航空装备Ⅱ行业：2024年C919完成12架交付，未来加速发展可期

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Viewpoints - In 2024, COMAC delivered 12 C919 aircraft, achieving a fourfold increase compared to 2023, indicating a significant ramp-up in production capacity [7] - The C929 is currently in the detailed design phase, while the C939 has entered the preliminary research stage, suggesting a promising future for the C-series aircraft [7] - The C919 has commenced regular commercial flights, with plans to operate in Southeast Asia by 2026, contingent on obtaining European certification [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -5.26% compared to the CSI 300 index, with an absolute return of 6.23% [3] Delivery and Production Capacity - As of December 31, 2024, COMAC has delivered 12 C919 aircraft to China Eastern Airlines, China Southern Airlines, and Air China, marking a substantial increase in delivery volume [7] - The ramp-up in production capacity is supported by the launch of large aircraft series production projects in Shanghai [7] Future Prospects - The C919's international airworthiness certification is anticipated soon, which will facilitate its entry into international markets [7] - The C-series aircraft, including the C929 and C939, are expected to capture significant market share in the international aviation sector [7] Investment Recommendations - The report suggests focusing on companies such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others involved in the aviation supply chain [7]