SNS(SZ:300470)2024-02-23 08:07Group 1: Nuclear Power Business - The company's nuclear power business revenue was below expectations due to high safety requirements and long execution cycles, but the trend towards domestic production remains positive [1] - The specialized production line for nuclear power can also produce other sealing products, indicating flexibility in manufacturing capabilities [1] Group 2: Petrochemical Sector Outlook - The domestic petrochemical sector is experiencing saturation in front-end capacity, with fewer new projects expected this year, leading to intense competition in the incremental market [1] - The company anticipates that revenue from the petrochemical sector will remain stable, with slight growth in existing business as new incremental projects transition to existing business [1] Group 3: Customer Stability and Business Risks - The company experiences minimal loss of existing business due to customer bankruptcies, as its sealing products cater to mid-to-high-end clients, which are generally more stable [2] - Historical bad debt losses from small customer bankruptcies have been low, indicating a resilient customer base [2] Group 4: Strategic Directions - The company has two major strategic directions: internationalization and digital transformation, focusing on global market expansion and the modernization of operations through digitalization and smart technologies [2] - Significant investments in human, financial, and material resources are being made to support these transformations, ensuring the company adapts to industry changes [2]