SNS(SZ:300470)2024-05-21 15:50Group 1: Market Insights - The demand for equipment updates in the petrochemical sector is urgent, with a significant proportion of outdated capacity posing safety risks. Recent macro policies may enhance company performance depending on their implementation progress [1] - The gross profit margin for international orders, primarily in the petrochemical sector, is higher than that of domestic orders. Both incremental and existing business in international markets show superior margins compared to domestic [1] Group 2: Business Operations - The first commercial operation of the company's nuclear main pump static pressure seal was completed in 2023, with stable performance during its service period. A second set has also entered the operational phase [2] - The company's international business has shifted focus from the challenging European and American markets to developing countries along the "Belt and Road" initiative, leading to a rapid increase in international orders, particularly in the Middle East, Southeast Asia, Central Asia, and Africa [2] - To support the rapid growth of international business, the company has established an international business team and is enhancing recruitment and training efforts to improve delivery capabilities [2] Group 3: Nuclear Power Sector - The trend towards domestic production in the nuclear power sector is irreversible, but due to high safety requirements and long execution cycles, significant order growth has not yet been observed. Expected revenue in this area may not see substantial increases this year [2]