SGC(SH:603269) Zheng Quan Ri Bao·2025-11-17 14:16Core Viewpoint - The company, Seagull Co., emphasizes the complexity and customization of industrial cooling towers, which leads to longer production and acceptance cycles, while also highlighting its strong cash flow and receivables management [2]. Group 1: Industry Characteristics - Industrial cooling towers are classified as "non-standard" products, requiring design and production based on customer specifications, resulting in significant technical differences and multiple production and installation stages [2]. - The delivery, debugging, and acceptance of these products are constrained by the overall project progress of the customer, contributing to longer lead times from production to acceptance [2]. Group 2: Company Financials - For the period from January to September 2025, the company reported a net cash flow from operating activities of 249 million yuan, indicating good operational performance [2]. - The company has established a strict receivables management system to enhance the management of accounts receivable, which is crucial given the industry's reliance on quality assurance deposits that are only recoverable after the warranty period [2]. Group 3: Customer Base - The company's clients primarily consist of large enterprise groups with strong creditworthiness and comprehensive strength, providing a certain level of assurance regarding the collectability of accounts receivable [2].