SUNSEA(SZ:002313)2022-12-07 09:10Group 1: Business Performance - The engineering service business generated approximately 900 million in revenue in 2014, showing stable growth, but significant growth potential is limited due to the need for upfront capital and localization characteristics [2] - The company's intelligent ODN business is managed by Aomai Optical Measurement, with several trial stations opened; however, operators are cautious about promoting intelligent ODN due to high construction costs, which are about twice that of traditional ODN [2][3] Group 2: Market Trends and Challenges - The price of PLC optical splitter chips has significantly increased, but the supply price for optical splitters remains stable; however, the overall gross margin of the company is expected to decline due to the expanding scope of centralized procurement [3] - The main business of the company’s subsidiary, Baida Tong, focuses on intelligent underground pipeline networks, which have good application prospects in operator pipeline construction and municipal pipeline projects due to faster construction and lower impact on roads [3] Group 3: Capacity and Competitiveness - The company has gradually shifted its production capacity from Shenzhen to Wuhan, with current capacity meeting order demands, although there is some overcapacity in Wuhan [3] - The enterprise network (data center) business is still in the cultivation phase, primarily focusing on the sales of passive infrastructure equipment, with a competitive edge that is currently not strong [3]