JIANGSU SHENTONG VALVE CO.(SZ:002438)2024-08-22 02:46Group 1: Company Overview and Strategy - The meeting was organized by several securities firms, with over 100 participants attending [1] - The company introduced its basic situation, development strategy, and the 2024 semi-annual report, emphasizing compliance with disclosure regulations [2] Group 2: Financial Performance and Product Margins - The gross margin for metallurgical valve products has fluctuated due to market demand changes since mid-2022 [2] - The gross margin for nuclear power products is currently at 38.51%, which is within expected limits, but competition is increasing [3][5] - The company maintains a stable gross margin of around 40% for nuclear valves, based on a cost-plus pricing strategy [5] Group 3: Market Demand and Future Projections - The company provides orders worth over 70 million yuan for each nuclear power unit, with additional orders for flanges exceeding 20 million yuan [3] - The demand for spare parts for nuclear power units is expected to exceed 5 million yuan annually per unit, as older units require more maintenance [8] - The domestic nuclear valve localization rate is approximately 85-90%, indicating room for further domestic replacement and market expansion [7] Group 4: Production Capacity and Expansion Plans - The company currently has sufficient production capacity for nuclear valves to meet existing market demand [9] - A new high-end valve intelligent manufacturing project is underway, covering 38,658 square meters, with a construction period of 24 months [12] Group 5: Accounts Receivable and Financial Management - The increase in accounts receivable is seen as a natural result of business expansion, with measures in place to manage and control it effectively [10][11] Group 6: New Ventures and Innovations - The company is actively involved in hydrogen energy valve applications, with products already supplied to leading domestic enterprises [13] - The semiconductor valve development is progressing, with successful trials of key components [14] - The energy and chemical sector is experiencing a steady increase in gross margin due to improved production efficiency and cost structure [15] Group 7: Business Model and Revenue Generation - The EMC business model focuses on energy recovery and efficiency improvements for steel enterprises, providing stable returns over 5 to 8 years [16]