SUNSEA(SZ:002313)2022-12-08 02:20Group 1: Financial Concerns - The company has a significant accounts receivable balance, but the risk of bad debts is low due to the nature of its main clients being telecom operators [2] - The company maintains a bad debt provision according to its accounting policies [2] Group 2: Inventory and Production - High inventory levels are attributed to the industry operating model, with a significant portion consisting of products dispatched and completed but not settled [2] - The company has shifted production capacity from Shenzhen to Wuhan, which is not yet fully utilized [2] Group 3: Market and Business Development - The total investment for 4G construction this year is substantial, with the tower company expected to lead base station construction in the second half of the year [2] - The company’s engineering business primarily focuses on new construction, with limited growth due to a decrease in new projects from operators [3] Group 4: Technological Advancements - The company’s smart ODN business is being cautiously promoted by operators due to high construction costs, which are about twice that of traditional ODN [3] - The engineering business's gross profit is declining, influenced by rising labor costs and the relatively small scale of engineering companies compared to operators [3] Group 5: International Market - The overseas market primarily caters to small component products due to high shipping costs for larger items [3]