GW COMPOS(SZ:300699)2022-12-05 02:36Group 1: Business Operations - The company has resumed normal domestic operations in Q2 2020 after a decline due to the pandemic, while overseas shipments to Europe remain paused, affecting only 5% of total shipments [3] - The Baotou project is currently in the land bidding process, with plans to complete construction by the end of next year and commence production the following year [3] - The company has established annual agreements with clients for carbon beam orders, with shipments occurring weekly [2] Group 2: Product Development - T800 carbon fiber is currently in small batch supply and validation, with no pricing pressure felt for mass production products [2] - The T800 level is expected to gradually increase in application, although there is no specific milestone for its development [4] - The T800 product is projected to generate revenue in the tens of millions, with a focus on increasing production capacity [4] Group 3: Market and Pricing - The domestic T700s carbon fiber is currently priced at approximately 130-150 RMB/kg, making it the cheapest globally [6] - The pricing of carbon beams is influenced by carbon fiber prices, which have seen occasional adjustments but remain relatively stable overall [7] - The company’s civil products, aside from carbon beams, have contributed several million in revenue, maintaining a similar status this year [5] Group 4: Financial Aspects - The company has experienced fluctuations in subsidies and other income, primarily from government research project grants and tax rebates [7][8] - Recent asset write-offs have occurred due to the construction of new projects and the disposal of early fixed assets that did not meet technical requirements [8] - The company’s carbon fiber business has shown potential for profitability, with a gradual increase in revenue contributions since 2019 [6]