GATD(688239)2024-03-01 07:36Financial Performance - Q4 revenue and profit were affected by downstream customers' inventory reduction and cost-cutting measures [2] - As of Q3 2023, the company had orders worth 23.14 billion RMB on hand [2] - Overseas revenue accounted for over 30% of total revenue in 2023, expected to reach around 40% in 2024 [3] Production Capacity - Deyang production line has reached 63% capacity utilization [2] - Deyang line expected to reach full capacity in H1 2024 with projected annual output value of 1-1.5 billion RMB [2] - Deyang line offers advantages over Guiyang line in automation and cost reduction [2] International Business - Main international customers include GE, Rolls-Royce, Honeywell, Pratt & Whitney, and Safran [2][3] - Key competitors in overseas markets: PCC, CARLTON, DONCASTERS, HWM, FRISA [2] - Secured long-term agreements (3-7 years) with Safran, Pratt & Whitney, and Rolls-Royce for LEAP engine components [3] - Expanding into non-aviation sectors with clients like GE Energy, Alfalaval, Baker Hughes, Fuji Electric, and Meggitt [3] Materials and Suppliers - Primary materials: high-temperature alloys and titanium alloys [3] - Major suppliers: Fushun Special Steel, Longda, Daye Special Steel, Changcheng Special Steel, Liuhe, Western Superconducting, Baoji Titanium Industry, Jintian Titanium, Shaanxi Tiancheng [3] - International material suppliers are selected from customer-approved vendor lists [3] Future Growth Areas - Civil aviation engines (international and domestic) - Gas turbines - Commercial space - Deep-sea submersibles - Nuclear power equipment [3] - Core supplier for CJ1000/2000 series engines for China's domestic large aircraft program [3] Gas Turbine Business - Products mainly used in shipbuilding and power generation [3] - Key customers: Harbin Turbine, Dongfang Turbine, Shanghai Turbine [3]