Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The domestic demand for aviation materials is expected to grow rapidly with the acceleration of the C919 aircraft production and delivery schedule. The maintenance and repair costs for major airlines in China are significant, with a total of approximately 34 billion yuan for the four major airlines in 2024 [4][8] - Developing domestic aviation materials will help achieve autonomy in the aviation manufacturing and maintenance supply chain, while also significantly reducing procurement costs. The procurement cost of aviation materials accounts for about 10% of the operating costs of airlines, and using domestic alternatives can reduce these costs by 30% to 70% [5] - The number of PMA and CTSOA certifications is increasing, leading to a higher proportion of domestic aviation materials being procured by airlines. The number of PMA products has increased from 219 in 2017 to 332 in 2023, while CTSOA projects have risen from 52 to 181 [5][8] - The recent tariff policy changes are expected to enhance the competitiveness of domestic aviation materials, leading to an increased procurement ratio in both aircraft manufacturing and maintenance markets. Relevant listed companies include Runbei Aviation Technology, Beimo High-tech, Jianghang Equipment, Sichuan Jiuzhou, and others [8] Summary by Sections Industry Overview - The closing index is at 1422.34, with a 52-week high of 1712.48 and a low of 1113.62 [1] Recent Events - On April 10, 2025, the U.S. government announced an increase in tariffs on Chinese goods to 125%, impacting the aviation materials market [3][4] Market Trends - The trend towards domestic aviation material procurement is strengthening due to tariff impacts, with a shift from low-value components to critical systems and high-value parts [8]
关税冲击下,航材国产化趋势加强
China Post Securities·2025-04-18 02:10