SNS(SZ:300470)2024-02-28 14:38Group 1: Nuclear Power Business Insights - The company's nuclear power business revenue was below expectations last year due to high safety requirements and a slow production process, leading to longer execution cycles than anticipated [1] - The trend towards domestic production in the nuclear power sector is strong, with a significant shift from imported products to local alternatives expected [1] - The market for nuclear power is unique, with existing business accounting for a larger share than new business, and the main pump seals represent over 50% of the total sealing value in nuclear power plants [1] Group 2: Market Share and Growth Potential - The company has broken the foreign monopoly in the main pump seal market, and with proactive import substitution policies, a rapid increase in market share in the nuclear power sector is highly likely within the next 3-4 years [2] - Currently, the domestic market for high-end mechanical seals has a total volume of approximately 6-7 billion, with the company holding an 8-9% market share, indicating significant room for growth [2] - The company's revenue from incremental and existing businesses is roughly equal, with each accounting for about 50% of total revenue [3] Group 3: Pricing and Business Dynamics - The pricing of incremental business does not significantly affect the pricing of existing business, as they are governed by different contracts and negotiation processes [3] - The company is committed to maintaining its market share in incremental business, even if it means reducing prices in competitive projects, to ensure a solid foundation for future existing business [3]