国防军工行业深度报告：数十年磨剑，大飞机产业扬帆起航

Investment Rating - The report rates the industry as "Outperforming the Market" [1] Core Insights - The C919 large passenger aircraft, developed independently by China, officially entered commercial operation in May 2023, marking a significant milestone in China's aviation industry [2][17] - C919 has accumulated over 1,300 orders, with production capacity expected to reach 150 aircraft annually by 2028 [2][4] - The global civil aircraft market is projected to exceed $6 trillion over the next 20 years, with China being the largest market for new aircraft deliveries [2][4] Summary by Sections 1. Overview of the Large Aircraft Industry - Large aircraft are considered national strategic assets, reflecting a country's technological and industrial capabilities [17] - The development of large aircraft can significantly boost economic growth and drive industrial upgrades [23] 2. Strategic Importance of Large Aircraft - The large aircraft industry is capital and technology-intensive, with a long supply chain and strong economic impact [23] - A 1% increase in civil aircraft sales can lead to a 0.714% increase in national economic growth [23] 3. China Commercial Aircraft Corporation (COMAC) - COMAC is the main entity responsible for the industrialization of civil aircraft in China, focusing on the development of regional and narrow-body aircraft [25] - The C919 project represents a significant step in establishing a domestic commercial aircraft manufacturing capability [27] 4. Orders and Production Capacity - C919 has received substantial orders, with major airlines like China Eastern and Air China committing to purchase [41] - The production capacity for C919 is being accelerated to meet the growing demand [2][4] 5. Industry Chain and Components - The C919 has a domestic production rate exceeding 60%, with significant contributions from various suppliers [3] - The aircraft's structure accounts for 30-35% of its total cost, while engines and avionics systems also represent significant cost components [22][23] 6. Future Market Potential - The forecast for new aircraft deliveries from 2022 to 2041 is approximately 42,428 units, valued at around $6.4 trillion [2][4] - China is expected to account for 22% of global deliveries, with a strong demand for single-aisle aircraft [2][4]