WOLONG ELECTRIC(600580) 华福证券·2024-05-31 03:00Investment Rating - The report does not specify a clear investment rating for the company. Core Insights - The company is actively expanding its industrial motor layout, with a recovery in demand for daily-use motors. It holds a significant market share in high and low voltage motors, ranking second and fourth globally, respectively [3][4]. - The company has established strategic partnerships with leading industry players, including a collaboration with COMAC to develop an aviation electric power system innovation center [5][10]. - The eVTOL (electric Vertical Take-off and Landing) market is highlighted as a key growth area, with the company positioned to benefit from advancements in electric propulsion systems and supportive government policies [11][41]. Summary by Sections Industrial Motor Sector - The company offers a diverse range of motors, covering a power line from 5W to 85MW, and provides solutions across various sectors including oil and gas, power, mining, and new energy vehicles [4][44]. - The company has a robust product system that includes various types of motors, generators, and industrial automation products [4]. Strategic Collaborations - The company has formed deep collaborations with industry leaders, including a strategic partnership with WanFeng Aowei focusing on electric aviation and lightweight materials [22]. - Ongoing collaborations with major clients such as COMAC and other leading firms in the aviation sector are noted [22]. eVTOL Market Potential - The report estimates the initial selling price of a 600kg eVTOL at approximately 2.4 million yuan, with a BOM cost of around 740,000 yuan, where the electric drive system constitutes 32% of the cost [24]. - The eVTOL market is expected to grow significantly, with projections indicating a potential market space of 24 billion yuan by 2030 [31]. Technological Advancements - The company has established a unique airworthiness laboratory for new energy aircraft, which is the first of its kind in the industry [33]. - The company is recognized for its leadership in the aviation electric drive and control field, having contributed to the development of national standards for electric propulsion systems [33]. Regulatory Environment - The report emphasizes the acceleration of regulatory processes for eVTOL certification, which is crucial for commercialization [41][42]. - Government policies are increasingly supportive of low-altitude economic development, which is expected to drive the eVTOL market forward [41].