GATD(SH:688239)2024-01-18 07:36Group 1: Company Overview and Applications - The company's products are primarily used in aerospace engines, space rockets, gas turbines, and new energy cathodes [1] - The company is actively expanding into other related market applications, including underwater submersibles and nuclear power [2] Group 2: Product Characteristics - Aerospace forgings are made from difficult-to-deform materials such as high-temperature alloys and titanium alloys, requiring high stability, consistency, and traceability [2] - Ordinary forgings are made from carbon steel and structural steel, with lower technical difficulty and standard reliability requirements [2] Group 3: Order and Production Capacity - As of the end of Q3 2023, the company had an order backlog of CNY 2.314 billion, indicating sufficient orders [2] - The production capacity of the Guiyang plant is approximately CNY 1.5 billion when fully operational [2] - The Deyang plant is projected to achieve a production value of CNY 1-1.5 billion upon reaching full capacity [2] Group 4: Financial Performance - The company plans to recognize approximately CNY 86 million in stock incentive expenses for 2023, with CNY 70 million recognized in the first three quarters [3] - The net profit for the first three quarters of 2023 was approximately CNY 166 million, which would increase to CNY 229 million when excluding stock payment impacts, reflecting a growth of 50.42% year-on-year [3] Group 5: Raw Materials and Equipment - The main raw materials include high-temperature alloys and titanium alloys, sourced from suppliers such as Fushun Steel and Longda [3] - Key production equipment includes various hydraulic presses and ring rolling machines, with capacities ranging from 1,000T to 6,300T [3] Group 6: Foreign Trade Outlook - The overall demand for foreign trade is strong, with expectations for continued high growth, and the proportion of overseas business in total revenue is steadily increasing [3]