GW COMPOS(SZ:300699)2022-12-04 10:44Group 1: Carbon Fiber Applications - Carbon fiber applications in the automotive sector are still immature, facing challenges in production costs, industrial design, and maintenance [2] - The aerospace market for carbon fiber is difficult to predict due to its dispersed application, with significant usage in high-strength products and wet-spinning processes [3] - The company has not heavily invested in automotive applications but is monitoring industry developments [3] Group 2: Financial Impact and Market Trends - Carbon beam business accounted for 38% of the company's revenue last year, with growth intentions still present despite pandemic impacts [4] - The company anticipates delays in shipments due to ongoing pandemic conditions, particularly in Central America, which accounts for 40% of its business [4] - The European market contributes 5% to the company's revenue, with 2% of shipments still pending [4] Group 3: Product Development and Innovation - T800H product is currently in small batch supply and is undergoing verification, with potential to replace T300 in the future [5][6] - The advanced composite materials R&D center has completed its first phase and is preparing for verification [6] - The company is focused on developing materials for domestic large aircraft, with a complex certification system in place [6][7] Group 4: Competitive Landscape - The Baotou project benefits from low electricity costs, which helps control product costs compared to imported products [4] - Vestas is currently the only company to commercialize carbon beams in the wind power sector, with domestic companies still in development stages [5] - Vestas' patents primarily affect the manufacturing process of wind turbine blades, having minimal impact on the company's business expansion [5]