SNS(SZ:300470)2024-09-08 15:04Group 1: Company Capacity and Production - The company has maintained a tight production capacity due to ongoing efforts to address key bottlenecks, with current manufacturing capacity meeting order demands [1] - The capacity utilization rate has consistently remained high, with no short-term expansion plans for this year; long-term expansion focuses on building a new sealing plant, expected to take approximately 3 years [1] Group 2: International Business Development - The company evaluates international market expansion based on three dimensions: alignment with the "Belt and Road" initiative, the richness of oil and gas resources in target countries, and a large population base [2] - Significant demand for the company's international business is observed in the Middle East and Africa, with several new projects in preparation [2] Group 3: Market Competition and Growth - The company acknowledges intense competition in the incremental market, but will not reduce its expansion efforts; many smaller competitors may exit the market if profit margins continue to decline, which could benefit the company's market share [2] - Recent growth in international business revenue has been substantial, with record high orders on hand, particularly in the Middle East [2] Group 4: Equipment Update Policies - There is a significant demand for equipment updates in the petrochemical sector, particularly among older, less efficient facilities; the company has a higher market share in advanced capacities compared to outdated ones [3] - Recent macro policies targeting equipment updates in the domestic petrochemical sector could positively impact the company's performance if implemented effectively [3] Group 5: Revenue Reporting and Goals - The revenue from overseas operations reported in financial statements aligns with the company's international business revenue, which includes various contracts and projects [3] - The long-term goal for international business is to reach a level comparable to domestic operations [3]