GUIDE INFRARED(SZ:002414)2022-12-05 06:04Group 1: Company Overview and Market Position - Gaode Infrared is focusing on the development of civilian products, aiming for a dual approach of military and civilian applications, referred to as "military-civilian integration" [4] - The company has established subsidiaries like Zhigan Technology and Xuanyuan Zhijia to concentrate resources on civilian product development [3] - In 2016, the company underwent a transformation period, with significant efforts to promote civilian product development starting in 2017 [4] Group 2: Product Applications and Technology - Non-cooled infrared detectors are primarily used in civilian applications such as vehicle night vision, security monitoring, and handheld devices, while cooled detectors are used for military purposes [3] - The effective range for non-cooled detectors is generally below 4 kilometers, while cooled detectors are utilized for distances above 4 kilometers [3] - The company is committed to using self-produced detectors to achieve domestic production and reduce reliance on external suppliers [4] Group 3: Financial Insights and R&D Investment - The company has high R&D expenses due to its focus on research and development, with significant investments since the mass production of detectors began in late 2014 [5] - Government equipment products, which constitute a large portion of the company's revenue, have specific income recognition cycles, impacting financial reporting [5] - The company maintains a low risk of bad debts due to the reliability of government clients, with provisions for bad debts based on the aging of receivables [5]