SNS(SZ:300470)2025-06-18 07:54Market Position - The domestic market size for mid-to-high-end mechanical seals is approximately 6 to 7 billion, with the petrochemical sector accounting for about 25% of this market [2] - The company's market share in the domestic petrochemical sector is slightly over 20%, while it can reach 60% to 70% in large projects within the incremental market [2] Project Differences - Key differences between overseas and domestic projects include higher technical and process requirements for overseas projects, longer construction periods, higher personnel quality requirements, and language proficiency [3] Profit Margins - The overall gross margin for incremental business in international markets is slightly higher than that in domestic markets, with the company adopting a strategy of "capturing incremental to occupy stock" [3] - Domestic incremental business margins are under pressure due to reduced downstream capital expenditure and increased competition, leading to lower margins [3] - The company anticipates that the gross margin for incremental business will not decline significantly further, as market trends favor leading enterprises [3]