EBSCN·2025-05-18 16:05Investment Rating - The report maintains a "Buy" rating for the carbon fiber industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The demand for carbon fiber is continuously improving, with significant growth in sectors such as wind energy, sports leisure, and aerospace. The global demand for carbon fiber is projected to reach 156,100 tons in 2024, representing a year-on-year increase of 35.7% [2]. - Jilin Chemical Fiber has raised prices for its carbon fiber products, with 3K/6K products increasing by 5,000 CNY/ton and other grades by 3,000 CNY/ton. The average profit margin in the carbon fiber industry has improved, with an average gross profit of -870 CNY/ton as of May 15, 2025, an increase of 1,210 CNY/ton since the beginning of the year [1][2]. - The report suggests that leading manufacturers with scale and cost advantages will benefit from the stabilization of carbon fiber prices and the recovery of end-user demand in low-altitude economy and aerospace sectors [2]. Summary by Sections Carbon Fiber Demand - The wind energy sector's demand for carbon fiber is expected to reach 44,000 tons in 2024, a 120% increase year-on-year, accounting for 28.2% of total downstream demand. The sports leisure sector will demand 28,500 tons, up 51.6%, while aerospace and military applications will require 26,400 tons, a 20% increase [2]. - In China, the total demand for carbon fiber is projected to be 84,000 tons in 2024, with domestic production increasing by 27.6% to 67,600 tons [2]. Equipment Manufacturers - Domestic equipment manufacturers, such as Jinggong Technology, are expected to benefit from the rising demand for carbon fiber production equipment due to the complex manufacturing processes and the need for supply chain security [3]. - Jinggong Technology is noted as the only domestic supplier with over 50% market share in complete carbon fiber production line equipment [3]. Investment Recommendations - The report recommends focusing on companies in the carbon fiber sector, including Jilin Chemical Fiber, Jilin Carbon Valley, Zhongfu Shenying, Shanghai Petrochemical, and Zhongjian Technology, as they are well-positioned to capitalize on the market trends [2]. - Additionally, it highlights the potential of the oil service sector and domestic material companies benefiting from the trend of domestic substitution [4].