激浊扬清，周观军工第94期：歼-35系列战机产业链景气弹性占优

Investment Rating - The report maintains a "Positive" investment rating for the military industry [2] Core Viewpoints - The J-35 series fighter jet supply chain exhibits superior resilience and comparative advantages in the industry [5][7] - AVIC Shenyang Aircraft Corporation is set to expand production capacity, benefiting from the favorable market conditions in composite materials [48][56] - The year 2024 is identified as a critical year for strategic investments in the military sector, with expectations of structural reversals [5][56] Summary by Sections Section 1: J-35 Fighter Jet - The J-35A, as China's second stealth fighter, showcases significant advancements and is expected to have a promising export market due to its competitive pricing and fully domestic production [13][70] - The report highlights the historical context of AVIC Shenyang and its contributions to China's aviation industry, emphasizing the legacy of its leadership [9][10] Section 2: AVIC Shenyang's Expansion - AVIC Shenyang plans to invest 11 billion yuan in projects including relocation and expansion of composite materials production, aimed at enhancing production capabilities for new aircraft models [58][59] - The company is focusing on supply chain management and lean production to ensure efficient delivery and high-quality output [63][67] Section 3: Composite Materials Industry - The report outlines the clear structure of China's aerospace carbon fiber composite materials industry, with key players identified in various segments [54][80] - AVIC High-Tech is positioned in the midstream of the composite materials supply chain, focusing on the production of prepreg materials and aiming to expand into civilian aviation markets [76][81] Section 4: Financial Performance and Projections - AVIC High-Tech's profitability has improved significantly in 2023, with a sales gross margin of 36.75%, reflecting effective cost control measures [88] - The company has set conservative revenue growth targets for 2024, anticipating a 4.60% increase in revenue, driven by the delivery schedules of key aircraft models [93]