--- title: "Everbright Securities: C919 enters a rapid delivery phase, and the added value of the domestic industrial chain is expected to further increase" type: "News" locale: "en" url: "https://longbridge.com/en/news/230172762.md" description: "Everbright Securities released a research report stating that the domestically produced large aircraft C919 has entered a rapid delivery phase, with an estimated 9,323 aircraft to be delivered to the Chinese market over the next 20 years, with a market value of approximately USD 1.4 trillion. As the localization rate increases, the added value of the domestic industrial chain is expected to improve. Key recommendations include AVIC XAC, HDAA, Aerospace Huanyu, Andawell, TORCH ELECTRON, and BAOTI among related suppliers" datetime: "2025-03-01T07:55:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/230172762.md) - [en](https://longbridge.com/en/news/230172762.md) - [zh-HK](https://longbridge.com/zh-HK/news/230172762.md) generator: "portal-rs" --- # Everbright Securities: C919 enters a rapid delivery phase, and the added value of the domestic industrial chain is expected to further increase According to the Zhitong Finance APP, Everbright Securities released a research report stating that the domestic large aircraft sector has broad prospects, with current orders being full. Under the context of self-control, the industry's development has strong certainty. In the future, with the increase in the localization rate of materials, onboard equipment, engines, and other aspects, the added value of the domestic industrial chain is expected to further improve. The firm particularly recommends major structural segment suppliers AVIC XAC (000768.SZ), HDAA (600316.SH), composite parts and tooling suppliers Aerospace Huanyu (688523.SH), onboard equipment suppliers Andawell (300719.SZ), advanced aerospace ceramic material suppliers TORCH ELECTRON (603678.SH), and suggests paying attention to titanium material suppliers BAOTI (600456.SH). ## **Everbright Securities' main viewpoints are as follows:** **Domestic Large Aircraft: Difficult to Achieve, Ready to Take Off** Large aircraft generally refer to transport aircraft with a takeoff weight exceeding 100 tons, including trunk passenger aircraft with more than 150 seats. In the international civil aviation industry, Boeing and Airbus serve as the "duopoly," occupying over 90% of the market share. Trunk narrow-body passenger aircraft are the mainstream models in civil aviation, with narrow-body aircraft accounting for as much as 76.7% of China's civil aviation transport aircraft in 2023. Since the 1970s, China has made multiple attempts to develop domestic large aircraft. In 2008, Commercial Aircraft Corporation of China (COMAC) was established, and in 2009, it officially launched a large passenger aircraft with a capacity of 150 seats, code-named "COMAC919." On December 9, 2022, the world's first C919 large passenger aircraft was delivered to China Eastern Airlines, and it completed its first commercial flight in May 2023. As a trunk narrow-body passenger aircraft, the C919 has significant latecomer advantages in aerodynamic layout, composite material application, and economic efficiency compared to competitors Boeing 737 series and Airbus A320 series. Additionally, China's independently developed wide-body passenger aircraft C929 is about to enter the detailed design phase and has already signed a framework agreement with Air China as its first user. **Supply and Demand: C919 has orders worth hundreds of billions of dollars, with order deliveries accelerating from H2 2024** As of February 2025, according to the firm's incomplete statistics, COMAC has received nearly 1,500 orders for the C919, with confirmed orders totaling nearly 1,000. According to announcements from China Southern Airlines and Air China, the average purchase prices for the basic and extended versions of the C919 are approximately USD 99 million and USD 108 million per aircraft, respectively. Based on this, it is estimated that the total value of the confirmed orders for the C919 is nearly USD 100 billion. Furthermore, COMAC is actively exploring international markets in Europe, America, and Southeast Asia. On the supply side, deliveries will significantly accelerate in H2 2024, with a total of 16 aircraft delivered as of February 2025. According to COMAC, the production capacity for the C919 will reach 50 aircraft by 2025, with an expected output of 30 aircraft. **Looking ahead, COMAC predicts that in the next 20 years, approximately 9,323 aircraft will be delivered to the Chinese market, with a market value of about USD 1.4 trillion.** The industrial chain is long, and there is room for improvement in localization rates and domestic added value. The C919 aircraft adopts the internationally accepted "main manufacturer-supplier" model, with the manufacturing process divided according to value, where the body structure, engine, onboard equipment, and other aspects account for approximately 30%-35%, 20%-25%, 25%-30%, and 10%-15%, respectively Among them, the airframe structure is led by a subsidiary of AVIC, achieving basic localization in manufacturing; on the materials side, advanced materials are widely used in domestically produced large aircraft, with the proportions of composite materials/titanium alloys/lithium-aluminum alloys in the C919 aircraft reaching 12%/9.3%/7.66%, respectively; the current localization rate of onboard equipment is relatively low, with the majority of core systems developed and supplied by Sino-foreign joint ventures; in terms of engines, the LEAP-1C engine from CFM, a joint venture between American GE and French Safran, is used, while AVIC is actively promoting the development of domestically produced engines such as the CJ-1000. **Risk Warning:** Risks of industrial chain integration, risks of production expansion falling short of expectations, risks of international market expansion falling short of expectations ### Related Stocks - [600456.CN](https://longbridge.com/en/quote/600456.CN.md) - [600316.CN](https://longbridge.com/en/quote/600316.CN.md) - [000768.CN](https://longbridge.com/en/quote/000768.CN.md) - [300719.CN](https://longbridge.com/en/quote/300719.CN.md) - [603678.CN](https://longbridge.com/en/quote/603678.CN.md) - [02357.HK](https://longbridge.com/en/quote/02357.HK.md) - [BA.US](https://longbridge.com/en/quote/BA.US.md) - [06178.HK](https://longbridge.com/en/quote/06178.HK.md) - [GE.US](https://longbridge.com/en/quote/GE.US.md) - [00670.HK](https://longbridge.com/en/quote/00670.HK.md) - [00753.HK](https://longbridge.com/en/quote/00753.HK.md) - [01055.HK](https://longbridge.com/en/quote/01055.HK.md) - [688523.CN](https://longbridge.com/en/quote/688523.CN.md) ## Related News & Research - [Dassault Aviation reports 77,193,609 shares outstanding, 129,246,665 exercisable voting rights](https://longbridge.com/en/news/298428479.md) - [Havas, linked to Louis Hachette director Yannick Bolloré, purchases EUR 5.31 million of Louis Hachette Group shares](https://longbridge.com/en/news/298621675.md) - [Americans to mark 25 years since September 11 attacks amid enduring grief, reflection](https://longbridge.com/en/news/298712812.md) - [14:48 ETDetroit Tigers, Florida Poly join forces to advance player health and performance](https://longbridge.com/en/news/298355396.md) - [Zelenskiy’s plane 'almost hit' by drone on Tuesday, Norway PM says](https://longbridge.com/en/news/298491343.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**