Investor Presentaiton
Sinoseal: Play on localization in mechanical seals
Original Equipment
Sinoseal
Aftermarket
100%
80%
59%
57%
53%
51%
62%
60%
Revenue Mix
40%
20%
41%
43%
38%
47%
49%
0%
2017
2018
2019
2020
2021
OE Aftermarket
70%
70%
Gross Profit
60%
60%
50%
50%
Margin
40%
40%
30%
30%
20%
20%
10%
10%
0%
0%
OE
2017 2018 2019 2020 2021
MITSUBISHI
MOTORS
Aftermarket
2017 2018 2019 2020 2021
沈鼓集团
HENGYI
恒逸集团
SULZER
Customer Profile
ShaanGu
EBARA
陕鼓集团
SIEMENS
SHAANGU GROUP
Deep Blue
DBP
Source: Company data, Macquarie Research, May 2023
中国航天
Tianjin
三一集团
Elliott
Machinery
中国石油
中国海油
Chooc
国家管网
PIPECHINA
J
706)
WANHUA
国家能源集团
CHN ENERGY
RONGSHENG
Dr CGN
中国神华
CHINA SHENHUA
盛虹集团
SHENGHONG GROUP
88
中核集团
CNNC
I
中国交建
1905
延长石油
YANCHANG PETROLEUM
REG
中国中铁
25
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