Investment Rating - The report initiates coverage with an OUTPERFORM rating, setting a target price of HK$60.00 for Cirrus Aircraft (2507 HK) [2]. Core Insights - Cirrus Aircraft is recognized as a global leader in private aviation manufacturing and safety innovation, with a comprehensive product matrix covering both mid-range and high-end markets [3][4]. - The company has demonstrated strong financial growth, with revenue projected to increase from US$1.197 billion in 2024 to US$1.904 billion by 2027, reflecting a compound annual growth rate (CAGR) of 19.4% [5][6]. - Cirrus Aircraft's innovative safety technologies, such as the whole aircraft parachute system (CAPS) and the FAA-certified Safe Return™ emergency landing system, set it apart in the industry [4][5]. Company Overview - Cirrus Aircraft, founded in 1984 and headquartered in Wisconsin, USA, has established itself as a pioneer in the private aviation sector, delivering over 10,000 SR2X series aircraft and over 600 Vision Jets by the end of 2024 [11][12]. - The company is primarily controlled by the Aviation Industry Corporation of China, which holds 84.97% of its shares [12]. Product Lines - The core product lines include the SR2X series single-engine piston aircraft and the Vision Jet, which cater to a wide range of market segments from entry-level to high-end private aviation [3][15]. - The SR22T model has maintained its position as the best-selling single-engine piston aircraft for 22 consecutive years, while the Vision Jet has been the top-selling business jet for six years [3][15]. Financial Performance - Cirrus Aircraft's revenue grew from US$587 million in 2020 to US$1.197 billion in 2024, with a net profit increase from US$36.11 million to US$121 million during the same period [5][18]. - The gross profit margin improved from 31.6% in 2020 to 34.6% in 2024, driven by product price increases and a higher proportion of high-margin products [18][24]. Market Trends - The global general aviation market is expected to experience rapid growth, driven by an increase in high-net-worth individuals, regional market expansion, and technological innovations [6][49]. - The demand for private aircraft is rising due to their advantages in mobility, privacy, safety, and flexibility, with the average price of private jets increasing due to rising material and labor costs [49][52]. Competitive Position - Cirrus Aircraft has a significant competitive advantage in the private aviation sector, with a product matrix that outperforms competitors in terms of cost-effectiveness, performance, and operational efficiency [69]. - The company achieved a market share of 23.9% in Q1 2025, with a 100% year-on-year increase in aircraft deliveries [68].
西锐（02507）：首次覆盖：全球领先的私航飞机制造商与航空安全技术革新先锋