江苏神通(002438) - 2025年8月25日调研活动附件之投资者调研会议记录

Group 1: Company Performance and Goals - The company focuses on valve equipment R&D and supply in metallurgy, energy, nuclear power, marine engineering, hydrogen energy, and semiconductor fields, aiming for steady operational performance and enhanced competitiveness to provide sustainable returns to investors [3] - The company has set a profit distribution plan for 2024, proposing a cash dividend of 1.75 yuan per 10 shares, totaling approximately 88.82 million yuan distributed on June 18, 2025 [9] - As of June 30, 2025, the company's inventory balance was approximately 1.006 billion yuan, with a provision for inventory impairment of about 9.137 million yuan [13] Group 2: Market and Investment Strategies - The company emphasizes value management and aims to enhance core competitiveness through continuous innovation and effective communication with investors [6] - The company plans to expand its international business, focusing on markets in the Middle East and Southeast Asia, particularly in the oil refining sector [21] - The company is currently in the "verification-small batch supply" stage for its semiconductor valve business, with significant upfront costs impacting short-term profitability [7] Group 3: Nuclear Power Business Insights - The company achieved new orders worth 483 million yuan in the first half of 2025, corresponding to approximately 6-7 newly approved nuclear power units [24] - The nuclear valve business is expected to see a growth rate of 15% in the first half of the year, with revenue recognition based on the actual delivery schedule of products [8] - The company has developed valve products that meet the standards for third and fourth-generation nuclear power plants, covering major domestic reactor types [25]