Q&A 中航沈飞 20260127 摘要 歼 35 预计 2026 年实现内外销突破，成为中航沈飞核心增长点，外贸 市场盈利空间巨大，或将助力公司实现战略升级。 全球五代战机市场中，F35 订单量超 F22 全生命周期 18 倍，表明第二 代五代机具备更大市场潜力，为歼 35 提供了市场参考。 F35 成功因素在于共享核心性能、降低研发成本、缩短研制周期，并拓 展客户群体和服务军种，提高生产效率，这些经验对歼 35 发展具有借 鉴意义。 F35 单机生产工时大幅降低，交付及时性提升，无故障运转时间延长， 成本显著下降，这些生产效率的提升是订单增长的重要推动力。 五代机研发规律显示，首款五代机研发难度大、成本高，第二款可共享 核心性能；销售上，首款客户单一，第二款服务多军种并出口；生产上， 第二款可直接应用首款筛选的核心供应商。 歼 20 与歼 35 在研发上共享航空工业集团的核心技术，销售上，歼 20 服务国内空军，歼 35 力争出口，生产上，歼 35 可直接应用歼 20 筛选 的核心供应商。 歼 35 有望成为军贸出口核心型号，得益于技术共享、多版本适应性、 中国工业基础提升，以及在研制、销售和生产方面的优 ...

Summary of Key Points from Conference Call Records Industry Overview - Global military expenditure continues to expand, with Asia's share significantly increasing to 24% in 2023, driven mainly by military spending growth in China, Japan, South Korea, and the Middle East [1][2] - The global military trade market is valued at approximately 1 trillion RMB, with the US holding about 50% market share (around 500 billion RMB) and China only 5% (around 50 billion RMB), indicating substantial growth potential for China in high-value equipment sectors [1][3] Company Insights: Guorui Technology - Guorui Technology benefits from military trade and the India-Pakistan conflict, showing strong stock performance, particularly in 2025, with radar business revenue exceeding 50% and gross profit margin reaching 84% [1][5] - The company underwent significant asset restructuring between 2019 and 2020, enhancing its competitiveness and establishing itself as the sole platform for military trade under the China Electronics Technology Group [1][6] - In 2025, Guorui Technology anticipates a substantial increase in related sales, projected at 2.2 billion RMB, a tenfold increase from 2024, primarily due to expected growth in military radar orders [9][10] Company Insights: Aerospace Nanhu - Aerospace Nanhu, backed by the China Aerospace Science and Industry Corporation, focuses on air defense early warning radar and has shown significant stock performance improvements, with a 130% increase in 2025, driven by a recovery from previous underperformance [12][13][15] - The company faced challenges in 2024 due to delayed orders and international shipping uncertainties, resulting in a revenue of only 220 million RMB and a loss of 80 million RMB. However, it rebounded in Q1 2025 with a revenue of 360 million RMB, a 12-fold increase year-on-year [15][22] - Future growth potential is substantial, with domestic revenue expected to reach 3 billion RMB and export business potentially reaching 2 billion RMB, totaling 5 billion RMB in revenue [16][22] Market Dynamics - The India-Pakistan conflict has provided China with international promotional opportunities, enhancing the competitive advantage of Chinese military products, particularly in high-value equipment like advanced fighter jets [4][5] - Guorui Technology's radar business has seen a gross profit margin increase from 26.6% in 2020 to 40% in 2023, despite a slight decline in 2024, indicating strong demand and profitability in military radar [7] Strategic Developments - Guorui Technology is positioned as a core player in military trade, having taken over military radar business from the China Electronics Technology Group, which has committed to not engaging in military radar business anymore [8] - Aerospace Nanhu has diversified its radar product offerings, with three new radar products entering mass production, each expected to contribute 1 billion RMB annually [14] Conclusion - The military trade industry, particularly in radar technology, presents significant growth opportunities for companies like Guorui Technology and Aerospace Nanhu, driven by geopolitical tensions and increasing military expenditures in Asia [23]