江苏神通(002438) - 2023年9月5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 Huafu Securities, Kaiyuan Securities, and 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 commitment letters and regulations regarding information disclosure [2] Group 2: Industry Insights - The steel metallurgy industry has seen a decline in valve demand over the past year, prompting the company to hold seminars with experts to assess the situation and adapt strategies [3] - The company is increasing the promotion of its "Valve Steward" service and adjusting pricing strategies to enhance competitiveness [3] Group 3: "Valve Steward" Service - The "Valve Steward" service provides lifecycle maintenance for general valves used by steel companies, helping to reduce inventory and maintenance costs [4][5] - The service is currently being piloted with key domestic steel users and is expected to expand to other large steel enterprises [5] Group 4: Metallurgy Business Composition - The company’s metallurgy valves are primarily used in three areas: new projects (30% of orders), spare parts (40%), and technology upgrades (30%) [6] - The demand for new projects is increasing due to stricter environmental policies and the need for capacity replacement in the steel industry [6] Group 5: Nuclear Power Valve Orders - The company is actively participating in the procurement of valves for new nuclear power units, with 6 new units approved for construction this year [7] - The company has supplied over 150,000 nuclear valves since obtaining the design and manufacturing license in 2004, showcasing its competitive advantages in technology and service [7][8] Group 6: Future Orders and Capacity - The average order value for a single nuclear power unit is approximately 70 million [8] - The current production capacity can meet the needs of 6-8 new nuclear power units annually, with ongoing upgrades to enhance efficiency [9] Group 7: International Market Expansion - The company is currently engaged in indirect exports through domestic contractors and plans to expand its international business as part of its growth strategy [10] Group 8: Performance Outlook - The company expects stable growth in orders, particularly in the nuclear sector, while some orders in the metallurgy sector may experience short-term declines due to industry conditions [11] - The "Valve Steward" service is anticipated to help secure more orders in the metallurgy sector [11] Group 9: R&D and Market Competition - The subsidiary Nantong New Energy focuses on high-pressure hydrogen valves, with products already meeting market demand for various applications [12] Group 10: Profit Margin Stability - The company employs a cost-plus pricing strategy, which helps stabilize profit margins despite fluctuations in raw material prices [13]