主题：【原创】通过L-15看中国航空工业的尴尬 -- 观望者

2008年军机的operating margin约为8%, 民机的是4%以下。

但这种高利润率不靠谱，只能算是锦上添花不能安身立命。咱看波音收购麦道之前的1995和1994年：

Revenues:

Commercial aircraft $13,933 $16,851

Defense and space 5,582 5,073

Operating earnings by segment:

Commercial aircraft $391 $1,022

Defense and space 124 305

反观麦道的：

Revenues

Military aircraft $ 2,102 $ 1,991

Commercial aircraft 663 967

Missiles, space and electronic

systems 488 420

Financial services and other 81 80

-------- --------

Operating revenues 3,334 3,458

Revenue基本上就是利润了，麦道军机是民机的3倍，波音则相反，大头在民机。

结果，麦道被波音收购了……