军工材料：为什么隐身材料是真正的“新”材料？（附75页PPT）

Core Viewpoint - The article emphasizes the growing demand for stealth materials in modern air combat, highlighting their critical role in enhancing the performance of advanced military aircraft and the significant market potential for these materials [2][3][4]. New Demand - The emergence of stealth air combat has created a fundamental need for stealth materials, as stealth aircraft like the F-22 have proven to be decisive in combat scenarios [18][19]. - Stealth capabilities allow aircraft to choose optimal engagement and disengagement strategies, significantly reducing the opponent's chances of effective counteraction [19]. New Market - The demand for stealth materials is expected to grow rapidly in both the pre-installation market, driven by advanced aircraft like the fourth-generation fighters, and the post-installation market, where maintenance and updates are necessary to sustain performance [3][4]. - Lockheed Martin reported that 50% of the maintenance costs for the F-22 are attributed to stealth coatings, indicating a robust aftermarket for stealth materials [3]. New Logic - The investment logic for stealth materials is categorized into four phases: 1. Short-term: Increased demand for stealth materials as new aircraft are deployed. 2. Mid-term: Significant potential for performance enhancement and increased penetration rates of stealth materials. 3. Long-term: Expansion of stealth requirements into structural components, creating new growth opportunities. 4. Aftermarket: Large order volumes leading to economies of scale, driving sustained industry growth [4][7]. New Pattern - The stealth materials industry exhibits high barriers to entry, including military qualification, first-mover advantages, and research and development challenges [5]. - U.S. military stealth materials are primarily developed in-house or in collaboration with laboratories, establishing a competitive edge that is difficult for latecomers, such as Chinese manufacturers, to overcome [5]. Product Analysis - Stealth materials are categorized into three main types: infrared stealth, radar-absorbing materials, and metamaterials, each addressing different detection technologies [46]. - The primary focus of stealth material research is on reducing radar cross-section (RCS) and infrared emissions, which are critical for enhancing stealth capabilities [37][46]. Industry Dynamics - The stealth materials market is characterized by a growing need for advanced military capabilities amid tightening international security situations, leading to increased defense spending [3][4]. - The article outlines the historical development of stealth technology, indicating a shift from initial concepts during World War II to the current advanced stealth systems [30][31].