Macro Economic Analysis of Jilin City - Jilin City has implemented the "one center, four bases" strategy to promote traditional industry transformation and upgrade, achieving a GDP of 1633.23 billion yuan in 2024, a 5.0% increase from the previous year [1][2] - The primary industry added value reached 200.06 billion yuan, growing by 5.1%; the secondary industry added value was 590.67 billion yuan, increasing by 5.3%; and the tertiary industry added value was 842.50 billion yuan, up by 4.7% [2][4] Industrial Structure Analysis - Jilin City is focusing on enhancing its industrial structure by leveraging new quality productivity to create competitive advantages and scale advantages, promoting the development of a modern industrial system [8][24] - The city is emphasizing a "project-oriented" approach to drive the interlinked development of primary, secondary, and tertiary industries, strengthening its industrial clusters [8][24] Investment and Industrial Growth - Fixed asset investment in Jilin City is steadily increasing, with a growth rate of 5.5% in 2024, and significant investments in manufacturing and high-tech industries, which grew by 83.3% and 98.5% respectively [6][11] - The Jilin Chemical Park is a key support for the "one center, four bases" strategy, achieving an industrial output value of 783 billion yuan in 2023, accounting for over 40% of the city's total [17][19] Chemical Industry Analysis - The chemical industry is the largest pillar of Jilin City's economy, with a significant focus on upgrading and expanding production capacity, including a target to achieve a chemical industry output value growth of 20% [15][19] - Jilin Chemical Park hosts major chemical enterprises, contributing to a substantial portion of the city's industrial output [17][19] Carbon Fiber Industry Development - Jilin City has established itself as a leader in the carbon fiber industry, with a production capacity that ranks first globally for carbon fiber raw silk and first nationally for carbon fiber production [19][21] - The city has seen a significant increase in carbon fiber production, reaching 111,000 tons in 2023, a 38.3% year-on-year growth, with further expansion planned for 2024 [19][21] Policy Framework and Future Plans - Jilin City has introduced several policies to support industrial transformation and modernization, aiming for a scale industrial output value of approximately 3500 billion yuan by 2025 [11][13] - The city is focusing on innovation-driven development, enhancing the quality of its industrial chain, and promoting technological advancements in key sectors [24][25]

Group 1: Industry Overview - The domestic carbon fiber industry has experienced a phase adjustment since 2023, with a relative stabilization expected by the end of 2024 [5] - The carbon fiber market is developing positively, with the company focusing on cost reduction and quality improvement to enhance overall scale, production capacity, and technology level [5] Group 2: Product Applications - The company's carbon fiber products are primarily used in various sectors, including wind power, sports and leisure, low-altitude economy, construction materials, automotive, military, aerospace, high-end equipment, new energy, and hydrogen storage [6] Group 3: R&D Investment - In Q1 2025, the company's R&D expenses increased by 89.02% year-on-year, focusing on high-end carbon fiber development and quality enhancement for both civilian and industrial applications [7] - The company invested CNY 68.40 million in R&D in 2024, accounting for 4.27% of operating revenue, and filed 8 new patents while collaborating with several universities on key projects [7] Group 4: Financial Performance - The net cash flow from operating activities in 2024 was -CNY 318 million, a 46.63% change compared to the previous year, primarily due to increased sales receipts and the maturity of acceptance bills [9] - Despite the negative cash flow, the company reported improved cash collection methods, ensuring no adverse impact on production and operations [9] Group 5: Market Share - The market share of the company's carbon fiber raw silk products remains above 50%, supported by continuous product performance optimization and collaboration with downstream companies [10] - The company aims to position itself as a leading international supplier of carbon fiber raw silk, actively exploring new markets and customers [11]

Core Viewpoint - Shanghai Petrochemical has successfully developed a carbon-carbon composite material for manufacturing acid-resistant fan impellers, addressing corrosion issues in alkylation units and significantly extending the lifespan of these components [1][2]. Group 1: Technology and Innovation - The new carbon fiber impeller is made from a high-performance carbon-carbon composite material, which is more complex to produce than traditional carbon fiber resin composites [2]. - The lifespan of the carbon fiber impeller is over ten times longer than that of existing materials, providing a cost-effective solution to the corrosion problem faced by alkylation units [2][3]. Group 2: Industry Applications - Shanghai Petrochemical has achieved leading positions in various applications of carbon fiber materials, including oil extraction rods and lightweight components for transportation [3]. - The company is also involved in the construction of the longest onshore wind turbine blades made from carbon fiber composites, set for testing in 2024 [3]. Group 3: Future Developments - A new project for the annual production of 30,000 tons of large tow carbon fiber is underway in Ordos, Inner Mongolia, aimed at establishing Shanghai Petrochemical as a leading carbon fiber company in China [4]. - The company plans to expand its product applications and enhance brand recognition and market share as its carbon fiber production capacity increases [4].

智通财经5月25日电，碳纤维市场今年以来有所回暖，吉林化纤两次提高了碳纤维产品售价，公司相关 负责人表示，3月份至今，公司订单不断增加，生产跟不上，公司行政人员分批下车间协助生产。德州 卡本梵博复合材料有限公司总经理刘光涛同样表示，春节后，公司碳纤维产品订单同比增加15%，产线 工人紧缺。不过，也有多位业内人士表示，今年以来，应用于无人机的部分碳纤维型号需求爆单，但大 部分型号尤其是大丝束碳纤维产品仍然供应过剩，价格仍在寻底，行业整体供过于求的格局没有改变， 相关企业需要开辟更多的应用场景，努力向高端化转型。（智通财经记者 肖良华） 碳纤维市场回暖 业内：部分型号需求爆发 行业整体仍供过于求 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 1.557 billion yuan, down 31.07% year-on-year, and a net loss of 124 million yuan [2][4]. - In Q1 2025, the company continued to experience revenue decline, achieving 402 million yuan, a decrease of 10.40% year-on-year, with a net loss of 45 million yuan [2][4]. - The carbon fiber industry is facing a temporary supply-demand imbalance, leading to price pressures on the company's products, which has resulted in a contraction of profit margins [4][8]. - The company is accelerating its product structure upgrade and diversifying applications, particularly in high-performance carbon fiber for aerospace, hydrogen storage, and unmanned aerial vehicles [4][8]. Financial Summary - For 2024, the company’s total revenue is projected to be 1.557 billion yuan, with a year-on-year growth rate of -31.1%. The net profit is expected to be -124 million yuan, reflecting a -139.1% change [4][9]. - The forecast for 2025 shows a recovery in revenue to 1.944 billion yuan, with a growth rate of 24.8%, and a net profit of 65 million yuan, indicating a significant turnaround [4][9]. - The company’s gross margin for 2024 is expected to be 14.25%, down 16.36 percentage points from the previous year, while the net margin is projected at -7.99%, a decrease of 22.06 percentage points [4][8]. Market Position and Strategy - The company is enhancing its production capabilities with a new facility in Lianyungang, which will utilize advanced fourth-generation carbon fiber technology, aiming to increase its market share in high-performance applications [4][8]. - The company is focusing on strengthening its product adaptability and deepening customer relationships in sectors such as wind energy, photovoltaic thermal fields, and automotive lightweighting [4][8].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][18]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue of 1.557 billion yuan, down 31.07% year-on-year, and a net profit attributable to shareholders of -124 million yuan, marking a shift to a loss [2][4]. - In Q1 2025, the company continued to experience revenue decline, achieving 402 million yuan, a decrease of 10.40% year-on-year, with a net loss of 45 million yuan [2][4]. - The carbon fiber industry is facing a temporary supply-demand imbalance, leading to price pressures and reduced profitability for the company [4][8]. Financial Summary - The company's total revenue is projected to recover to 1.944 billion yuan in 2025, with a growth rate of 24.8%, and further increase to 3.398 billion yuan by 2027, reflecting a growth rate of 37.9% [4][9]. - The net profit is expected to turn positive in 2025, reaching 65 million yuan, and continue to grow to 251 million yuan by 2027 [4][9]. - The company's gross margin is projected to decline to 14.25% in 2024, down 16.36 percentage points year-on-year, with a net margin of -7.99% [4][8]. Market Position and Strategy - The company is advancing its product structure upgrade and diversifying applications, particularly in high-performance carbon fiber for aerospace, hydrogen storage, and unmanned aerial vehicles [4][8]. - The construction of a new facility in Lianyungang, with a planned capacity of 31,000 tons, aims to leverage advanced carbon fiber technology and enhance production capabilities [4][8]. - The company is focusing on strengthening its product adaptability and deepening customer relationships in various sectors, including wind energy, photovoltaic thermal fields, and automotive lightweighting [4][8].

Market Overview - The three major indices in China opened lower, with the Shanghai Composite Index down 0.1%, the Shenzhen Component down 0.09%, and the ChiNext down 0.12% [1] - In the US market, the S&P 500 Index fell 0.04% to 5842.01 points, marking the third consecutive day of decline; the Nasdaq Composite Index rose 0.28% to 18,925.73 points; and the Dow Jones Industrial Average slightly decreased by 1.35 points to 41,859.09 points [2] Industry Insights - **Computer Industry**: China Galaxy Securities indicates that the computer industry may have shown bottom signals in Q1 2025, with revenue growth maintaining an upward trend and significant acceleration, suggesting a gradual market demand recovery. Cost control measures are becoming effective, and profits are expected to see a strong rebound due to last year's low base effect, particularly in AI computing power and related fields [3] - **Gold and Jewelry Industry**: Guotai Junan Securities reports that the gold and jewelry industry has entered a phase of clearing and upgrading since 2024, with leading companies shifting from store expansion to enhancing single-store efficiency. The collaboration between brand owners and franchisees is promoting high-margin products, and the industry is expected to continue its valuation enhancement logic throughout the year, favoring companies with strong product capabilities and consumer demand capture [4] - **Express Delivery Industry**: Huatai Securities expresses a long-term positive outlook on leading express delivery companies' market share growth, despite the sector being at historical low valuations. The report notes that while the volume growth has slightly slowed since April, leading companies are still focused on market share, and the application of digital tools is expected to enhance efficiency and reduce costs, helping to mitigate the impact of price declines [5] - **Carbon Fiber Industry**: Huaxi Securities highlights that the demand for carbon fiber is expected to be released again due to the material's characteristics. The period from 2019 to 2023 saw a significant increase in China's carbon fiber production capacity, which is projected to reach 135,500 tons by the end of 2024. However, the growth rate has significantly narrowed. The report mentions that new demand from emerging industries, such as wind power and robotics, is likely to drive further demand [6]

建筑材料 行业专题报告 hyzqdatemark 2025 年 05 月 22 日 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 朱芸 SAC：S1350524070001 zhuyun@huayuanstock.com 证券研究报告 唐志玮 tangzhiwei@huayuanstock.com 板块表现： 由单边下行走向结构分化，赛道及龙头α开始显现 投资评级： 看好（维持） ——建材行业 2024 年报及 2025 年一季报综述 投资要点： 风险提示：经济恢复不及预期，化债力度不及预期，房地产政策不及预期 请务必仔细阅读正文之后的评级说明和重要声明 | 1. 综述:行业压力仍存,结构性拐点逐步显现…………………………………………………………………………………… 5 | | --- | | 2. 消费建材:行业逐步探底,结构分化开始显现. | | 3. ...

Group 1: Company Overview and Production Capacity - The company has a total production capacity of approximately 160,000 tons, with 30,000 tons currently under construction [6] - The first phase of the high-performance carbon fiber precursor project is in trial production, expected to enhance capacity and meet market demand [4] - The company operates 20 production lines capable of flexible production to cater to various market needs [4] Group 2: Market Position and Strategy - The company is the largest independent supplier of carbon fiber precursors in China, holding about 50% of the domestic market share [8] - Future goals include becoming a world-class precursor supplier while expanding into new markets and customer bases [9] - The company emphasizes continuous technological improvement and market exploration to enhance product applications and sales [9] Group 3: Product Development and Innovation - The company plans to balance the development of both small and large tow products in its R&D efforts [5] - The demand for 3K carbon fiber precursors is currently on the rise, indicating a supply-demand imbalance [9] - The company collaborates with universities and downstream enterprises to explore new applications and enhance product offerings [9] Group 4: Cost Management and Investor Relations - The domestic oil agent project is in the construction and testing phase, expected to reduce production costs once mass production begins [7] - The company is committed to protecting investor interests, particularly for small and medium investors, through value management and operational integrity [10] - Future measures will be taken to stabilize the company's stock price based on market conditions [10]

2025 年 5 月 18 日 行业研究 需求持续向好，碳纤维龙头价格上涨 ——石化化工交运行业日报第 64 期（20250515） 要点 吉林化纤上调碳纤维产品价格，碳纤维行业均价已趋稳。根据中国证券报消 息，25 年 Q1，吉林化纤集团调整旗下碳纤维价格，明确自 2025 年 3 月 18 日起，湿法 1K 产品价格不变，3K/6K 产品价格上涨 5000 元/吨， 12K/25K/35K/50K 碳丝产品价格上涨 3000 元/吨，干法 T700 及 T800 级别 12K 碳丝产品价格上涨 3000 元/吨。与此同时，目前碳纤维均价的下跌已初 步趋缓，根据百川盈孚数据，24 年 12 月以来国内碳纤维价格维持在 83.75 元/kg 的水平。碳纤维产品价格下调、毛利水平的下降，致使碳纤维生产企 业的业绩承压，但较年初已有明显改善，截至 25 年 5 月 15 日当周，碳纤维 行业平均毛利润为-0.87 万元/吨，较年初增加 1.21 万元/吨。 碳纤维需求持续向好，风电、体育休闲、航空航天领域需求增速均显著。根 据赛奥碳纤维数据，2024 年全球碳纤维的需求量为 15.61 万吨，同比增长 35.7% ...