WANFENG AUTO WHEEL(002085) 国信证券·2024-11-12 02:43Investment 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].