新逻辑：横空出世到兼容并蓄，符合"一主两率"的优选赛道 复盘美国F-117、F-22、F-35 隐身性能的发展历程，我们强调隐身材料板块 的四大投资逻辑，即： 1）短期：以新型航空装备为代表的各型装备有望加速列装， 对特种功能隐身材料的需求有望随军机放量快速增长；2）中期：隐身性能的提升空间较大，隐身材料的渗透率与军机数量共振；3）长期：隐身需求向结构件 渗透，结构隐身材料牵引新增长极；4）后市场：订单数量庞大形成规模效应，隐身材料耗材属性驱动行业持续高景气度 。 点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 新需求：隐身空战模式的刚需品，装备渗透率提升空间广阔 21世纪初，以F-22 为代表的隐身战斗机出现，标志着空战进入了隐身时代。 隐身能力是F-22 克敌制胜的重要原因之一，F-22 在与常规战机作战时，依靠隐身性 能可自由选择进入、攻击和脱离作战的时间与方式，而对手基本没有合适的应对战术和有效反击机会。根据2016.6.28 美国《航空周刊》，考虑到外形设计牺 牲了其它性能并且适用范围有限，开发隐身材料逐步成为隐身技术的发展趋势。对于飞行器而言， ...

Core Points - South Korea is significantly increasing its defense budget by 8.2% to 66.3 trillion won (approximately 340 billion RMB) in 2024, focusing on advanced technologies such as military drones, robots, advanced aviation engines, and stealth technology [3][4] - President Yoon Suk-yeol emphasized that the future battlefield will be dominated by armies equipped with AI combat robots, drones, and high-precision missiles, highlighting the importance of self-reliance for peace and prosperity [3][4] - South Korea plans to regain operational command in the future, reinforcing its defense capabilities based on a solid South Korea-U.S. alliance [3][4] Summary by Categories Defense Budget - South Korea will increase its defense budget by 8.2% to 66.3 trillion won (approximately 340 billion RMB) in 2024, compared to the 2025 baseline [3][4] Technological Advancements - The military will focus on investments in military drones, robots, advanced aviation engines, and stealth technology to adapt to changing warfare dynamics [3][4] Strategic Military Positioning - President Yoon Suk-yeol stated that South Korea will work towards regaining operational command while maintaining a strong alliance with the U.S. for joint defense [3][4]

此次事件还暴露出海湾国家防空体系的系统性缺陷。不仅卡塔尔的雷达毫无反应，邻近的沙特阿拉伯、阿联酋等国的早期预警系统同样未能发现以色列战 机。军事专家分析，这可能与以色列使用了新型的天盾电子战系统有关，该系统能够模拟民用航空信号欺骗周边国家的空管雷达。更令卡塔尔军方难堪的 是，事后调取的训练记录显示，在2025年5月的沙漠之鹰联合演习中，阵风战机在对抗模拟隐身目标的科目中表现糟糕，这与同期印度空军阵风战机在与巴 基斯坦歼-10CE对抗中的失利如出一辙。 多哈方面在事件通报会上直言不讳地指出阵风战机难以有效应对第五代战机威胁的言论引发国际军火市场震动。法国达索公司紧急派出的技术团队在检测后 承认，虽然阵风装备的SPECTRA系统理论上可以探测隐身目标，但实际有效距离不足20公里，根本无法满足防空拦截的战术需求。这一表态直接影响了法 国价值60亿欧元的阿联酋阵风战机升级项目。国际防务专家普遍认为，此次事件将成为现代防空作战的经典案例，证明在五代机时代，缺乏体系支撑的单一 先进装备难以形成有效防御。 卡塔尔埃米尔塔米姆·本·哈马德·阿尔萨尼在事件后立即召集国家安全委员会扩大会议。这位44岁的年轻统治者自2013年继位 ...

Core Insights - The article discusses the foundational development and advancements of stealth technology in the U.S. and China's rapid progress in this field, highlighting the competitive dynamics between the two nations [1][3][6]. U.S. Stealth Technology Development - Stealth technology research in the U.S. began in the 1970s, with key contributions from Ben Rich at Lockheed Martin's Skunk Works, leading to significant projects like the F-117 and B-2 bombers [1][3]. - The F-117, developed from 1975 to 1981, achieved unprecedented low detectability through innovative design and radar-absorbing coatings, demonstrating its effectiveness during the Gulf War in 1991 [1][3]. - The U.S. Department of Defense continues to invest heavily in maintaining its stealth technology advantage, allocating $5 billion in 2023 for new stealth material research [3]. China's Stealth Technology Advancements - China began to catch up in stealth technology in the 2010s, with the J-20 stealth fighter entering service in 2017, featuring advanced engines and improved stealth capabilities [3][4]. - In 2024, a breakthrough was achieved with the development of a revolutionary iron-based stealth coating that absorbs electromagnetic waves and reduces infrared radiation by 80%, with a production cost of only $1 per kilogram [4][10]. - The introduction of new materials has significantly enhanced the operational durability of Chinese aircraft, such as the J-20 and J-35, which require less frequent maintenance compared to U.S. counterparts like the F-22 [10][14]. Competitive Dynamics - The competition in stealth technology has intensified, with the U.S. increasing its F-35 upgrade budget in response to China's advancements, although attempts to replicate Chinese materials have been unsuccessful [16][18]. - By 2025, China's stealth aircraft fleet is projected to surpass that of the U.S., with significant investments in military modernization, including a defense budget of $237 billion, 12% of which is allocated for stealth missile projects [14][16]. - The article emphasizes that while the U.S. has historically led in stealth technology, China has emerged as a formidable innovator, potentially reshaping global military balance [18].

Core Viewpoint - The key highlight of Jiachi Technology (688708.SH) in the first half of the year is its stealth function structural components business, which has shown significant growth despite a slight decline in overall revenue [1][4]. Revenue Performance - In Q2, the company's revenue reached 213 million yuan, a quarter-on-quarter increase of 225.98%, although total revenue for the period showed a slight year-on-year decline [1]. - The sales revenue from stealth function structural components was 199 million yuan, representing a 96.18% increase compared to the same period in 2024, and accounted for 71% of total revenue [3]. - The revenue structure shifted, with stealth function coating materials contributing 25.8% to total revenue, down from previous levels [3]. Cost and Profitability - The total operating cost, including "four expenses," was 180 million yuan, an increase of 29.33% year-on-year [6]. - The decline in revenue combined with rising costs led to a significant drop in profits, with net profit attributable to the parent company decreasing by approximately 46.5% [7]. - The gross profit margins for stealth function coating materials and structural components fell to 68.2% and 76.4%, respectively, compared to 75.4% and 81.14% in 2024 [7]. Research and Development - Jiachi Technology's R&D expenses grew by 88% to 70.97 million yuan, accounting for 25.47% of total revenue, which is significantly higher than the median of 12.5% among listed companies on the Sci-Tech Innovation Board [8]. - The number of ongoing R&D projects increased from 50 to 77, focusing primarily on aerospace applications, with some projects related to naval vessels and unmanned aerial vehicles [9]. - The company has made substantial investments in R&D, with a projected total investment of 375 million yuan for R&D projects in 2025, indicating a commitment to maintaining high R&D intensity for future growth [9].

Summary of Conference Call Records Industry Overview - The conference call discusses the stealth materials industry, focusing on advanced technologies used in military aircraft and naval vessels, particularly radar and infrared stealth technologies [1][2][3]. Key Points and Arguments 1. **Stealth Technology Development**: Stealth technology relies on the evolution of detection methods, primarily visible light, radar, and infrared detection. Radar stealth technology is the main focus, with passive stealth being the predominant method, which involves controlling electromagnetic waves and reducing echo intensity [1][3]. 2. **Radar Cross Section (RCS)**: RCS is a critical metric for measuring stealth effectiveness, equating the aircraft to a sphere for signal reflection comparison [4]. 3. **Infrared Stealth Techniques**: Infrared stealth targets specific wavelength bands (1-2.5 microns, 3-5 microns, and 8-14 microns) to reduce infrared radiation from high-temperature areas by applying low infrared emissivity coatings [1][6]. 4. **Frequency Selective Surfaces**: These surfaces allow specific frequency electromagnetic waves to pass while blocking others, used in aircraft like the F22 and naval vessels like the Lafayette-class frigate [1][7]. 5. **Metamaterials**: Metamaterials exhibit extraordinary physical properties through sub-wavelength unit structures, enabling electromagnetic waves to bypass objects, thus providing new directions for military technology [1][8][9]. 6. **Market Growth**: The stealth materials market is expected to see significant growth as next-generation aircraft demand higher stealth characteristics, benefiting several A-share listed stealth material suppliers over the next 5 to 10 years [2]. Company-Specific Insights 1. **U.S. Defense Budget**: The U.S. defense budget for 2026 allocates $68.3 billion for aircraft and related systems, a 10% increase from 2025. The budget for the B21 stealth bomber and the Next Generation Air Dominance (NGAD) project shows substantial growth, indicating strong government support for stealth technology [3][11]. 2. **HuaQing Technology**: The company has seen continuous revenue and net profit growth from 2020 to 2024, with a projected revenue of 1.139 billion yuan in 2024, up 24.17% year-on-year, driven by increased production and sales of special functional materials [12][13]. 3. **Guangqi Technology**: The company reported a revenue of 1.558 billion yuan in 2024, a 4.25% increase, with significant growth in R&D revenue by 911%. The company aims for substantial revenue growth targets from 2025 to 2027 [16][17]. 4. **Jiachi Technology**: The company focuses on stealth coatings and structures, achieving a revenue of 957 million yuan in 2024, with stealth coating revenue slightly declining. The company has ambitious revenue targets for 2025 to 2027, despite facing industry challenges [18][19]. Additional Important Content - The relationship between stealth demand and detection technology development is reciprocal, with advancements in detection methods driving the need for improved stealth capabilities [3]. - The historical context of stealth materials shows a transition from early, less effective materials to advanced composite materials used in modern aircraft, significantly improving maintenance and stealth performance [10]. - The challenges posed by infrared detection highlight the need for innovative solutions to maintain stealth capabilities in high-temperature environments [6]. This summary encapsulates the critical insights from the conference call, emphasizing the growth potential and technological advancements in the stealth materials industry, alongside specific company performances and market dynamics.

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the development and significance of **unmanned loyal wingman** technology in the military aviation sector, emphasizing its role in enhancing combat capabilities through collaboration with manned aircraft [1][2]. Core Insights and Arguments - **Market Growth**: The unmanned loyal wingman market is expected to grow significantly during the 14th Five-Year Plan period, potentially matching the overall value of newly added fifth-generation aircraft annually [1][5]. - **Collaboration with Manned Aircraft**: Unlike traditional drones that operate in groups, unmanned loyal wingmen are designed to work closely with manned aircraft, enhancing reconnaissance and strike capabilities [3][6]. - **Stealth Technology**: Stealth capabilities are crucial for unmanned loyal wingmen, allowing them to integrate effectively into modern aerial combat systems. Countries are focusing on stealth performance to reduce radar cross-section [1][8][9]. - **U.S. Development**: The U.S. introduced the concept of loyal wingmen in 2015, aiming to achieve a fleet of 1,000 by 2030. China is also expected to reach a similar procurement level during the 14th Five-Year Plan [7][12]. Additional Important Content - **Technological Trends**: The development trend for unmanned loyal wingmen includes platformization and formation flying, with increasing autonomy driven by military AI advancements. Data link capabilities are essential for effective manned/unmanned operations [10]. - **Key Companies in the Industry**: Major players in the unmanned loyal wingman supply chain include: - **Assembly**: Shenyang Aircraft Corporation (沈飞) and Chengdu Aircraft Industry Group (成飞) - **Stealth Materials**: Jiachi Technology (佳驰科技) - **Engine Manufacturing**: Aero Engine Corporation of China (航发动力) - **Electronic Systems**: 712 Institute (712 所) [4][11][13]. - **Future Expectations**: Anticipation for new mid-range loyal wingman models from Shenyang and Chengdu, with a focus on different military branches' procurement shares, and significant breakthroughs in data link technology to enhance joint operations [12]. Conclusion - The unmanned loyal wingman technology represents a transformative shift in military aviation, with substantial implications for combat strategies and industry dynamics. The emphasis on stealth, collaboration with manned aircraft, and the involvement of key companies highlight the potential for growth and investment opportunities in this sector [1][2][10].

Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [4]. Core Insights - The report highlights the significant growth potential in the military trade equipment sector, particularly focusing on aircraft engines as high-value consumables, which are expected to see increased demand due to long-term maintenance and replacement needs [10][15]. - The potential for domestic aircraft, such as the C919, to penetrate Southeast Asian markets is emphasized, with countries like Malaysia and Pakistan showing interest in adopting these aircraft [38][41]. - The report discusses the strategic positioning of companies like Huayin Technology in stealth materials and the anticipated growth in the ceramic-based composite materials sector [84][86]. Summary by Sections Military Trade Equipment - Aircraft engines hold a primary position in military trade, with their export share decreasing from 3.6% (2014-2018) to 2.0% (2019-2023) [14]. - The demand for maintenance and replacement of aircraft engines is driven by the long service life of military aircraft, which often exceeds the lifespan of the engines themselves [15][18]. C919 Aircraft - The C919 is expected to gain traction in Southeast Asia, with significant interest from Malaysian and Pakistani airlines [41][47]. - The global demand for commercial aircraft remains robust, with Airbus and Boeing having backlogs that exceed their annual delivery rates, indicating a favorable market for the C919 [47][55]. - The C919's production capacity is projected to increase significantly, with plans to reach 200 aircraft per year by 2029 [54][76]. Stealth Materials - Stealth technology is becoming a standard feature in advanced military aircraft, significantly enhancing their operational capabilities [86]. - The report identifies Huayin Technology as a key player in the stealth materials market, focusing on the development of ceramic-based composites [84][86]. Maintenance and Aftermarket - The military aircraft engine aftermarket is projected to exceed 428.7 billion yuan over the next 20 years, with an average annual market value of 21.44 billion yuan [25][28]. - Companies involved in the maintenance and aftermarket services for aircraft engines are expected to see substantial revenue growth as the market expands [28][31]. Supply Chain and Domestic Production - The report outlines the potential for increased domestic production and supply chain development for the C919, with a focus on enhancing the localization rate of components [77][80]. - The growth of domestic suppliers is anticipated to benefit from the increasing demand for locally produced aircraft and components [80][82].

Core Viewpoint - Stealth materials are essential for modern military technology, significantly enhancing the survivability and effectiveness of weapon systems by reducing detection rates and improving combat capabilities [3][4][45]. Group 1: What are Stealth Materials - Stealth materials are the foundational elements of stealth technology, allowing for reduced detection rates while maintaining the shape of military equipment [3][4]. - They can be categorized by spectrum (radar, infrared, visible light, laser, and sound) and by purpose (stealth coatings and structural materials) [5]. Group 2: Types of Stealth Materials - Radar Absorbing Materials (RAM) are crucial for stealth, designed to absorb radar waves and minimize reflection [8][9]. - Structural RAM serves dual purposes, acting as both structural components and stealth materials, with advancements in composite materials enhancing their effectiveness [9][10]. - Infrared stealth materials are increasingly important due to their ability to evade detection by infrared systems, with developments in both single and composite types [17][19]. Group 3: Future Prospects - The development of stealth materials is focused on practical applications, lightweight designs, multi-spectrum capabilities, multifunctionality, smart materials, and high-temperature resistance [36][38][39][40][41][43]. - The demand for stealth materials is driven by geopolitical tensions, modernization of military equipment, and the need for advanced stealth capabilities across various platforms [46][48]. Group 4: Investment Logic - The investment in stealth materials is supported by strong demand from military modernization, high technical barriers, and significant market potential due to increasing defense budgets [45][46][48]. - Key investment considerations include technological strength, engineering capabilities, core supplier status, and the sustainability of orders [52][53].

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 aircraft, such as the F-22, marks a new era in air combat, where stealth capabilities are essential for operational success. Stealth technology allows aircraft to choose their engagement timing and methods, significantly reducing the opponent's countermeasures [2][19]. - The development of stealth materials is becoming a trend in stealth technology, as they can effectively reduce radar and infrared signatures without altering the aircraft's aerodynamic features [36][40]. New Market - The demand for stealth materials is expected to grow rapidly in both the pre-installation market (new military aircraft) and the post-installation market (maintenance and updates). For instance, 50% of the maintenance costs for the F-22 are attributed to its stealth coatings, indicating a robust aftermarket for these materials [3][4][18]. New Logic - The investment logic for stealth materials can be 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: A large volume of orders leading to economies of scale, driven by the consumable nature of stealth materials [4][5][7]. New Pattern - The stealth materials industry exhibits high barriers to entry, including military qualifications, first-mover advantages, and research and development challenges. Established manufacturers have a competitive edge due to their early development of stealth materials, while newer entrants face significant hurdles [5][6]. Industry Overview - The stealth materials market is characterized by a growing need for advanced materials that can provide radar absorption and infrared stealth capabilities. The market is expected to expand as countries prioritize the development of high-performance military aircraft [3][4][18]. - Companies like Huayin Technology and Guangqi Technology are focusing on different types of stealth materials, such as high-temperature infrared stealth materials and room-temperature radar-absorbing materials, indicating a diverse product landscape within the industry [5][6].