SNS(SZ:300470)2023-03-08 11:28Group 1: Market Overview - The domestic market capacity for high-end mechanical seals is approximately 60 to 70 billion CNY, with the company's market share at about 8% [1] - The company has a market share of over 60% in new projects within the petrochemical sector [1] - The market share in the natural gas long-distance pipeline sector is even higher, while the company has lower market share in areas not yet aggressively developed [1] Group 2: Profitability Insights - The gross margin for both incremental and existing businesses in the international market is slightly higher than that in the domestic market [2] - The overall gross margin for existing international business is expected to be slightly higher than that of the domestic market [2] Group 3: Executive Compensation - Executive compensation is linked to company performance, with a structure comprising approximately 40% base salary and 60% performance bonuses [2] - Salary adjustments are based on net profit growth rates, with specific conditions for increases or decreases [2] Group 4: Business Segment Performance - The mechanical seal segment showed steady performance in 2022, with significant growth in international orders [2] - The nuclear power segment is advancing rapidly, with successful applications in domestic markets, breaking foreign monopolies [2] - The petrochemical sector remains stable, with potential growth in fine chemicals due to current lag behind developed countries [2] Group 5: Future Outlook - The company aims for a balanced revenue share between international and domestic markets in the long term [3] - New fields such as pharmaceuticals, papermaking, and wastewater treatment are being explored, with promising results [3] - The natural gas long-distance pipeline sector is expected to see accelerated project implementation this year [3]