隐身材料：先进战机核心技术，新兴材料潜力巨大 20250818 摘要 隐身技术依赖于探测手段的发展，主要包括可见光、雷达和红外探测， 其中雷达隐身技术是研究重点，主流方法为无源隐身，通过控制电磁波 和降低回波强度实现，RCS 是衡量隐身效果的关键指标。 雷达隐身技术主要通过减少电磁波发射和降低回波强度实现，包括使用 吸波材料和结构隐身材料。结构隐身材料利用先进复合材料制作具备隐 身功能的部件，如机翼和进气道等。 红外隐身主要针对 1-2.5 微米、3-5 微米和 8-14 微米波段进行处理，通 过涂覆低红外发射率涂层降低高温部位的红外辐射，实现隐身效果。 频率选择表面技术应用于飞机和战舰，允许特定频率电磁波通过，阻挡 其他频率，实现功能保障与隐身效果兼顾，如 F22 战斗机和拉菲特级护 卫舰的雷达罩。 超材料通过亚波长单元结构排列展现超常物理特性，可使电磁波绕过物 体实现隐身，为军事科技提供新的方向，实现更高效的隐藏。 Q&A 隐身材料在航空装备中的应用前景如何？ 随着航空装备的更新换代，隐身材料在整个航空产业链中的渗透力将显著提升。 下一代航空装备对战机隐形特性的要求越来越高，这使得隐身材料的性能指标 和应 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index in the next six months [4][54]. Core Insights - The military materials index has outperformed the industry, with a growth rate of 3.59% in July, surpassing the industry average by 0.51 percentage points [3][33]. - The report identifies several key drivers for the rapid growth of the military materials sector, including the final year of the 14th Five-Year Plan, increased geopolitical tensions, advancements in new materials technology, and the dual-use nature of military and civilian applications [3][10][12]. - The report anticipates a gradual recovery in the military materials industry, driven by concentrated demand release in 2025 and the increasing certainty of large orders in the sector [10][11]. - The report highlights the importance of multi-functional materials and new manufacturing processes, such as additive manufacturing, which are expected to see rapid development in military applications [14][16]. Summary by Sections Military Materials Industry Analysis - Domestic suppliers need to enhance their technical capabilities and manufacturing efficiency to meet the rapid development of the civil aviation industry [8][29]. - The establishment of specialized production lines for civil aircraft components is expected to accelerate the production of domestic large aircraft [29][30]. Capital Market Status - The military materials index has shown a positive performance, with a notable increase in public fund holdings in military materials [3][34]. - The report notes that the military materials sector has experienced a lag in growth compared to the overall military industry, indicating potential for catch-up [3][10]. Important Investment Logic - The report suggests focusing on companies involved in high-temperature alloys, titanium alloys, and composite materials, which are expected to benefit from the growing demand in both military and civilian markets [18][51]. - The military materials sector is projected to see significant growth in the next few years, with high-end titanium alloys, carbon fibers, and high-temperature alloys expected to reach market sizes of over 200 billion, 300 billion, and 400 billion respectively by 2028 [44][45].

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].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 66.36 CNY, corresponding to a 42x PE for 2025 [2][4]. Core Views - The company is positioned to benefit from the increasing use of ceramic matrix composites (CMCs) in the aerospace industry, particularly in next-generation engines developed by GE and Pratt & Whitney, which are expected to enhance performance significantly [8]. - The establishment of a subsidiary, Shanghai Ruihua Sheng, aims to capitalize on key aerospace technologies, with the CMC business projected to become a second growth driver for the company [8]. - The stealth materials market presents substantial growth opportunities, with the company expected to benefit from increasing demand driven by new military aircraft production and upgrades in stealth technology [8]. Financial Forecast and Investment Recommendations - Revenue and gross margin adjustments have been made, with projected net profits for 2025 and 2026 revised to 432 million CNY and 589 million CNY, respectively, and a new estimate for 2027 at 758 million CNY [2]. - The company’s revenue is forecasted to grow from 917 million CNY in 2023 to 2,189 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 24.8% [3]. - The gross margin is expected to stabilize around 50% in the coming years, with net profit margins projected to remain above 30% [3]. Key Financial Information - The company’s earnings per share (EPS) is projected to increase from 1.23 CNY in 2023 to 2.78 CNY in 2027 [3]. - The net asset return (ROE) is expected to improve from 8.4% in 2023 to 13.5% in 2027, indicating enhanced profitability [3]. - The price-to-earnings (PE) ratio is projected to decrease from 48.8 in 2023 to 21.6 in 2027, suggesting a more attractive valuation over time [3].

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].