【私募调研记录】古曲投资调研宁水集团

Group 1 - The core viewpoint of the news highlights that Ning Shui Group is expanding its smart water solutions to enhance market share and create new growth points, despite facing challenges from the real estate downturn and local fiscal impacts [1] - In 2024, the overseas business revenue of Ning Shui Group is projected to be approximately 281 million yuan, accounting for 18.72% of total revenue, primarily through distribution channels with mechanical meters being the main product, while there are breakthroughs in smart meters in certain regions [1] - The company's U.S. business accounts for about 1.6% of its revenue, with limited impact from tariff policies [1] Group 2 - The industry is experiencing reduced demand due to the real estate downturn and local fiscal issues, but there remains incremental demand in rural water conservancy, urban water supply, and smart water sectors [1] - In the long term, industry development is expected to be driven by policy guidance, technological advancements, and demand upgrades, indicating a broad market space [1] - The company is actively pursuing external collaborations to enhance core competitiveness, focusing on mergers and acquisitions within the upstream and downstream industrial chain [1] Group 3 - Ning Shui Group is placing emphasis on value management and investor rights protection through a stable dividend policy and a focus on core business to enhance competitiveness [1] - The company is also involved in the development and sales of direct drinking water meters and provides water quality monitoring management solutions [1]