GW COMPOS(SZ:300699)2022-12-05 02:31Group 1: Business Operations - The domestic carbon beam business was impacted early by the pandemic but has since returned to normal, while the Spanish operations remain halted, accounting for only 5.5% of total carbon beam business [2] - The Mexican business experienced a 10-15 day shipment delay but is now stable [3] - The overall carbon fiber business, including military and civilian products, is operating normally with ongoing market development [3] Group 2: Financial Performance - The military contract amount for 2019 was 927 million (including tax), with an execution rate of 86% [4] - The total military contract amount for 2020 is 998 million (including tax), with an execution period from January 1, 2020, to December 31, 2020 [4] - The growth in military contracts from 2019 to 2020 is approximately 8%, with a more than 20% increase when comparing executed amounts [4] Group 3: Production Capacity - The carbon beam production line has 50 lines, each with a capacity of approximately 150,000 meters, with no expansion plans for this year [3] - The T700S and T800S projects are expected to have a production capacity of 2,000 tons, primarily for construction reinforcement and material forming applications [5] Group 4: Customer Base and Revenue - The top three customers contribute 80% of the revenue, with two major clients being a military carbon fiber customer and Vestas in the civilian sector [6] - The stability of orders from these major clients is uncertain, but there is an expectation of some stability in the short term [7] Group 5: Product Development and Market Trends - The company is focusing on domestic carbon fiber material replacement and has been collaborating on verification for domestic alternatives [7] - The carbon fiber application is expected to maintain long-term growth, with advancements in material development leading to increased usage ratios [5]