SUNSEA(002313)2022-12-03 10:18Company Overview - The company has a leading IoT cloud platform, a top-tier software development team, innovative edge computing and AI applications, and communication modules with high market shipments [2] - The company's major shareholder, Runliangtai, is one of the largest M&A funds in China, focusing on investments in entertainment, new technology, and new finance [2] IoT Business - The company's IoT revenue exceeded traditional communication equipment and services in 2018, with total revenue reaching 4.77 billion RMB [2] - The Ayla Cloud platform, a globally deployed IoT cloud platform, has high brand recognition in the consumer electronics sector and strong security and scalability [2] - The company holds a 70% stake in a joint venture with Ayla in Shenzhen [2] - IoT module business has been optimized through acquisitions of SIMCom and Longsung, with unified supply chain management and cost reduction [3] - IoT module products are applied in industries such as POS machines, automotive, and power [3] Communication Equipment and Services - The company adjusted its market strategy to focus more on profit indicators for communication services and equipment due to reduced investment in network construction by operators and tower companies [3] - Small cell base station business has significant market potential in 5G construction, with strategic cooperation established since 2017 [3] - The company won a bid for China Mobile's small cell base station project in late 2018 and is currently promoting sales [3] Financial Status - The company is in a rapid development phase with strong demand for operating funds [3] - Communication equipment and service clients are operators with long but low-risk payment cycles [3]