国信证券：通用航空市场稳步发展 低空运营未来可期

Core Insights - The report by Guosen Securities highlights the growth potential of the general aviation sector in China, particularly in the areas of unmanned aerial vehicles (UAVs) and electric vertical takeoff and landing (eVTOL) aircraft, characterized by intelligence, automation, and environmental sustainability [1] Group 1: Market Overview - General aviation encompasses all flight activities excluding military and commercial passenger and cargo flights, characterized by flexibility and a wide range of applications [1] - The global general aviation market is experiencing growth, with annual deliveries exceeding 4,000 aircraft for two consecutive years, projected to reach 4,197 units in 2024, valued at $31.9 billion [3] - Fixed-wing aircraft dominate the market, accounting for 75.3% of global deliveries, with a shift towards higher-value models anticipated [3] Group 2: Development Drivers - The growth of general aviation in China is driven by policy changes, technological advancements, and market expansion, with low-altitude economy becoming a national strategy [2] - Chinese companies are actively participating in the research and development of general aviation aircraft, achieving global leadership in UAV and eVTOL certification [2] Group 3: Competitive Landscape - The traditional general aviation aircraft manufacturing sector is dominated by European and American companies, with a market concentration exceeding 50% for fixed-wing aircraft and helicopters [4] - Major players in the fixed-wing aircraft market include Cirrus Aircraft, Textron Aviation, and Piper Aircraft, with Chinese firms like Wan Feng Aowei and Aviation Industry Corporation of China making significant international acquisitions [4] Group 4: Application Scenarios - The low-altitude application scenarios are expanding, focusing on maritime transport, port piloting, and logistics delivery, with high entry barriers due to safety, funding, and technical management requirements [5] - The development path for low-altitude applications in China is clear, prioritizing cargo transport before passenger transport and gradually integrating urban operations [5] Group 5: Comparative Analysis - Compared to the U.S., China's general aviation industry has significant growth potential, with the number of general airports in the U.S. being approximately 40 times that of China, and the number of general aviation aircraft being about 65 times greater [6] - The flight hours in the U.S. general aviation sector are approximately 19 times those in China, indicating substantial room for growth in short-distance transport and high-value segments in the Chinese market [6]