Shenzhen Kexin (SZ:300565)2023-08-31 11:22Group 1: Financial Performance - The company's operating performance in the first half of 2023 saw a significant decline, primarily due to reduced procurement amounts and increased asset impairment losses [2] - Sales revenue from integrated cabinets and distribution products, which have relatively high gross margins, decreased compared to the same period last year [3] - Financial expenses increased year-on-year, mainly due to interest expenses no longer being capitalized after the completion of the "5G Smart Industrial Park Project" [3] Group 2: Market and Product Strategy - The company has been expanding into overseas markets since 2019, acquiring Efore Oyj to enhance its power management technology [3] - The 1GWh lithium iron phosphate battery production line began operations in July 2022, targeting the user-side energy storage market, generating revenue of CNY 85.1967 million in the first half of 2023 [4] - Future projects aim to add 2GWh of energy storage battery production capacity, enhancing the company's ability to provide integrated network energy solutions [4] Group 3: Debt Management and Accounts Receivable - The company's debt-to-asset ratio has been rising due to significant cash outflows from ongoing investments in projects like the 5G Smart Industrial Park [3] - As of June 2023, the net accounts receivable stood at CNY 192 million, with various payment terms established for different clients [4][5] - Measures to improve accounts receivable collection include forming a dedicated team to track payment processes and enhance communication with clients [5] Group 4: Future Outlook and Strategy - The company plans to maintain a marketing strategy that balances domestic and international development, focusing on enhancing the competitiveness of its energy storage business [6] - Continuous investment in research and development for new materials, technologies, and products in the energy storage sector is emphasized to keep pace with industry advancements [6]