WANFENG AUTO WHEEL(SZ:002085) Huachuang Securities·2025-10-26 06:31Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][21]. Core Insights - The company achieved a year-on-year revenue growth of 38% in Q3, with a focus on the low-altitude economy industry planning outlined in the "14th Five-Year Plan" [1][6]. - The report highlights the company's dual strategy of general aviation and eVTOL (electric Vertical Take-Off and Landing) as a key driver for future growth [6][8]. Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 11.416 billion yuan, a slight increase of 0.4% year-on-year, while the net profit attributable to shareholders was 729 million yuan, up 29.4% year-on-year [6][8]. - In Q3 2025, the company generated revenue of 3.922 billion yuan, a decrease of 1.93% year-on-year, but the net profit attributable to shareholders rose by 38.1% to 229 million yuan [6][8]. - The company’s revenue from the automotive metal parts lightweight business was 9.385 billion yuan, showing a marginal increase of 0.02% year-on-year, while the general aviation aircraft manufacturing business generated 2.031 billion yuan, up 2.20% year-on-year [6][8]. Market Outlook - The report emphasizes the significant potential of the low-altitude economy, with the "14th Five-Year Plan" indicating a clear direction for the development of strategic emerging industries, potentially creating a market worth trillions [6][8]. - The acquisition of Volocopter is seen as a strategic move to enhance the company's eVTOL product matrix and accelerate commercialization, with expectations for organic synergy between Diamond Aircraft and Volocopter [6][8]. Financial Projections - The report forecasts the company's net profit for 2025 to be approximately 1.07 billion yuan, with earnings per share (EPS) projected at 0.50 yuan, corresponding to a price-to-earnings (P/E) ratio of 34 times [6][11].