Figure Worm Creative/Picture Graphics for this edition: Zhou Jingyu
Securities Times reporter Liu Canbang
May 11,China Eastern AirlinesIt disclosed the fixed increase plan, and plans to raise funds of 15 billion yuan. The investment direction includes the introduction of 38 aircraft and supplementary working capital. The planes to be introduced by China Eastern include 4 C919 planes and 24 ARJ21-700 planes. The catalog unit prices of these two types are 653 million yuan and 251 million yuan respectively.
This situation has aroused the market’s attention to the progress of domestic large aircraft. China Eastern has previous experience in operating ARJ21-700. At the same time, the company is the first global launch user of the domestic large aircraft C919, and has officially signed the first batch of C919 large passenger aircraft with COMAC The aircraft purchase contract will make it the first airline in the world to operate the C919 large passenger aircraft. According to the plan, the 38 aircrafts introduced by China Eastern are expected to be delivered from 2022 to 2024.
Entering a critical period of development acceleration
Zhang Chao, deputy director of the AVIC Securities Research Institute and chief analyst of the military industry, believes that the six test aircraft of the C919 large passenger aircraft have all made their first flight. It will be delivered in batches in 2023, and it will have an annual production capacity of 50 in 2025. After years of development and accumulation, civil aviation has officially entered a critical period of development acceleration from product development to mass delivery.
Of course, opportunities also come with challenges. Since China is a key region for global civil passenger aircraft investment, Boeing and Airbus have increased their industrial layout in China. Zhang Chao said that the rapid layout of leading civil aviation companies in the fields of large aircraft assembly, aero-engines, aviation maintenance, and general aviation manufacturing reflects their optimistic judgment and focus on the Chinese regional market. Domestic passenger aircraft represented by C919 will also face and lead the direct competition of enterprises.
The data shows that the industrial chain of large passenger aircraft is long and complex. After the value of the manufacturing link is split, it can be found that airframe manufacturing, engine, and airborne equipment account for 30%~35%, 20%~25%, and 25% respectively. %~30%, and other systems such as interiors account for 10%~15%. Among them, the aviation industry group is mainly involved in machinery manufacturing, such as the C919 radome, nose, fuselage, wings, vertical tail, etc., accounting for more than 90% of the large passenger aircraft body, but the current level of participation in mechanical and electrical, avionics and other airborne systems limited.
Zhang Chao said that the future long-term investment opportunities in the field of civil aircraft lie in areas with large room for localization, such as high-end processing, power systems, and airborne systems. A number of outstanding companies with international advanced level have been born, forming my country’s own civil aircraft industry chain, and driving the overall development of my country’s high-end manufacturing industry.
A number of companies responded to the cooperation situation
After China Eastern disclosed the above plan, many investors asked the listed company on the interactive platform about their participation in the cooperation of domestic aircraft such as C919.
AndavilleSaid that the company has already delivered kitchen water boilers to COMAC for use, and through cooperation intentions, the company has carried out the development of airborne products for ARJ21 kitchen plug-ins (including ovens, water boilers, coffee pots, coffee machines, guide rails, etc.) . In the future, the company will continue to give full play to its own advantages and strive for more in-depth cooperation with COMAC in airborne cabin equipment.
AndavilleAccording to the requirements of the state and customers, the company actively participated in the development, testing and certification of the related supporting and installed products of the C919 domestic large aircraft, and jointly promoted the localization of cabin equipment such as kitchen plug-ins and related equipment with COMAC and the Civil Aviation Administration of China. The formulation of industry standards has continuously consolidated the business foundation in the process of localization and development of civil aircraft, and has good development prospects.
For aircraft material suppliers,Nanshan Aluminum IndustrySaid that the company is the only company in China that supplies both Boeing and Airbus. At the same time, world-class aviation manufacturing companies such as Bombardier and COMAC are all customers of the company;Baotai Co., Ltd.Said that the company is a supplier of basic titanium materials for COMAC, which will provide good market opportunities for the company’s development in the future. Also as a material supplier,Guangwei CompositesIt is said that the company’s carbon fiber products are currently used in civilian aircraft on a limited scale and have no significant impact.
AVICSaid that some subsidiaries have provided products for C919 and will continue to actively promote the development of civil aircraft business.Haite High-techSaid that it is actively doing a good job in the research and development of various technologies and products to meet the needs of the large aircraft market in the future, has carried out technical cooperation with domestic large aircraft manufacturers, and actively participated in the long-term oxygen supply system of domestic large aircraft cabins, D-class full-motion simulators and so on.