证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，煤机使用的配件 较多，公司主要通过完整的供应链体系和高效的三级库存体系完成供货，但公司也具备少部分配件的自 主生产能力。 ...

Core Viewpoint - The company, SuDa Co., Ltd. (stock code: 001277), clarified that the technology from Saifu Fluid can be partially applied to liquid cooling systems, but the claim of a "dimensionality reduction attack" is inaccurate and the rumors are unfounded, as the current status is merely in the research phase [1] Group 1 - The company announced on August 21 that it responded to inquiries during a research meeting [1] - The technology from Saifu Fluid has specific applications but varies by industry due to different technical requirements [1] - The company emphasized that the current engagement with Saifu Fluid is still in the research stage [1]

证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，公司考虑实施以 下两种并购活动，一是并购重组液压流体连接件渠道和工厂，形成综合竞争力较强的液压流体连接件产 业规模。二是在国有企业混改期间，可与其维修中心合资组建再制造中心或购买其维修中心进行升级改 造。 ...

证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，维修再制造需要 较大的场地和专业的设备，公司一般是将需维修的支架拉回维修中心。如有需要也会派人去客户现场拆 解、组装，但关键的部位还是拉回基地进行维修。为此公司围绕国内较大的煤炭生产区域建立了6个维 修中心，服务半径300-500公里，保证为客户提供及时、高效的服务。 ...

证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，今年的数据目前 无法确定，赛福流体的收入占比还需待年末予以统计。 ...

证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，目前，公司围绕 产品计划和市场计划，结合近两年的市场情况展开研究，以期有更好的市场表现。后续如公司在相关方 面取得实质性进展或突破，将按相关规定进行信息披露。 ...

证券日报网讯速达股份（001277）8月21日发布公告，在公司回答调研者提问时表示，赛福流体2024年 营业收入2亿元左右。 ...

Core Viewpoint - Suda Co., Ltd. has successfully entered the aftermarket for construction machinery through its fluid connection components business, establishing stable partnerships with leading clients in the industry [1] Group 1: Business Performance - The revenue from the shield tunneling machinery pipeline components business has shown steady growth, achieving approximately 28 million yuan in 2022, accounting for 2.6% of total revenue; in 2023 and 2024, the revenue is expected to exceed 60 million yuan, maintaining a stable revenue proportion of around 5.3% [1] - The subsidiary, Saifu Fluid, is projected to achieve approximately 200 million yuan in revenue in 2024, showcasing significant performance [2] Group 2: Strategic Plans - Suda Co., Ltd. plans to pursue two types of strategic mergers and acquisitions when the timing is right: integrating sales channels and production facilities for hydraulic fluid connection components to form a competitive industrial scale, and leveraging opportunities from the mixed ownership reform of state-owned enterprises to deepen its layout through joint ventures or acquisitions of existing repair centers [1] - The company is currently screening potential targets according to its established plan and will strictly fulfill information disclosure obligations regarding future progress [1] Group 3: Business Model - The company primarily acquires orders through bidding and competitive negotiations, with a pricing model that includes agreement pricing for single repair and remanufacturing services, as well as long-term contracts for ongoing cooperation [2] - A specialized service package has been introduced, bundling maintenance, parts supply, repair, and remanufacturing services, with billing based on the customer's coal output [2] - The second-hand equipment rental and sales business involves purchasing or leasing idle equipment, which is then repaired and technically modified before resale or rental, with transaction prices determined through bidding or competitive negotiations [2] Group 4: Competitive Advantage - Saifu Fluid has a significant technical advantage over competitors like Yingweike, with hydraulic system pipeline pressure levels generally reaching 30-40 MPa, much higher than the data center pipeline's sub-1 MPa; additionally, Saifu Fluid has the capability to design and produce stainless steel pipelines, aligning with material requirements in data center applications [2] - The stringent cleanliness standards in hydraulic systems have led Saifu Fluid to maintain higher levels of process control [2]

Company Overview - Zhengzhou Suda Industrial Machinery Service Co., Ltd. was established in July 2009 and listed on the Shenzhen Stock Exchange in September 2024 with a registered capital of 76 million yuan [2] - The company specializes in comprehensive aftermarket services for industrial machinery, focusing on hydraulic supports for coal mining equipment [2] - It employs over 800 staff and has a service network covering all major coal production bases in China [2] Business Performance - The company has seen steady growth in its shield tunneling machinery pipeline component business, with revenues of approximately 28 million yuan in 2022 (2.6% of total revenue), 60 million yuan in 2023 (5.3%), and projected 60 million yuan in 2024 (5.3%) [2] - The revenue for the subsidiary Saifu Fluid is expected to be around 200 million yuan in 2024 [7] Strategic Development - The company aims to enhance the quality of its repair and remanufacturing services, expand repair center layouts, and establish industry standards to increase market share [3] - Plans include developing a marketing strategy to explore new markets and improve market share among existing customers [3] - The company intends to expand its fluid connection business into non-coal industries such as engineering machinery and agriculture [3] Mergers and Acquisitions - The company is considering two types of acquisitions: restructuring hydraulic fluid connection channels and factories, and forming joint ventures with state-owned enterprises for remanufacturing centers [4] Market Dynamics - The company's profitability is linked to the coal industry's performance; demand for aftermarket services may be delayed during downturns but will rebound as market conditions improve [5][6] - The aftermarket service sector is a stable market as long as coal production continues [5] Service Model - The company utilizes a competitive bidding process for its services, with pricing based on agreements for repair, remanufacturing, and parts supply [14] - It has established six repair centers within 300-500 km of major coal production areas to ensure timely service delivery [15] Financial Insights - The gross margin for spare parts is high, with a complete supply chain and efficient inventory system in place [15] - The company is actively seeking suitable acquisition targets and will disclose any significant progress in accordance with regulations [16]

Core Viewpoint - SuDa Co., Ltd. experienced a significant drop in stock price, reaching the daily limit down, with a trading volume of 2.45 billion yuan and a turnover rate of 25.29% [2] Trading Performance - The stock's price fell by 10.81%, leading to its inclusion on the Shenzhen Stock Exchange's watch list for significant price deviation [2] - The stock's trading fluctuation was recorded at 10.46% throughout the day [2] Institutional Activity - Institutional investors net bought 4.67 million yuan worth of shares, while brokerage seats collectively net sold 66.64 million yuan [2] - Among the top five trading departments, the total transaction volume was 125 million yuan, with a net sell of 61.97 million yuan [2] Fund Flow - The stock saw a net outflow of 27.55 million yuan in principal funds, with large orders experiencing a net outflow of 43.28 million yuan, while large orders had a net inflow of 15.73 million yuan [2] - Over the past five days, the net outflow of principal funds amounted to 10.62 million yuan [2] Detailed Trading Data - The top buying and selling departments included: - Buy One: CITIC Securities, Taizhou Branch, with a buy amount of 8.05 million yuan [2] - Buy Two: Institutional Special Seat, with a buy amount of 6.27 million yuan and a sell amount of 1.60 million yuan [2] - Sell One: Everbright Securities, Suzhou, with a sell amount of 42.30 million yuan [2]