格隆汇1月8日丨中密控股(300470.SZ)在投资者互动平台表示，长征十二号甲有用到公司的机械密封产 品。 （原标题：中密控股(300470.SZ)：长征十二号甲有用到公司的机械密封产品） ...

证券代码：300470 证券简称：中密控股 中密控股股份有限公司投资者关系活动记录表 编号：2025-016 3、公司收购的德国子公司 KS GmbH 是出于什么考虑？ 答：国际化战略是公司最重要的战略之一，开拓国际市 场是公司业务中的重要组成板块，收购德国子公司是公司国 际并购迈出的第一步，公司能够通过这次收购积累国际市场 产业并购整合的宝贵经验。同时，KS GmbH 的产品性能处于国 际领先水平，其产品、客户、应用领域与子公司优泰科也具 有较高协同效应。 4、公司认为机械密封行业的难点是什么？ 答：从产品本身来讲，机械密封是非常多的交叉学科结 合而来的一个产物，对设计、制造、试验环节的要求都非常 高，需要非常专业的技术和丰富的经验；从行业壁垒来讲， 同类型装置的过往工程业绩就是这个行业最大的壁垒。机械 密封产品在装置中是一个非常关键的零部件，价值量在项目 总投资额中占比较低，但对装置的安全运行起到很大的作用， 所以客户非常看重产品的品质和可靠性。而机械密封产品又 是一个非常复杂的零部件，客户选用供应商时主要依赖其类 似产品的过往工程应用业绩，这些业绩都是长期积累的过程， 短时间内很难突破。 | 附件清单（ ...

Core 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]

Group 1: Market Recognition and Brand Influence - The company has achieved a high level of technical capability in mechanical seals, allowing it to replace foreign brands in the domestic and international markets [2] - Customer trust and loyalty have increased due to the company's commitment to solving critical issues and providing timely after-sales support [2] - The company's brand influence is gradually strengthening, leading to improved acceptance of its products in international markets [2] Group 2: Market Potential and Strategy - The broad international market for mechanical seals is estimated to be approximately 40 billion RMB, with the "Belt and Road" countries accounting for about one-third of this market [3] - The company primarily focuses on incremental business in "Belt and Road" countries, with strategies in place to monitor and pursue new projects as they arise [3] Group 3: Talent and Operational Challenges - The main bottleneck for the company is the shortage of engineering design personnel, particularly for international business [3] - Recent recruitment efforts, including overseas hiring, are expected to alleviate design pressure over time [3] Group 4: Business Model Evolution - Initially, the company's international business model involved supplying seals for domestic manufacturers' international orders [4] - The model has evolved to include direct engagement with foreign end-users, enhancing the company's brand presence and market penetration [4]

Group 1: Product and Market Insights - The company's mechanical seal products have a high gross margin in the existing market, and clients prioritize product quality and reliability over price [2] - Mechanical seals are complex components requiring specialized technology and experience, creating significant industry barriers for new competitors [2] - The historical engineering performance of similar products serves as a major barrier to entry, making it difficult for new entrants to compete in the short term [2] Group 2: International Business Strategy - The company employs a strategy of "capturing existing market share through incremental growth" in international markets, focusing primarily on incremental business while also expanding into existing market segments [3] - The acquisition of the German subsidiary KS GmbH is a key step in the company's internationalization strategy, aimed at gaining valuable experience in international market integration [3] - The gross margin for international projects is generally higher than that of domestic projects, with existing orders indicating that prices in the international market are also higher [3]

Core Viewpoint - The semiconductor industry shows demand for the company's mechanical seal products, but the overall impact on the company's performance is currently limited [1] Group 1: Company Performance - The company has indicated that its mechanical seal products are already being applied in the semiconductor industry [1] - There is significant demand for the perfluoroether rubber from the subsidiary, Youtaike, but the company's existing products are not fully meeting market needs [1] - The company is making adjustments to its products and production lines to better satisfy market demand [1]

Group 1 - The semiconductor industry has a demand for the mechanical seal products of the company, and these products are already in use, but their overall impact on the company's performance is currently limited [1] - There is significant demand for the perfluoroether rubber from the subsidiary, Youtaike, but the company's existing products are not fully meeting market needs, prompting adjustments in products and production lines [1]

Group 1 - The core focus of the company is on humanoid robots, with the main component being the joint module [1] - The company's mechanical sealing products are not typically used in humanoid robots, but some rubber and plastic sealing products may be applicable [1] - The subsidiary, Youtai Technology, specializes in rubber and plastic sealing, and its existing technology and product design can be applied to the robotics industry, although there is still a performance gap compared to industry requirements [1]

Group 1: Business Performance - The gross margin difference between incremental and stock business is significant due to different pricing mechanisms and purchasing entities [2][3] - Incremental business pricing is primarily determined by project bidding results, while stock business pricing is negotiated with end-users [2] Group 2: Product Application - The company's mechanical seal products are mainly used in rotating equipment, and there is currently no identified demand for mechanical seals in the nuclear fusion sector [2] Group 3: Mergers and Acquisitions Strategy - Mergers and acquisitions are a long-term strategy for the company, focusing on high-risk investments without short-term targets [3] - The company emphasizes the importance of integration post-acquisition, having developed a suitable integration plan through experience from four previous acquisitions [3] - The company aims to maintain long-term relationships with suitable acquisition targets and will prioritize core competencies in the sealing industry for any cross-industry mergers [3] Group 4: Capacity Investment - The input-output ratio for newly added equipment in the mechanical seal sector is approximately 1:10, excluding land and factory costs [3]

Market Position - The domestic market size for mid-to-high-end mechanical seals is approximately 6 to 7 billion, with the petrochemical sector accounting for about 25% of this market [2] - The company's market share in the domestic petrochemical sector is slightly over 20%, while it can reach 60% to 70% in large projects within the incremental market [2] Project Differences - Key differences between overseas and domestic projects include higher technical and process requirements for overseas projects, longer construction periods, higher personnel quality requirements, and language proficiency [3] Profit Margins - The overall gross margin for incremental business in international markets is slightly higher than that in domestic markets, with the company adopting a strategy of "capturing incremental to occupy stock" [3] - Domestic incremental business margins are under pressure due to reduced downstream capital expenditure and increased competition, leading to lower margins [3] - The company anticipates that the gross margin for incremental business will not decline significantly further, as market trends favor leading enterprises [3]