DT新材料·2025-11-10 16:03Core Viewpoint - The carbon fiber industry is undergoing a structural adjustment after two years of supply-demand imbalance and price decline, with new growth drivers emerging from applications in wind power and aerospace sectors [5][7]. Industry Overview - The carbon fiber industry is experiencing a critical period of structural adjustment, with a focus on high-strength and high-modulus carbon fiber production [5]. - Demand for carbon fiber in wind turbine blades and aerospace applications is increasing, providing new growth momentum for the industry [5]. - The industry must avoid excessive expansion of low-end capacity and focus on high-performance carbon fiber to ensure sustainable development [5]. Market Dynamics - In 2024, China's carbon fiber production capacity is expected to reach 135,500 tons, with an additional capacity of 15,300 tons [7]. - The average price of carbon fiber in 2024 is projected to be 90.1 yuan per kilogram, with a year-on-year increase of 12.73% [7]. - The demand for carbon fiber in the wind power sector is expected to rise, accounting for 37.96% of the market [7]. Company Performance - Key companies in the carbon fiber sector, such as Zhongfu Shenying and Jilin Chemical Fiber, have shown varied performance, with some experiencing significant declines in revenue and profit [6]. - Jilin Chemical Fiber reported a revenue increase of 32.39% but a net profit decline of 60.59% [6]. - Zhongfu Shenying's revenue decreased by 31.07%, while its net profit was negative [6]. Strategic Developments - Several new projects and expansions are underway, including Shanghai Petrochemical's new carbon fiber production line and Jilin Guoxing's 6,000-ton carbon fiber project [10]. - Strategic partnerships and collaborations are being formed, such as the cooperation between Yongcheng New Materials and Zhejiang Aircraft Composite Materials Innovation Center [10]. Future Outlook - The carbon fiber demand is projected to grow significantly, with estimates of 26,400 tons in 2024 and 80,000 tons by 2025 [7]. - The low-altitude economy is expected to reach a market size of 1.5 trillion yuan by 2025, further driving demand for carbon fiber applications [7]. - The industry is poised for a new phase of high-quality growth, focusing on innovation and application expansion [12].