证 券 研 究 报 告 华创交运|航空强国月报（第 1 期） 运输端春运启示：高客座率下高价格弹性初 推荐（维持） 现；制造端继续看好国产大飞机产业链 四、海外视角之航空制造：主机厂继续爬坡，核心供应链业绩快速增长。 1、主机厂：波音公司（BA.N）与空客集团（AIR.PA）：产能继续爬坡，在手 订单超 1.5 万架。1）交付，2025 年空客交付 793 架，恢复至 19 年的 92%， 波音交付 600 架，为此前高峰 2018 年的 74%。2）订单，空客与波音在手订 单合计超过 1.5 万架，其中空客截至 26 年 1 月 8783 架，波音截至 25 年末 6777 架。3）产能提升计划：波音公司 737 月产量稳定在 42 架/月计划提升至 47 架/月，之后进一步提升至 52 架/月，787 周产量稳定在 8 架/周，计划 2026 年提升至 10 架/周；空客 A320 系列预计到 2027 年底达到每月 70-75 架飞机的 生产速度。4）交付指引：空客指引 2026 年约 870 架商用飞机交付。 2、供应链： GE 航空航天全年交付商用发动机 2386 台，其中 LEAP 系列 1802 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is positioned to benefit from the acceleration of domestic aircraft deliveries and the development opportunities in commercial aerospace, with significant projects and contracts in place [1][2] - The company has increased its R&D investments and is focusing on high-quality, low-cost development in emerging sectors such as commercial aerospace and low-altitude economy, despite facing short-term profit pressures [3] Summary by Sections Aerospace and Commercial Opportunities - The domestic large aircraft delivery is expected to speed up, with 15 C919 aircraft projected to be delivered in 2025, an increase from 2024 [1] - The company has secured contracts for composite material components and tooling, including a 246.3 million yuan project with AVIC [1] - The company is actively involved in the manufacturing of composite parts for major domestic aircraft manufacturers, including components for the C919 and CJ-1000 engines [1] Satellite Communication and Emerging Markets - The company has completed key satellite communication products and is positioned as a core supplier for ground systems, which is expected to benefit from the growing demand in commercial aerospace [2] - The company plans to enhance its R&D efforts in integrated aerospace products and communication technologies to expand its product offerings [2] Financial Performance and Projections - The company anticipates a significant decline in net profit for 2025, projecting approximately 41 million yuan, a decrease of about 59.63% year-on-year due to increased R&D costs and customer budget cuts [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 532 million yuan and 746 million yuan, respectively, with a new projection for 2027 at 1.018 billion yuan [4] - The expected EPS for 2025, 2026, and 2027 is 0.10 yuan, 0.32 yuan, and 0.46 yuan, respectively [4]

Core Viewpoint - The participation of China Commercial Aircraft Corporation (COMAC) in the 2026 Singapore Airshow highlights its ongoing efforts to expand the international market for Chinese-made commercial aircraft, showcasing models like the C919 and C909 [2][3]. Group 1: Aircraft Showcase and Market Presence - COMAC displayed multiple domestic aircraft, including the C919 and C909, at the Singapore Airshow, marking its second participation in an international airshow after the 2025 Dubai Airshow [2][3]. - The C909 aircraft has been successfully operated in Indonesia, Laos, and Vietnam, with a total of 9 units operating over 20 routes, transporting over 700,000 passengers [3][4]. - As of December 2025, the C909 has been delivered to three overseas customers, with operational routes including 11 by Wings Air, 5 by Laos Airlines, and 3 by VietJet Air [3][8]. Group 2: Aircraft Specifications and Performance - The C909 can carry 78-97 passengers with a range of 2,225-3,700 kilometers, while the C919 accommodates 158-192 passengers with a range of 4,075-5,555 kilometers, both designed for various operational conditions [4][6]. - By the end of 2025, over 200 units of both aircraft types have been delivered, with more than 800 routes opened, serving over 36 million passengers [5][8]. Group 3: Orders and Future Developments - During the airshow, COMAC signed an order for 6 C909 firefighting aircraft with Shanxi Successful General Aviation, enhancing its emergency response capabilities [6][8]. - The C909 medical aircraft was also showcased, designed for various medical applications, indicating COMAC's commitment to diversifying its product offerings [7][8]. Group 4: Operational Growth and Challenges - The C919 fleet has shown significant operational growth, with an average passenger load factor of 84.3% and a monthly flight volume increase of 123.1% year-on-year as of December 2025 [9][10]. - Despite the positive growth, COMAC faces challenges in increasing production capacity and meeting delivery targets, with only 15 units delivered in 2025 against a target of 50 [10].

Core Viewpoint - The company is actively participating in the Singapore Airshow to showcase its C909 and C919 aircraft, aiming to strengthen partnerships and enhance its presence in the Southeast Asian aviation market [1] Group 1: Company Activities - The company is showcasing the C909 and C919 aircraft at the 10th Singapore Airshow held at Changi Exhibition Centre [1] - The C919 aircraft will perform a flight demonstration during the airshow, while the C909 medical aircraft will be displayed alongside the C919 and the C909 operated by Indonesia's Lion Air [1] Group 2: Market Focus - The company places significant emphasis on the Southeast Asian aviation market, with the C909 aircraft already operational in Indonesia, Laos, and Vietnam [1] - A total of 9 C909 aircraft operated by Lion Air, Laos Airlines, and VietJet Air have opened over 20 routes, transporting more than 700,000 passengers [1] Group 3: Future Plans - The company plans to continuously optimize its products and customer service network to better meet global customer demands [1] - The company is committed to providing reliable new options for the civil aviation transport market [1]

Core Viewpoint - China Commercial Aircraft Corporation (COMAC) showcases the C919 and C909 aircraft at the 2026 Singapore Airshow, aiming to deepen collaboration with partners and enhance its presence in the Southeast Asian aviation market [1][3]. Group 1: Aircraft Specifications - The C909 aircraft has a passenger capacity of 78 to 97 seats and a range of 2,225 to 3,700 kilometers, designed for short and narrow runways, high temperatures, and high-altitude airports [2]. - The C919 aircraft can accommodate 158 to 192 passengers with a range of 4,075 to 5,555 kilometers, featuring an advanced cockpit design for improved pilot experience and lower noise levels for passenger comfort [2]. Group 2: Market Impact and Operations - Over 200 units of the C919 and C909 aircraft have been delivered, with more than 800 routes opened, transporting over 36 million passengers [4]. - The C909 aircraft has been operational in Indonesia, Laos, and Vietnam, with 9 units operated by Lion Air, Laos Airlines, and VietJet Air, opening over 20 routes and transporting more than 700,000 passengers [4]. - A C909 medical aircraft, equipped for ophthalmic treatment, is also being showcased, highlighting COMAC's commitment to versatile applications in medical emergencies and patient transport [4]. Group 3: Strategic Focus - COMAC emphasizes a customer-centric approach, aiming to continuously optimize its products and service network to better meet the needs of Southeast Asian and global customers, positioning itself as a reliable choice in the civil aviation market [6].

Core Insights - China Commercial Aircraft Corporation (COMAC) showcased the C909 and C919 aircraft at the 2026 Singapore Airshow and signed an order for six C909 firefighting aircraft [1] - The C909 firefighting aircraft can operate in various terrain conditions, with a maximum water tank capacity of 10 tons and seating for 19 personnel [1] - The C919 aircraft is designed to carry 158 to 192 passengers with a range of 4,075 to 5,555 kilometers, offering a comfortable flying experience [1] Group 1 - COMAC signed a contract with Shanxi Successful General Aviation for six C909 firefighting aircraft, including three confirmed and three intended orders [1] - The C909 firefighting aircraft received airworthiness approval from the Civil Aviation Administration of China in December 2025 [1] - The C919 and C909 aircraft have collectively delivered over 200 units and opened more than 800 flight routes, transporting over 36 million passengers [2] Group 2 - The C909 aircraft has been operational in Indonesia, Laos, and Vietnam, with nine units in service, opening over 20 routes and transporting more than 700,000 passengers [2] - COMAC is advancing the series development of its aircraft products, including a C909 medical aircraft equipped for ophthalmic treatment [2] - The C909 medical aircraft can be flexibly configured for various medical scenarios, including emergency rescue and patient transport [2]

C919飞机载客158~192座，航程4075~5555公里，其先进的驾驶舱设计为飞行员带来良好的飞行体验， 较低的噪声水平和清新的空气质量为旅客带来舒适的乘坐感受。 在本届航展中，中国商飞C919飞机、C909医疗机与印尼翎亚航空C909飞机共同亮相静态展示区。（总 台记者 刘畅 报道员 海月） 来源：央视新闻客户端 0:00 2月3日，在樟宜会展中心举办的2026年新加坡航展上，中国商飞C919进行了飞行表演。 ...

据介绍，本次航展上，山西成功通航与中国商飞公司签署6架C909灭火机订单，其中3架为确认订单，3架为意向订单。C909灭火机具备在多种地形条件下执 行灭火任务的能力，舱内设有水箱区和乘员区，水箱最大载重10吨，可装载水、灭火剂和灭火袋，同时装配19个座椅，能兼顾人员应急通勤需求。2025年12 月，C909灭火机获得中国民航局适航批准。 C919飞机载客158~192座，航程4075~5555公里，其先进的驾驶舱设计为飞行员带来良好的飞行体验，较低的噪声水平和清新的空气质量为旅客带来舒适的 乘坐感受。C909飞机载客78~97座，航程2225~3700公里，具有良好的短窄跑道、高温、高原等机场起降性能和抗侧风能力。目前，两型飞机共交付200余 架，累计开通800余条航线，运送旅客超3600万人次。 2月3日，2026年新加坡航展开幕，国产商用飞机C919和C909飞机参展。航展期间，C919飞机、C909医疗机与印尼翎亚航空C909飞机共同亮相静态展示区， C919飞机进行飞行表演。 （文章来源：央视新闻） ...

Core Insights - The first eye surgery was successfully performed on December 10 by the medical team from Sun Yat-sen University on the modified C909 medical aircraft, marking a significant milestone in mobile healthcare delivery [1] - The C909 medical aircraft is designed to carry a maximum payload of 10 tons and has a standard range of 3,700 kilometers, addressing the need for high-quality medical services in underserved areas [1] Group 1 - The C909 medical aircraft is currently stationed at Zhengzhou Xinzheng International Airport and has been equipped with all necessary ophthalmic examination equipment and a dedicated surgical room [1] - The successful surgery was conducted by Liang Lingyi, the deputy director of the Sun Yat-sen University Eye Center, demonstrating the aircraft's capability to provide advanced medical technology and training in regions with limited resources [1] - The aircraft was delivered to China Flying General Aviation Co., Ltd. in September 2023, and the construction of the flying eye hospital was initiated in collaboration with several organizations, including China Commercial Aircraft Corporation [1] Group 2 - The medical team conducted disinfection and purification of the surgical environment within the aircraft prior to the surgery, effectively addressing height restrictions while ensuring safety and medical functionality [1]

Core Points - The C909 regional jet, a domestically produced aircraft, has successfully delivered over 160 units and is now expanding its operational network, including its first regional route from Nanchang to Macau [2][3] - China Eastern Airlines (CEA) has initiated a direct flight route between Nanchang and Macau, operating three round trips weekly, which enhances connectivity between Jiangxi and Macau [3] - CEA's C909 fleet has grown to 28 aircraft, with over 50,000 flights and more than 3.6 million passengers carried since its commercial launch [3] - The C909 has been adopted by 12 domestic airlines, with Air China having the largest fleet of 35 units, and it has also begun international operations [4] - Internationally, the C909 has made inroads with TransNusa in Indonesia and Laos Airlines, marking its entry into new markets [5] - The C909's operational metrics indicate a need for expanded routes and increased delivery volumes to enhance its market presence [6] - A memorandum of understanding was signed with Air Cambodia for the procurement of 20 C909 aircraft, indicating growing international interest [7] - The C909 is recognized as China's most delivered regional jet, with a total of 166 units delivered by mid-2025, and it serves 143 airports domestically [8] - The C909 has diversified into various platform derivatives, including cargo, emergency rescue, medical, and business aircraft [9] - The delivery of the first C909 medical aircraft marks a significant development in the series' capabilities, aimed at enhancing emergency medical services [10] - The establishment of the C9 Life Wing Aviation Medical Alliance aims to integrate resources across various sectors to improve aviation medical rescue services [11]