Porton(300363)2024-11-19 15:36Group 1: Overseas Capacity and Market Focus - The company's overseas capacity is primarily structured as "local for local" to serve European and American clients, thus geopolitical factors have not adversely affected its overseas capacity [1] - The current focus on biopharmaceuticals is not a priority due to existing market capacity, despite the demand for large-scale production [1] - The core business of gene cell therapy is centered on cell therapy, as domestic market opportunities are more abundant [2] Group 2: Capital Expenditure and Pricing Trends - Future capital expenditures will be driven by business needs, with the largest investment currently being in the Slovenia R&D production base [2] - Prices in the overseas market remain stable, while domestic market competition is intense, leading to price variations based on project specifics [2] - The historical performance indicates a net asset to revenue ratio of approximately 100%, meaning 1 yuan of net assets corresponds to 1 yuan of revenue [2] Group 3: Production Capacity and Order Management - The expected capacity utilization for the next year is still under assessment due to ongoing order inflow and dynamic scheduling [2] - Order cycles and rhythms vary significantly across different projects and clients, indicating a highly individualized approach to order management [2]