On January 4, 2022, Honglida (688330) announced: Rongtong Fund Lv Han Liu Shen'ao Guan Shan Wu Jiayun Liu Ankun, Zhengze Fund Dong Shuang Wang Xianbo, PICC Asset Sun Haoran, Hainan Huayin Tianxia Private Equity Fund Management Co., Ltd. Ye Peng, Rui County Xingju Zhang Zengchao, Qiu Sheng Asset Zhou Yue, AAA Fund Luo Shen, Ruiyi Investment Wang Luqing Xiong Lin, GF Securities Huang Yu, Lanteng Capital Gloria Lu, Huaxia Future Capital Yang Jun, Fuanda Fund Lu Xu Yu Sixian, Hexi Investment Wu Di Song Zhengyuan, Western Securities self-operated Li Yuanjian, Caitong self-operated Guo Qi, BOC Securities Asset Management Zhang Lixin, Hongdao Wang Kai, Yirong Investment Gao Li, Fengchi Asset Xing Zhe, Zhaotian Investment Zhang Dongliang Xu Jiqiang Zheng Qiwei, Xingyin Fund Wang Wei, IFC Fund Wu Peiwei, Evergreen Foundation Wang Dewen, Soochow Securities Qin Hongxiang Xie Zhedong, Shanghai Yunwen Asset Management Co., Ltd. Sun Zhihua, Shenzhen Yuntianzhi Fund Management Co., Ltd. Li Zhengwen, China Europe Fund Lu Chunqing, Fuguo Fund Wu Yunze, Huafu Fund Zhu Chenghui Zhang Liang, Hengsheng Fund Luo Juan, China Canada Fund Wang Liang , Xinghe Fund Liang Chenxing, Aspoon Capital Liu Ziying, Jinmen Financial Conference Assistant, Life Assets hechuan, Northeast Self-operated Wu Jiangtao Wu Yan, Guangdong Hengsheng Fund Management Co., Ltd. Luo Juan, Jing'an Investment Li Zekai, Soochow Securities Research Institute Chai Jiahui, Guangzhou Xuanyuan Investment Management Co., Ltd. Zhao Zhongpeng, Suzaku Fund Chen Yabo, Orient Securities Co., Ltd. Song Hailiang, Boshi Fund Bai Haoxin Wang He Jin Xinxin Wu Wei, pinpoint Liu Wenyuan, Zhongrong Trust Zhao Xiaoyuan, CITIC Futures Zhang Xiujun, Shaoxia Capital Ye Zhuliang, Huaan Securities self-operated Wang Bing, Fullerton Fullerton Investment Zhang Wei Michael, Guosen Hongsheng Yang Jia, Harvest Capital Management Co., Ltd. Zhao Jiayi, Shanghai Park Easy Asset Management Co., Ltd. Dong Guoxing, Zhongtai self-operated Fu Xin, Temasek Chen Jiying, Xiniu Investment Secret Jiale, Centennial Assets Bei Yitian, OceanAcrete Max Sun, CITIC Securities self-operated Liu Rui, Guohua Xingyi Assets Liu Xuming, IGWT Investment Liao Kesong, Chengluo Investment Peng Zhisong Xu Jingsui, Shanghai Trust Lu Fang, Rose Capital Co., Ltd. (Investment) Huang Xin, Zhishun Investment Zhang Jian Liu Hong, China Merchants Fund Yao Feijun, Yongan Guofu Hu Yao Zhou Yiyun, Shenzhen Qianhai Baichuang Capital Management Co., Ltd. Wu Siwei, Fengjing Capital Li Zhengqiang, Houxin Jiantou Lin Jinwen, Huabao Trust Co., Ltd. Gu Baocheng, Shenzhen Avenue Zhicheng Investment Management Partnership Cai Tianfu, Orient Securities Derivatives Self-operated Zhai Shuxing, Suzhou Longyuan Investment Management Co., Ltd. Li Shengnong , Liu Jia of Sino-Italian Assets, Fan Yanyang of Sunshine Assets, Wu Limin of Guanfu Assets, Zhao Dong of Ruipu Investment, Chen Zhitao of Ruipu Investment, Yu Haihai of Chong Yun, Huang Shichao of Shenzhen Zhongjin Blue Ocean Asset Management Co., Ltd., Han Xu of Furong Fund, Chen Xiaoyu of Guolian An, Yuan Fei of Shanghai Chaos Investment (Group) Co., Ltd., Yang Huaiyu of Maodian Assets, Li Yanting, Yang Huaiyu of Zhou Jun'an, Huanyi Investment of Gao Shan, Li Haili of Huanyi Investment, Dong Jiannan of Zhongrui Heyin Investment Management Co., Ltd., Xiong Zheng of Bangzheng Assets, Xu Lei of Dymon Asis, Huang Zeyang of Xitai Investment, and Chen Yin of Yuance Investment , Shanghai Honghu Investment Jiang Le, Jinxin Fund Zhang Jingpeng, Baoer Taiping Zhang Xiaoshi, Huatai Bairui Liu Zhibing, Allianz Insurance Asset Management Co., Ltd. Wang Pengyu, Pinpoint Liu Jun, Minsen Investment Tan Bin, Guangzhou Ruimin Investment Management Co., Ltd. Li Zhijun, GF Fund Gu Yihui Zhao Wenqing, Tongyuan Investment Xue Lingyun, Yingda Asset Cheng Yue, Yingke Capital Zhou Fengchun, United Asset Management Co., Ltd. Pan Jiang, Shengshi Confidant Investment Xu Chengyu, Kane Investment Xiong Xiaofeng, Shandong Lushang Private Equity (Investment) Fund Management Co., Ltd. Guo Jia, Southern Fund An Yongping Xiong Lin Sun Weicang Liang Jiashuo, Industrial Securities Asset Management Qiu Shiyuan, Shanghai Investment Morgan Nie Shuguang Chen Yanbing, Debon Fund Shi Junfeng, Magic Square Quantitative Chai Wei, Chuangjin Hexin Fund Li You, Zhejiang Merchants Self-operated Wang Peng, Jinta Investment Zhang Qi, Jianshun Investment Wang Zhanfan, United Assets Zhang Wenpeng, Everbright Prudential Li Xinyu, ubs oc Qinjia, Shanghai Ruibai Investment Management Co., Ltd. Lao Yihua, Pengyang Wang Zhe, Infore Capital Zhang Tingjian, Chenghuai Investment Tao Yong, Jianxin Trust Zhou Mengxia, Shao Jinwei of Huaxia Fund, Yu Hansong of Cintai Life Insurance Asset Management, Guo Ruofeng of Ping An Pension, Zheng Weihao of Jiahe Fund, Han Ting of Invesco Great Wall Fund, Zhou Lin of Soochow Hong Kong, Ni Ruichao of Shanghai Shicheng Investment Management Co., Ltd., Cao Guojun of Shanghai Tianyi Investment, Tan Huaqing of Harvest Fund Management Co., Ltd., Xue Yipin of CICC Asset Management, Shen Jia of Changxin Fund, Zhou Lin of Soochow International, Liu Yu of Tianan Life Insurance, Cao Na of Industrial Securities Global, Kong Shuo of Jianxin Insurance, Haoyue Li of Soochow Self-operated Chen Lanjing, Chunda Zihuiping, Caitong Asset Management Kang Yixin, Longhang Assets Li Fangyong, Guohai Self-operated Wu Xingyu, Yinhua Fund Wang Zhiwei Jia Peng, China Post Wealth Management Tao Jun, AZInvestment Anzhong Investment Liu Weiting, Yongying Fund Zhang Tsunami, Sherwood Liang Xie, Jiayin Tommy, Shi Feng Asset Bian Kangxiang, Boyuan Fund Cai Yufei, Bopu Technology He Ruilin Zhang Tengfei, Changsheng Fund Meng Qi, Shanghai Fengyang Asset Management Co., Ltd. Wang Zhiqiang, Xinhua Asset Li Lang, Taikang Zhang Shuo, Panyao Asset Ning Shunli, Beijing Chengyang Investment Zhang Yuchuan, Jiutai Fund Li Shun , Taixin Fund Wu Yong, Ruitian Investment Yang Rongpei, Xinhua Pension Fu Xiaochen, Huabao Fund Zhan Jie, Oriental Fund He Shuyang, Shanda Investment Gu Danwei, Great Wall Fund Shen Yiyang on December 29, 2021 to investigate our company.
The main contents of this survey are:
Q: Please briefly introduce the company's core products?
Answer: The company's core products are intelligent column switches, which apply the Internet of Things and intelligent technology to realize the integration of traditional electrical switches and IoT sensing equipment, edge computing, and industrial control equipment, so that the column switches have the characteristics of human-computer interconnection capabilities, terminal research and judgment capabilities, and deep integration, and can efficiently conduct fault research, fault location, fault isolation, and realize remote human-computer interaction at the terminal, with high fault analysis accuracy, accurate fault location, fast and efficient fault isolation, strong human-computer interaction ability. Advantages such as accurate line loss acquisition. The product can replace the traditional on-column switch and is an important part of the construction of smart distribution network.
Q: What are the technical advantages of the company's products?
A: In terms of the accuracy of fault judgment, the company's products can improve the accuracy rate. According to the actual operating conditions, the short-circuit fault analysis accuracy of the switch on the Honlita intelligent column is more than 99%, the accuracy of the single-phase ground fault is 90%, and the accuracy rate of the recloser is close to 100%, which is higher than the industry average. Traditional fault judgment has pain points such as low fault judgment rate, backward positioning method, long information transmission time, and poor action reliability. Affecting the production and life of power grid users, it also brings security pressure to power supply companies. The company's smart post switches improve power supply reliability and improve economic efficiency through loss reduction. The company's intelligent column switches also have functions that traditional column switches do not have, such as single-phase ground fault and isolation, line loss power collection, etc. In the section where single-phase ground faults occur frequently, line losses are high, and line stability requirements are high, the intelligent column switch can improve the reliability of power supply and improve economic benefits by reducing losses.
Q: Why did the company's intelligent column switch products choose the Zhejiang market as the entry point in the first place?
Answer: Because the economic development level of Zhejiang Province is high, the requirements for the stability of power supply are higher, and the State Grid Zhejiang has greater pressure on the stability maintenance of the distribution network, and tends to purchase equipment with a higher level of intelligence and Materialization, so the company's intelligent column switch procurement demand is also relatively high, which is an ideal market entry point.
Q: Can you introduce the main differences between the primary and secondary complete sets of switches and the company's primary and secondary fusion intelligent column switches?
Answer: The primary and secondary complete sets of switches mainly set the secondary products on the primary switch, and use voltage transformers and current transformers to solve the problems of automation of some of the original distribution networks and realize the line loss acquisition function. However, the control terminal still uses the original FTU and its supporting electromagnetic power PT, that is, the voltage transformer. Such products still have the inherent problems of installation inconvenience, more interface cables, unsynchronized life cycles of primary and secondary components, and electromagnetic power extraction PT. The company's first or second fusion of intelligent column switch products, with voltage / current sensor instead of voltage / current transformer, the voltage, current sensor and power module and vacuum interrupter integrated sealed in the pole, while the use of ultra-low power control terminal, canceled the electromagnetic power PT, greatly reducing the volume and weight of the product, improve the overall reliability, a secondary component has the same life cycle. In addition, more importantly, the failure judgment rate of the company's intelligent column switches is in the leading position in the industry.
Q: Please introduce the company's small current grounding research technology?
A: The small current grounding fault feature amplification technology is one of the core technologies independently developed by the company, which is mainly used in the intelligent auxiliary judgment equipment for grounding faults in 10kV distribution network. When a single-phase grounding fault of the small-current grounding system occurs in the distribution line, a certain capacity resistance is cut for a short time between the non-faulty phase and the earth, and the "short-circuit current" generated by the resistance switching is used multiple times to amplify the ground current by dozens of times, greatly improving the accuracy of the single-phase ground fault location of the small current. It can also distinguish between permanent grounding and instantaneous grounding, and ensure that only when permanent grounding occurs, the grounding current that is automatically amplified for a short time is automatically applied.
Q: What is the market space of the company's core products in the Zhejiang market and the company's market development in other provinces?
A: According to the preliminary calculation of the line situation of the State Grid Zhejiang distribution network, the number of switches on the installation of the first and second fusion intelligent columns, and the intelligent standards of the distribution network built in Zhejiang Province in various places, the distribution network lines in the province are deduced, and there are still about 300,000 sets of sales space in Zhejiang Province. In addition to the Zhejiang market, the company is also actively exploring the market in other provinces, and has also achieved great results.
Q: What is the current shareholding situation of directors and executives in the company?
A: The company's chairman Zhang Hui, general manager Leng Chuntian and deputy general manager Lai Anding directly hold 2,922,118 shares, 1,547,003 shares and 6,875,571 shares of the company respectively. In addition, some directors, supervisors and senior personnel of the company also indirectly hold the company's shares through The Hongyuan Energy and Eagle Intelligent Source Shareholding Platform.
Q: What are the main functional differences between the company's smart column switch and the traditional primary switch?
Answer: The main role of the traditional column switch on the line is the sectional cutting, control and short-circuit fault protection of the distribution line, which is mainly used in scenarios such as line power supply, disconnection and closure. The company's intelligent column switch is an advanced Internet of Things, intelligent and integrated intelligent equipment, deep integration of primary and secondary equipment, sensors, network equipment, communication equipment, with the traditional column switch does not have a single-phase ground fault and isolation, as well as line loss power acquisition and other functions, the single-phase ground fault frequent occurrence and high line loss, high requirements for line power supply stability, high requirements for human-computer interaction ability of the section, the installation of intelligent column switch can improve the reliability of power supply and enhance economic benefits through loss reduction.
Q: Why is the company's business market mainly concentrated in the Zhejiang market?
Answer: Zhejiang Province's economic development level is relatively high, local municipal enterprises, institutions, residents for the stability of power supply requirements are higher, the State Grid Zhejiang for the stability of the distribution network maintenance pressure is larger, tend to buy intelligent, IoT level of higher level of equipment, so the company's intelligent column switch procurement volume is larger; on the other hand, due to the high level of technology and quality of smart column switch, the company mainly uses pilot promotion, technical cooperation to promote, earlier than the State Grid Zhejiang trial hanging pilot, to promote the actual operation data of the equipment , so as to strive for business opportunities.
Q: Please briefly introduce the company's main customers and how to obtain orders.
Answer: The company's customers are mainly the State Grid and its subsidiaries, and the State Grid implements a centralized procurement system at the headquarters and provincial levels, that is, the procurement system and decision-making are generally concentrated in the State Grid headquarters, various provincial power companies, that is, the network province companies, and industrial group companies at the same level as the network province company. The order acquisition method of the company's core products is mainly related to the type of customer, different customers prefer different procurement procedures, the main methods include bidding, competitive negotiation, winning bid supply and business negotiation, etc., of which the winning bid supply method is the subordinate unit of the State Grid Information Industry Group in accordance with the provisions of the internal procurement system of the State Grid Information Industry Group, preferring to use the way to purchase from the company.
Q: What is the technical threshold of the company's smart post switch products?
A: The company's products and the existing so-called competitive products in the same industry have a greater competitive advantage in terms of fusion mode, pole structure, current/voltage sampling mode, power extraction mode, fault removal time, feeder terminal power consumption and ground fault judgment accuracy rate. Specifically, the use of sensors instead of transformers and improving the accuracy of small current ground fault judgment are long-term technical problems in the industry and are not easy to solve. The company's products have broken through the technical difficulties of transformers, realized sensors to replace transformers, and increased the accuracy of small current single-phase ground fault judgment to 90%, and these competitive advantages cannot be easily surpassed by competitors in the same industry.
Q: What is the company's follow-up research and development direction?
A: The company attaches great importance to the research and development of products and technology processes, and has established a perfect research and development system covering product research and development, software and hardware design, testing and verification, process manufacturing and other fields, and continuously improves the company's overall research and development strength. With the development of "Power Internet of Things" and "Energy Internet", the core technologies developed and accumulated by the company over the years are in line with the development trend of industry demand. In the future, the company will continue to strengthen R&D investment, and the key directions of R&D include: 1) continuously improve the performance of existing products to meet the needs of power grid users in different business scenarios in different regions, and maintain the advanced characterization and advantages of the company's core products in terms of IoT, intelligence and integration by investing, deepening and iterating in ioT intelligent perception, edge computing and industrial integration technology; 2) facing forward-looking technology research and new product research and development, focusing on existing core technologies and a large number of application experiences. Continue to tap user needs, expand and enrich product lines to solve the power business application needs in energy Internet scenarios.
Honglida main business: engaged in the distribution network intelligent equipment research and development, production and sales, as well as power application software research and development and implementation and other information services, while the company also provides IoT communication modules, system integration and other products and services
Honglida's 2021 third quarter report shows that the company's main revenue was 787 million yuan, up 15.34% year-on-year; net profit attributable to the mother was 328 million yuan, up 28.67% year-on-year; deducting non-net profit was 267 million yuan, up 6.55% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 314 million yuan, up 11.12% year-on-year; single-quarter net profit attributable to the mother was 119 million yuan, up 24.8% year-on-year. In the single quarter, the non-net profit was 105 million yuan, up 11.49% year-on-year; the debt ratio was 9.7%, the investment income was 33.8908 million yuan, the financial expense was -2.5464 million yuan, and the gross profit margin was 54.64%.
In the past 90 days, a total of 3 institutions have given ratings and 3 buy ratings; the target average price of institutions in the past 90 days has been 137.74; the net inflow of financing in the past 3 months has increased by 10.3611 million; and the net outflow of margin is 7.552 million, and the balance of margin has decreased. The Securities Star Valuation Analysis Tool shows that Honglida (688330) has a good company rating of 3 stars, a good price rating of 2 stars, and a comprehensive valuation rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)
![Open to the world! Thailand restarted the "test and go" quarantine-free entry policy from February 1[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)