2005/12/30 1990 15-20%20% 30% / 30% 5000 06 06 EB / 05 06 EPS 0.741.15 17.4911.25 52 (0755) 8249 2291 wuyc@lhzq.com http:// 219.133.104.135/ibase 1 / 21
- 20051230 04...3...3...4...4...5 06...6...7...7 /...7...8 20%...9...9...10 5...11 11...11 FBC1A2005...11 10 FC1...12 L15...12...12 ARJ21-700...13...13 06~08 30%...15...15...15 /...16...17...18...18 EB...18...19...19 http:// 219.133.104.135/ibase 2/21
- 20051230 04 4.5g/cm 3 1668 TiO 2 () FeTiO 2 () 1,(/) 106.4GMPa, 57% / 600 12 3 2 α Ti-5Al-2.5Sn Ti-6Al-2Sn-4Zr-2Mn α+β Ti-6Al-4V Ti-6Al-2Sn-4Zr-2Mo β Ti-13V-11Cr-3Al 35 3 / http:// 219.133.104.135/ibase 3/21
- 20051230 4 30 15.2 1990 2004 1 20 6070 1990 11.35 http:// 219.133.104.135/ibase 4/21
- 20051230 2 2004 9.1 1990 4 5 (2004)() (2004)() (%) 12000 13000 108.33 18000 18000 100.00 TIMET 8900 8600 96.63 AVISMA 25000 26000 104.00 TMK 22000 20000 90.91 85900 85600 99.65 3 911 2004 1500 11.11% http:// 219.133.104.135/ibase 5/21
- 20051230 6 1998 1999 2000 2001 2002 2003 2004 EADS/Airbus series 229 294 311 325 303 305 320 BOEING/B series 510 573 482 526 381 281 285 Bombardier/CRJ series 77 81 99 148 166 214 178 Embrear/EMB series 60 96 157 153 121 87 134 05~08 20% 2022 40000 5~10% 06 100% 7 2004 (2004)() (2004)() 3000 3393 113.10% 1000 1416 141.60% 2005 1~9 3 34 150% 5000 42004vs2005 http:// 219.133.104.135/ibase 6/21
- 20051230 550 8 (/ 2 ) (/cm 3 ) 25~28 1.7 15~16 50~60 2.8 18~20 130~150 7.9 16~19 160~180 8 20~23 αβ 105~120 4.5 23~27 130~140 4.8 27~29 1950 F84 1954 αβ Ti-6Al-4V J57 60 SR71 93% Su100100 70 F14F15F18 B737B747 80 M2.2 B1B B1B 9 3 / / http:// 219.133.104.135/ibase 7/21
- 20051230 9 B737 B747 A300 A340 B777 A320 A380 (KG) 31.5 175.09 90.1 170 135.58 41 275 (%) 11.11 23.70 13.32 11.18 42.04 20.73 16.55 1967 1969 1972 1991 1994 1995 2005 10/ F/A18 F/A18 F/A18 F16 YF17 A/B C/D E/F F22 F35 B1 B2 1978 1980 1986 2002 2005 1986 1991 (%) 3 8 10 10 23 24 36 29 38 (%) 2 7 12 13 15 41 27 21 26 (%) 83 73 50 50 29 15 41 19 (%) 5 10 15 16 14 5 9 6 (%) 7 2 14 11 19 15 37 11 30 B EADS 30 200% 5 6 15-20% 25% http:// 219.133.104.135/ibase 8/21
- 20051230 T300/12K 18~20 / 28~30 / A380 16.55% 25% 06 B787 50% 20% 70 F22 40% F22 39% 7 20 80% 55% http:// 219.133.104.135/ibase 9/21
- 20051230 8(/) 5 ARJ21-700 09 11 500 200 100 3K12K 4*90 20051121 http:// 219.133.104.135/ibase 10/21
- 20051230 5 12 8 8II 1 6 11 7 5 10FC1 AVIC1 FBC1 6 7 9 5N5A 6K8L15 AVIC2 8S-92 9EC120 L15 11(Su27 ) 10( )FC1()FBC1() (2005/11/17) 5 11 11 Su27 1990 Su27 9 Su27 76 1997 200 ( ) 11 98 1999~2000 14 2001~2004 11 60 11 24 6 15 2/3 FBC1A2005 FBC1A2005 1~2 5 /10 http:// 219.133.104.135/ibase 11/21
- 20051230 10 FC1 10 FC1 10 10 11 Su27/30 L15 L15 2005 9 20 02 () 05 0607 08 (1) (2) 2 13 () (%) (/) 11 18400 15 2760 10 8840 25 2210 FBC1 14500 27 3915 FC1 6411 10 641 L15 6600 15 990 6 http:// 219.133.104.135/ibase 12/21
- 20051230 7 9 8II 5%~7%( 8II 4%) ARJ21-700 (2005/11/17) 60 ARJ21-700 05~09 (Embrear) ERJ145 8 12 8 14ARJ21 () (/) ARJ21-700 19700 20% 3940 60 14500 12% 1740 ERJ145 12000 17% 2040 15 2005E 2006E 2007E 2008E 2009E 60 3 7 10 13 13 ARJ21-700 0 2 3 5 10 ERJ145 3 4 6 7 10 20%80% 2003 0607 25% 08 1.2 2.5 30~35 16/ () () () 5 BK-1 25.5 32.5 919 Mig-15/Mig-17/ 5 1956.06 6 P-9B 25.5 31.8 708 5/ 5 / 6 1963.01 7 P--300 38.2 55.9 8/ 7M 1982.06 8 P--3M 93 3100 6 1967.01 13 7 43.1 64.7 8II/ 7E/ 7C/ 8 1985 13% http:// 219.133.104.135/ibase 13/21
- 20051230 M I/II 49/53.9 69.6/76.4 1010 6.4/7.0 7/ 8/ 8IIF 2002 15% 5 6 35.3 700 5 5() 1973 6/6G 70.6/83.3 121.5/138.2 1900 6.0/7.0 9/ 6() 1984 Spey 9 54.5 91.3 1850 5.05 FBC1 2003 25% MK202 10 73.5 129.3 1750 +7.5 FBC1/ 10/ 11() 2005 35% 25~30 2003 ---- 13 I/II 10% 5 9 10 9 FBC1A FBC1A 9 10 7.5 10 06 10 35% 80~100 7 http:// 219.133.104.135/ibase 14/21
- 20051230 06~08 30% 06 30% 60 17 1960 A 2300 400 AMPS 7 8 18 /() /() /() 661 P 5197/7000 550/400 25/44.7 1 705705K A 2300/3180 400/320 14/41.0 7 685 M 5880/8500 1250/1000 14/30.6 1 945945A S 6470/8500 600/480 18/35 4 3 http:// 219.133.104.135/ibase 15/21
- 20051230 19 (MPa) (T/m3) 48-OT3 588 0.15 AK-25 588 0.195 AK-29 784 0.175 A 90 P M S 971 M 1989 S 13 2 20 /971 13 2 9100 I/II 12 13400 I/IIS 3 8500 III 24 6000 12 2350 1993 S S / / 600 http:// 219.133.104.135/ibase 16/21
- 20051230 10000 S 21 / / /092 4 8000 /039 10 2250 /091 5 5000 R /6633 103 1700 G /6631 1 2950 W /6603 15 1350 K /Kilo877/636 6( 6) 3000 040 1 A /33G1 1 1700 093 8000 /035 21 1900 094 10000 R W 035 5 (W )039 039A 091092 90 1995 12 (Kilo) 040 093094 http:// 219.133.104.135/ibase 17/21
- 20051230 20 15 8000 5 EB 06 2400KW EB 4000 400 800 1800 1120 / EB 10.85 10.93 1042 EB () 06 1 06 3 ( ) 30% 06 15% 07 12%10% 30% http:// 219.133.104.135/ibase 18/21
- 20051230 22 2004A 2005E 2006E 2007E (%) (%) () 538.95 675 1035 53.33 1159.2 12 (%) 15.00 15.00 18.42 17.69 () 1077.9 1350 1750 29.63 2275 30 (%) 30.00 30.00 31.14 34.72 () 1976.15 2475 2835 14.55 3118.5 10 (%) 55.00 55.00 50.44 47.59 () 3593 4500 5620 24.89 6552.7 16.60 06 5000 06 3000 04 2.46 8000~10000 06 06 2 0506 EPS 0.7421.150 12 30 12.94 17.4911.25 VISMPO-AVISMA200505 18.73 10 29.16 10075 54.04%522.15% 385.43% (600549) 18 http:// 219.133.104.135/ibase 19/21
- 20051230 23 2004A 2005Q3 2005E 2006E 62,662.60 90,174.78 116,626.05 144,875.02 48,461.29 66,744.81 86,964.13 105,130.94 258.18 495.5 640.85 701.60 13,943.14 22,934.47 29,661.91 39,042.47 22.25% 25.43% 25.43% 27.43% 288.17 1,481.11 1600 500 708.05 744.7 963.15 1,458.11 3,391.13 8,710.58 9,710.58 6,443.15 831.58 960.24 1,055.62 1,398.71 9,300.55 14,000.07 19,532.57 30,242.51-1,158.25 2.45 14.89 19.80 23.76 17.13 92.41 122.91 147.49 8,127.62 13,922.55 19,429.46 30,118.79 1,323.12 3,289.24 4,590.26 7,115.65 / 16.28% 23.63% 23.63% 23.63% 6,804.49 10,633.31 14,839.20 23,003.14 8VISMPO-AVISMA 05 Bloomberg 9 05 Bloomberg http:// 219.133.104.135/ibase 20/21
6 10% 6-10% 10% 6 10% 5047 10 518001 TEL: (86-755) 8249 2080 FAX: (86-755) 8249 3318 E-MAIL: LHZQRD@LHZQ.COM 161 34 200121 TEL: (86-21) 5840 6452 FAX: (86-21) 5840 6254 E-MAIL: LHZQRD@LHZQ.COM http:// 219.133.104.135/ibase 21/21