陶瓷基复合材料专题报告：新型热结构材料战略地位凸显，产业化应用拐点将至

Industry Investment Rating - The report highlights the strategic importance of Ceramic Matrix Composites (CMC) as a new type of thermal structural material, with a focus on SiC fiber and CMC preparation as key areas of development [2] Core Viewpoints - Strategic Importance: CMC materials are crucial due to their high-temperature resistance, oxidation resistance, and low density, making them ideal for aerospace and nuclear applications [2] - Demand Drivers: The iteration of aero engines is driving the industrialization of CMC, with applications in advanced nuclear energy and aerospace markets [2] - Supply Landscape: GE has achieved full-process autonomous supply, while domestic production in China is being developed through "industry-academia-research" collaboration [2] Performance and Applications - High-Temperature Performance: CMC materials can withstand temperatures up to 1600°C, offering superior high-temperature creep resistance and oxidation resistance compared to traditional materials [4] - Low Density: CMC materials are about one-third the weight of high-temperature alloys, providing higher specific strength and stiffness [4] - Aerospace Applications: CMC materials are used in aerospace for thermal protection systems, rocket engines, and satellite reflectors due to their excellent high-temperature performance and oxidation resistance [50] Manufacturing and Supply Chain - SiC Fiber Production: SiC fiber is a core component in CMC production, with Japan and the US leading in industrial production and application [15] - Domestic Production in China: Companies like Torch Electronics and Ningbo Zhongxing are making strides in SiC fiber production, with Torch Electronics achieving a production capacity of 30 tons per year [60][61] - CMC Component Production: Xi'an Xinyao is a leading domestic CMC component manufacturer, with a focus on aerospace and aero engine applications [63] Market Potential - Aero Engine Market: The domestic market for CMC materials in military and commercial aero engines is projected to reach 20 billion yuan by 2028 [35] - Nuclear Energy Applications: SiC/SiC composites are considered ideal materials for advanced nuclear energy systems, including fusion reactors and advanced fission reactors [45] Investment Recommendations - Short-Term Focus: The aero engine CMC material market is expected to grow rapidly with the deployment of domestic fourth-generation aero engines, with SiC fiber demand providing significant upside for upstream raw material suppliers [70] - Long-Term Focus: As CMC material applications expand and production costs decrease, midstream CMC component manufacturers are expected to see significant performance improvements [70]