro as a major supplier of smart grid chips [4]