I've been meaning to post this for a while. As we all know, the German aviation industry, though competitive in the early 20th century, was badly crippled after the war. Its military aspect had to be totally rebuilt decades later and when it was, it was done so with the Nazi's goals in mind. A victorious German Empire with no restrictions on aircraft manufacturing and in a position of dominance over Europe would find itself possessing quite a number of aircraft manufacturers. Fokker was one of those at the forefront, while Albatros put out many successful fighters as well. With heavier airplanes, Gotha works, AEG (yes, the same AEG) and of course the Zeppelin company, also had notable success. While it is not easy to predict which of the dozen or so significant companies would survive the rapid changes in the industry, the talent and expertise available would be quite impressive. Engineers prominent in OTL like Claude Dornier, Ernst Heinkel and Hugo Junkers would also be so in such an ATL and would able to continue working after war on civilian and military projects alike. Those who had been compelled to leave after Versailles, such as Fokker and Alexander Baumann would instead have more opportunity to stay in Germany and continue working. Of course, some people might well have been butterflied in or out of the industry as well.
In this sort of timeline, as usual, the French, as a power, are beaten down for at least a generation, and with German domination of Belgium, the will to attempt another war is mostly gone anyway. Russia is in shambles as well and Germany's harsh peace terms carved out many buffer states from its western realms, making recovery much harder. Overseas, Germany only retains some parts of its overseas empire (if any at all) and Britain retains naval supremacy.
As for the direction the industry goes, the answer would seem to be dictated mainly by two points. 1: Germany's experiences in the war and 2: Germany's strategic concerns in the new geopolitical system. What direction do you think the German government would find itself taking in the years after the war?