南凌科技(300921) - 2021年5月7日投资者关系活动记录表

Market Position and Growth - The global SD-WAN market is projected to grow from $1.9 billion in 2020 to $34.5 billion by 2025, with a compound annual growth rate (CAGR) of 34.5% [1] - In China, the SD-WAN market is expected to grow from 200 million RMB in 2018 to 840 million RMB in 2021, indicating significant domestic growth potential [1] - South Ling Technology's SD-WAN revenue increased by 152.66% in 2020 compared to 2019, establishing it as a leading player in the domestic market [2] Product Development and Strategy - The company plans to launch its self-developed SD-WAN product in the second half of 2021, which will utilize proprietary software and hardware, supporting a domestic substitution strategy [2] - The self-developed SD-WAN product aims to enhance competitiveness and market share by reducing costs while ensuring manageability, security, and convenience [2] - The product supports the company's "Network + Application" strategy, catering to increasing customer demands for intelligent networks and SaaS applications [2] Competitive Landscape - South Ling Technology's self-developed SD-WAN product differentiates itself from Alibaba Cloud's offering by providing broader capabilities, including hybrid cloud connectivity and SaaS acceleration [3] - Currently, the SD-WAN market is dominated by foreign brands, with domestic products still lagging in technology and application [3] - The trend indicates that more enterprises will prefer purchasing SD-WAN services from specialized communication service providers rather than building their own networks [3] Regulatory Environment - As of March 2021, there are 23,450 value-added telecom operators in China, with 2,072 licensed for Internet Virtual Private Network (IP-VPN) services [4] - Among these, only 3,055 operators have registered capital exceeding 50 million RMB, highlighting the competitive landscape in the telecom sector [4] International Expansion - The company's overseas strategy includes establishing SD-WAN nodes in Singapore and Frankfurt to support domestic enterprises' international operations [4] - The Singapore node will cover major Southeast Asian countries, while the Frankfurt node will cater to all European countries, enhancing the company's global footprint [4]