GW COMPOS(SZ:300699)2022-12-04 09:08Group 1: Company Overview and Product Development - The company focuses on two main application directions: carbon fiber and carbon beams, with a lengthy verification cycle for special-purpose carbon fibers [2] - The GQ3522 grade (T300 grade) began transitioning to military products around 2005, with formal certification starting in 2006-2007 and bulk supply commencing in 2009 [2][3] - The QZ5526 grade (T800 grade) project was initiated in 2014, with material verification still ongoing [3] Group 2: Project Progress and Location Benefits - The Baotou project is currently undergoing environmental assessment, with an expected completion date for the first phase in 2021 [3] - Baotou was chosen for its low energy costs and well-established industrial infrastructure, which is crucial for carbon fiber production [3] Group 3: Market Position and Financial Aspects - The gross margin for carbon beams is currently stable but can be affected by fluctuations in oil prices and exchange rates [4][5] - The company has 50 production lines for carbon beams, with potential for expansion if demand increases [5] Group 4: Product Competitiveness and Market Validation - The T700S civilian carbon fiber, developed using dry spray and wet spinning processes, has shown strong market validation across various application fields [5] - The company is involved in the PCD airworthiness certification for the C919 aircraft, primarily using T300 grade carbon fiber sourced internationally [6] Group 5: Future Development and Strategic Vision - The company has a solid industrial foundation and a clear development strategy, aiming for a healthier business structure and stable growth in the future [7] - Current partnerships with large civilian enterprises span various sectors, including gas cylinders, electronic communications, rail transportation, and construction [7]