中材科技：风电叶片需求强景气，看好明年业绩共振向上

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.41 CNY, based on a 17x PE for 2025 [7]. Core Views - The company is expected to see a strong performance in its main businesses of wind turbine blades, fiberglass, and lithium membranes, with projected revenues of approximately 118 billion CNY, 81 billion CNY, and 25 billion CNY respectively in 2025 [1]. - The net profit forecast for 2025 is approximately 6.8 billion CNY for wind blades, 8.7 billion CNY for fiberglass, and 4.3 billion CNY for lithium membranes, with corresponding net profits attributable to the parent company of 4.0 billion CNY, 8.7 billion CNY, and 2.2 billion CNY [1]. - The report anticipates a recovery in demand for wind blades, with a projected sales volume of around 30 GW and a revenue increase of 50-60% year-on-year [2][32]. Summary by Sections Wind Blades - The demand for wind blades is expected to be strong, with a significant increase in bidding volume, which rose by 93% year-on-year to 119 GW in the first three quarters of the year [2][23]. - The report predicts a small price recovery in the wind turbine component and blade industry, with a projected increase of about 5% in prices [2][27]. - The company’s wind blade segment is expected to generate approximately 120 billion CNY in revenue, with a net profit of around 4.0 billion CNY in 2025 [2][32]. Fiberglass - The fiberglass segment is projected to see a slight recovery in both volume and price, with an estimated revenue of 81 billion CNY and a net profit of 8.7 billion CNY in 2025 [3][34]. - The company has a competitive edge in producing low dielectric yarn, which is expected to yield high added value [3][39]. Lithium Membranes - The demand for lithium membranes is on an upward trend, with a projected sales volume of 20-25 billion square meters and an estimated revenue of 25 billion CNY in 2025 [4][41]. - The report indicates that the industry will maintain a weak balance between supply and demand, with a forecasted growth rate of around 20% for 2025 [4][44].