激浊扬清，周观军工第95期：本月金股·中航高科

Investment Rating - The report maintains a "Buy" rating for the industry [2]. Core Insights - The report emphasizes that military aviation will drive growth in composite materials, with civil aviation providing long-term resilience [5][14]. - The demand for military aircraft composite materials is projected to reach 17,900 tons over the next decade, with an average annual demand of approximately 1,790 tons [11][12]. - The report highlights the significant increase in composite material usage in military drones, which can account for 50% to 80% of their total structural weight [8][10]. Summary by Sections 1. Military Aviation - The report indicates a high demand trend for military aircraft, with composite materials playing a crucial role in enhancing performance and reducing weight [10][11]. - The expected delivery of various military aircraft in the next ten years is projected at 4,988 units, leading to a substantial increase in composite material requirements [11][12]. 2. Commercial Aviation - The report notes that the domestic large aircraft market is on the verge of significant commercial use, with composite materials expected to be extensively utilized [14][19]. - The total demand for composite materials in domestic civil aviation is projected to reach 108,100 tons from 2020 to 2042, driven by the C919 and C929 aircraft programs [19][20]. 3. Low-altitude Economy - The report discusses the emerging opportunities in general aviation and eVTOL (electric Vertical Take-Off and Landing) aircraft, which are expected to significantly increase the demand for composite materials [24][26]. - The projected demand for carbon fiber composite materials in general aviation from 2021 to 2040 is estimated at approximately 20,575 tons [24][25]. 4. Fiber Technology Breakthroughs - The report highlights advancements in fiber technology as a foundation for expanding composite material applications, with a focus on the mid and downstream sectors for future growth [30][40]. - The development of T800-grade carbon fiber is identified as a critical factor for expanding the application of composites in primary load-bearing structures of aircraft [43][44]. 5. Company Focus: AVIC High-Tech - The report identifies AVIC High-Tech as a key player in the midstream prepreg segment, benefiting from the growth in the aviation composite materials market [56][62]. - The company is positioned to leverage its expertise in military prepreg production while expanding into civil aviation and low-altitude economy sectors [67][69].