Modren High-tech(300876)2025-01-07 07:15Group 1: Production Capacity and Utilization - The old plant has a production capacity of over 30,000 tons and has been operating at full capacity [1] - The new plant and convertible bond project have also been put into production, increasing capacity by over 30,000 tons, which is still ramping up [1] - In 2023, the company acquired 51% of Haining Guangyuan, adding approximately 8,000 tons of capacity, although it is also relocating to a new plant [1] Group 2: Product Characteristics - Polypropylene is the lightest fiber in synthetic fibers, resistant to acid and alkali, and does not absorb water [1] - Each type of synthetic fiber has specific applications and is irreplaceable; the company produces based on customer orders, with many small orders of 1-2 tons being common [1] - The production process does not require dyeing or wastewater discharge, making it more environmentally friendly compared to the mass production model of polyester filament [1] Group 3: Sales and Financial Situation - The new plant's capacity is still ramping up, and the level of automation is high, leading to an increase in inventory; sales prices remain stable [2] - Significant investment in carbon fiber, with over 100 million allocated for construction and equipment contracts, as well as personnel expenses [2] - The family shareholding ratio is relatively high at 58%, with a recent agreement transfer involving the controlling shareholder's brother due to personal funding needs [2]