南凌科技(300921) - 2021年4月27日投资者关系活动记录表

Group 1: Revenue and Business Performance - The company's revenue for 2020 was 125.2967 million yuan, with a quarter-on-quarter change of -4.34% due to the impact of COVID-19 [1] - The proportion of value-added telecommunications business revenue to total revenue is 86.93%, indicating it as the main source of income and profit [1] - The revenue from the self-developed SD-WAN product increased by 152.66% compared to the previous year, making it one of the most prominent SD-WAN application solutions in the domestic market [2] Group 2: Business Strategy and Market Position - The company focuses on providing dedicated network services to medium and large enterprises, with a significant revenue contribution from these clients [4] - The introduction of self-developed SD-WAN products is expected to enhance competitiveness and market share, supporting the "Network + Application" strategy [3] - The company has a unique competitive advantage in the dedicated network industry, having operated for 24 years and developed self-research capabilities in new technologies and products [3] Group 3: Market Trends and Competition - The global VPN market was valued at $25.41 billion in 2019 and is projected to reach $75.59 billion by 2027, with a compound annual growth rate (CAGR) of 14.7% from 2020 to 2027 [5] - The domestic market for virtual private networks (VPNs) is experiencing rapid growth, particularly in SD-WAN products, as more clients transition from physical dedicated networks to virtual private network services [5] - The company faces competition from peers like Peng Bo and Wangsu Technology, which are also expanding into dedicated network services [3] Group 4: Financial Insights - The company's gross profit margin decreased to 35.24% in Q1 2021, primarily due to increased investment in SD-WAN backbone network construction [6] - The asset-liability ratio has been declining since the second half of 2020, attributed to sufficient cash flow and reduced investment in system integration projects due to the pandemic [6] - Increased R&D investment and sales expenses are expected in 2021, reflecting the company's commitment to innovation and market expansion [7]