The domestic large aircraft C919 was dynamically displayed for the first time, and the global order has exceeded 1,000, with these manufacturers behind it.
Cailian News Agency reported on October 28th that the 2020 Nanchang Flight Conference will be held at Yaohu Airport in Nanchang, Jiangxi from October 30th to November 1st. At that time, the domestic large aircraft C919 will be dynamically displayed for the first time in the world, and the flight display models also include: ARJ21 aircraft produced by Comac Jiangxi of China, L15 aircraft produced by Hongdu Company, JIAO 6 aircraft, AC311 aircraft and AC311A aircraft produced by Chang Fei Company, etc.
Dongxing Securities Research Report indicates that 2020 can be considered as the first year of large aircraft. According to Comac’s forecast, the market size of China civil aircraft is about 400 billion yuan per year (equivalent to the military equipment procurement fee for the whole year last year). At present, there are about 4,000 civil aviation aircraft in China. If the stock is gradually replaced by 30%-50%, the number of C919 aircraft will continue to increase. According to Comac official website’s statistics, there are currently 28 cumulative customers of C919, and the total number of orders exceeds 1,000. C919 aircraft is expected to enter mass production by 2021 at the latest, with an annual output of 100 aircraft.
In addition, since the beginning of this year, three new domestic regional aircraft ARJ21s have been delivered to Air China, China Eastern Airlines and China Southern Airlines for the first time, which indicates that ARJ21s have entered the mainstream civil aviation market in China. On October 15th, China Airlines announced that the company plans to purchase and receive a total of 100 domestic civil aircraft from China Commercial Aircraft, and deliver them within ten years. Among them, 50 are confirmed as ARJ21 series aircraft, and the other 50 can be all or part of C919 series aircraft.
Minsheng Securities Research Report said that in February this year, China Eastern Airlines established the 123 Airlines to operate domestic civil aircraft ARJ21 and C919, and domestic civil aircraft has a broad space in China’s mainstream civil aviation market. As China’s regional civil aircraft began to enter the batch production stage, the civil aircraft manufacturing industry chain deserves attention.
According to Dongxing Securities Research Report, at present, AVIC Aircraft, AVIC Shen Fei, Hongdu Aviation and China Aviation Industry Corporation are involved in the development and production of large aircraft. Among them, the C919 flight control system and avionics system are developed and produced by the joint venture company, and there is huge room for domestic substitution in the future. Assuming that the avionics system and electromechanical system account for 40% of the total machine value, it is estimated that the market space of China’s civil aviation engine in the next 20 years may be close to 420 billion US dollars.
Relevant listed companies sort out:
Avic aircraft: the main undertaker of the airframe of domestic large aircraft. It adopts the whole machine business and parts business, and its products cover the Xinzhou series of civil aircraft and the core parts of C919 and ARJ21. It undertakes six major work packages of C919 aircraft and more than 85% parts manufacturing of ARJ21 in regional aircraft, and it is a listed company that has benefited the most in the field of large aircraft manufacturing.
Hongdu Aviation: It belongs to Aviation Industry Group, and its products are mainly trainer production, including CJ-6 primary trainer, K-8 intermediate trainer, L-15 advanced trainer, etc., and it is responsible for developing the front fuselage and middle and rear fuselage of large aircraft C919.
AVIC Shen Fei: Known as the "cradle of Chinese fighters", it took the nose part in the C919 large aircraft project.
AVIC Optoelectronic: the largest supplier of interconnection technology solutions in the field of military defense and high-end manufacturing in China, which has provided the C919 with a comprehensive electronic equipment rack and a complete set of cable components.
AVIC Electromechanical Co., Ltd. is a platform for professional integration and industrial development of aviation electromechanical system business under aviation industry corporation of china.
Haohua Technology: Military Aviation Material Head Enterprise. Its subsidiaries have become suppliers of domestic large aircraft seals and aviation plexiglass, and manufacturers of aviation tires, aircraft skins, oil pipes and other products are also in the process of supplier audit.
Platt: According to the prospectus, 3D printed parts are installed in batches or support the development of a number of national key model projects, involving large military and civilian aircraft such as C919.
In addition, a number of listed companies indicated that they are actively cutting into the list of large aircraft suppliers. Tongda shares said on the interactive platform that it will strive to become an important participant in the domestic high-end equipment of large aircraft. Sen Qilin said on the interactive platform that it has entered the list of potential suppliers of Sino-Russian Comac CR929 and the list of cultivated suppliers of Comac China C909 and C919.
The following are the main system development and production units of C919:
Source: Dongxing Securities
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