江苏神通(002438) - 2023年11月23日调研活动附件之投资者调研会议记录

Group 1: Company Overview and Strategy - The roadshow was organized by Caitong Securities, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, participating to introduce the company's basic situation, development strategy, and recent progress [2] - The company emphasizes compliance with the commitment letter and relevant regulations on information disclosure for listed companies [2] Group 2: Nuclear Valve Market and Production Capacity - The company is actively participating in the procurement bidding for valve equipment for new nuclear power units, with 6 new nuclear power units approved for construction this year [3] - Current annual production capacity for nuclear valves can meet the needs of 6-8 new nuclear power units, with plans to increase capacity by 2-4 units through upgrades and new constructions [4] Group 3: Expansion into Other Industries - The company plans to expand into the energy chemical and hydrogen energy sectors, with significant market potential in energy chemicals due to ongoing investments in large refining projects [4] Group 4: Product Profitability and Market Share - The company’s valve products are priced based on a cost-plus method, which stabilizes gross margins despite fluctuations in raw material prices [6] - The company has a 90% bid-winning rate for nuclear-grade valves in the past decade, with over 150,000 valves in operation [7] Group 5: Industry Competition and Product Lifespan - The steel metallurgy industry has seen low demand for valves, prompting the company to adjust pricing strategies to enhance competitiveness [8] - The design lifespan of nuclear valves is 60 years, but maintenance is required for certain components due to operational conditions [9] Group 6: Subsidiary and International Business Development - The company’s subsidiary, Ruifan Energy Saving, is engaged in EMC contract energy management and has several ongoing projects, including a 135MW gas-fired power project [10] - The company is expanding its international business through indirect exports and has established an international trade department to support this growth [11]