DAS(002421)2025-03-10 12:00Group 1: Product Application and Efficiency - The company's smart space products can be applied to single floors, focusing on comfort and user satisfaction rather than energy efficiency optimization in localized applications. Significant energy savings require whole-building upgrades [1] - For substantial energy efficiency improvements, comprehensive upgrades to the central air conditioning systems of entire buildings are necessary, as localized applications yield less noticeable savings [1] Group 2: Overseas Expansion Challenges - The company has established teams in the Middle East and Southeast Asia, but overseas business currently accounts for a small percentage of total operations, indicating significant growth potential [2] - Key challenges in overseas expansion include adapting to different legal and business practices, the complexity of project delivery, and the need for stable local partnerships to reduce customer acquisition costs [2] Group 3: Order Growth and Future Projections - In 2024, the company signed and won projects totaling CNY 3.145 billion, a 6.88% increase from CNY 2.943 billion in the previous year, indicating stable growth [3] - The company expects continued order growth, particularly by optimizing product structure to increase the proportion of high-margin smart space products and technical services [3] Group 4: Hardware Cost Structure - In smart space solutions, hardware typically accounts for 60% of the total project cost, including third-party communication devices and proprietary building control hardware [4] - The gross margin for hardware products ranges from 40% to 50%, with plans to enhance supply chain management and promote integrated hardware-software solutions to improve overall profitability [4] Group 5: AIoT Platform Compatibility - The company's AIoT platform is compatible with approximately 95% of building electromechanical equipment, allowing for efficient integration of new devices into the cloud platform [5] - The platform does not restrict hardware brand integration, with major suppliers including Huawei, H3C, and ZTE for network and communication devices, and Hikvision, Dahua, and Uniview for video surveillance equipment [5]