Industry Overview - The aviation engine industry is crucial for national economy and security, serving as the power source for various aircraft and representing a country's comprehensive strength [1] - Aviation engines can be categorized into several types based on thrust generation principles and oxidizer sources, including piston engines, rocket engines, ramjet engines, and turbine engines [1] Industry Chain Analysis - The aviation engine industry chain includes research and design, manufacturing (raw materials, components, complete machine manufacturing), operation, and maintenance [3] - China has established a complete research and production system for aviation engines, with key participants including universities and research institutes [4] Development History - The Chinese aviation engine industry has evolved from imitation to independent research and development, achieving significant self-innovation capabilities supported by national policies [5][8] Policy Background - The "14th Five-Year Plan" emphasizes accelerating the research and development of advanced aviation engine materials and technologies, promoting the development of civil large bypass ratio turbofan engines [10] Current Market Status - The aviation engine industry has vast market potential, with a global annual output of over 14,000 units and an estimated annual value of around $70 billion [12] - The Chinese commercial aviation engine market is expected to experience explosive growth, with projected deliveries reaching 19,000 units and a market value exceeding $300 billion over the next 20 years [12] Demand Trends - Both military and civil aviation sectors in China are witnessing an upward trend in aircraft numbers, with the military fleet expected to reach 3,309 aircraft by the end of 2024 [14] - The number of civil passenger and cargo aircraft in China has also been increasing, with approximately 4,400 aircraft expected in 2024 [15] Competitive Landscape - The aviation engine market is primarily dominated by foreign manufacturers, with significant gaps in capabilities compared to the US, Russia, and other military powers [17][19] - The global commercial aviation engine market is largely controlled by a few companies, with CFM International and Pratt & Whitney holding substantial market shares [20] Future Development Trends - The Chinese aviation engine manufacturing industry is expected to focus on independent innovation, quality improvement, international cooperation, and sustainable development [24]

以下文章来源于IN咖 ，作者聪明投资者 IN咖 . 多视角关注优秀投资人和企业家 以上是 浑瑾资本李岳 在 4月14日的一场线上路演中分享的最新观点。 在 AI大趋势如火如荼的当下，李岳从消费中看到了更多的机会。 "投资这件事的终极意义在于战胜货币供应量，全球货币供应量是以每年8%～10%的速度在增长，只有全球最稀缺的优质资产才能穿越周期。" "打个比方，美国人是用龙虾、鲍鱼才能做出了米其林，中国人用小米粥就熬出了米其林。所以，出现了 科技平权。 " " 以往消费刚需聚焦于衣食住行，未来则涌现出三大新刚需： IP消费、悦己消费以及国产平替。" 成立浑瑾之前， 2009年至2011年 李岳 曾在华夏基金担任消费行业分析师和国际业务部研究副主管 ， 2011年加入高瓴，于2020年 离任，离开 时是高 瓴二级市场大消费组合的负责人，主导超过百亿美元基金的大消费板块投资工作。 在过往十几年的投资生涯中， 李岳 专注于大消费领域，以及制造业等投研工作。 在本次交流会中，通过李岳对于大量公司案例的分析，不难看出他对这些领域的生意非常了解。 尤其是对于新消费中 IP消费的理解，李岳并非简单探讨了趋势，而是从本质出发，理解 ...

Industry Overview - The low-altitude economy supply chain in China has formed a comprehensive development pattern characterized by "upstream independent breakthroughs, midstream collaborative tackling, and downstream standard leadership" with eVTOL and drone manufacturing at its core [2][19] - The domestic market for eVTOL is projected to have a potential demand of 24000 units for tourism and 85000 units for commuting, leading to a total market size exceeding 250 billion [2][45][46] - The eVTOL power system is a critical component of the low-altitude economy, accounting for approximately 40% of the total cost structure of eVTOLs [2][48] Technological Trends - eVTOL technology is diversifying with three main configurations: multirotor, compound wing, and tilt-rotor, each offering unique advantages for different applications [34][35] - The shift towards electric propulsion systems is evident, with a focus on high energy density and low emissions, making them the preferred choice for future urban air mobility [54][55] Market Dynamics - The global low-altitude economy market is expected to grow from approximately 2.08 trillion yuan in 2023 to 2.32 trillion yuan in 2024, indicating significant growth potential [23] - In China, the low-altitude economy market is projected to reach 859.2 billion yuan by 2025, with a compound annual growth rate of 33.8% [23][27] Company Insights - EHang Intelligent (EH.O) has become the first company in China to obtain all four necessary certifications for eVTOL, indicating a significant step towards commercialization [6][51] - Companies like EHang and others are actively collaborating with electric motor manufacturers to enhance their eVTOL offerings, with substantial orders already in place [52] Policy Support - The development of the low-altitude economy has been elevated to a national strategy, with various government departments providing comprehensive support through policies aimed at infrastructure, regulations, and industry standards [14][17] - By 2025, over 30 provinces and cities in China are expected to include low-altitude economy initiatives in their government work reports, promoting infrastructure development and industry standards [14][18]

Group 1 - The company will hold an annual performance briefing on April 25, 2025, from 14:30 to 17:00 [2][3] - The meeting will be conducted in a hybrid format, combining video interaction and on-site communication, with on-site interaction scheduled from 14:30 to 16:00 and online interaction from 16:00 to 17:00 [3] - Key personnel attending the meeting will include the company's chairman or general manager, board secretary, independent directors, and relevant department staff [3] Group 2 - Investors can submit questions for the briefing from April 17, 2025, to April 24, 2025, by visiting the Shanghai Stock Exchange Roadshow Center website [4] - The company will address commonly asked questions during the performance briefing [4] - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved a revenue of 47.88 billion, representing a year-on-year growth of 9.48%. However, the net profit attributable to shareholders decreased by 39.48% to 860 million [6][12]. - The fourth quarter saw a significant revenue increase of 25.81% year-on-year, but the net profit dropped by 65.65% compared to the same quarter last year [6][12]. - The company is actively expanding its civilian product business, focusing on low-altitude, general aviation, and commercial aviation engines, which are expected to be key growth areas in the future [12]. Summary by Sections Revenue and Profitability - In 2024, the company reported total revenue of 47.88 billion, with a 10.03% increase in the aviation engine and derivative products segment, while the foreign trade export business grew by 6.45% [12]. - The overall gross profit margin for the year was 10.06%, a decrease of 1.03 percentage points year-on-year, with a notable drop in the fourth quarter gross margin to 7.72% [12]. Business Segments - The company’s subsidiaries showed varied performance, with the main subsidiary achieving a revenue of 16.03 billion (up 24% year-on-year) and another subsidiary reaching 27.37 billion (up 4% year-on-year) [12]. - The company is a key supplier of core components for domestic commercial aircraft engines and is expanding into the low-altitude economy and general aviation markets [12]. Future Outlook - The projected net profit for 2025-2027 is expected to be 970 million, 1.63 billion, and 2.30 billion respectively, with growth rates of 12%, 69%, and 41% [12]. - The company is preparing for a new round of demand release by actively laying out new production capacities [2].

Investment Rating - The report maintains a "Buy" rating for the company [4][6][8] Core Views - The company achieved a record high in both revenue and net profit for 2024, with revenue of 5.481 billion yuan, a year-on-year increase of 2.95%, and a net profit of 750 million yuan, up 3.26% year-on-year [5][6] - The company is transitioning between old and new product models, facing challenges as some long-term production models reach peak output while new products are gradually ramping up [6][7] - The company aims for a revenue target of 5.3 billion yuan for 2025, focusing on the successful commercialization of new aviation and drone power control products [6][7] Financial Performance Summary - In 2024, the company reported revenue of 5.481 billion yuan, with a gross margin of 28.11%, an increase of 1.53 percentage points year-on-year [6][9] - The company's subsidiaries also showed stable performance, with revenue increases in several units, while one unit experienced a decline [7] - Profit forecasts for 2025-2027 indicate net profits of 756 million, 805 million, and 881 million yuan, respectively, with corresponding growth rates of 0.75%, 6.46%, and 9.42% [6][9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Viewpoints - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is putting pressure on the company's performance, with expectations for 2025 showing a slight decline in revenue and net profit [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan, a year-on-year increase of 72.1%, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][4]. - The company expects to achieve a revenue of 47.66 billion yuan in 2025, which is nearly flat compared to 2024, with a projected net profit of 5.92 billion yuan, down 31.2% year-on-year [3][4]. Product Segmentation - Revenue from aviation products and derivatives grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company forecasts net profits of 5.97 billion yuan, 10.66 billion yuan, and 15.72 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 164x, 92x, and 62x [3][4]. - The report emphasizes the company's leading position in the aviation engine industry and its comprehensive research and development capabilities across the entire spectrum of aviation engines [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its long-term development potential [5][3]. Core Insights - The company reported a revenue of 47.88 billion yuan for 2024, a year-on-year increase of 9.5%, but the net profit attributable to shareholders decreased by 39.5% to 860 million yuan due to increased R&D expenses and unanticipated stock disposals [1][3]. - The transition period between old and new models is expected to pressure short-term performance, with a projected revenue of 47.66 billion yuan for 2025, remaining stable compared to 2024, but with a forecasted net profit decline of 31.2% [3][4]. - The company is increasing its R&D investment significantly, with total R&D expenses reaching 1.05 billion yuan in 2024, a 72.1% increase year-on-year, to support future product development [1][2]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 21.92 billion yuan, a year-on-year increase of 25.8%, but the net profit dropped by 65.7% to 134 million yuan [1]. - The overall gross margin for 2024 decreased by 1.0 percentage points to 10.1%, and the net profit margin fell by 1.4 percentage points to 2.1% [1][2]. - The company’s financial expenses increased by 84.3% to 460 million yuan, primarily due to a rise in debt levels [1]. Product Segmentation - Revenue from aviation engines and related products grew by 10.0% to 44.99 billion yuan, while the gross margin decreased by 0.5 percentage points to 9.5% [2]. - The foreign trade export revenue increased by 6.5% to 2.07 billion yuan, with a gross margin improvement of 5.3 percentage points to 19.7% [2]. - Non-aviation products and other revenues saw a significant decline of 24.9% to 200 million yuan, with a gross margin decrease of 1.3 percentage points to 18.4% [2]. Future Projections - The company is expected to see net profits of 597 million yuan in 2025, 1.066 billion yuan in 2026, and 1.572 billion yuan in 2027, with corresponding PE ratios of 164x, 92x, and 62x respectively [4][3]. - The projected revenue growth rates for the next few years are expected to be -0.4% in 2025, 10.8% in 2026, and 9.8% in 2027 [4][10].

Core Viewpoint - The financial report of the company reveals significant challenges in profitability and cash flow management despite a revenue increase, indicating serious issues in cost control and financial management [1][2][3][4][5] Revenue and Profitability - In 2024, the company achieved a revenue of 47.88 billion yuan, a year-on-year increase of 9.48% [1] - The net profit was only 860 million yuan, a substantial decline of 39.48% year-on-year, marking a new low in recent years [2] - The non-recurring net profit also decreased by 35.20% year-on-year, highlighting severe challenges in the core business profitability [2] - The fourth quarter showed particularly poor performance, with revenue of 21.92 billion yuan, a 25.8% increase, but net profit plummeted by 65.7% to 134 million yuan [2] Cash Flow and Financial Health - The operating cash flow net amount was -14.309 billion yuan, a shocking decline of 112.3% year-on-year, indicating severe financial pressure [3] - The deterioration of cash flow affects daily operations and may negatively impact future investment and development plans [4] - Despite a total asset growth of 16.2%, the net assets attributable to the parent company only increased by 1.1%, suggesting reliance on debt rather than improved profitability [4] Innovation and Market Expansion - The company emphasized its efforts in market expansion and technological innovation, particularly in the aerospace engine and gas turbine sectors [5] - Investments in technology innovation have not yet yielded expected profitability returns, with contributions from emerging markets still not visible [5] - Internal management improvements have not effectively translated into market competitiveness, highlighting the need for a balance between innovation and market expansion [5]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.3200 | 0.5300 | -39.62 | 0.4800 | | 每股净资产（元） | 0 | 14.8 | -100 | 14.41 | | 每股公积金(元) | 10.3 | 10.3 | 0 | 10.3 | | 每股未分配利润(元) | 3.47 | 3.33 | 4.2 | 2.96 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 478.8 | 437.34 | 9.48 | 370.97 | | 净利润(亿元) | 8.6 | 14.21 | -39.48 | 12.67 | | 净资产收益率(%) | 2.17 | 3.66 | -40.71 | 3.34 | | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | ...