深度报告-20240508-中邮证券-国防军工深度报告_低空经济专题之三_eVTOL详细拆解_34页_1mb

Defense Industry Analysis: Depth Report on eVTOL Market Trends

Date: May 8, 2024
Market Caution: Investment involves risks and requires careful consideration. Please read the disclaimer.
Industry Investment Rating: Outperform (Maintained)

eVTOL Market Development

• Technological Highlights:
  • Key features include vertical takeoff/landing, distributed electric propulsion, and hybrid power systems.
  • Advantages over traditional helicopters: lower operating costs, higher safety, reduced noise, and better environmental adaptability.
• Industry Growth:
  • Over 100 global eVTOL companies exist, with firms like Joby, Archer, and Lilium securing significant funding (total >$110B).
  • China boasts a large number of enterprises, while the US/Europe lead in funding.

Core Components of eVTOL System

• Main Subsystems:
  1. Airframe: ~70% composite materials (carbon fiber dominates, ~90% used).
  2. Power/Energy System: Distributed electric motors + high-energy batteries (~300Wh/kg required).
  3. Avionics: Central nervous system (flight control, navigation, communication).

Cost Breakdown (Lilium Example)

• Propulsion: 40%
• Structure/Interior: 25%
• Avionics/Flight Control: 20%
• Energy System: 10%
• Others: 5%

Key Players and Investment Opportunities

• Core Materials: Carbon fiber suppliers (e.g., Lightyear, JGH Micro).
• Power/Energy: Battery providers (e.g., ReliForce New Energy).
• Avionics: Garmin, Honeywell (global leaders), domestic firms like Antji Aviation.
• Target Companies:
  • Low-Altitude Infrastructure: Lisen Information, China Star Light Group, Sinolink, etc.
  • VTOL Components: SkyTran, Hexin Aviation, Fengfei Aviation, etc.

Key Risks

1. Insufficient policy support for UAM/UAM infrastructure.
2. Delays in eVTOL development, certification, or mass production.
3. Overly optimistic financial projections by OEMs.

Disclaimer: Please read the full research report for legal terms and conditions.