SNS(SZ:300470)2024-09-25 09:51Group 1: Business Conversion Rates - The conversion rate from incremental business to stock business is approximately 90% [1] - After entering a stable operation phase, the conversion rate can reach over 25%, with an example of a 100 million yuan order generating around 25 million yuan in stock business orders annually [1] - The time frame for conversion is about 1-2 years after the recognition of incremental business revenue [1] Group 2: Future Growth Outlook - The company anticipates that the growth of incremental business will be impacted by macroeconomic conditions and increased competition, with no significant reversal trend expected in the short term [2] - The company is actively expanding into new fields such as pharmaceuticals, papermaking, and wastewater treatment, noting that international competitors have benefited from broader industry coverage [2] - Increased investment in downstream coal chemical projects is expected to support the growth of incremental business [2] Group 3: International Business Expectations - The company has seen a significant increase in international business orders, with notable improvements in brand recognition and market influence [2] - The international business team is maturing and enhancing its order acquisition capabilities, with a focus on seizing opportunities from new projects along the "Belt and Road" initiative [2] - The medium to long-term goal for international business is to reach a level comparable to domestic operations [2] Group 4: Current Order Status - The company maintains a high level of orders on hand [2]