Guoyuan Securities·2025-10-31 08:43Investment Rating - The report gives a "First Recommendation" for investment in the carbon fiber industry [7] Core Viewpoints - The carbon fiber industry is entering a trillion-dollar blue ocean market, with domestic production rates expected to reach 90% by 2026. The demand for carbon fiber in China is projected to reach 84,062 tons in 2024, with a growth rate of 21.7% [2][36] - The demand for carbon fiber is expected to surge due to the growth in low-altitude economy, wind power, and robotics, with significant contributions from eVTOL and UAVs [3][55] - The full-chain ecosystem for carbon fiber is taking shape, supported by policies and technological advancements, with a focus on high-performance materials [4][48] Summary by Sections 1. Carbon Fiber Materials: The "Black Gold" with Extreme Performance - Carbon fiber is a high-performance material with a carbon content exceeding 90%, known for its high strength and lightweight properties, making it suitable for various applications [13][19] 2. China Leading the Global Competitive Landscape - In 2024, global carbon fiber demand is expected to reach 156,100 tons, a 35.7% increase from 2023, while supply capacity will grow to 309,000 tons, a 6.5% increase [25][30] - China's carbon fiber market is experiencing rapid growth, with domestic supply reaching 67,640 tons, accounting for 80.1% of total demand [36][46] 3. Multi-domain Resonance, Carbon Fiber Blue Ocean - The aerospace sector is recovering strongly, with significant demand for carbon fiber in aircraft manufacturing, contributing to high sales value [50][52] - The low-altitude economy is projected to exceed one trillion yuan by 2026, driven by the growth of UAVs and eVTOLs, with a CAGR of approximately 29.6% [55][56] 4. Investment Recommendations - The report suggests focusing on companies with comprehensive industry chain layouts and strong technological reserves, such as Guangwei Composite Materials, Jingwei Technology, and Zhongfu Shenying [5]