NOVA TECH(SZ:300921)2025-08-01 10:20Group 1: Company Overview and Product Offerings - The company's main business revolves around a "cloud + network + security" digital solution matrix, leveraging global backbone network resources to provide intelligent, secure, and reliable products and services for digital enterprises [2]. - The company has developed self-researched SD-WAN and SASE products, which significantly reduce reliance on traditional physical dedicated lines through software-defined architecture [2][3]. - As of the end of 2024, the company holds 65 software copyrights and has obtained 9 invention patents, with 3 invention patents pending [3]. Group 2: Competitive Advantages - The company is the first A-share listed enterprise in the IP-VPN technology service segment, providing integrated cloud network security services based on its backbone network and self-developed software technologies [3][4]. - Unlike basic telecom operators, the company acts as a neutral third-party network service provider, combining resources from multiple operators and offering diverse cloud network security services [3][4]. Group 3: Financial Performance and Cost Structure - In 2024, the company's overseas revenue reached 34.08 million yuan, a year-on-year increase of 715% [5]. - The main components of the company's operating costs in 2024 were: local network costs (37.17%), backbone network costs (22.54%), operation and maintenance expenses (17.87%), equipment depreciation (16.81%), and service procurement (5.61%) [5]. - The company's gross profit margin in Q1 2025 was 33.11%, an increase of 6.33 percentage points year-on-year, indicating improved profitability [5]. Group 4: AI Integration and Opportunities - The emergence of AI is reshaping the industry, providing new opportunities for product and service enhancement, cost reduction, and business model transformation [6]. - By 2029, it is predicted that 60% of Chinese enterprises will integrate AI into their main products and services, driving revenue growth [6]. - The company is actively exploring AI applications, including local deployment of large models for internal data processing and operational efficiency improvements [6].