军工材料月报大飞机国产替代迫在眉睫，海外增材制造应用持续拓展

Investment Rating - The industry investment rating is "Increase Holding" indicating that the growth level of the industry is expected to be higher than the Shanghai and Shenzhen 300 Index in the next six months [54][55]. Core Insights - The report highlights that the domestic military materials industry is experiencing a significant shift towards domestic substitution, particularly with the C919 aircraft, which is expected to accelerate deliveries and benefit material suppliers [26][27]. - The military materials industry is projected to recover ahead of other sectors, driven by the demand from the "14th Five-Year Plan" and increasing material requirements for advanced military equipment [10][12]. - The report emphasizes the importance of multi-functional materials and advanced manufacturing techniques, such as additive manufacturing, which are becoming critical for the industry's growth [12][51]. Summary by Sections Domestic Military Materials Industry - The report discusses the recent developments in the domestic military materials sector, including the acceleration of composite material production and the benefits of domestic suppliers due to increased demand from military aircraft [23][26]. - It notes that 13 military materials companies have announced their annual forecasts for 2024, with a general trend of declining profits due to market demand adjustments [9][35]. Overseas Military Materials Industry - The report outlines significant events in the overseas military materials sector, including substantial contracts awarded to companies specializing in additive manufacturing technologies, which are revolutionizing production processes [51][26]. - It highlights the rapid development of 3D printing applications in military and civilian sectors, indicating a shift towards more customized and efficient manufacturing solutions [51]. Market Trends and Projections - The military materials industry is expected to see a slight increase in valuation, with the average price-to-earnings ratio projected at 7.78, indicating a recovery trend [38]. - The report anticipates that the demand for high-end materials will continue to rise, particularly in the aerospace sector, driven by advancements in technology and increased production capabilities [43][48]. Investment Recommendations - The report suggests focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber composite materials sector, as well as Feishun Special Steel and Steel Research High-tech in high-temperature alloys [48][49]. - It emphasizes the potential for growth in the military materials sector, particularly as companies expand into civilian markets and diversify their product offerings [47][48].