According to Zhitong Finance APP, china international capital corporation released a research report stating that high-temperature resistant composites are key materials for the development of aerospace equipment, with wide applications in fields such as hypersonic vehicles, engine throat liners, and aviation engines. Among them, preforms are the core link of high-temperature resistant composites and are expected to benefit from the release of demand for high-end aerospace equipment. High-end aerospace equipment is expected to drive the volume production of carbon/carbon and carbon/ceramic composites, and it is recommended to focus on investment opportunities in core links of the industry chain.

China International Capital Corporation's main views are as follows:

High-temperature resistant composites are key materials for the thermal structure of aircraft, supporting the development of model equipment.

High-temperature resistant composites are composites made with carbon fiber, silicon carbide fiber, etc., as reinforcement and carbon or silicon carbide, etc., as the matrix, formed through processes such as chemical vapor deposition or liquid phase impregnation, mainly including products such as carbon/carbon and carbon/ceramic composites. High-temperature resistant composites possess excellent properties of both the reinforcing fibers and the carbon or silicon carbide matrix, and are the only materials able to maintain high mechanical properties above 2500°C, making them ideal structural materials for high-temperature components of cutting-edge equipment in the aerospace field.

Carbon/carbon and carbon/ceramic composites are widely used in fields such as hypersonic vehicles and rocket engines.

Aerospace composites encompass multiple material systems including thermal structure, heat protection, wave transmission, thermal insulation, and structure, with applications in the aerospace field mainly including:

1) The surface temperature of some structures of hypersonic vehicles can exceed 2500℃, with a continuous operating time of hundreds to even thousands of seconds. Carbon/carbon composites are typically used for extreme heat-resistant components such as leading edges, fairings, and flaps.

2) The throat liner of solid rocket engines is used to restrict the area expansion of the nozzle structure due to ablation. It operates under high temperature, high pressure, high speed, and contains gas-solid two-phase flow conditions, making carbon/carbon composites an ideal material for the engine throat liner.

3) Almost all commercial airliners use carbon/carbon or carbon-ceramic composite brake discs, while high-end auto brake discs are transitioning from alloy materials to carbon-ceramic composites.

Preforms are the core component of high-temperature resistant composites and are expected to benefit from the release of demand in high-end aerospace equipment.

1) The preparation process of high-temperature resistant composites can be divided into three stages: preform molding, matrix deposition, and graphitization purification. The preform made from carbon fibers through weaving, braiding, or other methods serves as the skeleton of the composite material, and the structural integrity of the preform and the spatial orientation of the carbon fibers are key to determining the mechanical properties of high-temperature resistant composites.

2) According to data from Siao Carbon Fiber, in 2023, the preparation of carbon/carbon composites accounted for 11% of China's downstream demand for carbon fiber, with a demand for carbon/carbon composites reaching 10,000 tons. Siao Carbon Fiber expects this to grow to 12,100 tons by 2025. With high-end equipment represented by hypersonic equipment being inducted, the demand for high-temperature resistant composites is expected to show strong elasticity, with core enterprises in the industry chain expected to benefit significantly.

Profit forecast and valuation

Maintain coverage of the company's profit forecast and rating unchanged. High-end aerospace equipment is expected to drive the growth of carbon/carbon and carbon-ceramic composites, and investment opportunities in the core segments of the industry chain should be noted.

1) In the carbon fiber sector: suggested to pay attention to Weihai Guangwei Composites (300699.SZ), Sinofibers Technology (300777.SZ), other related companies include Zhongfu Shenying (688295.SH), and Hengshen Co., Ltd. (832397.BJ).

2) In the prepreg sector: related companies include Anhui Truchum Advanced Materials and Technology (002171.SZ), Beijing Tianyishangjia New Material Corp. (688033.SH), KBC Corporation, Ltd. (688598.SH), and Shaanxi Zhongtian Rocket Technology (003009.SZ).

Risk warning: downstream demand release is less than expected; risk of technological iteration for high-temperature structural materials.