首创证券：风电装机容量提升带动风机叶片需求增长 重点关注增强材料的碳纤维产业链

Core Insights - The wind power industry is experiencing significant growth, with global installed capacity reaching 1,134.76 GW in 2024, a year-on-year increase of 11.28% [1] - China's wind power installed capacity is projected to reach 579.02 GW by August 2025, reflecting a year-on-year growth of 22.12% [1] - The demand for wind turbine blades is expected to rise due to the increasing installed capacity of wind power in China [1] Wind Power Industry Overview - In 2024, global new wind power installations reached a historical high of 117 GW, with China's new installations at 78.79 GW [1] - The International Energy Agency (IEA) forecasts a compound annual growth rate of approximately 12% for the wind power sector from 2023 to 2030 [1] Wind Turbine Blade Components - Wind turbine blades account for about 22% of the total cost of wind power systems, making them a core component [2] - The largest cost component in wind turbine systems is the tower, which constitutes approximately 29% of the total cost [2] Material Composition - The primary matrix material used in wind turbine blades is epoxy resin, which has the highest cost share at around 33% [2] - Glass fiber remains the dominant reinforcement material, while carbon fiber is gaining traction due to its advantages in larger blades [2] Core Materials in Wind Turbine Blades - Core materials, which account for about 25% of the cost, include balsa wood and PVC foam, with PET foam emerging as a potential alternative [3] - Balsa wood is primarily imported from Ecuador, while the PVC foam market is undergoing domestic substitution efforts [3]