光威复材(300699) - 2020年6月10日投资者关系活动记录表

Group 1: Business Overview - The company's pre-impregnated materials and composite products primarily serve domestic clients, with a significant recovery in business after the initial impact of the pandemic in Q1 2020 [2] - Domestic carbon beam business accounts for 55%, while overseas business represents 45%, with Central Europe at 5% and Central America at 40% [2][3] - The carbon beam business is expected to see stable growth compared to the previous year, although future delivery impacts remain uncertain due to the pandemic [3] Group 2: Revenue Structure - In 2019, carbon fiber accounted for the largest share of revenue, with pre-impregnated materials generating 160 million CNY and composite products in the million-level range [3][4] - Military products contribute the most to profits, accounting for 60-70% of total profit, with T300 products generating approximately 1 billion CNY in business scale [4] Group 3: Cost Reduction Strategies - The company aims to reduce costs in civilian carbon fiber applications, focusing on increasing production efficiency through techniques like "speeding up" and "bundling" [6][7] - The stretching speed has improved from 250 meters/minute to 500 meters/minute, and the fiber bundle size has increased from military specifications to larger civilian specifications [6] Group 4: Future Development Focus - The company plans to focus on carbon fiber and downstream applications, with a goal to enhance capabilities in the composite materials sector through the establishment of an advanced composite materials research center [10] - The center's first phase is expected to cost around 220 million CNY and aims to support future development in composite materials [10] Group 5: Market Applications - Carbon fiber is anticipated to have significant applications in gas cylinders and building reinforcement, with ongoing exploration in the automotive sector [10][11] - The company is optimistic about the potential for carbon fiber in wind power applications, particularly in blade manufacturing, despite current patent restrictions faced by competitors [11]