WANFENG AUTO WHEEL(SZ:002085) Quan Jing Wang·2025-04-29 06:49Core Insights - In 2024, the company reported total revenue of 16.264 billion yuan, a year-on-year increase of 0.35%, while net profit attributable to shareholders was 653 million yuan, down 10.14% [1] - The company demonstrated strong resilience and long-term growth potential through strategic initiatives such as optimizing product structure and deepening cooperation in the new energy sector [1] - In Q1 2025, the company showed signs of recovery with revenue increasing by 0.75% to 3.567 billion yuan and net profit rising significantly by 21.29% to 275 million yuan [1] Aviation Business Growth - The company's general aviation aircraft manufacturing business achieved revenue of 2.814 billion yuan in 2024, a year-on-year increase of 1.62%, becoming the second-largest growth driver [2] - The company’s subsidiary, Diamond Aircraft, reported strong order fulfillment and breakthroughs in sales of special-purpose aircraft models [2] - The company is focusing on electric aircraft, eVTOL, and drones, aiming to reshape the low-altitude economy with innovative manufacturing and business models [2][3] eVTOL Development - eVTOL has become a key focus for manufacturers globally, providing new opportunities for the low-altitude industry [3] - The company is advancing the industrialization of fixed-wing aircraft and has acquired core assets from Volocopter to enhance its eVTOL capabilities [3] - The company aims to meet stringent aviation safety standards and is developing a comprehensive urban air mobility system [3] Lightweight Business Performance - The automotive metal parts lightweight industry generated revenue of 13.450 billion yuan in 2024, a year-on-year increase of 0.09%, accounting for 82.7% of total revenue [4] - The company maintains a leading position in the magnesium alloy deep processing sector with an annual production capacity of 18 million sets [4] - The company is promoting the use of magnesium alloy components in domestic mid-to-high-end new energy vehicles [4][5] Customer Expansion and New Growth Areas - The company is expanding its customer base among international automotive manufacturers while increasing penetration in domestic new energy clients such as BYD and Chery [5] - The company’s aluminum alloy wheel production capacity reached 42 million sets, with ongoing upgrades to enhance market share in the new energy sector [5] - The company is also extending its chromium-free coating business into emerging industries such as rail transit and wind power, creating new growth points [5]