Investment Rating - The industry investment rating is upgraded to "Overweight" [2] Core Insights - The delivery of the C919 aircraft is accelerating, with Eastern Airlines receiving its 7th unit, indicating a stable operation of the domestic large aircraft [2] - Eastern Airlines has expanded its C919 fleet to 7 units, with plans for 3 more deliveries this year, leading to a projected total of 9 deliveries, a significant increase from 3 in 2023 [2] - Other domestic airlines are set to receive their first C919 aircraft in the second half of the year, further enhancing the commercial rollout of the aircraft [2] - Commercial routes for the C919 have been established, with Eastern Airlines operating 366 flights and transporting over 49,000 passengers at an average load factor of 86% [2] - COMAC is actively participating in international airshows to promote its aircraft models, laying the groundwork for expanding its overseas market presence [2] - The acceleration in C919 deliveries is expected to positively impact related companies in the supply chain, suggesting potential investment opportunities [2] Summary by Sections Industry Performance - As of July 30, 2024, the relative returns over 1 month, 3 months, and 12 months are 6.61%, 7.13%, and 1.59% respectively, while absolute returns are 3.94%, 0.11%, and -14.02% [2] Delivery and Operations - Eastern Airlines has received 3 C919 aircraft this year, with a total of 7 in operation, and plans for additional deliveries [2] - The C919's operational stability is evidenced by its performance metrics, including flight frequency and passenger load [2] Market Expansion - COMAC's participation in international exhibitions is aimed at enhancing its global market outreach and establishing partnerships [2] - The report suggests monitoring specific companies that may benefit from the C919's delivery acceleration [2]
航空装备II行业事件点评报告：东航第7架C919完成交付，大飞机交付呈现加快趋势
Jianghai Securities·2024-08-01 05:01