SNS(SZ:300470) Xin Lang Zheng Quan·2025-11-07 17:39Core Insights - The company has made significant progress in international market replacement, "Belt and Road" strategy, and talent reserves, indicating a potential for further growth in international business as technology strength and brand recognition continue to improve [4] Group 1: International Market Replacement - The company has developed the technical capability to replace foreign brands in key application areas after over 40 years of technological accumulation, enhancing customer stickiness through timely and efficient after-sales service [3] - The acceptance of the company's products in international markets is steadily increasing, although large-scale direct replacement in the existing market remains challenging [3] Group 2: "Belt and Road" Strategy - The company estimates that the broad mechanical seal international existing market capacity is approximately 40 billion RMB, with about one-third of this market located in "Belt and Road" countries, corresponding to a market space of around 13.3 billion RMB [3] - The current business in these countries is primarily incremental, directly related to fixed investment scales, making it difficult to predict new project volumes [3] Group 3: Talent Reserves - The company faces a temporary talent bottleneck, particularly in engineering design, due to long design cycles and high task volumes in international business [3] - Recruitment efforts, including overseas hiring, have been intensified over the past two years, leading to a gradual alleviation of design pressure [3] Group 4: Business Model Evolution - The company's international business model has evolved from "following domestic manufacturers" to "directly engaging with overseas markets," establishing closer ties with foreign manufacturers and end customers [3]