Edited by CITIC Construction Investment: "A variety of new equipment was unveiled at the Zhuhai Air Show, focusing on the leaders of central enterprises."
The 12th China International Aerospace Expo (Zhuhai Air Show) was held in Zhuhai a few days ago. In this air show, the most concerned is the "Cobra" maneuver displayed by the J-10B thrust vector verifier. The success of the J-10B thrust vectoring verifier independently developed by China's aviation industry indicates that China has mastered the key technology of thrust vectoring. The J-10B thrust vectoring verifier made its maiden flight after modification at the end of 2017, using a turbofan-10B engine with a thrust vectoring tail nozzle to replace the original Russian-made AL-31FN engine. In addition, the J-10B uses a 360-degree axisymmetric vector nozzle, which not only provides pitching control torque, but also has the function of yaw control, which greatly improves the maneuverability of thrust vector maneuverability.
The J-20 and Y-20 were unveiled at the Zhuhai Air Show and conducted air shows, in which the J-20 will conduct three flight performances to demonstrate low-altitude subsonic maneuverability, dual-aircraft and three-aircraft formation flights, and formation flight performances with Y-20. CITIC Construction Investment pointed out that at this air show, the first single-photon detection quantum radar prototype developed by CLP 14 was unveiled, which broke through the detection limit of similar radars and realized remote detection for the first time.
At this year's Zhuhai Air Show, various types of UAVs, including WJ-700 high-altitude high-speed inspection and strike integrated UAV, HK-5000G shipborne UAV and CH-10 UAV, were unveiled at the Zhuhai Air Show, showing the technological progress of China's military enterprises in the field of UAV. At the same time, civilian military enterprises are also competing to display new high-end equipment, such as Gaode infrared development and production of QN506 fire support vehicle is more eye-catching because of its beautiful weapons and equipment system.
Citic Construction Investment believes that in 2018, the fundamental inflection point of the military industry has gradually emerged. In terms of external factors, China's defense budget in 2018 is 1.107 trillion yuan, an increase of 8.1% over the same period last year, exceeding market expectations. In terms of internal factors, one is that with the gradual elimination of the impact of military reform, the compensation effect of orders is obvious, the performance of the military industrial chain has ushered in an inflection point, and the other is that the reform of the military industrial system has ushered in an inflection point, and military-civilian integration has moved from planning to a substantial landing stage. breakthroughs are expected in key areas.
Citic Construction Investment believes that from a sub-sector point of view, the aviation sector is still the most obvious improvement in order demand and performance release this year; the military performance of aerospace enterprises is growing steadily; the performance of national defense informatization and nuclear power is growing rapidly; and the supporting industry chain of the shipbuilding plate is beginning to warm up. At the same time, various reforms around military enterprises are expected to enter the stage of implementation in 2018: on the one hand, the dividend of the reform of state-owned enterprises is expected to be further released, and the reform of mixed ownership and incentive mechanism will further stimulate the vitality of central military enterprises; on the other hand, the reform of the military pricing mechanism may be implemented this year, bringing opportunities for the profit improvement of military enterprises.
Citic Jiantou believes that in the choice of targets, the leader of the national team should be preferred, and attention should be paid to the domestic substitution of civilian participation in the army. The leader of the national team pays close attention to 600760.SH, 600038.SH, 600967.SH, 002025.SZ, 002179.SZ, 002013.SZ and 600879.SH in the whole machine field. The domestic substitutes for civilian participation in the army focus on Guangwei compound material (300699.SZ), Aviation New Technology (300424.SZ), Jingjiawei (300474.SZ) and so on.
