20240104-江海证券-航空装备Ⅱ行业事件点评报告_东航第四架C919完成交付_国产飞机生产进程有望加速_4页_814kb

Summary of Aviation Equipment Industry Research Report

Report Overview

This report from Jianghai Securities analyzes the aviation equipment industry, focusing on the development of domestically produced aircraft like the C919. Key findings include increased orders, accelerated delivery schedules, and global market demand, with an industry rating of Neutral maintained.

Key Findings

• C919 Aircraft Progress: As of early 2024, Eastern Airlines has delivered four C919 aircraft, with plans for more deliveries. Total commercial flights and passenger carries have grown, indicating faster production and adoption.
• Order Increases and Pricing: In 2023, orders surged, such as China Airlines' plan to add 17 aircraft, including C919s. C919's list price rose 9% in 2023, reflecting higher value and international market recognition.
• Global Market Demand: Forecasts show high demand for new jet deliveries over the next two decades, with China as a major market. This provides opportunities for aviation supply chain enterprises.
• Investor Considerations: Analysts suggest focusing on companies like 中航西飞 (body), 中航沈飞 (aircraft), 中航重机 (forging), 三角防务 (defense), 航发动力 (engines), and others to benefit from growth.
• Risk Factors: Potential risks include slow economic recovery, subpar aviation performance, delays in aircraft production, or slower国产替代 progress.

Industry Rating and Analyst Note

Industry rating is Neutral for the next six months, with performance benchmarks relative to the Shanghai-Hangzhou Stock Index. There are no current buy/hold/neutral stock recommendations for listed companies in the key list. Investors should be aware of potential conflicts of interest as the firm may have business ties with covered companies.

Disclaimer

The report's content is informational and not investment advice. It may contain errors or omissions; past performance does not guarantee future results. Use externally at your own risk.