江苏神通(002438) - 2025年11月3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 hosted by the Vice President and Secretary of the Board, emphasizing compliance with disclosure regulations and introducing the company's basic situation and development strategy [2] - The company is actively pursuing market opportunities through technological innovation and market expansion to enhance its market share in nuclear valve products [8] Group 2: Financial Performance and Product Insights - The gross margin for nuclear valves is currently stable, with expectations to remain so unless there are significant changes in the business model or market competition [3] - The gross margin for fourth-generation nuclear reactor valves is comparable to that of third-generation valves, showing no significant difference [7] Group 3: Production Capacity and Market Demand - The current annual production capacity for nuclear valves meets existing market delivery demands, with new production lines expected to enter trial production by the end of 2025 [4] - The domestic localization rate for nuclear valves has reached 85%-90%, indicating significant progress in the domestic valve manufacturing industry [8] Group 4: Market Trends and Challenges - There is currently no trend for price increases in nuclear valves, as the market fundamentals for the Hualong reactor bidding have not changed significantly [5] - The demand for spare parts in the nuclear valve market is expected to contribute steady revenue growth due to the aging of existing units and the orderly expansion of operational units [10] Group 5: International Expansion and Industry Challenges - The company has made significant progress in expanding its export market access and certification this year, laying a solid foundation for obtaining foreign trade orders [12] - The decline in gross margin in the metallurgy sector is attributed to decreased market demand and intensified competition, prompting the company to enhance product development and cost-reduction measures [13]