Group 1: Market Demand and Growth - The overall demand for glass fiber is expected to grow steadily in 2025, with wind power, automotive, and electronics sectors showing significant growth potential [1] - Global total installed capacity for wind power is projected to reach 150 GW by 2025, driven by favorable national policies [1] - The penetration rate of new energy vehicles is increasing, leading to a gradual rise in the use of glass fiber in battery casings, seat frames, and bumpers [1] - High-frequency and high-speed PCB demand is expected to rise due to advancements in 5G communication, AI servers, and the electrification of new energy vehicles [1] Group 2: Industry Supply and Production Capacity - The glass fiber industry faced significant supply-demand pressure due to rapid capacity expansion, but the situation improved in 2024 with some production lines being shut down [2] - The overall supply-demand relationship is currently stable, despite the addition of new production capacity [2] - The company is upgrading old production lines to reduce costs and enhance competitiveness, with detailed plans based on actual operations and market demand [2] Group 3: Product Structure and Applications - The company offers a diverse range of glass fiber products, widely used in wind power blades, automotive manufacturing, rail transportation, electronics, home appliances, industrial tanks, construction materials, and aerospace [2] - The production capacity for wind power and thermoplastics is relatively high, while the capacity for electronics is comparatively lower [2] Group 4: International Operations and Future Plans - The company has established glass fiber production bases in Brazil, Bahrain, and Morocco, with trade subsidiaries in the USA, Netherlands, and Hong Kong, maintaining stable relationships with overseas clients [2] - The company aims to enhance the competitiveness of its overseas factories and explore new development opportunities in international markets [3] Group 5: Post-Holiday Recovery and Product Development - The recovery of downstream glass fiber enterprises after the Spring Festival in 2025 is better than in 2024, with strong sales performance in thermoplastics and wind power products [3] - The company has successfully achieved mass production of 5G low-dielectric glass fiber, which has high technical barriers and significant R&D investment [4] - This product has been applied in high-end mobile phones and 5G high-frequency communication devices, with ongoing optimization to meet market demands [4]
国际复材(301526) - 2025年2月13日投资者关系活动记录表