高毅资产吴任昊：航空发动机行业的投资启示

Core Insights - The aviation engine industry seeks optimal solutions under the "impossible triangle," aiming to balance three core performance goals: strong power, ultra-low fuel consumption, and extreme reliability [5][8][9] - Investment opportunities lie in identifying companies with unique business models and significant long-term value, particularly when pricing is relatively insufficient [4][30] Group 1: Aviation Engine Fundamentals - Aviation engines are characterized by the need to meet three conflicting performance indicators: powerful thrust, low fuel consumption, and high reliability [5][8] - The industry standard for civil aviation engines requires engines to provide sufficient power for aircraft weighing up to 80 tons while achieving fuel consumption of 2 liters per 100 kilometers per seat [7] - Reliability standards demand that engines operate without failure for approximately 30 years, equating to 100,000 hours of operation with a maximum of one unscheduled stop [7][8] Group 2: Business Model and Competitive Landscape - The aviation engine industry exemplifies the "super knife and blade" model, where engines are sold at low initial costs, while high-margin maintenance and service revenues are generated over time [9][10] - The CFM56 engine serves as a prime example, with a 17-year development cycle and a delivery span of 33 years, showcasing the long-term technological advantage [10][12] - The high resale value of engines is attributed to rigorous lifecycle management and maintenance, ensuring that engines retain significant value even as the aircraft depreciates [12][13] Group 3: Market Dynamics and Investment Opportunities - The aviation engine market is currently characterized by a stable operating environment, with after-market service revenues becoming increasingly critical [26][27] - The global supply chain's disruptions have led to delays in aircraft deliveries, which paradoxically boosts after-market service demand as older engines require more maintenance [27][28] - Market inefficiencies arise from a lack of understanding and accurate pricing in the aviation engine sector, presenting opportunities for investors to capitalize on mispriced assets [29][30]