LME(SH:688589)2023-12-21 10:43Company Overview - Shenzhen Lihe Microelectronics Co., Ltd. is a chip design enterprise specializing in IoT communication technology and recognized as a "specialized, refined, and innovative small giant" [4] - The company operates in six major sectors: power IoT, new energy smart management, comprehensive energy efficiency management, smart home & whole-home intelligence, smart lighting, and digital management of smart power [4] Financial Performance - In Q3 2023, the company achieved a revenue of CNY 195.60 million, a year-on-year increase of 54.41% [5] - For the first nine months of 2023, the revenue reached CNY 448.31 million, up 28.25%, with a net profit of CNY 81.37 million, reflecting a growth of 58.30% [5] Market Expansion Photovoltaic Sector - The company has obtained CSA certification for its PLC photovoltaic chip, enabling exports to the North American market, where compliance with rapid shutdown requirements is mandatory [6] - China holds over 70% of the global photovoltaic market share, with expectations of exceeding 400 GW in total installed capacity by 2025 [6] High-Speed Rail Sector - The company is involved in the high-speed rail sector, providing smart electricity management systems and becoming a key supplier for energy efficiency management technology [7] - New business areas include smart lighting and electromechanical equipment management [7] Smart Home Sector - Collaborations with companies like Vanward and Tencent have established a stable supply chain in the smart home market, enhancing the ecosystem of smart products [8] Revenue Recognition - Revenue from the State Grid's tenders may be recognized in the current or following year, depending on acceptance [8] Profit Growth Drivers - The primary growth in net profit, which increased by over 50%, is attributed to the smart grid sector, particularly in electricity information collection and low-voltage distribution applications [9] - The company has developed communication modules for low-voltage distribution and photovoltaic protocol converters, contributing to its market expansion [9]