Core Viewpoint - Jiangsu Shentong (002438) has indicated that its energy and chemical valve production line has strong equipment versatility, allowing for adjustments in process parameters and molds to facilitate the production of offshore valves [1] Group 1 - The company has responded to investor inquiries regarding its production capabilities [1] - The versatility of the production line is highlighted, suggesting adaptability to different types of valve manufacturing [1] - The ability to adjust process parameters and molds indicates a flexible manufacturing approach [1]

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical equipment industry [3] Core Viewpoints - The mechanical equipment industry is entering the "AI Era," which will create significant investment opportunities centered around AI infrastructure and AI empowerment [4][15] - The report highlights the historical performance of the mechanical equipment sector during previous five-year plans, indicating that each era has distinct characteristics that influence investment opportunities [6][10] Summary by Sections 1. Review of Five-Year Plans - The mechanical equipment industry has shown varying performance across the past four five-year plans, with significant growth during the Eleventh Five-Year Plan (642% increase) and a decline during the Thirteenth Five-Year Plan (-21% decrease) [6][7] - The industry ranked second among 28 sectors during the Eleventh Five-Year Plan and seventh during the Fourteenth Five-Year Plan, reflecting its evolving significance [7][8] 2. AI Infrastructure: Driving Demand for PCB Equipment, AIDC, Liquid Cooling, and Semiconductor Equipment - The AI computing revolution is expected to drive structural growth in PCB demand, with a projected annual growth rate of 16.3% for AI server-related HDI from 2023 to 2028 [19] - The report anticipates that the global PCB market will reach $73.565 billion in 2024, with a 5.8% year-on-year increase, and $94.661 billion by 2029 [19] - AI servers significantly increase the unit value of PCBs, with a single AI server PCB valued at $500-$800, compared to $200-$300 for traditional servers [20] - The report identifies challenges in capacity expansion, including long delivery times for high-end equipment and complex process validations [21] 3. AI Empowerment: The Rise of Embodied Intelligent Robots - The report discusses the practical applications of embodied intelligent robots in industrial logistics, elderly care, and specialized environments, emphasizing their potential to improve efficiency and safety [4][15] - It highlights the importance of technical feasibility and cost-effectiveness in the deployment of these robots [4] 4. Investment Recommendations - The report suggests focusing on AI infrastructure and AI empowerment as key investment directions for the mechanical equipment industry during the Fifteenth Five-Year Plan [4][15] - Specific recommendations include AI PCB equipment, AIDC power generation equipment, liquid cooling solutions, and semiconductor equipment [4][15] 5. Related Listed Companies - The report provides insights into key companies in the PCB equipment sector, such as Dazhu CNC, Chipbond Technology, and Dongwei Technology, highlighting their market performance and technological advancements [40][41]

9月30日，江苏神通大宗交易成交120万股，成交额1536万元，占当日总成交额的14.34%，成交价12.8 元，较市场收盘价12.85元折价0.39%。 | 权益类证券大宗交易(协议交易) | | | | | | | | 团 下载 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | | | | | (元) | (万股/万份) | (万元) | | | | | 2025-09-30 | 002438 | 江苏神通 | 12.80 | 120.00 | | 1,536.00信证券股份有限 | 国泰海通证券股份 | | | | | | | | | 公司启东公园南路 | 有限公司深圳滨河 | | ...

Core Viewpoint - Jiangsu Shentong has been actively developing and expanding its product applications in high-pressure hydrogen valves, semiconductor equipment-specific valves, and offshore vessel-specific valves, achieving significant market influence and competitiveness [2] Company Developments - The company has focused on research and development in high-pressure hydrogen valves, which aligns with the growing demand for hydrogen energy solutions [2] - Jiangsu Shentong has also targeted the semiconductor industry by creating specialized valves, indicating a strategic move to tap into this high-growth sector [2] - The development of valves for offshore vessels showcases the company's diversification and ability to cater to various industrial needs [2]

Core Viewpoint - Jiangsu Shentong (002438) is focusing on expanding its export scale and pursuing internationalization as a key strategy for enhancing company growth and technological advancement [1] Group 1: Internationalization Strategy - The company has established an international trade department and formed a professional team to support its international business expansion [1] - The company is actively engaging in external licensing and certification processes, which are progressing well [1] - Market channel development is being carried out in an orderly manner according to plan [1] Group 2: Focus Areas for Export Business - Future export efforts will concentrate on core areas such as petroleum refining and oil and gas extraction [1] - The aim is to achieve long-term development goals through these focused export initiatives [1]

Core Viewpoint - Jiangsu Shentong (002438) emphasizes the importance of competition in the market economy, stating that it drives innovation and progress [1] Company Summary - The company has developed strong market competitiveness and brand influence in the nuclear power sector through years of accumulation [1] - Jiangsu Shentong's products in the nuclear power field are well-positioned to capitalize on the ongoing approval and construction of new nuclear power projects [1] - The promotion of domestic production of key equipment is expected to contribute to a healthy and orderly competitive environment in the nuclear valve industry [1]

Core Viewpoint - Jiangsu Shentong (002438) has established a comprehensive product matrix covering various high-quality valves and filtration solutions, and is committed to accelerating the development of advanced technologies to meet diverse market demands [1] Group 1 - The company has developed a full range of high-quality products including nuclear-grade butterfly valves, ball valves, pit filters, nuclear-grade instrument valves, diaphragm valves, control valves, and pneumatic diaphragm valves [1] - The company is continuously iterating and upgrading its product offerings to enhance its competitive edge in the market [1] - Resources are being allocated to deepen the research and development of cutting-edge technologies, expanding the product spectrum to provide more complete and advanced solutions [1]

Core Viewpoint - Jiangsu Shentong announced on September 19 that the company typically follows a structured production scheduling process after order effectiveness, with delivery occurring in batches over a period of 2-3 years for nuclear valve business revenue recognition [1] Group 1 - The company executes production instructions only after the production schedule is approved by the owner [1] - Revenue from nuclear valve business is recognized in batches according to actual delivery progress [1] - Each order's revenue recognition cycle generally spans 2-3 years [1]

Group 1: Investor Relations Activity - The investor relations activity was conducted via a telephone survey [2] - Participants included CICC and Renqiao Investment [2] - The meeting took place on September 17, 2025, in the Board Secretary's office [2] Group 2: Company Representatives - The meeting was hosted by Mr. Zhang Qiqiang, Vice President and Board Secretary [2] - Ms. Chen Mingdi, Securities Affairs Representative, also attended [2] Group 3: Discussion Topics - Institutional investors discussed the company's production and operational status [2] - Future development plans and strategies were key points of communication [2] - Detailed content can be found in the attachment: September 17, 2025, investor research meeting record [2]

Group 1: Company Overview and Strategy - The meeting was organized by CICC, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, introducing the company’s basic situation, development strategy, and recent progress [2] - The company emphasizes compliance with commitment letters and regulations regarding information disclosure [2] Group 2: Nuclear Valve Orders and Production - Nuclear valve orders follow a process where production is initiated only after the production plan is approved by the owner, with deliveries typically occurring in the second and third years post-order [3] - Revenue from nuclear valve business is recognized in batches according to actual delivery progress, with a typical revenue recognition cycle of 2-3 years [3] Group 3: Product Development and Market Competition - The company has developed a comprehensive product matrix for nuclear-grade valves and is continuously upgrading its offerings to meet diverse market needs [4] - The nuclear valve industry is expected to maintain a healthy competitive state due to the normalization of new project approvals and the promotion of domestic equipment [5] Group 4: Profitability and Pricing Strategy - The company’s pricing strategy for nuclear valves is based on cost-plus, benefiting from long-term production and delivery experience, with current profit margins being stable [6] - Future profit margins are expected to remain stable as long as there are no significant changes in the business model or market competition [10] Group 5: New Energy Initiatives - The subsidiary, Shentong New Energy, focuses on high-pressure hydrogen valves, covering the entire hydrogen energy industry chain and has gained recognition from numerous domestic hydrogen enterprises [8] - The company has successfully developed 35MPa and 70MPa series products, with the 70MPa combination pressure-reducing valve achieving international leading standards [8] Group 6: Challenges and Strategic Responses - The steel metallurgy sector is experiencing a downturn, leading to reduced demand for valve products; the company is enhancing product R&D and promoting cost-reduction measures [12] - In the energy and chemical sector, the company plans to continue investing in R&D and innovate marketing strategies to improve market share [12] Group 7: International Expansion - The company is actively expanding its export scale and has established an international trade department to facilitate international business development [13] - Future export efforts will focus on core areas such as petroleum refining and oil and gas extraction [13]