国防军工：碳纤维产业以高性能和低成本两条路径并行，国内供应能力迅速提升

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The carbon fiber industry is developing along two paths: high performance and low cost. High-performance carbon fibers are increasingly used in aerospace applications, while low-cost carbon fibers are gaining traction in industrial sectors [3][29]. - The demand for second-generation high-performance carbon fibers is expected to grow rapidly due to advancements in domestic weaponry and civil aviation [4][30]. - Domestic carbon fiber production capacity is expanding significantly, with several companies planning to increase their output to meet rising demand [5][33]. Summary by Sections 1. Carbon Fiber Industry Development - Carbon fibers can be classified into small tow and large tow based on fiber count, and into high-strength, intermediate modulus, and high-modulus categories based on mechanical properties [11][12]. - The aerospace sector has seen a significant increase in the application of carbon fiber composites, with usage in primary load-bearing structures rising from 5%-6% in the 1980s to 50% currently [3][17]. 2. Domestic Carbon Fiber Supply - The domestic carbon fiber supply is characterized by significant advancements in high-performance fiber technology and ample planning for large tow fiber production capacity [33]. - Major domestic players include companies focused on aerospace and high-end industrial applications, such as Guangwei Composites and Zhongjian Technology [34]. 3. Industry Outlook and Related Companies - The global demand for carbon fibers in 2023 was reported at 115,000 tons, with domestic demand at 69,100 tons [4][30]. - Key domestic companies in the carbon fiber sector include Guangwei Composites, Zhongjian Technology, and Taigang Steel, with various production capacities and revenue structures [34].