Group 1: Company Overview - Anke Intelligent Power Transmission Engineering Technology Co., Ltd. is a high-growth hard technology enterprise with 12 national firsts and 7 world firsts in its three main business areas: cable connectors, GIL, and smart modular substations [2][3] - In the first half of 2021, the company achieved revenue of 475 million CNY, a 139% increase from 2020, and a net profit of 115 million CNY, up 113% year-on-year [3] Group 2: Business Development and Projects - The company is focusing on the development of smart modular substations for renewable energy systems, which can reduce construction time by 80%, costs by 30%, and save 70% space compared to traditional substations [3] - Current projects include high-pressure cable procurement for the Three Gorges offshore wind power demonstration project and a smart modular substation project for a solar energy manufacturing company [3][4] Group 3: Core Competencies - The company's core competencies include continuous innovation, first-mover advantage with benchmark clients, cost advantages (30% lower than competitors), and a flexible service mechanism [4][5] - Anke has developed a full range of GIL products (220kV to 1000kV) and holds exclusive patents that significantly reduce manufacturing and construction costs [4][5] Group 4: Financial Performance and Profitability - The profit margin for smart modular substations is expected to average around 30%, with variations between 15% and 50% depending on specific projects [6] - The company’s cable connector gross margin increases with voltage level, indicating higher profitability for high-voltage products [6] Group 5: Order and Revenue Recognition - The company has a robust order backlog, with ongoing projects expected to generate revenue in the coming years, including a 35kV smart modular substation project and a 110kV/220kV project [6] - Revenue recognition varies by business segment: for cable connectors, revenue is recognized upon delivery; for GIL services, it is based on project completion; and for smart modular substations, it depends on the sales or leasing model [6]
安靠智电(300617) - 安靠智电调研活动信息