SNS(SZ:300470)2026-02-14 03:32Market Overview - The domestic mid-to-high-end mechanical seal market size is approximately RMB 60-70 billion, with the petrochemical sector accounting for about 25% of this market [2] - The company's market share in the domestic petrochemical sector is over 20%, with potential market share reaching 60-70% in large incremental projects [2] - The global mechanical seal market size is around RMB 400 billion, with the "Belt and Road" countries representing about one-third of this market [2][3] Business Strategy - The company focuses on both incremental and stock business in international markets, particularly in "Belt and Road" countries, where market capacity is closely linked to fixed asset investment plans [3] - The current strategy involves monitoring international market dynamics and pursuing both existing projects and potential new projects [3] Dividend Policy - The company emphasizes returning value to investors, considering industry characteristics, current development stage, profitability, and major investment plans when formulating dividend policies [3] Customer Retention - The mechanical seal products have high customer retention due to their critical role in operational safety, leading to low rates of customer turnover [3] - Historical losses from small customer bankruptcies have been minimal, indicating strong customer loyalty [3] Order Composition - The current order book shows a balance between incremental and stock business, with a ratio of approximately 1:1 [3]