Core Viewpoint - The company emphasizes the importance of competition in driving innovation and progress within the market economy, highlighting its strong market competitiveness and brand influence in the nuclear power sector [1] Company Summary - Jiangsu Shentong (002438) announced on November 24 that it has developed a strong market position in the nuclear power valve industry, with over 150,000 nuclear valves online and a market share exceeding 90% for its main products, including nuclear butterfly valves and ball valves [1] Industry Summary - The nuclear valve industry is expected to maintain a healthy and orderly competitive state due to the normalization of new project approvals and the advancement of domestic key equipment manufacturing [1]

Company Overview - The company is a leading supplier of critical nuclear-grade valves and has made significant progress in product innovation and technology advancement [3] - The company has a market share exceeding 90% for its main products, including nuclear-grade butterfly and ball valves, with 150,000 valves currently online [5] Financial Performance - The total order value for various valves provided to a single nuclear power unit exceeds 80 million RMB, while the order value for nuclear forgings from its subsidiary Wuxi Flange exceeds 20 million RMB [3] Market Competition - The company has established strong market competitiveness and brand influence in the nuclear sector, characterized by complementary and healthy competition with peers [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 manufacturing [4] Production and Delivery - Orders are typically delivered in batches over a period of 2-3 years after the order is confirmed and production plans are approved [6] - Nuclear valves are designed for a lifespan of 60 years, but preventive maintenance is necessary due to environmental factors [7] Export and International Expansion - The company primarily exports its nuclear valves indirectly through large domestic engineering contractors [8] - The establishment of an international trade department and a professional team is underway to expand export opportunities, focusing on core areas such as oil refining and gas extraction [9] Compliance and Transparency - The investor survey confirmed that there were no significant undisclosed information leaks during the meeting [11]