航天军工行业：24年C919交付超预期，产能建设提速

Investment Rating - The report maintains an "Accumulate" rating for the aerospace and military industry [5] Core Insights - The C919 delivery volume in 2024 exceeded expectations, with 12 aircraft delivered compared to the initial forecast of 9. The forecast for 2025 is set at 30 aircraft deliveries [1][9] - The C919 has successfully commenced commercial operations, with 16 aircraft delivered as of February 5, 2025, and 18 routes opened by major airlines [2][9] - The C919 has a robust order backlog with 405 confirmed orders, including significant orders from major airlines and leasing companies [3][14] Summary by Sections C919 Delivery and Production - In 2024, the C919 delivered 12 aircraft, surpassing the forecast of 9. The expectation for 2025 is to deliver 30 aircraft, with production capacity projected to reach 50 aircraft [1][21] - The production capacity is expected to increase significantly, with plans to reach 150 aircraft per year by 2028 [21][22] Commercial Operations - As of February 5, 2025, the C919 has been deployed on 18 routes by major airlines, including China Eastern Airlines, China Southern Airlines, and Air China, covering key cities [2][11] - The C919 has carried over 1 million passengers since its operation began, indicating a growing acceptance in the market [2][9] Order Backlog and Market Expansion - The C919 has a total of 405 confirmed orders, with major airlines like China Eastern, China Southern, and Air China each ordering 100 aircraft [3][14] - The report highlights potential market expansion in Southeast Asia, with interest from airlines in Vietnam and Malaysia for future orders [4][32][33] Industry Impact and Supply Chain - The C919 project is expected to enhance the domestic aerospace supply chain, with a focus on local manufacturing and technology transfer [36][39] - The report indicates that the C919's success will likely drive revenue growth for related companies in the aerospace sector [24][36]