Investment Rating - The investment rating for the company is "Outperform the Market" [3][15]. Core Views - The company is positioned to benefit from the dual drivers of automotive lightweighting and general aviation aircraft manufacturing, with a focus on the growing demand for lightweight components in electric vehicles and the development of the low-altitude economy [2][15]. - The company reported a revenue of 40 billion yuan in Q3 2024, representing a 4% quarter-on-quarter increase, while the revenue for the first three quarters of 2024 was 113.70 billion yuan, a year-on-year decrease of 1.97% [1][6]. - The company aims to expand its market presence in the general aviation sector, particularly in the private aircraft market, and is investing in the development of new aircraft models, including electric and eVTOL aircraft [2][14]. Financial Performance - In Q3 2024, the company's gross margin was 15.7%, down 2.6 percentage points year-on-year and 1.6 percentage points quarter-on-quarter, while the net profit margin was 5.4%, down 1 percentage point year-on-year and 0.7 percentage points quarter-on-quarter [1][8]. - For the first nine months of 2024, the automotive lightweighting business generated revenue of 93.83 billion yuan, a year-on-year decrease of 3.76%, while the general aviation aircraft manufacturing business achieved revenue of 19.87 billion yuan, a year-on-year increase of 7.49% [2][7]. - The company expects revenues of 171 billion yuan, 186 billion yuan, and 205 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits projected at 9.46 billion yuan, 11.05 billion yuan, and 13.02 billion yuan for the same years [3][15]. Business Segments - The company's business is divided into two main segments: automotive lightweighting, which includes the manufacturing of aluminum and magnesium alloy components, and general aviation aircraft manufacturing, which encompasses the entire process from research and development to sales and after-sales service [2][12]. - The automotive lightweighting segment is expected to benefit from the increasing demand for lightweight materials in the electric vehicle market, while the general aviation segment is focusing on expanding its product offerings and optimizing sales processes [2][14].

Investment Rating - The report maintains a "Recommend" rating for Wanfeng Auto (002085) [1] Core Views - Wanfeng Auto signed a technical cooperation memorandum with Volkswagen (Germany) to advance its eVTOL business, focusing on industrial design, aeronautical interior/exterior design, and human-machine interaction [1] - The company aims to independently develop and commercialize large-scale vertical mobility solutions with Volkswagen's support [1] - Wanfeng Auto is positioned as a core beneficiary in the low-altitude economy, with its Diamond aircraft brand expected to drive growth [1] - The report forecasts a significant market potential for eVTOL, with over 13,000 units potentially required if urban/intercity air mobility reaches 1% penetration [1] Market Potential - The general aviation market is expected to grow significantly, with the number of airports projected to increase from 449 in 2023 to 645 by 2027, representing a 9.5% CAGR [1] - Aircraft deliveries are expected to grow by 44-119% from 2023 to 2027, with potential additions of 1,454 to 3,929 aircraft [1] - The eVTOL market could see demand for 5,000-10,000 units by 2027 if one-third of 4A-level scenic spots adopt low-altitude tourism [1] Financial Projections - Revenue is expected to grow from 16,207 million in 2023 to 20,253 million by 2026, with a 10.8% YoY growth in 2026 [2] - Net profit attributable to shareholders is projected to increase from 727 million in 2023 to 1,346 million by 2026, with a 21.4% YoY growth in 2026 [2] - EPS is forecasted to rise from 0.34 in 2023 to 0.63 by 2026 [2] - The company's PE ratio is expected to decrease from 50 in 2024 to 35 by 2026 [2] Business Drivers - Traditional flight training demand remains strong, with Boeing projecting a significant pilot shortage over the next 20 years [1] - The DA40 model dominates Wanfeng's current deliveries, accounting for 44% of total deliveries in 2023 [1] - The DA50 model shows promising growth, with deliveries increasing from 7 in 2021 to 19 in 2023 [1] Valuation - The company's current PE ratio of 50 for 2024 is below the average PE of 86 for the top 10 performers in the low-altitude economy sector [1] - Wanfeng Auto's valuation remains attractive compared to peers in the low-altitude economy space [1]

Group 1: Company Overview - Zhejiang Wanfeng Aowei Aviation Co., Ltd. focuses on advanced manufacturing in the transportation sector, particularly in lightweight automotive metal components and general aviation aircraft manufacturing [1] - The company has over 20 years of development, establishing a dual-engine industrial development pattern centered on "aluminum alloy - magnesium alloy" lightweight business and innovative aircraft manufacturing [1] Group 2: Lightweight Industry Development - The lightweight industry emphasizes aluminum/magnesium alloy components, positioning the company as a global leader in lightweight magnesium alloy new material processing [2] - Annual production capacity for lightweight aluminum alloy products is 42,000 sets, targeting high-end aluminum alloy wheels for automobiles and motorcycles [1] Group 3: Strategic Market Focus - The company is transitioning from traditional vehicles to new energy vehicles, collaborating with mainstream new energy vehicle manufacturers [2] - The motorcycle aluminum alloy wheel market is expanding, focusing on China, India, and further developing markets in Japan, Southeast Asia, and Europe [2] Group 4: General Aviation Aircraft Development - The company operates three major aircraft design and R&D centers in Austria, Canada, and the Czech Republic, along with a provincial engineering research center in China [2] - The Diamond Aircraft brand is a leader in global flight training, with models like DA20 and DA40 being prominent in the flight training market [3] Group 5: Product Offerings and Innovations - The company has developed 18 aircraft models, including the DA50NG, a high-end private aircraft, and the eDA40, the world's first electric aircraft with fast-charging capabilities [5] - The DA50NG model has won multiple international awards and is designed for long-distance flights, while the eDA40 can reduce operational costs by over 40% compared to traditional piston aircraft [5] Group 6: Global Operations and Management - The company has established manufacturing bases and R&D centers in 10 countries, with 13 production bases in six provinces in China [5] - Through digital transformation and smart factory construction, the company aims to enhance production efficiency and maintain competitive advantages in international management and quality control [5]

Investment Rating - Maintain "Overweight" rating with a target price of 17.2 yuan [2] Core Views - The company's revenue growth is steady, with strong development in the general aviation business [2] - The company's automotive metal component lightweighting business is well-positioned in the new energy vehicle (NEV) sector, while the general aviation business is tapping into the low-altitude economy [3] - The company is expected to achieve revenue of 16.587 billion yuan, 18.060 billion yuan, and 19.849 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 0.45 yuan, 0.52 yuan, and 0.61 yuan [4] Financial Performance - In Q1-Q3 2024, the company achieved revenue of 11.370 billion yuan, a year-on-year decrease of 1.97%, but a 4.23% increase when excluding the impact of the divestiture of Wuxi Xiongwei's high-strength steel stamping business [2] - Net profit attributable to the parent company was 564 million yuan, a year-on-year increase of 5.07%, while non-GAAP net profit was 499 million yuan, up 3.20% year-on-year [2] - In Q3 2024, revenue was 3.999 billion yuan, a year-on-year decrease of 2.28%, with net profit attributable to the parent company at 165 million yuan, down 24.02% year-on-year [2] - The automotive metal component lightweighting business generated revenue of 9.383 billion yuan, a year-on-year decrease of 3.76%, while the general aviation aircraft manufacturing business achieved revenue of 1.987 billion yuan, up 7.49% year-on-year [2] Profitability and Cost Control - The gross profit margin for Q1-Q3 2024 was 17.50%, a year-on-year decrease of 2.45 percentage points [3] - The sales expense ratio, management expense ratio, and R&D expense ratio were 1.22%, 4.89%, and 2.86%, respectively, showing good control over period expenses [3] Business Development - The company is strengthening cooperation with core NEV customers, optimizing product structure, and increasing the application of large-size wheels and magnesium alloy die-cast parts in mid-to-high-end and NEV models [3] - The general aviation aircraft manufacturing business has sufficient orders, with ongoing optimization of sales and global private aircraft market expansion [3] - The company is focusing on the development of electric aircraft and eVTOL (electric vertical take-off and landing) vehicles, aligning with the national low-altitude economy development strategy [3] Financial Projections - Revenue is projected to grow at a compound annual growth rate (CAGR) of 9.91% from 2024 to 2026, reaching 19.849 billion yuan by 2026 [6] - Net profit attributable to the parent company is expected to grow at a CAGR of 17.72% over the same period, reaching 1.300 billion yuan by 2026 [6] - The company's ROE is forecasted to increase from 13.44% in 2024 to 14.54% in 2026 [6] Valuation - The company's P/E ratio is expected to decline from 39.65x in 2024 to 29.29x in 2026, reflecting improving profitability and earnings growth [6]

Financial Performance - Revenue for Q3 2024 was CNY 3,998,718,845.33, a decrease of 2.28% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 165,425,292.79, down 24.02% year-on-year[2]. - Net profit excluding non-recurring gains and losses was CNY 140,095,197.53, a decrease of 30.23% compared to the previous year[2]. - Basic earnings per share for Q3 2024 was CNY 0.08, a decline of 27.27% year-on-year[2]. - For the first nine months of 2024, the company achieved operating revenue of CNY 11.37 billion, a decrease of 1.97% year-on-year, but a 4.23% increase when excluding the Wuxi Xiongwei high-strength steel stamping business from the previous year[11]. - The net profit attributable to shareholders for the same period was CNY 564 million, reflecting a year-on-year growth of 5.07%[11]. - The automotive metal lightweighting business generated revenue of CNY 9.38 billion, down 3.76% year-on-year, despite an increase in overall sales volume due to the impact of Wuxi Xiongwei[12]. - The general aviation aircraft innovative manufacturing business reported revenue of CNY 1.99 billion, a year-on-year increase of 7.49%, with stable sales and a strong order book[13]. Cash Flow and Assets - Operating cash flow for the year-to-date period decreased by 57.92% to CNY 589,384,839.02[2]. - Cash flow from operating activities decreased by CNY 81,129,310.00, a decline of 57.92% year-on-year, attributed to reduced sales revenue and increased supplier payments[7]. - Total assets at the end of the reporting period were CNY 17,927,955,441.93, an increase of 1.60% from the end of the previous year[2]. - Cash and cash equivalents decreased to ¥1,847,089,291.04 from ¥1,892,477,223.58, showing a decline of 2.7%[16]. - Accounts receivable increased to ¥3,409,010,164.90 from ¥3,247,444,214.35, representing a rise of 4.96%[16]. - Inventory rose to ¥3,010,142,438.98, up from ¥2,781,536,740.50, indicating an increase of 8.23%[16]. - The total assets of the company reached ¥17,927,955,441.93, compared to ¥17,645,063,288.21, marking an increase of 1.6%[17]. - The total liabilities increased slightly to ¥8,293,938,281.62 from ¥8,265,983,215.10, reflecting a growth of 0.34%[17]. Cost Management - Total operating costs amounted to ¥10,548,051,658.03, slightly down from ¥10,561,129,735.19, indicating a cost control strategy[18]. - Research and development expenses for the period were ¥325,021,016.40, down from ¥339,137,524.72, indicating a focus on efficiency[18]. Strategic Initiatives - The company plans to enhance its R&D capabilities in lightweight metal applications, focusing on aluminum and magnesium alloys to meet the rising demand in the new energy vehicle sector[12]. - The company aims to expand its market presence in the low-altitude economy, developing new applications for its aircraft models and increasing R&D for electric aircraft and eVTOL[14]. - The company is committed to localizing design and supply chain agility to support the growth of the new energy vehicle market[12]. - The company maintains a strong focus on optimizing customer structure and enhancing production efficiency through digital management upgrades[12]. Shareholder Information - The top ten shareholders include Wan Feng Auto Holding Group with a 34.37% stake and other significant shareholders such as Century Life Insurance with 5.00%[10]. Other Comprehensive Income - The company reported a significant decrease in other comprehensive income, which fell to -¥42,844,714.43 from ¥67,529,134.24[17]. - The company reported a decrease in other comprehensive income, with a net loss of approximately ¥128.19 million compared to a gain of ¥168.34 million in the previous year[19].

那各位听者大家早上好我是华尚交易吴亦凡那欢迎来收听我们这个疫情要低峰第六期那从我们上周二推出啊这个到今天第六期我们上周三期本周这个三期整个低峰市场的表现应该说还是这个有目共睹应该说这也还是非常的亮眼那今天的话我们主要是汇报一下这个万方威因为从我们提出整个低峰筛列课四金刚这个以来我们感觉到市场对于这个对于这个认知啊这个也是关注度啊 信息多也是在不断提升那这个其实第一期我们讲的就是畅想一二期中主气场视角来看整个低空它攻略多大其实重点就建议关注万峰那这个最近我们和我们汽车组就联合发布了万峰ROV的这样一个深度所以今天我们对此做一个这样的汇报那首先的话我们这个第一部分那因为既然是对这个公司做一个深度的这样一个汇报的话我们先把这个公司这个发展的历程 简单的讲 假如从它发展的历史当中我们会看一下这个公司的基因在哪我觉得这个事情还是比较重要的首先第一 万凤卫它现在 现在当它是这个双引擎啊就是以汽车金属零部件的轻量化和这个通航飞机创新制造产业是公司在引爆年史的双引擎的迅速发展但事实上它都是以大交通领域当中先进制造业为核心的这样一个公司那它呢是通过不断收购形成目前的这种格局 那胡斯在06年在生鸟所上市那上市以来他围绕业务主线其 ...

证 券 研 究 报 告 万丰奥威（002085）深度研究报告 推荐（首次） 低空经济浪潮下预期钻石飞机品牌核心受益，轻量 | --- | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券时报网讯，万丰奥威股价创出历史新高，截至10:39，该股上涨10.02%，股价报18.77元，成交量 2.77亿股，成交金额50.31亿元，换手率13.07%，该股最新A股总市值达398.54亿元，该股A股流通市值 398.54亿元。 证券时报•数据宝统计显示，万丰奥威所属的汽车行业，目前整体涨幅为1.37%，行业内，目前股价上涨 的有216只，涨停的有万丰奥威、福达股份等4只。 股价下跌的有69只，跌幅居前的有骏创科技、建邦科技、舜宇精工等，跌幅分别为10.77%、9.67%、 9.38%。 两融数据显示，该股最新（10月21日）两融余额为15.88亿元，其中，融资余额为15.79亿元，近10日增 加1.56亿元，环比增长10.99%。 ...

请务必阅读正文之后的免责声明及其项下所有内容 万丰奥威（002085.SZ） 优于大市 汽车轻量化为基，通航飞机打开低空经济成长空间 万丰奥威主营汽车轻量化零部件和通航飞机制造业务。万丰奥威业务包括 汽车轻量化和通航飞机制造两部分，2023 年营收占比分别为 83%、17%， 其中汽车轻量化业务包括汽车铝合金轮毂、摩托车铝合金轮毂、镁合金 压铸业务，2023 年营收分别为 65、21、37 亿元；通航飞机制造业务包 括通航飞机的研发、生产、销售，2023 年营收为 28 亿元。 卡位新能源赛道，铝合金轮毂业务稳健发展。1）汽车轮毂方面，公司汽车 铝合金车轮占全球市场份额约 10%，2020 年起，公司抓住传统车向新能 源汽车转型的机遇，与主流新能源车企开展战略合作，为比亚迪、奇瑞、 赛力斯、大众等主机厂重要的合作伙伴，新能源汽车需求量增大带来汽 轮业务收入的快速增长。2）摩托车轮毂方面，摩托车铝合金车轮占全 球市场份额约 35%，摩托车轮毂业务构建以中国市场为基础，印度市场 为核心，不断发展日本、东南亚、欧美市场，实现业务稳健发展。 镁合金压铸零部件龙头企业，加大新能源车项目获取力度。万丰奥威通过 收购镁瑞丁 ...

证券代码：002085 证券简称：万丰奥威 浙江万丰奥威汽轮股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------|-------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------| | | | 特定对象调研 □分析师会议 | | 投资者关系活动类 | | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 | □路演活动 | | | 现场参观 □其他 | | | 参会时间及单位 | 2024 年 9 月 25 日 Mitsubishi UFJ Asset 2024 年 9 月 26 日 安中投资 | 16:00-17:00 manageme ...