Shouhua Securities: The increase in wind power installed capacity drives the growth of wind turbine blade demand, with a focus on the carbon fiber industry chain of advanced materials

According to Zhitong Finance APP, Shouchuang Securities released a research report stating that since 2025, the installed capacity of wind power in China has been continuously increasing, driving the demand for wind turbine blades. Given that the largest company in matrix materials, DaoSheng TianHe, has not yet gone public, and the market share of core material companies is relatively low, it is recommended to focus on the carbon fiber industry chain as a reinforcing material. From January to August 2025, the domestic consumption of carbon fiber showed a significant year-on-year increase of 47.21%. Currently, there are clear signs of bottoming out in carbon fiber prices, with most companies experiencing losses for more than a year. Prices and industry prosperity are expected to rebound as volume increases. The main points of Shouchuang Securities are as follows: Wind Power, Great Potential In 2024, the global cumulative installed capacity of wind power reached 1,134.76 GW, a year-on-year increase of 11.28%, with the global newly added wind power installed capacity reaching a historical high of 117 GW. According to the International Energy Agency (IEA), the compound annual growth rate of the wind power industry is expected to be around 12% from 2023 to 2030. By the end of 2024, China's cumulative installed capacity of wind power will reach 520.68 GW, a year-on-year increase of 17.95%, with 78.79 GW of newly added wind power installed capacity in 2024, setting a new historical record. The growth rate will remain high in 2025, with China's cumulative installed capacity reaching 579.02 GW by August 2025, a year-on-year increase of 22.12%. It is expected that the newly added wind power installed capacity in China in 2025 will reach 105-115 GW, entering a new era of annual newly added installed capacity of 100 GW. In the Wind Power Industry Chain, Wind Turbine Blades are Core Components In the entire wind turbine, the highest cost proportion is the tower, accounting for about 29%, followed by the blades, which account for about 22%, making them the core components of wind turbines. With the arrival of the era of grid parity for wind power, the large-scale development of wind turbines has become one of the core means of cost reduction in the industry chain, accompanied by the large-scale development of blades. Matrix Materials: The highest cost proportion, mainly epoxy resin. The cost proportion of matrix materials is about 33%, making it the largest cost component in wind power materials, with epoxy resin being the most widely used. Basic epoxy resin is deep-processed with curing agents, additives, and diluents to produce wind power-specific epoxy resin. The main production areas for wind turbine blade-specific epoxy resin are concentrated in China, Europe, and North America, with domestic producers including DaoSheng TianHe, Huibai New Materials, Swancor Advanced Materials, and Polymer Technology. Reinforcing Materials: Glass fiber remains mainstream, while carbon fiber has broad application prospects. Reinforcing materials ensure the rigidity and strength of blade structures, accounting for about 21% of costs. Glass fiber has a cost-performance advantage over carbon fiber, with China Jushi holding a leading position. As the size of the blades exceeds a certain dimension, the advantages of carbon fiber blades will become more pronounced. The global leader in the carbon fiber industry is Japan's Toray, while major domestic companies include Jilin Chemical Fiber, Zhongfu Shenying, and the carbon fiber precursor leader Jilin Carbon Valley. Core Materials: Balsa wood and PVC foam are mainstream, while PET foam has a trend of substitution. The cost proportion of core materials is about 25%, mainly consisting of balsa wood, PVC foam, and PET foam. Balsa wood mainly comes from Ecuador, and the domestic market relies on imports. The PVC foam market is currently breaking technical barriers to develop domestic alternatives, with related companies including Longhua Technology, Weisa New Materials, and Tiansheng New Materials. The PET foam industry in China started relatively late, with fewer related R&D and production companies Risk Warning: Wind power installation is below expectations, chemical product prices fluctuate significantly, and policies are not as expected