Core Points - The 11th Air Force Aviation Open Day and Changchun Airshow showcased advanced military aircraft, including the J-20 stealth fighter, highlighting China's aerospace achievements and technological advancements [1][3][6] Group 1: J-20 Fighter Jet - The J-20 is China's first domestically developed fifth-generation stealth fighter, which has filled a gap in the country's air stealth combat capabilities after over a decade of research and development [3] - The aircraft incorporates numerous next-generation technologies and has undergone extensive testing and optimization to achieve excellent flight performance [3] Group 2: Other Aircraft and Innovations - The Z-8L transport helicopter model was displayed, featuring a 40% increase in cargo space compared to its predecessor, enabling it to perform complex transport tasks under various conditions [4] - The AEF1200 and "Taihang" series engines were showcased, emphasizing the importance of advanced aviation engines as a reflection of national technological strength [4][6] Group 3: Cultural and Historical Significance - The event reflects the dedication and perseverance of Chinese aviation professionals over decades, from early aircraft development to modern advanced fighter jets [6] - The spirit of patriotism and commitment to national defense is evident, as employees honor the sacrifices of past heroes while striving to develop advanced military aircraft [6]

作为飞机的"心脏"，航空发动机的重要性不言而喻。但是，要研发一款航空发动机并实现批量服役绝非易事，必须确保其数万个零部件在各类工 况下尤其是在极端环境中稳定、安全、高效地协同工作。这对跨学科技术融合、材料和制造工艺精度、系统集成与控制、测试和适航认证均提出 了极为严苛的要求。 哪怕是航空制造技术领先世界的美国，研制一款航空发动机都免不了经历漫长周期——F135是F35隐身战斗机的发动机。F135从立项（1996年）到 交付第一台量产型F135（2009年）历经13年，但早期的量产型F135依然出现较多故障，直到2015年之后，F135的状态才逐渐稳定下来。因此，航 空发动机被誉为"工业皇冠上的明珠"。 长期以来，航空发动机几乎是欧美的绝对优势项目。相比之下，连日本和韩国这样的工业强国都缺乏先进航空发动机的生产能力，必须大批量进 口军用和民用航空发动机，印度、伊朗和东盟的相关技术储备更是几乎为零。那么，中国的航空发动机技术处于何种水平？我们可以从刚刚结束 不久的九三阅兵中寻找答案。 空中护旗梯队由直10武装直升机、直19武装直升机、直20通用直升机和直8L运输直升机组成。其中，直10搭载"涡轴9"（又名"玉龙" ...

Core Viewpoint - The article emphasizes the significance of aircraft engines, highlighting the complexity and challenges involved in their development and production, particularly in extreme conditions, and discusses China's advancements in this field, positioning it as a rising power in the global aviation engine industry [1][11]. Group 1: Importance of Aircraft Engines - Aircraft engines are referred to as the "heart" of airplanes, essential for their performance and safety [1]. - Developing an aircraft engine requires ensuring the collaboration of thousands of components under various conditions, especially extreme environments [1]. - The development cycle for advanced engines, such as the F135 for the F35 fighter jet, can take over a decade, indicating the complexity of the process [1]. Group 2: China's Advancements in Engine Technology - China has made significant strides in developing various types of advanced aircraft engines, including the "涡轴9," "涡轴10," "涡桨6C," and "涡扇10" series, showcasing its capabilities alongside the US, Russia, the UK, and France [2][4][6]. - The "涡扇20" engine's debut at the 2025 military parade marks China's entry as the fourth country capable of independently developing large bypass turbofan engines, filling a critical gap in its aviation engine capabilities [10]. - The successful development of these engines positions China as the only Asian country capable of producing all major categories of advanced aircraft engines, indicating a shift in the global aviation engine landscape [10]. Group 3: Comparison with Global Standards - Despite advancements, China still lags behind Western countries in certain aspects, such as engine overhaul life and efficiency, particularly in the civil aviation sector [11][12]. - Major Western engine manufacturers dominate the global market, holding over 80% market share, while China's similar products are still in the testing phase [12]. - The certification process for engines, which is crucial for market entry, is heavily influenced by Western standards, and China aims to develop its own certification standards in the future [14]. Group 4: Future Implications - As China strengthens its aviation engine industry, it is expected to reshape the global industrial landscape, potentially establishing itself as a center for aviation engine production in Asia [15]. - Collaboration among Asian countries, leveraging China's industrial capabilities, could enhance the region's position in high-end manufacturing sectors [15].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Views - The company achieved a total revenue of 47.88 billion yuan in 2024, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million yuan [2][4] - The company is focusing on its core business and optimizing its industrial layout to meet customer demands, while also enhancing its research and development capabilities in aviation engines and gas turbines [3][8] - The report projects that the net profit attributable to shareholders will be 1.049 billion yuan in 2025, 1.349 billion yuan in 2026, and 1.445 billion yuan in 2027, with corresponding EPS of 0.39, 0.51, and 0.54 yuan [8] Financial Summary - In 2024, the company reported total assets of 115.91 billion yuan, an increase of 16.15% year-on-year [2] - The revenue from the aviation engine and derivative products reached 44.99 billion yuan, up 10.03% year-on-year, driven by increased customer demand and product deliveries [2] - The gross margin declined due to the maturity of new products, while the foreign trade export subcontracting business generated revenue of 2.074 billion yuan, a growth of 6.45% [2] Future Projections - The company expects revenue growth rates of 5.1%, 12.5%, and 15.5% for the years 2025, 2026, and 2027, respectively [1] - The report anticipates a gradual recovery in net profit margins, with a projected net profit margin of 7.1% by 2027 [1][8]