SNS(SZ:300470)2024-01-09 12:20Group 1: Market Overview - The domestic market capacity for mid-to-high-end mechanical seals is approximately 60 to 70 billion CNY, with the company's market share around 8% [1] - The growth of incremental business is significantly influenced by macro policies, leading to uncertainties [1] Group 2: International Business Growth - The company has expanded its international market presence over the years, enhancing brand recognition and order acquisition capabilities [1] - The international business team has matured, contributing to rapid growth in recent years [2] Group 3: Pricing Dynamics - There is no correlation between the pricing of incremental and stock business; pricing for incremental business is determined by project bidding results, while stock business pricing is negotiated with end customers [2] - The gross margin for international incremental business is slightly higher than that of domestic incremental business [2] Group 4: Capacity and Expansion Plans - Current capacity bottlenecks are primarily in the engineering design segment due to high demand for incremental and international business [2] - The company plans to invest significantly in facility construction and increase recruitment to alleviate design pressure and match business growth [2]