江苏神通(002438) - 2023年10月27日调研活动附件之投资者调研会议记录

Group 1: Company Overview and Financials - The meeting was organized by Founder Securities, with the company’s Vice President and Secretary of the Board, Zhang Qiqiang, presenting the Q3 2023 report and company strategies [2] - The increase in expense ratio in Q3 is attributed to depreciation costs from the new headquarters and increased testing fees for new product certifications [3] Group 2: Nuclear Power Sector Insights - 85-90% of the nuclear power orders in the first three quarters came from new nuclear unit construction tenders [4] - All tenders for the ten units approved in 2022 have been completed, with small batch deliveries expected this year for orders from 2020 and 2021 [4] - The domestic production rate of nuclear valves is currently at 85-90%, with ongoing efforts to increase market share [5] Group 3: Future Projections and Capacity - Six new nuclear units have been approved for construction this year, with expectations for more approvals in the future [6] - The current production capacity can meet the demand for valves for 6-8 new nuclear units annually, with ongoing upgrades to improve efficiency and capacity [7] Group 4: Metallurgy Industry Status - The metallurgy industry remains at a low level of prosperity, with the company adapting strategies to enhance competitiveness and market share [8] - The gas power generation project at Handan Longshan Steel is expected to start sharing benefits in Q4 2023 [9] Group 5: Meeting Conclusion - The investor call lasted approximately one hour, concluding without any undisclosed significant information leaks [10]