SNS(SZ:300470)2023-05-08 15:14Group 1: Market Competition and Profit Margins - The competitive landscape in the sealing market has stabilized, with new large projects requiring higher standards from suppliers, leading to a decrease in the effectiveness of low-price competition [1] - The gross profit margin for incremental business is expected to remain stable, with only a few projects experiencing significant fluctuations [2] - The company anticipates a slight increase in gross profit margins for incremental business due to the growth of high-margin international business [2] Group 2: Market Share and Industry Outlook - The domestic mechanical sealing market in the petrochemical sector has a high concentration, with the company holding over 60% market share in new projects [2] - The domestic petrochemical sector is entering a stable development phase, with fewer large projects and a focus on strategic and key projects [2] - There is significant potential for growth in the ethylene and fine chemical sectors, as well as a demand for replacing outdated capacities in refining [2] Group 3: Future Growth Drivers - Key growth areas include the traditional petrochemical sector, which is expected to maintain stable incremental market levels [3] - International business has seen record revenue in 2022, with over 50% growth sustained for several years, providing a strong foundation for continued growth [3] - The nuclear power sector presents substantial growth potential, with the company being a leader in domestic nuclear sealing products and rapidly expanding its market presence [3] - New sectors such as papermaking, pharmaceuticals, and water treatment are also expected to contribute to performance growth [3]