非金属新材料行业研究周报：新材料板块回调，周内高纯石英砂价跌

Industry Rating - The industry rating for non-metallic new materials is "Outperform" [1] Core Views - The carbon fiber sector is currently at a stage where T300 large-tow prices have bottomed out, but price wars may continue due to rapid capacity expansion by some companies [3] - The display materials sector, particularly in foldable smartphones, shows strong growth potential despite the overall downturn in consumer electronics [3] - The new energy materials sector, including photovoltaics and wind power, is experiencing rapid growth, with offshore wind power expected to see significant expansion starting in 2024 [3] Carbon Fiber Sector - T300 large-tow carbon fiber prices are stable, with T700-12K priced at 140 yuan/kg and T300-24/25K at 77.5 yuan/kg [8] - Demand for carbon fiber remains weak, with stable prices for raw materials like acrylic fiber, which increased by 250 yuan/ton to 10,550 yuan/ton [11] - Profit margins for carbon fiber manufacturers have declined slightly, with T700-12K profit at 119 yuan/kg and T300-48/50K at 51.5 yuan/kg [13] New Energy Materials Sector - Photovoltaic glass prices remain stable, with 2.0mm coated panels at 18.25 yuan/m² and 3.2mm coated panels at 26.25 yuan/m² [22] - Silicon wafer prices are under pressure, with production costs nearing the break-even point, leading to potential further price declines [24] - Offshore wind power is gaining momentum, with 44.13GW of new wind power capacity added in 2023, a 17.27% increase year-on-year [26] Display Materials Sector - Global foldable smartphone shipments reached 15.9 million units in 2023, a 25% increase year-on-year, with China accounting for 7.007 million units, a 114.5% increase [31] - OLED microdisplay manufacturer SView plans to build a second production line in Shanghai with a monthly capacity of 9,000 12-inch wafers [34] - BOE (京东方) has started construction on its second smart terminal project in Vietnam, with a total investment of 2.02 billion yuan, focusing on TV, display, and e-paper production [34] Key Companies - Zhongfu Shenying: Leading in T700 carbon fiber production with a capacity of 28,500 tons and plans for further expansion [3] - Jilin Carbon Valley: A key player in the carbon fiber raw material sector, with stable prices and limited competition [3] - Shiming Technology: Recommended for its role in the display materials sector, particularly in foldable smartphones [3] - Times New Material: Highlighted for its potential in the wind power sector, particularly in offshore wind [3]