| 摘要(英) |
Engines are the heart of an aircraft. After reaching a certain fleet hours, engines must undergo inspection, maintenance, and repair to restore reliability before flying in the sky again. This thesis mainly discussing the industry analysis of the engine MRO firms, by using the Structure-Conduct-Performance model as the research method.
The study found that engine maintenance has low substitutability, with a requirement for small quantities of diverse raw materials, some of which are supplied by Original Engine Manufacturers’ (OEM) subsidiaries. Demand elasticity is generally low, but it’s been determined by the value of components. To review basic conditions, establishing a relationship with OEM is crucial for obtaining priority in raw material shipments and immediate technical support. In terms of government policies, it’s an industry with extensive and stringent regulatory measures, creating a significant barrier for potential new entrants.
Regarding market structure, there are approximately 1,813 firms which are capable of engine and component maintenance, with the top four firms holding a market concentration of 46.6%, resulting in an HHI of 714.62. This indicates a leadership oligopoly market, comprising dominant and fringe firms. Potential entrants face seven key barriers, with "certification" being the most challenging, acting as a moat for the entire industry.
MRO services must meet standards, resulting in minimal differentiation among firms for similar maintenance tasks. The number of firms with maintenance capabilities is controlled by OEMs, and with the prevalence of selling flight hours, manufacturers are turning maintenance into an internal market. Pricing power for MRO firms is constrained by OEMs, who choose between spare part replacement and maintenance based on cost considerations. Besides commercial business, firms also seek to develop military business to diversify risks. Research and development spending is concentrated on the manufacturing end, rather than maintenance site.
By comparing revenue growth rates, operating profit margins, return on equity, etc., it was found that due to the first-mover advantage, firms generally enjoy good profitability. However, as firms typically engage in both manufacturing and maintenance, the proportion of maintenance business decreases when new engines are introduced. In general, for the discussed 4 firms, those with a higher proportion of MRO business have better long-term profitability. |
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