ZHONGYEDA(SZ:002441)2023-11-30 08:38Group 1: Company Overview and Competitive Advantage - The company has a comprehensive distribution network with 54 subsidiaries and over 100 offices across major cities in China, providing stable and timely services [1] - The core competitive advantage is summarized as a "3+1" network, which includes distribution, logistics, technical services, and integration with the internet [1][2] - The logistics network consists of 8 major logistics centers and 50 distribution warehouses, effectively shortening delivery times nationwide [2] Group 2: Business Model and Profitability - The company's profitability comes from product sales premiums and discounts from suppliers based on quarterly and annual performance [3] - The gross profit margin for distribution business is expected to remain stable, with plans to enhance logistics responsiveness and technical service capabilities to improve customer retention and pricing power [3] Group 3: Customer Concentration and Market Dynamics - Customer concentration is low, with the top five customers accounting for 3.37%, 2.89%, and 2.34% of sales over the past three years [3] - The growth in system integration and complete manufacturing in the first half of the year was primarily driven by orders from a major client, Sichuan Honghua Electric [3] Group 4: Future Outlook and Strategic Goals - The company aims to continue implementing the "3+1" strategy, enhancing its networks and teams to achieve zero-distance service with customers [4] - Plans include strengthening digital interactions and data integration between physical networks and enhancing organizational capabilities for sustainable development [4]