SNS(SZ:300470)2024-07-24 14:42Group 1: Market Capacity and Demand - The international market for mechanical seals is estimated to be approximately 400 billion RMB, with the "Belt and Road" countries accounting for about one-third of this market [1] - Domestic ethylene capacity is perceived as a relative concept, with a current demand shortfall due to complex external economic conditions [1] - The company believes that even in cases of overcapacity, operational ethylene units are unlikely to shut down due to the higher losses associated with shutdowns compared to operational losses [1] Group 2: International Market Strategy - The company’s international strategy focuses on the petrochemical sector, primarily targeting incremental market opportunities in developing countries [2] - The company has shifted its approach from primarily supporting domestic manufacturers' international orders to engaging directly with foreign end-users, enhancing its market presence [3] - The international business has seen rapid growth in recent years, particularly in regions such as the Middle East, Southeast Asia, Central Asia, and Africa [2] Group 3: Project Management and Delivery - International projects differ from domestic ones in terms of higher technical requirements, longer construction periods, and more complex design processes [2] - The delivery cycle for international business is generally longer due to project construction timelines and the complexity of design work [3] - The company is actively improving its international delivery capabilities by forming dedicated teams and enhancing recruitment efforts [4]