TENGEN(605066)2024-12-09 07:35Group 1: Business Transformation - The company's direct sales to major industry clients have shifted from a ratio of 4:6 to 7.5:2.5, indicating a significant transformation in business strategy [1] - This transformation has led to increased sales and market share, as well as improved brand image [1] - The focus on direct sales allows for customized solutions and high-quality services, enhancing the company's R&D and manufacturing capabilities [1] Group 2: Industry Structure and Performance - The current structure of the company's direct sales business includes 30% from the power grid, 25% from the construction industry, and 20% from the renewable energy sector [1] - The company has experienced a notable change in gross profit margins from 2016-2019 to 2020-2024, influenced by rising raw material prices and increased competition [1] - The industry is sensitive to raw material costs, which have significantly impacted profit margins due to sharp price increases in 2020 [1]