WISCOM(SZ:002090)2022-12-06 11:28Group 1: Main Business Overview - The company specializes in power automation, covering a full range of products in power generation, transmission, transformation, and distribution, with a domestic market coverage of nearly 80% for its fast-switching devices [2][3] - The company launched an internationally leading smart substation solution in 2008 and has successfully implemented key demonstration projects for the State Grid Corporation [3] - In 2015, the company completed the acquisition of Zhongdian Xinyuan, entering the primary equipment manufacturing sector with modular substations, which are characterized by compactness, high reliability, and cost-effectiveness [4] Group 2: Smart City Business - The smart city business includes traditional areas such as intelligent transportation and smart buildings, as well as innovative models exploring "Internet+" initiatives [4][5] - The company has invested in projects like smart garbage bins and mobile car-finding systems, which have been piloted in cities like Shanghai and Nanjing [5] Group 3: Power Engineering Design and Services - Since acquiring Beijing Qianhua Technology in 2011, the company has matured its power engineering design services, becoming one of the best-performing design institutes in wind and solar energy [5][6] - In 2015, the contract amount for this business exceeded 100 million, with a significant EPC contract signed for a 198MW wind farm project worth 1.66 billion [6] Group 4: New Energy Investment and Operations - The company has successfully connected a 49.5MW wind power project to the grid and expanded its photovoltaic operations in Bulgaria, generating good investment returns [6] - Future plans include exploring more opportunities in the new energy sector and expanding the operation of quality new energy stations [6] Group 5: Future Profit Growth Points - Key future profit growth points include automation in distribution networks, modular substations, expansion of new energy stations, and the enhancement of smart city business scales [6][7] - The modular substation business is expected to become a new profit growth point due to its advantages in complex terrains and high demand in the market [7] Group 6: Synergy with Zhongjin Leasing - The company aims to enhance synergy with Zhongjin Leasing by leveraging its experience in new energy and smart city sectors, while Zhongjin Leasing provides strong financial capabilities [8] - The collaboration seeks to explore a new model combining production and finance, with the company managing project construction and Zhongjin Leasing handling financing [8]