华创证券指出，全球通用飞机制造商包括西锐飞机、Textron、钻石飞机。2023年三家分别交付708架、 618架及273架，市场份额分别为23%、20%及9%，三家公司占比达到52%，行业相对集中。其中，西锐 飞机目前为中航工业集团实际控制。 消息面上，3月10日，港股通标的名单迎来新一轮调整，西锐获纳入港股通名单。此外，根据GAMA发 布的《General Aviation Aircraft Shipment Report》显示，2024年全球飞机出货量稳中有升至3162架。其 中，西锐的飞机交付量同比上升3.25%至731架，交付总值同比增长10.23%至10.3亿美元。 港股异动 | 西锐(02507)早盘涨超13% 近期进入港股 通名单 公司为中航工业旗下通用飞机制造商 智通财经APP获悉，西锐(02507)早盘涨超13%，截至发稿，涨8.71%，报28.7港元，成交额6134.22万港 元。 ...

西锐飞机 20250226 摘要 • 西锐飞机公司在通用航空领域连续 23 年保持领先地位，2022 年单引擎活 塞型飞机销量第一，愿景喷气机连续七年成为最畅销机型，市场份额持续 增加。 • 公司自 2019 年以来实现显著增长，营收从 4.3 亿美元增至 2023 年的 11 亿美元，净利润达 1 亿美元，订单储备接近 1,300 架，确保了良好的现金 流。 • 通用航空市场规模已增至 300 亿美元，西锐关注价格低于 700 万美元的 私人飞行器市场，该市场规模约为 50 亿美元，公司营收 11 亿美元，增长 潜力巨大。 • 西锐计划将业务规模扩大四倍，专注于小型私人飞行器市场，并拓展融资、 保险、培训及维保等服务，服务业务已从 2019 年的 2,500 万美元增长到 超过 1.5 亿美元。 • 2023 年西锐交付 731 架飞机，远超竞争对手塞斯纳的 296 架，在活塞发 动机和喷气式发动机市场销量领先，且在 120 万至 450 万美元价格区间 内占据显著市场份额。 Q&A 西锐飞机公司在私人航空市场的表现如何？ 西锐飞机公司是全球最大的私人航空公司之一，尤其在交付飞机数量方面。我 们已经交付了超 ...

Financial Performance - The company reported a total revenue of $X million for the first half of 2024, representing a Y% increase compared to the same period last year[3]. - Revenue for the six months ending June 30, 2024, rose to approximately $475.4 million, an increase of 11.6% from $426.0 million in the same period last year[16]. - The company reported a total comprehensive income of $35,606 thousand for the period, compared to $28,771 thousand in the previous year, representing a growth of 23.8%[89]. - The company reported a profit of $35,607 thousand for the six months ended June 30, 2024, compared to $28,770 thousand for the same period in 2023, representing a year-over-year increase of approximately 24.3%[96]. - Basic and diluted earnings per share rose to $0.11, compared to $0.09 for the same period last year, marking a 22.2% increase[87]. Customer and Market Growth - User data indicates that the number of active customers has grown to Z, reflecting a growth rate of A% year-over-year[3]. - The company has provided guidance for the full year 2024, projecting revenue to reach between $B million and $C million, which would represent a growth of D%[3]. - Market expansion efforts have led to the establishment of new partnerships in regions such as G, aiming to increase market share by H%[3]. - A new customer loyalty program, JetStream, has been introduced, aiming to increase customer retention by I%[3]. - The company has established sales operations in over 36 countries, enhancing its global reach and customer engagement[22]. Product Development and Innovation - New product launches include the SR2X series and Vision Jet, with a total of E units sold in the first half of 2024[3]. - The company is investing in R&D for advanced technologies, with a budget allocation of $F million for the upcoming fiscal year[3]. - The company launched the seventh generation (G7) of the SR2X series, which has been the best-selling single-engine piston aircraft for 22 consecutive years[14]. - The introduction of the G7 series and the ongoing development of the ownership experience ecosystem contributed to a net order increase of 107 aircraft, from 255 to 362 orders year-over-year[22]. - The SR10 aircraft received production certification from the U.S. Department of Transportation's Federal Aviation Administration in April 2024, marking a new design aimed at training the next generation of pilots[59]. Financial Position and Assets - Total assets as of June 30, 2024, amounted to $1,080.9 million, a 7.2% increase from $1,007.9 million as of December 31, 2023[17]. - Total liabilities increased to $(571.9) million as of June 30, 2024, up 7.0% from $(534.6) million as of December 31, 2023[17]. - The total equity as of June 30, 2024, was $508,982 thousand, an increase from $411,003 thousand as of June 30, 2023, representing a growth of approximately 24.0%[96]. - The net book value of property, plant, and equipment increased to $207.5 million as of June 30, 2024, from $168.5 million as of June 30, 2023, representing a growth of approximately 23%[118]. - The company has a backlog of 1,263 aircraft orders as of June 30, 2024, including approximately 261 Vision jets[22]. Expenses and Cost Management - The company's sales and marketing expenses rose to $57.0 million for the six months ended June 30, 2024, compared to $48.4 million in the same period last year, marking an increase of about 17.7%[26]. - General and administrative expenses rose by 6.0% from $56.9 million in the previous year to $60.3 million for the six months ended June 30, 2024, mainly due to product development and IPO-related expenses[32]. - The cost of sales increased from $277.4 million to $311.9 million, primarily due to higher aircraft delivery volumes and costs associated with the launch of the G7 product line[28]. - The company’s total expenses for the six months ended June 30, 2024, were $429,230,000, compared to $382,646,000 for the same period in 2023, indicating an increase of approximately 12.2%[109]. - Employee benefit expenses for the six months ended June 30, 2024, were $136,735,000, up from $126,175,000 in the same period of 2023, representing an increase of about 8.5%[109]. Cash Flow and Financing - Cash and bank balances decreased from $246.9 million as of December 31, 2023, to $214.6 million as of June 30, 2024, primarily due to cash used in investment activities[36]. - Net cash inflow from operating activities was $11.7 million for the six months ended June 30, 2024, compared to a net cash outflow of $44.9 million for the same period in 2023[37]. - The company reported a net cash outflow from investing activities of $38,336 thousand for the six months ended June 30, 2024, compared to $28,355 thousand in the same period of 2023[98]. - The company’s financing cash flow for the six months ended June 30, 2024, was a net outflow of $5,680 thousand, an improvement from the net outflow of $11,970 thousand in the same period of 2023[98]. - Total borrowings amounted to $64 million as of June 30, 2024, down from $67.8 million as of December 31, 2023, indicating a reduction of approximately 5.2%[121]. Risk Management and Compliance - The company has managed credit risk by only transacting with highly rated financial institutions, resulting in nearly zero confirmed credit losses[47]. - The company has set aside sufficient reserves to cover potential losses from ongoing product liability claims, indicating a proactive approach to risk management[133]. - The company has complied with all covenants related to its borrowings as of June 30, 2024[122]. - Management believes that the final outcomes of ongoing litigation will not have a significant adverse impact on the company's financial position or operating results[133]. - The audit, risk, and compliance committee has reviewed the financial statements and confirmed they are prepared in accordance with applicable accounting standards[66].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of approximately $475.4 million, an increase of 11.6% from $426.0 million in the same period last year[4]. - The company's profit increased by approximately 23.6% from about $28.8 million for the six months ended June 30, 2023, to approximately $35.6 million for the same period in 2024[4]. - Gross profit rose from approximately $148.6 million for the six months ended June 30, 2023, to about $163.4 million for the same period in 2024, reflecting an increase of approximately 9.9%[4]. - The operating profit for the six months ended June 30, 2024, was $46.756 million, compared to $43.715 million for the same period in 2023[14]. - The net profit for the six months ended June 30, 2024, was $35.607 million, compared to $28.770 million for the same period in 2023, with basic and diluted earnings per share of $0.11[14]. - The total tax expense for the six months ended June 30, 2024, was $8,461,000, a decrease from $12,247,000 in 2023, indicating a reduction of about 30.5%[31]. - The company reported a profit of $35,607 thousand for the six months ended June 30, 2024, up from $28,770 thousand in the same period of 2023, marking an increase of approximately 24.5%[18]. Revenue Sources - Revenue from Cirrus Services and Other increased from approximately $69 million for the six months ended June 30, 2023, to about $77 million for the same period in 2024, driven by growth in aftermarket parts and flight training services[4]. - External customer revenue from aircraft was $397,923,000 for the six months ended June 30, 2024, compared to $356,936,000 in 2023, indicating a year-over-year increase of about 11.5%[25]. - Over 90% of the company's revenue and operating profit is derived from transactions registered and completed in the United States, with no regional data reported[24]. Production and Delivery - The net order volume for the SR2X and Vision Jet combined increased from 255 units for the six months ended June 30, 2023, to 362 units for the six months ended June 30, 2024, representing an increase of 42%[3]. - For the six months ended June 30, 2024, the company produced 330 aircraft (287 SR2X series and 43 Vision Jets) and delivered 287 aircraft (244 SR2X series and 43 Vision Jets), compared to 332 produced and 267 delivered in the same period of 2023[11]. - The company has delivered over 9,700 units of the SR2X series and over 550 units of the Vision Jet since its inception[5]. - As of June 30, 2024, the company has delivered over 9,700 SR2X series aircraft and over 550 Vision Jets, with a backlog of 1,263 aircraft, including approximately 261 Vision Jets on order[9]. Expenses and Costs - The cost of sales rose to $311.9 million from $277.4 million, primarily due to increased aircraft deliveries and costs associated with the launch of the 7th generation SR2X aircraft[46]. - Employee benefits expenses rose to $136,735,000 for the six months ended June 30, 2024, up from $126,175,000 in 2023, reflecting an increase of approximately 8.5%[27]. - Sales and marketing expenses increased by 17.8% to $57.0 million, up from $48.4 million, mainly due to expenses related to the global launch of the SR2X product line[48]. - General and administrative expenses increased by 6.0% to $60.3 million for the six months ended June 30, 2024, compared to $56.9 million for the same period last year[49]. - Research and development expenses increased to $7,778,000 for the six months ended June 30, 2024, compared to $4,239,000 in 2023, marking a significant rise of about 83.5%[27]. Cash Flow and Assets - The cash flow from operating activities for the six months ended June 30, 2024, was $19,849 thousand, compared to a cash outflow of $26,867 thousand for the same period in 2023, indicating a significant improvement[18]. - Cash and cash equivalents at the end of June 30, 2024, were $214,579 thousand, up from $158,009 thousand at the end of June 30, 2023, indicating a year-over-year increase of approximately 35.7%[19]. - The total assets as of June 30, 2024, amounted to $1,080.929 million, an increase from $1,007.935 million as of December 31, 2023[16]. - Total current assets were $476.5 million as of June 30, 2024, including cash and cash equivalents of $214.6 million[52]. - Current liabilities amounted to $432.4 million as of June 30, 2024, which included accounts payable of $48.6 million[52]. Corporate Governance and Future Plans - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[68]. - The company plans to enhance production capacity and efficiency, having recently completed significant improvements at the Dufour facility, including expanded autoclave and mold capacity[12]. - The company plans to adopt new accounting standards effective in 2025 and beyond, which are not expected to have a significant impact on financial performance[23]. - The company is focusing on expanding its market presence and improving customer service through new maintenance plans and enhanced aircraft management solutions[13]. - The company has established an audit, risk, and compliance committee to oversee financial reporting and risk management[72]. Shareholder Information - The company did not declare any dividends for the six months ended June 30, 2024, compared to $6,500,000 declared for the same period in 2023[35]. - The board does not recommend the distribution of an interim dividend for the six months ending June 30, 2024[75]. - The company successfully completed its IPO on July 12, 2024, issuing 54,875,900 shares at HKD 27.50 per share[74]. - The net proceeds from the global offering, amounting to approximately HKD 1,396.02 million, will be used as disclosed in the prospectus[71]. - The special cash incentive for key employees is estimated at approximately $12.9 million, equivalent to 1.0% of the company's market value post-IPO[67].