SUNSEA(SZ:002313)2022-12-07 09:26Group 1: Engineering Business Development - The company's engineering business primarily focuses on new construction, with limited revenue growth due to a decrease in new projects from operators. The gross profit margin for engineering is low and continues to decline [2] - The scale of engineering companies is relatively small compared to operators, leading to a weaker position, while labor costs are gradually increasing [2] Group 2: Acquisition Progress - There has been no significant progress on the acquisition of Huitong and Changhong companies, despite signing a letter of intent and ongoing discussions on details [2] Group 3: Sales Ranking of Major Operators - According to the consolidated financial statements, in 2013, China Mobile ranked first, followed by China Unicom and China Telecom [2] Group 4: Investment in Fixed-line Broadband - China Telecom is expected to increase its investment in fixed-line broadband this year, which is its core business. China Unicom and China Mobile will focus on base station construction [2][3] - The opening of the last mile to private capital in 16 pilot cities may lead to lower construction costs for private capital compared to operators, as they are more price-sensitive and have lower quality requirements [3] Group 5: Cooperation with Other Operators - China Unicom is currently using a cooperation model where partners invest in construction and share 70% of the business for three years, but the profit margin is limited [3] Group 6: Impact of Tower Companies - The impact of the tower company's centralized procurement model is uncertain, as it has not yet been determined whether procurement will be centralized at the headquarters or at the provincial level [3] Group 7: Traditional Business Development - The development of traditional businesses depends on the investment situation of operators. After a large-scale construction of 4G base stations by China Mobile in 2014, future construction scale is not expected to increase significantly [3] - The gradual implementation of centralized procurement may lead to a downward trend in product sales prices, which could further reduce the company's gross profit margin [3] Group 8: Overseas Market Situation - The overseas market mainly applies to small component products, as shipping costs for larger products are too high, resulting in a limited sales scale in international markets [3]