“地空”双轮驱动的低空经济排头兵

Investment Rating - The report initiates coverage with a "Buy" rating for the company [14]. Core Insights - The company is positioned as a leader in the low-altitude economy, leveraging its dual-engine strategy in automotive lightweight components and general aviation aircraft manufacturing [2][80]. - The company has established a global manufacturing and R&D presence, with bases in 10 countries and 19 production sites in China, contributing to approximately 50% of its revenue from overseas [2][107]. - The company is actively involved in the eVTOL (electric vertical takeoff and landing) sector, which is expected to grow into a trillion-dollar market, supported by favorable government policies [2][136]. Summary by Sections Business Overview - The company has developed a dual-engine strategy focusing on automotive lightweight components and general aviation aircraft, achieving a leading position in both sectors [28][80]. - The automotive lightweight business is primarily driven by the use of aluminum and magnesium alloys, which are essential for meeting energy-saving and emission reduction goals [16][62]. Financial Performance - In the first three quarters of 2023, the company reported revenues of 11.6 billion RMB, with a slight decline of 0.7% year-on-year, while the aerospace segment grew by 26.5% [47][114]. - The net profit attributable to the parent company for the same period was 540 million RMB, reflecting a decrease of 9.7% due to impairment losses, but a 15.4% increase when excluding this impact [52]. Market Position and Growth Potential - The company is a top player in the global aluminum alloy wheel market, benefiting from the growth of the new energy vehicle sector [72][73]. - The magnesium alloy business, bolstered by the acquisition of a leading supplier, is expected to capture significant market share due to its lightweight properties and growing demand in the automotive industry [125][138]. Future Outlook - The company forecasts net profits of 710 million RMB, 1.08 billion RMB, and 1.29 billion RMB for 2023, 2024, and 2025, respectively, indicating a positive growth trajectory [81]. - The eVTOL market is anticipated to be a major growth driver, with the company already collaborating with well-known automotive manufacturers for development and production [2][136].