C919：产能稳步建设，出海持续推进

Investment Rating - The report maintains an "Overweight" rating for the aerospace and defense industry [1] Core Viewpoints - The C919 aircraft is experiencing steady capacity construction and is making progress in international markets, with a projected domestic output value reaching 14 billion USD by 2028 [1][11] - The global civil aircraft market is expected to see significant demand, with Boeing and Airbus predicting over 42,000 new aircraft deliveries in the next 20 years, creating opportunities for COMAC to fill supply gaps [1][12] - The C919 has a solid domestic order backlog, with major airlines like China Eastern, Air China, and China Southern placing substantial orders, indicating strong market confidence [11][19] Summary by Sections Domestic Situation - As of September 30, 2023, the C919 has delivered 10 aircraft and operates on 10 fixed routes, with a total of over 3,600 commercial flights executed [11][13] - The domestic order book is robust, with airlines expected to continue placing orders, supporting a stable operational foundation for the C919 [11][19] Capacity Construction - The C919 aims to achieve an annual production capacity of 150 aircraft by 2028, with significant investments in production facilities underway [24][25] - The production ramp-up is projected to follow a linear growth model, with 9 aircraft expected to be delivered in 2024 [25][26] Global Outlook - The Southeast Asian market is identified as a key target for C919's international expansion, with lower entry barriers compared to the US and European markets [2][12] - The global demand for new aircraft is expected to grow, particularly in regions like China and Southeast Asia, which are projected to have higher growth rates than the global average [11][12] International Certification - The C919 is currently undergoing certification processes with EASA, with optimistic expectations for completion in the near future, which is crucial for its entry into Western markets [2][7] - Political factors may influence the certification and sales processes in the US and Europe, but partnerships with international suppliers could facilitate progress [2][12]