江苏神通(002438) - 2023年11月08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 the Vice President and Secretary of the Board, emphasizing the company's basic situation, development strategy, and recent progress [2] - The company aims to separate its nuclear power division into an independent subsidiary to enhance operational efficiency and expand its market presence in the nuclear energy sector [5] Group 2: Product Competitiveness and Market Position - The company has a competitive edge in nuclear valve products, achieving a bid win rate of over 90% in the last decade for nuclear projects, with over 150,000 valves in operation [3] - The annual production capacity of nuclear valves can meet the needs of 6-8 new nuclear power units, with plans to increase capacity by 2-4 units through upgrades [8] Group 3: Revenue Recognition and Sales Model - Revenue from nuclear valve products is recognized in stages based on delivery, with a long delivery cycle typically spanning 2-3 years for new projects [4] - The company primarily uses direct sales and focuses on customer needs to drive product development and market competitiveness [6] Group 4: Future Growth and Market Expansion - The company plans to expand into the energy chemical and hydrogen sectors, with significant market potential in energy chemicals due to ongoing large refining projects [10] - The subsidiary Nantong New Energy is developing high-pressure hydrogen valves for various applications, including hydrogen refueling stations and logistics vehicles [9]