江苏神通(002438) - 2024年11月4日调研活动附件之投资者调研会议记录

Group 1: Company Overview and Strategy - The meeting was held on November 4, 2024, with a focus on the company's basic situation, development strategy, and Q3 2024 report [1][2] - The company aims to enhance its market share in the nuclear valve sector through technological innovation and market expansion [3][4] Group 2: Nuclear Valve Market Insights - The domestic nuclear valve localization rate has reached 85-90%, indicating significant achievements in the valve manufacturing industry [3] - The company has secured orders exceeding 70 million RMB for single nuclear power units, with a subsidiary providing over 20 million RMB in orders for nuclear forgings [6] Group 3: Order and Revenue Projections - New nuclear power orders are expected to be delivered and recognized as revenue between 2026 and 2027, following a lengthy delivery cycle [5] - The company reported a 20.8% year-on-year increase in new orders for the first half of 2024, totaling 1.208 billion RMB [11] Group 4: Financial Performance and Market Challenges - The metallurgical industry has seen a decline in demand since mid-2022, prompting the company to adopt flexible pricing strategies and enhance service offerings [9][21] - The company's nuclear valve products maintain a stable gross margin, supported by years of production experience [19] Group 5: Future Developments and Innovations - The company is actively exploring opportunities in the aerospace sector through investments in related companies [14] - The semiconductor valve division is in the early stages of market expansion, with products currently undergoing user validation [13]