FORTUNE(SH:603173)2024-12-02 09:14Group 1: Company Overview and Market Position - FSD has accumulated rich technology and project experience in large and extra-large air separation equipment, with a production capacity supported by four major production bases [3] - The company has successfully completed projects in both domestic and international markets, with a notable achievement in the 80,000-level air separation equipment [3] - The largest air separation equipment currently in the market is at the 120,000-level, primarily supplied by state-owned and foreign enterprises [3] Group 2: Product and Service Capabilities - FSD has the capability to supply electronic gas purification equipment, although the number of projects completed is relatively low [4] - The company focuses on equipment manufacturing, providing after-sales service during the warranty period [4] - The company has previously provided hydrogen purification equipment, with ongoing efforts to expand into related market applications [5] Group 3: Order Trends and Market Dynamics - The company has seen a steady increase in orders over recent years, with a growing share in the domestic market and a diverse international presence [4] - The export market covers regions including Southeast Asia, Central Asia, the Middle East, and North America, primarily focusing on new projects in energy, chemical, and steel industries [4] - Domestic gas industry orders have decreased compared to the previous year due to unfavorable gas prices [4] Group 4: Financial Considerations and Future Plans - The company is assessing accounts receivable and may increase asset impairment provisions based on collection situations [5] - FSD does not currently engage in foreign exchange hedging, with major foreign currency exposure in euros and US dollars [5] - Future plans include enhancing product R&D and manufacturing capabilities, particularly in the 100,000-level air separation equipment and 500,000 cubic meters LNG plants [6]