宏川智慧(002930) - 2022年1月5日投资者关系活动记录表

Group 1: Industry Barriers and Supply-Demand Situation - The petrochemical storage industry has high entry barriers, primarily due to scarce resources like land use rights and coastline, complex approval processes, large investment scales, long construction periods, strict regulations, and high operational difficulties [2][3] - The industry faces increasing regulatory scrutiny regarding safety and environmental protection, leading to challenges in new project approvals and longer construction cycles. This restricts capacity supply growth, while customer storage demand continues to rise annually [2][3] Group 2: Competitive Landscape and Development Strategy - Competition in the petrochemical storage industry is characterized by regional features, with transportation costs directly related to distance. Companies located more than approximately 100 kilometers apart generally do not compete with each other [3] - The company opts for a merger and acquisition (M&A) strategy due to strict regulations, complex approval processes, and limited capacity supply growth in the industry. The low concentration of companies in the sector provides ample M&A opportunities for growth [3] - The company has successfully expanded its storage scale through M&A, gaining valuable experience in acquiring new storage areas and subsequent integration [3] Group 3: Business Operations and Synergies - The company operates two main business lines: terminal tank storage and chemical warehouse storage, which develop concurrently. While there are differences in the types of petrochemical products stored and customer bases, there are commonalities in daily operations and safety management [3]