SNS(SZ:300470)2023-12-29 08:32Group 1: Gross Margin Insights - The company's current average gross margin is at a low level due to two main reasons: intense competition in incremental business affected by macroeconomic conditions, and a high proportion of lower-margin incremental business compared to existing business [2] - Future performance growth will be driven by higher-margin businesses, including the transition of incremental business to existing business and the growth of international business, which has a significantly higher gross margin than domestic business [2] - The nuclear power sector is expected to see rapid market share growth over the next 3-4 years, with higher gross margins compared to the petrochemical sector [2] Group 2: Order Status and Business Composition - The current order volume remains high, with approximately 60% from incremental business and 40% from existing business [3] - Over 65% of incremental business comes from the petrochemical sector, which has been a traditional strength for the company, with significant growth in international business orders [3] Group 3: Employee Incentives - The company implemented a share buyback from April 2022 to April 2023 as part of a new round of equity incentive plans, emphasizing that talent is the core competitive advantage [3] - Equity incentives are viewed as a long-term mechanism to enhance employee efficiency and align personal values with corporate values, fostering a sense of mission and recognition among key employees [3]