Yes, I've conquered 70% of Europe as the Minor Axis against a deity AI, and I've also played them once in a short-lived PBEM. Your production isn't too bad considering how bad it is for everybody in this particular scenario. An He-111 can be built relatively quick, and the Stuka and fighters very quickly. Furthermore you could sell off your scientific improvements to rush some bombers at the very outset, so that you can face him when he first engages you.
This is all moot now however, if four of his ships have survived this long, there's just no hope for you down there. There was, but not anymore; every turn counts in this game.