SNS(SZ:300470)2024-03-14 15:30Group 1: Market Overview - The domestic mid-to-high-end mechanical seal market has a stock business capacity of approximately 6 billion to 7 billion RMB, with the company's market share in this segment being around 8% to 9% [1] - In the petrochemical sector, the stock business accounts for about 25% of the total market, with the company holding a market share of approximately 20% in this area, indicating a relatively fast growth rate [2] Group 2: Product Lifespan and Market Replacement Cycle - The average lifespan of sealing products is gradually increasing, but this change impacts the replacement cycle in the stock market very slowly [1] - The extension of the average lifespan of sealing products leads to a slow influence on the replacement cycle of existing market products [1] Group 3: Industry Challenges - The mechanical seal industry faces challenges due to the high technical requirements and the need for extensive experience in design, manufacturing, and testing [2] - The past engineering performance of similar devices serves as a significant barrier to entry in the industry, making it difficult for new suppliers to break into the market [2] Group 4: Acquisition and Integration Strategy - The company focuses on building a large sealing industry cluster and adheres to a specialized development path rather than a diversified one [2] - In acquisitions, the company considers the strategic alignment of the target company, potential synergies, and cultural compatibility, emphasizing the importance of integration post-acquisition [2]