国防军工：深度解析航空碳纤维复材价值链

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report analyzes the aerospace carbon fiber composite material value chain, which includes upstream carbon fiber production, midstream prepreg production, and downstream composite component production [3][5] - The market size of carbon fiber in the aerospace sector is approximately 20% of the composite component market size, while the market size of prepreg is about 50% of the composite component market size [16] - The report highlights that the upstream segment has a higher gross margin, and vertical integration within the value chain can enhance profitability [17] - The report emphasizes the importance of automation and integration in improving production efficiency and reducing costs across the value chain [18][19] Summary by Sections Industry Overview - The closing index for the defense and military industry is 1571.38, with a 52-week high of 1571.38 and a low of 999.45 [1] Investment Highlights - The carbon fiber composite material industry chain is divided into three segments: upstream carbon fiber production, midstream prepreg production, and downstream composite component production [5][12] - The cost structure of carbon fiber production includes raw material costs (19.01%), labor (13.12%), and manufacturing expenses (67.87%), resulting in a gross margin of 61.85% for the year 2023 [12] - The prepreg production segment has a gross margin of 36.79%, with material costs accounting for 68.51% of total costs [12] - The composite component production segment has a gross margin of 34.04%, with material costs making up 81.43% of total costs [12] Market Dynamics - The report indicates that the gross margin for the upstream, midstream, and downstream segments of the value chain are 62%, 37%, and 34% respectively [17] - The report suggests that achieving full vertical integration could increase the gross margin to 63% [17] Related Companies - Companies involved in the carbon fiber segment include Guangwei Composites, Zhongjian Technology, Zhongfu Shenying, and Hengshen Co [20] - Companies in the prepreg segment include AVIC High-Tech, Hengshen Co, and Guangwei Composites [20] - Companies in the composite structural components segment include Jialiqi, Aerospace Universe, and Guanglian Aviation [20]