*ST天沃(002564) - 天沃科技调研活动信息

Group 1: Company Overview and Strategic Direction - Suzhou Tianwo Technology Co., Ltd. emphasizes its strategic focus on both existing and new business areas, particularly in energy engineering services and high-end equipment manufacturing [8] - The company aims to enhance its competitive edge by upgrading its main business sectors, including clean energy services and military-civilian integration [10] - Tianwo Technology plans to increase its market share in non-cyclical businesses, such as refining and petrochemicals, to improve cash flow stability [10] Group 2: Financial Performance and Challenges - In 2018, the company reported a decrease in operating cash flow compared to 2017, attributed to a shift from solar projects to wind energy projects, which have longer construction cycles [12] - As of December 31, 2018, the company had goodwill of CNY 2.14 billion, primarily from the acquisition of Zhongji Power, with no significant impairment signs reported [12] - The company is actively working to improve cash flow management and reduce accounts receivable and inventory levels [12] Group 3: Market Position and Competitive Advantages - Tianwo Technology differentiates itself in the energy EPC business by focusing on design and project management, particularly in self-owned power plants and renewable energy projects [9] - The company recognizes the importance of developing competitive advantages in the renewable energy sector, especially in grid parity projects, to maintain market leadership [13] - The company’s subsidiary, Zhongji Power, is noted for its strong design and project management capabilities, which are expected to enhance its performance in the renewable energy market [13] Group 4: Research and Development Focus - The company is committed to enhancing its R&D capabilities, focusing on new product development in areas such as thermal power generation and seawater desalination systems [17] - Future R&D efforts will prioritize three main sectors: EPC contracting, equipment manufacturing, and military-civilian integration, aiming to capture market opportunities and improve product offerings [17] - The company plans to leverage its technological strengths to enter the hydrogen energy market, with potential applications in fuel cells and hydrogen storage [11]