江苏神通(002438) - 2023年12月22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 Vice President and Secretary of the Board, Zhang Qiqiang, who welcomed the attendees and emphasized compliance with disclosure regulations [1] - The company provided an overview of its basic situation, development strategy, and recent progress in key projects [1] Group 2: Nuclear Valve Production Capacity - The current annual production capacity of nuclear valves can meet the demand for 6-8 new nuclear power units [2] - Upgrades and renovations of production lines are expected to increase capacity, allowing the company to adapt to market demands [2] Group 3: Order and Revenue Insights - The average order value for nuclear valves per nuclear power unit is approximately ¥70 million, while the order value for flanges from a subsidiary is around ¥20 million [3] - Revenue from nuclear valve orders is recognized in stages based on delivery, typically starting in the second or third year after order receipt [5] Group 4: Project Timelines and Deliveries - The construction cycle for nuclear power plants is generally 60 months, with major equipment procurement occurring in the first year [6] - All tenders for the ten units approved in 2022 have been completed, with some deliveries expected in 2023 [7] Group 5: Market Competition and Product Development - The nuclear valve market is characterized by healthy competition among various product categories, including butterfly valves and ball valves [8] - The company is actively investing in R&D to develop new products to meet the needs of nuclear power projects [3] Group 6: Other Business Ventures - The subsidiary Ruifan Energy is engaged in energy management contracts and has sufficient orders, with projects like the 135MW gas power project already operational [9] - The newly established subsidiary, Shentong Semiconductor Technology, focuses on developing special valves for semiconductor equipment, with prototypes currently in testing [10]