SUNSEA(SZ:002313)2022-12-07 09:36Group 1: Financial Performance - In 2014, the company's revenue composition changed significantly, with wireless business at 39%, wired business at 21%, and a notable decline in gross margin due to continuous price drops in the industry [2] - The company's short-term loans decreased to 300 million RMB by the end of 2014, with other current liabilities at 200 million RMB [2] - Cash flow improved in 2014, marking the best year since the company went public, attributed to stringent accounts receivable management and optimized supplier payment terms [3] Group 2: Market Dynamics - Revenue from China Mobile accounted for approximately 49% of total revenue in 2014, with key products including ODF and outdoor cabinets [3] - The company did not win bids for six categories of products in China Mobile's 2015 procurement, which may impact sales strategies moving forward [3] - The engineering business faces pressure due to localized characteristics and funding challenges, limiting significant growth potential [3] Group 3: Inventory and Cost Management - High inventory levels at year-end 2014 were influenced by industry operational models, with a significant portion consisting of dispatched products and completed but unbilled projects [2] - The company is actively controlling costs despite a large scale and broad product sales coverage, indicating a focus on maintaining financial health [2]