SNS(SZ:300470)2024-01-21 06:46Group 1: Business Growth Drivers - The main growth drivers for the company this year include the transition of incremental business to stock business, which is expected to maintain stable growth [1] - International business, supported by a historical high order backlog, is anticipated to be the most significant contributor to future growth [1] - The valve segment is projected to see good revenue growth based on current orders from the subsidiary [1] Group 2: Gross Margin Outlook - The gross margin for domestic incremental business is closely tied to the overall economic situation, with current downward pressure on margins due to market demand and competition [2] - Despite the downward trend, the company expects gross margins to remain stable due to high margins in stock business and international business, as well as improvements in the valve segment [2] Group 3: International Business Delivery Cycle - The delivery cycle for international business is longer than domestic business, primarily due to project construction timelines and the complexity of design work [2] - Recent improvements have reduced the design time for international orders from 5 times that of domestic orders to 2.5 times, indicating rapid growth in efficiency [2] Group 4: Capacity Constraints and Expansion Plans - Current capacity constraints are mainly in the engineering design segment due to the rapid growth of international business and the need for skilled personnel [3] - The company is actively expanding production capacity, with significant investments in new facilities and increased hiring to match business growth [3]