Qian Zhan Wang·2025-05-07 05:12Core Insights - The article discusses the development and current state of the aviation engine industry in China, highlighting the complete manufacturing system that has been established [1][2]. Industry Overview - The aviation engine industry includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [1]. - Key participants in research and design include major universities and research institutes, such as Beihang University and Nanjing University of Aeronautics and Astronautics [2]. - The complete machine manufacturing segment is primarily dominated by China Aviation Engine Group, while raw material processing involves companies like Fushun Special Steel and Baosteel [2][4]. Regional Distribution - The distribution of aviation engine manufacturing companies is mainly concentrated in inland regions of China, with titanium alloy material leaders located in Shaanxi and other material representatives in Jiangsu [4]. Company Performance - Aviation Power (航发动力) leads the industry with projected revenue of 44.994 billion yuan in 2024, with an average gross margin of around 25% across the industry [5][7]. - Other notable companies include: - AVIC Heavy Machinery (中航重机) with revenue of 8.108 billion yuan and a gross margin of 23.69% [7]. - AVIC Control (航发控制) with revenue of 4.882 billion yuan and a gross margin of 28.11% [7]. - AVIC Technology (航发科技) with revenue of 2.572 billion yuan and a gross margin of 16.09% [7]. - Yingliu Co. (应流股份) with revenue of 1.208 billion yuan and a gross margin of 34.24% [7]. Investment Trends - Recent investment trends in the aviation engine industry focus on enhancing the supply chain and improving technological capabilities [9]. - Aviation Power has invested in multiple subsidiaries to strengthen its industry chain, while AVIC Heavy Machinery has acquired stakes in precision casting companies to enhance its technical strength [10].