每经AI快讯，有投资者在投资者互动平台提问：请问公司目前在核电阀门中的市占率有多少？核聚变 的发展对公司的经营业绩是否是正向贡献的？ 中核科技（000777.SZ）11月27日在投资者互动平台表示，公司具备二代、三代核电机组阀门成套供货 能力，四代核电机组关键阀门供货能力。 （文章来源：每日经济新闻） ...

证券日报网讯江苏神通（002438）11月24日发布公告，在公司回答调研者提问时表示，市场经济环境下 竞争是永恒的，有了竞争才能促进创新和进步。经过多年来的技术进步和业绩积累，公司在核电领域的 各类产品已具备较强的市场竞争力和品牌影响力，与同行企业之间大多体现为互补性的良性竞争。随着 核电新项目审批建设进入常态化，以及关键设备国产化的推进，核电阀门行业有望保持良性有序的竞争 状态。当前，公司核电阀门在线15万台，核级蝶阀球阀等主打产品的市场占有率超90%。 ...

证券日报网讯江苏神通（002438）11月24日发布公告，在公司回答调研者提问时表示，在公司的核电阀 门业务中产品出口目前主要采用间接出口的方式，即通过国内大型工程总包方将相关产品出口至海外市 场。 ...

Core Viewpoint - Jiangsu Shentong Valve Co., Ltd. maintains a leading position in the nuclear valve sector with a market share exceeding 90% and is pursuing a diversified development strategy to enhance growth opportunities in various industries [3]. Group 1: Competitive Landscape - Jiangsu Shentong emphasizes a complementary and healthy competition with domestic peers in the nuclear valve market, supported by the normalization of new nuclear project approvals and the advancement of domestic key equipment [3]. - The company has an online inventory of 150,000 nuclear valves, with its main products, including nuclear butterfly and ball valves, holding a market share of over 90% [3]. - The domestic nuclear valve localization rate is reported to be between 85% and 90%, indicating significant technological progress and global competitiveness in the domestic valve manufacturing industry [3]. Group 2: Growth Drivers - The company aims to consolidate its position in metallurgy, develop its nuclear business, expand in petrochemicals, and enhance energy services while focusing on domestic markets and increasing exports [4]. - Continuous investment in R&D has led to the development of valve products that meet the requirements of third and fourth-generation nuclear technologies, contributing to an increase in the revenue share from the nuclear business [4]. - Jiangsu Shentong is also making strides in emerging fields such as hydrogen energy and semiconductor equipment, with its subsidiary, Shentong New Energy, capable of mass-producing specialized high-pressure valves [4]. Group 3: Long-term Growth Potential - The demand for nuclear valve replacement parts is expected to provide stable and sustainable revenue growth due to the regular maintenance and replacement needs of aging components in operational nuclear power units [5]. - The advancement of controllable nuclear fusion technology is anticipated to drive technological upgrades and market demand in the valve industry, presenting long-term opportunities if commercialization is achieved [5]. - The company is focusing on expanding its export business in core areas such as oil refining and gas extraction to promote scale and technological advancement for long-term development [5].

江苏神通(002438.SZ)发布电话会议调研活动记录公告称，公司在核电阀门领域与国内同行企业之间更 多体现为互补性的良性竞争，随着核电新项目审批建设进入常态化，以及关键设备国产化的推进，核电 阀门行业有望保持良性有序的竞争状态。当前，公司核电阀门在线15万台，核级蝶阀球阀等主打产品的 市场占有率超90%。可控核聚变对阀门行业影响主要体现在技术升级、市场需求增长等方面。当前全球 可控核聚变产业化加速，核聚变实验堆建设进入关键节点，配套阀门也需满足极端工况要求，未来，若 可控核聚变实现商业化，阀门作为配套产业也将迎来长期机遇。 ...

Core Viewpoint - Jiangsu Shentong announced on November 6 that the company typically executes contracts based on a reasonable production schedule after orders become effective, with production instructions issued only after the production plan is approved by the owner [1] Group 1 - The company confirms revenue from nuclear valve business in batches according to actual delivery progress, with each order's revenue recognition cycle usually spanning 2-3 years [1] - Deliveries are generally made in batches in the second and third years following order receipt [1]

Core Viewpoint - Jiangsu Shentong (002438) emphasizes the importance of preventive maintenance for nuclear power valves despite their designed lifespan of 60 years, highlighting the need for regular inspections due to environmental factors [1] Group 1 - The company states that nuclear power valves are designed for a 60-year lifespan [1] - It is noted that this lifespan does not imply that no parts need to be replaced during this period [1] - Specific mention is made of seawater system valves, which are subject to erosion from sediment and corrosion from chloride ions in seawater, necessitating preventive maintenance [1]

Core Viewpoint - Jiangsu Shentong (002438) announced on November 6 that its cost structure consists of approximately 60%-80% materials, 10%-20% labor costs, and 5%-10% manufacturing expenses, with steel accounting for about 75% of material costs. The company's pricing strategy is based on a cost-plus model, benefiting from long-term production and delivery experience, and the gross margin for its nuclear power valve products is currently stable, with expectations for continued stability under unchanged business models and market competition dynamics [1]. Cost Structure - Materials account for approximately 60%-80% of total costs [1] - Labor costs represent about 10%-20% of total costs [1] - Manufacturing expenses make up 5%-10% of total costs [1] - Steel constitutes around 75% of the material costs [1] Pricing Strategy - The company employs a cost-plus pricing strategy [1] - This strategy is supported by the company's long-term production and delivery experience [1] Gross Margin - The gross margin for nuclear power valve products is currently at a relatively stable level [1] - It is expected that the gross margin will continue to remain stable, assuming no significant changes in the business model or market competition [1]

Group 1: Market Overview - The nuclear power generation in China is expected to reach approximately 10% of the total energy mix by 2035, aligning with the global average [3] - The company has over 150,000 nuclear valves in operation, with a market share exceeding 90% for key products like nuclear butterfly and ball valves [3] - The nuclear valve market is projected to grow due to increasing demand for maintenance and repair services as more nuclear units come online [3] Group 2: Competitive Landscape - The nuclear valve industry is characterized by high entry barriers, including the need for design and manufacturing licenses, as well as stringent quality assurance requirements [5] - The company has established strong market competitiveness and brand influence in the nuclear sector, benefiting from a stable competitive environment [3] Group 3: Financial Aspects - The cost structure of nuclear valves consists of approximately 60-80% materials, 10-20% labor, and 5-10% manufacturing expenses, with steel accounting for about 75% of material costs [7] - The company's nuclear valve products maintain a stable gross margin, with expectations for continued stability under current business conditions [7] Group 4: Technological Advancements - The transition from Generation II to Generation III and IV nuclear technologies has increased performance requirements for valves, particularly in seismic resistance and radiation protection [8] - The company is actively investing in R&D to meet the evolving technical demands of new nuclear projects, having successfully tested valves for the Hualong One reactor [8] Group 5: Future Opportunities - The development of controllable nuclear fusion technology is anticipated to create long-term opportunities for the valve industry, driven by technological upgrades and increased market demand [9][10] - The company is expanding its international presence, focusing on core sectors like oil refining and gas extraction to enhance growth and technological advancement [11]

Core Viewpoint - Jiangsu Shentong's Q3 2025 performance shows stable revenue growth and strategic focus on high-end valve manufacturing and nuclear power sectors, with a commitment to innovation and market expansion [1][2][3]. Financial Performance - Q3 2025 revenue reached 1.637 billion yuan, a year-on-year increase of 0.22% - Net profit attributable to shareholders was 234.34 million yuan, up 2.86% year-on-year [2]. Business Strategy - The company aims to consolidate its position in metallurgy, develop nuclear power, expand into petrochemicals, and enhance global outreach while focusing on high-end valve manufacturing [3]. - Future growth will be driven by investments in R&D, particularly in semiconductor equipment and hydrogen fuel technologies [3][9]. Production Capacity - New production capacity is expected to enter trial production in Q4 2025, with substantial output anticipated to begin in early 2026 [4][12]. - The high-end valve intelligent manufacturing project is projected to add 300-400 million yuan in annual output once fully operational [10]. Cash Flow - The net cash flow from operating activities for Q3 2025 was 54 million yuan, reflecting a significant year-on-year increase of 846.22% [8]. Market Position and Competition - The company maintains a strong competitive edge in the nuclear valve market, supported by ongoing R&D and participation in industry standards [12]. - The nuclear valve sector is expected to remain in a healthy competitive state due to the normalization of new project approvals and the deepening of domestic equipment localization [11]. Investment and Partnerships - The company holds a 13.76% stake in Hongpeng Aviation and plans to continue supporting its operations while adhering to investment management regulations [5]. - The company is actively expanding its export market presence, achieving significant progress in market access and certification [12].