GW COMPOS(SZ:300699)2022-12-04 09:14Group 1: Company Overview - The company has mature production technology and capacity for T700G, with application validation ongoing since 2017 [1] - Historical investment in fixed assets is significant, but current book value is low due to disposals and amortization [2] - The growth in construction projects is primarily due to fundraising projects currently under development [2] Group 2: Project Details - The construction period for the Baotou project is 2 years, chosen for its lower energy and supporting costs [2] - The company sources carbon fiber mainly from Taiwan, with some from Turkey and Jilin, China [3] - Vestas chose to collaborate with the company due to its capabilities in carbon fiber, resin, and equipment, making it a successful supplier for carbon beam products [3] Group 3: Production Capacity and Quality - The company aims to secure its carbon fiber supply through the Baotou project, but complete replacement of external purchases is not the goal [3] - The carbon fiber production line is developed and manufactured in-house by the company's subsidiary, ensuring full control over the process [3] - The T300 product has a yield rate of over 95% [4] Group 4: Financial Aspects - Some business receivables have a collection period exceeding one year, with factoring used to recover cash [4] - The company believes that the application of carbon fiber in the automotive sector involves high costs and requires further research and development [5]