TC(SH:603085) Quan Jing Wang·2025-09-30 00:37Core Insights - The first AE200-100 eVTOL aircraft developed by WoFei ChangKong has officially rolled off the production line, marking a significant step for China's passenger transport eVTOL industry from concept to reality [1] - Tiancheng Zikong, a key partner in the low-altitude industry, has successfully entered the low-altitude economy sector by providing specialized seating solutions for the AE200-100 [1][2] - The AE200-100 aims to obtain the Type Certificate (TC) from the Civil Aviation Administration of China (CAAC) and align with international aviation safety standards, indicating potential competitiveness in the global market [1][2] Industry Overview - The low-altitude economy, particularly represented by eVTOL, is rapidly developing, driven by the demand for green transportation and urban vertical mobility, making it a new focal point in global aviation and transportation [2] - China is projected to become a core region for low-altitude economic development, with the market expected to exceed 1 trillion RMB by 2026, reflecting a compound annual growth rate of nearly 28% [2] - The industry is evolving towards a collaborative and efficient "air-ground integration" ecosystem [2] Company Positioning - Tiancheng Zikong is recognized as a hidden champion in the domestic seating sector, possessing the capability for eVTOL seat R&D and production, along with extensive certification experience [3] - The company has established a comprehensive industrial layout covering engineering machinery, commercial vehicle seats, passenger vehicle seats, and aviation seats through a "vertical integration + horizontal collaboration" development model [3] - Tiancheng Zikong's UK subsidiary, Acro Aircraft Seating Limited, is a well-known supplier of aircraft seats, certified by EASA and FAA, and serves major aircraft manufacturers like Boeing and Airbus [3] Technological Advancements - The company has long-term investments in lightweight materials and collaborates with domestic and international research institutions, mastering key technologies in carbon fiber composites and aluminum alloys [4] - The development of carbon fiber composite aircraft seats has provided the company with a competitive edge in lightweight and comfort aspects [4] - The company is leveraging its experience in manufacturing, design, certification, and lightweight material applications to capture opportunities in the eVTOL seating market [4]