江苏神通(002438) - 2025年11月19日调研活动附件之投资者调研会议记录

Group 1: Company Overview and Market Position - The company has a market share of over 90% in key products such as nuclear butterfly and ball valves, with 150,000 nuclear valves currently in operation [3] - The domestic nuclear valve localization rate has reached 85%-90%, indicating significant progress in the valve manufacturing industry [4] - The company’s nuclear-grade valves cover all levels of nuclear applications, including nuclear level 1, 2, and 3, as well as non-nuclear valves [5] Group 2: Business Strategy and Growth Areas - The company aims to consolidate its position in metallurgy, develop nuclear power, expand in petrochemicals, and serve the energy sector, while focusing on domestic markets and increasing exports [6] - Continuous R&D investment has led to the successful launch of valve products that meet the requirements of third and fourth-generation nuclear technologies, enhancing the company's competitiveness in major nuclear projects [6] - The company is also making strides in hydrogen energy and semiconductor equipment, with its subsidiary developing special high-pressure valves that are now capable of mass supply [6] Group 3: Maintenance and Replacement Needs - Valves are considered consumables that require regular maintenance and preventive replacement of parts to ensure the safe and stable operation of nuclear power plants [7] - The growing number of operational nuclear units and the demand for spare parts from aging units are expected to provide stable and sustainable revenue growth for the company [7] Group 4: Future Opportunities and International Expansion - The development of controllable nuclear fusion technology is expected to create long-term opportunities for the valve industry, driven by technological upgrades and increased market demand [8] - The company is actively expanding its international business, having established an international trade department and a professional team to enhance its export capabilities [9][10] - Future export efforts will focus on core areas such as oil refining and oil and gas extraction to achieve long-term development goals [10]