WANFENG AUTO WHEEL(SZ:002085) Guoxin Securities·2025-11-17 05:45Investment Rating - The investment rating for the company is "Outperform the Market" [6][3][35] Core Insights - The company reported a net profit of 229 million yuan in Q3 2025, representing a year-on-year growth of 38%. For the first three quarters of 2025, the company achieved a revenue of 11.416 billion yuan, up 0.40% year-on-year, and a net profit attributable to shareholders of 729 million yuan, up 29.38% year-on-year [1][9] - The company focuses on lightweight automotive components and general aviation aircraft manufacturing, positioning itself as a leader in the low-altitude economy through its eVTOL and other aviation innovations [2][25][28] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 3.922 billion yuan, down 1.93% year-on-year and 0.14% quarter-on-quarter. The net profit for the same quarter was 229 million yuan, up 38.14% year-on-year and 1.35% quarter-on-quarter [1][9] - The gross margin for Q3 2025 was 15.3%, a decrease of 0.4 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The net margin improved by 1.3 percentage points year-on-year to 6.6% [1][18] Business Segments - The automotive lightweight components segment generated revenue of 9.385 billion yuan in the first three quarters of 2025, a slight increase of 0.02% year-on-year. The general aviation aircraft manufacturing segment achieved revenue of 2.031 billion yuan, up 2.20% year-on-year [1][26] - The company is enhancing its customer structure and focusing on the development of aluminum and magnesium alloy lightweight applications, while also expanding its collaboration with core new energy customers [2][25] Future Outlook - The company maintains its revenue forecasts for 2025-2027 at 17.843 billion yuan, 19.328 billion yuan, and 21.098 billion yuan, respectively, with net profits projected at 1.001 billion yuan, 1.201 billion yuan, and 1.405 billion yuan [3][35] - The company is actively pursuing opportunities in the low-altitude economy, particularly through the development of eVTOL aircraft and expanding its market presence in urban air mobility solutions [2][28]