盛路通信(002446) - 盛路通信调研活动信息(1)

Company Overview - Guangdong Shenglu Communication Technology Co., Ltd. was established in December 1998 and is a leading high-tech enterprise in antenna and RF product R&D, manufacturing, and sales [2] - The company was listed on the Shenzhen SME Board on July 13, 2010, with stock code 002446, being the first A-share antenna company in China [2] R&D Investment - In 2019, the company's R&D investment was CNY 134 million, accounting for 10.06% of the annual revenue; in the first half of 2020, R&D investment reached CNY 77.84 million, representing 13.84% of the revenue [2] - The company is involved in one provincial key project and two national key projects, receiving a CNY 50 million special reward for its 28G active phased array millimeter-wave antenna technology [2] Core Competitiveness - The company's core competitiveness lies in 5G millimeter-wave antenna technology, 5G smart distribution systems, and military electronics [3] - The company has seized opportunities in 5G commercialization, significantly increasing R&D investment in millimeter-wave antennas and active phased array antennas, achieving leading domestic technology and product advantages [3] Impact of Divestiture - The divestiture of Hezheng Electronics, which faced significant losses in 2019 and challenges due to the COVID-19 pandemic, allows the company to focus on "military electronics + civilian communication" [3] - This strategic move is expected to positively impact the company's performance by concentrating resources on core business areas [3] Market Performance - The company's annual shipment of microwave and millimeter-wave antennas holds a high global market share, with stable growth in demand for high-frequency millimeter-wave products driven by global 5G construction [4] - Despite the pandemic's impact in 2020, sales of microwave and millimeter-wave antennas continued to rise [4] 5G Smart Distribution System - The 5G Smart Distribution (Smart DAS) system integrates Bluetooth positioning and IoT technology, featuring active integrated antennas and smart gateways [4] - This system provides indoor positioning navigation and IoT services, enhancing user experience in various vertical industries [4] Overseas Market Expansion - The company has strengthened its overseas market presence despite the pandemic, establishing offices in the US and UK, and developing agents in Western Europe, Latin America, and the Middle East [4] - Sales in Russia and Brazil have achieved breakthroughs, indicating successful market penetration [4] Future Strategic Development - The company plans to enhance R&D capabilities, particularly in self-developed chips, to increase their application in military and civilian communication products [5] - It aims to leverage opportunities from national initiatives like "new infrastructure" and "modernization of defense and military" by combining internal growth with external expansion [5]