國(guó)防軍工行業(yè)專題報(bào)告飛機(jī)碳纖維產(chǎn)業(yè)鏈分析

1、P2東興證券專題報(bào)告東興證券專題報(bào)告國(guó)防軍工行業(yè)：飛機(jī)碳纖維產(chǎn)業(yè)鏈分析敬請(qǐng)參閱報(bào)告結(jié)尾處的免責(zé)聲明東方財(cái)智興盛之源DONGXINGSECURITIES目錄1.碳纖維是輕質(zhì)高強(qiáng)的航空航天材料碳纖維是輕質(zhì)高強(qiáng)的航空航天材料...............................................................................................................

2、.......................................41.1碳纖維是典型高壁壘行業(yè)............................................................................................................................................................41.2需求增長(zhǎng)迅速

3、，航空航天為主要應(yīng)用領(lǐng)域................................................................................................................................61.3美日技術(shù)領(lǐng)先，壟斷全球.................................................................

4、...........................................................................................72.碳纖維復(fù)合材料帶來(lái)產(chǎn)業(yè)鏈變革碳纖維復(fù)合材料帶來(lái)產(chǎn)業(yè)鏈變革..................................................................................................

5、........................................................82.1民用飛機(jī)CFRP比例不斷提升..................................................................................................................................................

6、..92.2CFRP廣泛作為軍機(jī)結(jié)構(gòu)材料...................................................................................................................................................122.3我國(guó)飛機(jī)產(chǎn)業(yè)鏈碳纖維需求空間巨大................................

7、......................................................................................................143.我國(guó)飛機(jī)碳纖維產(chǎn)業(yè)正處在爬坡階段我國(guó)飛機(jī)碳纖維產(chǎn)業(yè)正處在爬坡階段..................................................................................

8、..............................................................163.1我國(guó)碳纖維產(chǎn)業(yè)取得長(zhǎng)足進(jìn)步............................................................................................................................................

9、......163.2實(shí)現(xiàn)碳纖維產(chǎn)業(yè)化的企業(yè)仍然稀缺..........................................................................................................................................184.推薦標(biāo)的推薦標(biāo)的............................................

10、.....................................................................................................................................................214.1光威復(fù)材（300699）：高強(qiáng)軍用碳纖維一枝獨(dú)秀，民品放量業(yè)績(jī)兌現(xiàn).................................

11、..............................................214.2中航高科（600862）：航空復(fù)材龍頭企業(yè)，復(fù)材業(yè)務(wù)收入穩(wěn)定增長(zhǎng)...................................................................................215.風(fēng)險(xiǎn)提示風(fēng)險(xiǎn)提示..........................................

12、.......................................................................................................................................................22P4東興證券專題報(bào)告東興證券專題報(bào)告國(guó)防軍工行業(yè)：飛機(jī)碳纖維產(chǎn)業(yè)鏈分析敬請(qǐng)參閱報(bào)告結(jié)尾處的免責(zé)聲明東方財(cái)智興盛之源DONGXINGSE

13、CURITIES1.碳纖維是輕質(zhì)高強(qiáng)的航空航天材料碳纖維是輕質(zhì)高強(qiáng)的航空航天材料1.1碳纖維是典型高壁壘行業(yè)碳纖維是典型高壁壘行業(yè)碳纖維是由有機(jī)纖維（粘膠基、瀝青基、聚丙烯腈基纖維等）在1000℃以上的高溫環(huán)境下裂解碳化形成的一種含碳量高于90%的無(wú)機(jī)纖維。根據(jù)原絲種類，碳纖維主要可分為聚丙烯腈（PAN）基碳纖維、瀝青基碳纖維和粘膠基碳纖維。其中，聚丙烯腈（聚丙烯腈（PAN）基碳纖維占據(jù)主）基碳纖維占據(jù)主流地位，產(chǎn)量占碳纖維總量的流地位

14、，產(chǎn)量占碳纖維總量的90%以上以上，粘膠基碳纖維還不足1%，瀝青基碳纖維約占8%。表1：碳纖維按照原絲的分類碳纖維按照原絲的分類分類分類優(yōu)勢(shì)優(yōu)勢(shì)劣勢(shì)劣勢(shì)應(yīng)用現(xiàn)狀應(yīng)用現(xiàn)狀聚丙烯腈（PAN）基成品品質(zhì)優(yōu)異，工藝較簡(jiǎn)單，產(chǎn)品力學(xué)性能優(yōu)良已經(jīng)成為碳纖維主流瀝青基原料來(lái)源豐富，碳化收率高原料調(diào)制復(fù)雜，產(chǎn)品性能較低目前規(guī)模較小粘膠基高耐溫性碳化收率低，技術(shù)難度大，設(shè)備復(fù)雜，成本高主要用于耐燒蝕材料及隔熱材料資料來(lái)源：中國(guó)知網(wǎng)、東興證券研究所碳纖維碳