The suspended monolithic wall panel structure is a new structure of aluminum alloy hovercraft. The axial compression ultimate bearing capacity of the suspended monolithic wall panel has been analyzed by using the nonlinear finite element method. The applicability of the design formula for the stability of stiffened plates in the current "Rules for Construction and Classification of Sea-going High Speed Craft" is also discussed. The effects of the initial defect, beam stiffness, lateral pressure and residual stress on the ultimate bearing capacity of the aluminum alloy monolithic panels are investigated for the four aluminum alloymonolithic wall panel models, including one-span, five-span, strong beam and weak beam. The results show that the suspended aluminum alloy stiffened plate simulated and calculated using the ISSC defect form is the lowest. When the number of the span increases and the strength of the beam is insufficient, the lateral pressure will significantly reduce the axial compression ultimate bearing capacity of the stiffened plate, while the effect of the residual stress is relatively small.