Daybright(300670)2023-03-09 11:24Business Operations - The company's distribution business primarily serves State Grid customers and has expanded to over ten provinces including Jiangsu, Shanghai, Shandong, Zhejiang, Beijing, Henan, Anhui, and Fujian [2] - The energy storage business is mainly focused on the European market, with self-built sales teams targeting countries such as Germany, France, Italy, Spain, and Poland [2] - The company is currently participating in exhibitions in Poland, showcasing products like low-voltage energy storage batteries, high-voltage energy storage batteries, hybrid inverters, and integrated solar-storage systems [2] - Plans to participate in exhibitions in Italy, France, Germany, and the UK in 2023 [2] Market Demand and Performance - Demand for energy storage batteries remains strong in Europe, with higher attention compared to inverters [3] - The company's 2022 performance decline was attributed to factors including production and delivery disruptions due to COVID-19 in Suzhou and Shanghai, depreciation from major asset restructuring, foreign exchange losses from USD appreciation, and expected goodwill impairment for its subsidiary Suzhou Guoyu [3] Research and Development - The company's rapid development in the energy storage sector is supported by strong R&D capabilities, a mature R&D team, and accumulated technical expertise from early-stage energy storage business layout [3] - The company has also recruited excellent R&D personnel to ensure the orderly advancement of R&D projects [3]