碳纤维复材深度之一：航空航天牵引需求增长，供应能力提升推进国产替代

Investment Rating - The report provides a positive investment rating for the defense and military industry, particularly focusing on carbon fiber composite materials [3][4]. Core Insights - Carbon fiber composite materials are crucial in defense and military applications due to their lightweight and high mechanical performance, with tensile strength generally above 3500 MPa, making them 7-9 times stronger than steel [3][12]. - The global demand for resin-based carbon fiber composites was approximately 176,900 tons in 2023, with the aerospace and military sector accounting for 33,800 tons, representing 19% of total demand [27][29]. - The market size for resin-based carbon fiber composites reached $22.96 billion in 2023, with the aerospace and military sector contributing$14.62 billion, which is 64% of the total market [27][28]. Summary by Sections 1. Carbon Fiber Composites - Carbon fiber composites are primarily made from polyacrylonitrile (PAN) fibers and resin matrices, offering significant performance advantages [11][12]. - The global carbon fiber composite market has experienced two development waves, with the first driven by aerospace applications and the second expanding into non-aerospace industries [19][21]. 2. Demand - The main application areas for carbon fiber composites include aerospace, wind turbine blades, and sports leisure products, with aerospace accounting for over 50% of the market size [27][29]. - In 2023, the demand for carbon fiber composites in the aerospace sector grew by 9% compared to the previous year, while demand in wind energy and sports sectors declined [25][27]. 3. Supply - The carbon fiber composite industry chain is well-defined, with significant production capacity and a focus on aerospace applications, which have higher profit margins [44][45]. - Domestic carbon fiber production capacity reached 140,800 tons in 2023, with a notable increase in domestic supply, indicating a shift towards local production and reduced reliance on imports [44][46]. 4. Related Listed Companies - Key players in the carbon fiber sector include Guangwei Composites, Zhongjian Technology, and Zhongfu Shenying, with varying degrees of market focus and profitability [74][76]. - The report highlights the importance of domestic companies in the aerospace sector, particularly in the production of carbon fiber composites for military and commercial aircraft [74][75].