GW COMPOS(SZ:300699)2022-12-04 10:14Group 1: Business Overview - The main civilian products include wind power carbon beams and prepreg materials, with wind power carbon beams becoming a significant revenue source through collaboration with Vestas Wind Technology [2] - The prepreg business is expanding from the competitive fishing tackle market to high-value application fields, with the fishing tackle market now accounting for about 50% of the prepreg business [3] Group 2: Production and Equipment - Key equipment for carbon fiber production includes oxidation furnaces, carbonization furnaces, and precursor production lines [3] - The company has a relatively low fixed asset scale compared to peers due to self-developed specialized equipment and the depreciation of assets over nearly two decades of carbon fiber R&D and production [4] Group 3: Cost and Financial Management - The impact of rising acrylonitrile prices on production costs is limited, as it constitutes a small portion of the overall cost [4] - The collection period for accounts receivable is uncertain due to the long military supply chain, but historically, there have been no bad debts from military sales; civilian accounts typically have a three-month payment term [4] Group 4: Market Dynamics and Applications - There is currently no significant seasonal cycle in the civilian market [5] - The C919 aircraft primarily sources carbon fiber globally, with the company having completed the necessary approvals for supplying carbon fiber and woven fabrics for downstream manufacturers [5] - High-strength and high-modulus carbon fiber is mainly applied in aerospace and high-end civilian sectors, with the company progressing in the engineering production of M40J grade carbon fiber [5][6] Group 5: Future Developments - The company is tracking opportunities in the automotive lightweighting sector and collaborating with automotive R&D departments, but has not yet committed significant resources to this area [6]