CJ-1000A突破国际技术封锁，助力C919实现航空中国心

Investment Rating - The report maintains an "Overweight" rating for the defense and aerospace industry [1]. Core Insights - The CJ-1000A engine, developed independently in China, is set to replace the imported LEAP-1C engine for the C919 aircraft, showcasing significant technological advancements and a complete domestic supply chain [4][9]. - The global demand for commercial turbofan engines is projected to exceed 8,700 units over the next 20 years, with a market value of approximately $1.5 trillion, indicating a robust growth opportunity for the Chinese aviation sector [22][23]. - The CJ-1000A is expected to capture over 50% of the domestic narrow-body market once it achieves full import substitution, with a projected annual demand of around 200 units by 2029 [23][24]. Summary by Sections 1. CJ-1000A Development - The CJ-1000A is China's first independently developed high-bypass turbofan engine, specifically designed for the C919 narrow-body aircraft, featuring advanced materials and technologies [9][11]. - The engine's thrust of 13.5 tons and a thrust-to-weight ratio of 4.5 significantly outperform the LEAP-1C engine, which has a thrust of 13 tons and a thrust-to-weight ratio of 3.3 [13][14]. 2. Market Potential - The Chinese commercial aviation engine market is expected to grow substantially, with a forecasted market size of 2.4 trillion yuan over the next 20 years, driven by the anticipated delivery of 9,000 new aircraft [22][23]. - The CJ-1000A's market demand is closely linked to the production capacity of the C919, with projections indicating a strong correlation between aircraft production and engine demand [23][24]. 3. Competitive Landscape - The global commercial aviation engine market is currently dominated by Western companies, but the emergence of the CJ-1000A is expected to disrupt this oligopoly, providing opportunities for market share growth in China [29][30]. - The CJ-1000A's development is supported by significant government investment, with over 300 billion yuan allocated to enhance its technological capabilities and market readiness [26][28]. 4. Investment Recommendations - The report suggests focusing on key segments such as high-temperature alloys and titanium alloys, which are critical for the CJ-1000A's production, and emphasizes the importance of monitoring the certification process and production ramp-up [33]. - Recommended companies for investment include航发科技, 航亚科技, and 航宇科技, which are positioned to benefit from the growth of the domestic aviation engine market [33].