中材科技 20250827 摘要 中材科技特种电子布业务预计 2026 年业绩显著增长，一代 DJD 电子布 需求预计达 1.5 亿米，二代达 2,600 万米，三代需求亦保持增长，尽管 成本较高，但性价比优势明显。 一代电子布市场竞争激烈，中材科技和林州光远积极扩产，预计 2025 年供需偏紧，2026 年可能宽松；二代布因生产难度大、良率低，供应 偏紧，价格或上涨；三代布市场竞争格局优越，新进入者壁垒高。 三代特种电子布生产面临石英纤维均匀性和毛羽控制两大技术壁垒，对 设备效率和工艺水平要求极高，目前仅少数厂商能生产高质量产品。 中材科技在特种电子布领域前景乐观，产品布局全面且品质领先，TDN 电子布产能投放迅速，有望带来显著业绩增长，公司具备灵活调配能力 应对市场变化。 中材科技一代电子布 2026 年销量预计达 3,600 万米，二代 700 万米， 三代 1,000 万米，LCT 利润预计 3 亿元，若满产满销及价格稳定，特种 电子布总利润可达 18 亿元。 Q&A 中材科技在特种电子布领域的竞争力如何？ 中材科技在特种电子布领域具有全面布局，尤其在一代、二代和三代机电电子 布以及 low CTE ...

Core Viewpoint - The wind power industry is expected to experience a significant upturn due to technological advancements improving economic viability and grid integration advantages, leading to increased investment [1][2][7]. Short-term and Long-term Outlook - In the short term, domestic wind power installation demand is anticipated to accelerate as the "14th Five-Year Plan" concludes, with an expected installation scale of over 115 GW by 2025, representing a year-on-year increase of approximately 30% [2]. - Long-term global demand for offshore wind power is expected to remain strong, with the Global Wind Energy Council (GWEC) projecting a compound annual growth rate (CAGR) of 23% for new installations over the next three years [2]. Blade Industry Insights - Wind turbine blades are critical components for converting wind energy into mechanical energy, accounting for 15%-20% of the total cost of a wind turbine [3]. - The domestic wind power blade market is projected to reach 38 billion yuan by 2025, reflecting a year-on-year growth of 20% and a CAGR of 13.5% from 2025 to 2027 [3]. Segment Analysis - **Molds**: The demand for wind blade molds is expected to reach 1.16 billion yuan by 2025, driven by production consumption and model updates [4][5]. - **Hub Castings**: The global wind turbine hub casting market is projected to reach 42.6 billion yuan by 2025, with a CAGR of 12.1% over the next three years [5]. - **Raw Materials**: Raw materials constitute over 70% of the cost structure of wind blades, with carbon fiber demand expected to reach 48,000 tons by 2025, reflecting a CAGR of 13.4% from 2025 to 2027 [5]. Investment Strategy - The wind power industry is poised for a high growth phase, with blade and related material companies expected to benefit from increased demand and technological advancements, leading to sustained growth in performance [7].