SNS(SZ:300470)2024-05-23 14:48Group 1: Company Performance and Market Conditions - The demand for equipment updates in the petrochemical sector is urgent due to the significant proportion of outdated capacity, which poses safety risks [1] - Recent macro policies, if implemented effectively among the company's client base, could lead to substantial improvements in company performance, although the exact impact will depend on the degree of policy implementation [1] Group 2: International Business Development - The company's international business is primarily focused on developing countries rich in oil and gas resources, with significant growth in orders over the past two years, particularly in regions such as the Middle East, Southeast Asia, Central Asia, and Africa [2] - To enhance international delivery capabilities, the company has established international business teams within its technical and production management departments, improving efficiency and familiarity with project requirements [2] Group 3: Nuclear Power and Margin Analysis - The trend towards domestic production in the nuclear power sector is irreversible; however, due to high safety requirements and long execution cycles, there has not been a significant increase in orders, and revenue growth in this area is expected to be limited this year [2] - The gross margin for incremental business is lower than that of existing business due to intense competition, low-margin auxiliary systems, and the relatively low value of mechanical seals in total project investments, leading existing customers to prioritize product quality over price [2][3]