SNS(SZ:300470)2023-05-04 14:15Market Position and Strategy - The company has a significant market share in the petrochemical sector, achieving over 50% in the incremental market [1] - Compared to international competitors like John Crane and Boge, the company recognizes a gap in industry coverage, particularly in fine chemicals, pharmaceuticals, and water treatment [1] - The company is expanding into new fields to maintain growth, with recent developments in fine chemicals and pharmaceuticals, although market share remains low [1] Nuclear Pump Market Potential - The domestic nuclear main pump market is projected to grow significantly as China's nuclear power construction accelerates [3] International Market Development - The company's international strategy focuses on expanding into developing countries, primarily in the petrochemical incremental market [3] - International business has seen rapid growth, with record orders in the previous year and a revenue increase of over 50% annually [3] - The company has shifted from relying on domestic manufacturers for international orders to direct engagement with foreign end-users, enhancing brand recognition [3] Demand from Refining and Chemical Projects - A 2 million tons/year refining project requires approximately 100-150 million for sealing, while a 120,000 tons/year ethylene project demands around 60-70 million [4] - The slowdown in new refining projects and the prevalence of chemical installations have influenced the company's order structure, leading to a higher proportion of high-margin compressor dry gas seals in recent orders [4] Supply Chain and Material Sourcing - The company has faced delays in imported instruments but is actively communicating with suppliers to shorten delivery times and is seeking domestic alternatives [4] - Some suitable domestic brands have been identified, and the company is working with clients to transition to these alternatives to ensure timely delivery [4]