TRS(SZ:300229)2022-12-06 11:31Group 1: Company Overview and Financial Performance - The company primarily serves four sectors: government, media, finance, and public security, with revenue distribution approximately 60% from government and media, and 30% from enterprises [3][4]. - The gross margin across these sectors is relatively stable, with a slight decrease in gross margin for data exchange services [3][4]. - The company is not significantly affected by economic cycles, with government and public security sectors showing stability, while media is experiencing accelerated growth [3][4]. Group 2: Business Expansion and Strategic Direction - The company is focusing on expanding its big data services, particularly in security and finance sectors, which are expected to have the fastest data processing and implementation [4][5]. - Future acquisitions may involve larger targets, contingent on market conditions, with a more favorable environment anticipated this year compared to last [4][5]. - The gross margin is expected to remain stable in the next two years, as new industry expansions may initially yield lower margins [4][5]. Group 3: Revenue Structure and Client Relationships - The revenue structure is shifting towards a higher proportion of service income, currently around 10%, primarily from online services related to government public opinion management [4][5]. - Qingdao Haier is the company's largest client, with annual revenue from this partnership around 20 million, expanding from initial projects to global website platform operations [5]. - The company's competitive advantage in big data lies in its long-term technical accumulation and the ability to meet specific industry client needs [5].