GW COMPOS(SZ:300699)2023-03-30 10:17Group 1: Financial Performance - In 2022, the company achieved a revenue of 2.511 billion CNY, a decrease of 3.69% compared to the previous year [4] - The net profit attributable to shareholders was 934 million CNY, an increase of 23.19% year-on-year [4] - The gross profit margin improved by 4.66 percentage points, and the return on equity increased by 1.67 percentage points [5] Group 2: Business Segments - The carbon fiber segment generated a revenue of 1.386 billion CNY, a year-on-year increase of 8.70% [5] - Non-shaped carbon fiber products contributed 565 million CNY in revenue, with T700, T800, and MJ series products accounting for 39.57%, 33.69%, and 23.66% of sales, respectively [5] - The wind power carbon beam business saw a revenue of 662 million CNY, a decline of 18.12% [5] Group 3: Market Dynamics - The company experienced a total revenue loss of 677 million CNY due to price reductions in shaped fibers over the past two years [6] - The demand for non-shaped carbon fibers is expected to grow significantly, with a revenue increase of 52% last year [6] - The overall market for carbon fibers is shifting from a seller's market to a buyer's market, particularly in the wind power sector [10] Group 4: Production and Capacity - The company’s production capacity utilization dropped from over 80% to around 70% due to the transition of certain production lines [11] - The Baotou project is expected to commence production by the end of this year, with a focus on T700S/T800S grade products [14] - The company plans to expand its T700S/T800S fiber production capacity, anticipating significant growth in this segment [14] Group 5: Future Outlook - The company expects to achieve stable delivery of large contracts in 2023, with growth driven by T700S/T800S grade fibers and M40J/M55J grade products [14] - The cash flow is projected to improve in 2023, particularly in military product deliveries [9] - The company is optimistic about the future demand for carbon beams in the domestic market, anticipating explosive growth as the industry matures [11]