聚焦10家核心标的，致敬六代机！

Investment Rating - The report focuses on 10 core companies related to the sixth-generation fighter jet, indicating a positive investment outlook for the military aviation sector [1]. Core Insights - The sixth-generation fighter jet is expected to surpass the capabilities of the fifth generation in stealth, supersonic cruising, intelligence, and weapon systems [19]. - Companies involved in drone technology, stealth materials, and advanced avionics are highlighted as key players in this evolving market [21][27]. Summary by Sections Drone and Main Manufacturer Related - Chengfei Group is recognized as a major player in military aircraft with total assets exceeding 120 billion yuan [3]. - Zhong无人机 is a leader in long-endurance drones, having achieved a global market share that ranks second, positioning China among the top competitors in the sixth-generation aerial battlefield [4]. - 中航沈飞 is referred to as the "cradle of Chinese fighter jets," continuing strong growth in 2023 with expectations for new orders in the latter half of the 14th Five-Year Plan [6][24]. Stealth Materials and Technology - 华秦科技 is the only A-share company focused on stealth materials, breaking foreign technology barriers in the mid-to-high temperature stealth material sector [8]. - The report suggests that the increased size of the sixth-generation fighter will lead to a higher demand for stealth materials, benefiting companies like 华秦科技 [11]. Avionics and Power Systems - 中航机载, formed from the merger of 中航电子 and 中航机电, shows greater advantages in gross and net profit margins compared to peers [14]. - 三角防务 is noted for its precision forging capabilities, with its 300MN isothermal forging hydraulic press being the largest globally [17]. Financial Performance and Stock Trends - 中航沈飞 and 中航机载 reported revenues exceeding 10 billion yuan in the first three quarters of the year, while 中无人机 had a revenue of only 370 million yuan [36]. - The companies in the materials sector, including 华秦科技 and 光启技术, exhibited strong profitability with net profit margins of 40.1% and 41.8% respectively [37]. - The report highlights that the stock performance of 光启技术, 光威复材, and 中航电测 has been particularly strong in recent months [47].