浙江万丰奥威汽轮股份有限公司 股票代码：002085 股票简称：万丰奥威 公告编号：2024-050 股票交易异常波动公告 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司未发现近期公共传媒报道了可能或已经对公司股票交易价格产生较大影 响的未公开重大信息。 3、公司目前经营情况正常，内外部经营环境未发生重大变化。 4、公司、控股股东及实际控制人不存在关于公司的应披露而未披露的重大事项， 或处于筹划阶段的重大事项。 5、股票异常波动期间，公司控股股东、实际控制人未买卖公司股票。 三、是否存在应披露而未披露信息的说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、股票交易异常波动情况 浙江万丰奥威汽轮股份有限公司（以下简称"公司"）（证券简称：万丰奥威， 证券代码：002085）股票交易价格于2024年10月30日、10月31日连续两个交易日内收 盘价格涨幅偏离值累计超过20%，根据深圳证券交易所的有关规定，属于股票交易异 常波动情况。 二、公司关注、核实的相关情况 针对股票交易异常波动的情况，公司董事会对公司、控股股东及实际控制人就相 关事项进行 ...

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].

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses **Wanfang Aviation Industry** and the **general aviation industry** in China, focusing on the development of low-altitude economy and the demand for training aircraft. Core Points and Arguments 1. **Market Performance**: The low-altitude market has shown significant performance, with increasing attention from the market since the introduction of the "Four Kings" screening initiative by Wanfang Aviation [1] 2. **Acquisition Strategy**: Wanfang Aviation has engaged in a series of acquisitions, including a 55% stake in Wanfeng Aircraft Industry, indicating a dual business model focusing on both general aviation and international new vehicles [2] 3. **Employee Stock Ownership Plans**: The company has implemented employee stock ownership plans, with the first plan covering 1.62% of total shares at a price of 2.76, and a second plan covering 1.55% at a price of 2.72 [3] 4. **Revenue Growth**: The gross margin has remained stable, with revenue growth outpacing overall growth, increasing from 15% to 17% of total revenue [4] 5. **Key Aircraft Models**: The main aircraft models include the Diamond series, particularly the DA20 and DA40, which are primarily used for training due to their low cost and high reliability [5] 6. **Future of Electric Aviation**: The company is positioning itself to be a player in the electric aviation market, with a focus on the development of electric aircraft [6] 7. **Pilot Training Demand**: The demand for pilot training is expected to grow significantly, with a projected shortage of 130,000 pilots in China over the next 20 years, indicating a strong market for training aircraft [7] 8. **General Aviation Infrastructure**: China has a significant gap in general aviation airports compared to the US, with plans to increase the number of airports from 449 to potentially 1,000 by 2027, which will drive demand for aircraft [8] 9. **Domestic Orders**: The company anticipates an increase in domestic orders for aircraft as the low-altitude economy develops, with a focus on the Vito aircraft as a key application in urban air mobility [9] 10. **Market Potential in Tourism**: The tourism sector is expected to see growth in demand for low-altitude flying vehicles, with projections indicating a market potential of 50 billion for low-altitude flying vehicles in tourist areas [10][11] 11. **Aluminum Alloy Wheel Sales**: The sales of aluminum alloy wheels have increased from 14 million to 19 million from 2020 to 2023, with a significant rise in the share of new energy vehicles [12] 12. **Valuation Metrics**: The company’s valuation remains relatively low compared to peers, with a projected P/E ratio of 86 times for 2024, indicating potential for growth [13] Other Important but Possibly Overlooked Content - The company is actively involved in the development of low-altitude economy initiatives and is expected to benefit from the increasing number of general aviation airports and the growing demand for pilot training and tourism-related aviation services [8][10] - The strategic focus on electric aviation and urban air mobility positions the company well for future growth in emerging markets [6][9]

财联社10月23日讯（记者 邹俊涛）百年人寿继续减持万丰奥威。今日晚间，万丰奥威发布公告，百年 人寿于2024年10月9日至2024年10月22日通过集中竞价交易方式减持公司股份2123.29万股，占公司总股 本比例1.00%。 财联社记者注意到，百年人寿年内已四次减持万丰奥威，仅在本月内就已两次公告相关减持。本轮减持 后，百年人寿的持股比例已从年初的8.87%降至5.87%。 不过，万丰奥威在今晚公告中并未披露百年人寿后续是否将继续减持。万丰奥威称，百年人寿减持股份 来源为从二级市场集中竞价交易方式取得，不涉及减持预披露。 值得一提的是，万丰奥威年内股价涨幅达261.92%，当前股价处于历史高位。 百年人寿三季度加速减持万丰奥威 相关数据显示，百年人寿自三季度开始加速减持万丰奥威。 据万丰奥威披露，百年人寿年内对其四起减持，其中上半年两起减持规模合计达到持股比例的1%，最 近两起减持规模分别达到持股比例的1%。 5月6日，万丰奥威公告披露，百年人寿在2024年4月24至2024年4月29日期间通过集中竞价减持公司股份 900万股，占公司总股本比例0.42%；7月2日，万丰奥威公告披露，百年人寿于2024年5 ...

股票代码：002085 股票简称：万丰奥威 公告编号：2024-048 1、本次变动前，百年人寿合计持有本公司股份 145,845,470 股，占本次变动前公 司总股本 2,123,297,520 股的 6.87%。 2、百年人寿于 2024 年 10 月 9 日至 2024 年 10 月 22 日通过集中竞价交易方式 减持公司股份 21,232,860 股，占公司总股本比例 1.00%，减持股份来源为从二级市场 集中竞价交易方式取得。 3、截至 2024 年 10 月 22 日收盘，百年人寿合计持有本公司股份 124,612,610 股， 占公司当前总股本 2,123,297,520 股的 5.87%。根据《证券法》、《上市公司收购管理 办法》等相关规定，百年人寿合计持有公司股份比例变动达到 1%。 浙江万丰奥威汽轮股份有限公司 关于持股 5%以上股东持股比例变动达到 1%的公告 本公司持股 5%以上股东百年人寿保险股份有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 百年人寿于 202 ...

Investment Rating - The report assigns a "Recommended" rating for the company, WanFeng AoWei (002085), indicating a positive outlook for investment opportunities in the context of the low-altitude economy [1]. Core Insights - WanFeng AoWei is positioned to benefit significantly from the low-altitude economy, particularly through its Diamond Aircraft brand, which is among the top three manufacturers of general aviation aircraft globally [1][4]. - The company has established a dual-engine growth model through acquisitions, focusing on lightweight automotive components and innovative general aviation manufacturing [9][10]. - Financial projections indicate a compound annual growth rate (CAGR) of 14.8% in revenue from 2020 to 2023, with specific growth rates of 14% in automotive components and 19% in aircraft manufacturing [12]. Summary by Sections Company Development History - WanFeng AoWei has evolved through strategic acquisitions, forming a dual-engine growth model centered on lightweight automotive components and general aviation manufacturing [9][10]. - Key acquisitions include a 55% stake in WanFeng Aircraft Industry in 2020, which has propelled the company into the general aviation sector [10][11]. Diamond Aircraft and Low-Altitude Economy - The company is a leading player in the general aviation sector, with Diamond Aircraft delivering 273 units in 2023, representing 9% of global deliveries [1][4]. - The report anticipates significant growth in the low-altitude economy, projecting the addition of 196 general aviation airports by 2027, leading to a potential increase of 1,454 to 3,929 aircraft [4][5]. Automotive Components Business - WanFeng AoWei is a leader in the lightweight automotive components market, with a focus on aluminum and magnesium alloys, driven by increasing demand for lightweight materials due to carbon neutrality policies [4][12]. - The company has a production capacity of over 18 million aluminum wheels annually and has seen a rise in the share of new energy vehicle production from 4.6% in 2020 to 31% in 2023 [12][20]. Financial Projections and Valuation - The company is expected to achieve net profits of 9.4 billion, 11.1 billion, and 13.5 billion yuan from 2024 to 2026, with corresponding earnings per share (EPS) of 0.44, 0.52, and 0.63 yuan [1][4]. - The current price-to-earnings (PE) ratio is projected to decrease from 50 in 2023 to 27 by 2026, indicating a favorable valuation in the low-altitude economy sector [2][4].

Group 1 - Wan Feng Ao Wei's stock price reached a historical high, increasing by 10.02% to 18.77 yuan, with a trading volume of 277 million shares and a transaction amount of 5.031 billion yuan, resulting in a turnover rate of 13.07% [1] - The latest total market capitalization of Wan Feng Ao Wei in A-shares is 39.854 billion yuan, with the same amount for its circulating market capitalization [1] - The overall automotive industry has seen a rise of 1.37%, with 216 stocks increasing in price, including Wan Feng Ao Wei and four others hitting the daily limit [1] Group 2 - Among the stocks that declined, Jun Chuang Technology, Jian Bang Technology, and Shun Yu Precision have seen significant drops of 10.77%, 9.67%, and 9.38% respectively [1] - As of October 21, the margin balance for Wan Feng Ao Wei is 1.588 billion yuan, with a financing balance of 1.579 billion yuan, reflecting an increase of 156 million yuan over the past 10 days, which is a 10.99% growth [1]

低空经济概念持续走强 万丰奥威2连板创7年新高 财联社10月22日电，低空经济概念持续走高，万丰奥 威2连板，股价创7年多新高，观典防务20CM涨停，纵横股份、金盾股份、天和防务涨超10%，中信海 直、上工申贝、新晨科技、建新股份等多股涨超7%。 ...

股票代码：002085 股票简称：万丰奥威 公告编号：2024-047 浙江万丰奥威汽轮股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要提示： 1、本次股东大会无否决提案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议通知情况 公司董事会于2024年9月27日在《证券时报》及巨潮资讯网（www.cninfo.com.cn） 上披露了召开本次股东大会的会议通知和审议事项。 2、会议召开时间： 现场会议召开时间：2024年10月14日下午14:30 网络投票时间： （1）通过深圳证券交易所交易系统投票时间为：2024年10月14日上午9:15-9:25、 9:30-11:30、下午13:00-15:00。 （2）通过互联网投票系统投票的具体时间为：2024年10月14日上午9:15至下午 15:00。 3、现场会议召开地点：浙江省新昌县万丰科技园 4、会议召集人：公司董事会 5、会议方式：本次股东大会采取现场投票与网络投票相结合的方式 6、现场会议主持人：公司董事长 ...