万丰奥威（002085）2025 年中报点评 推荐（维持） 证 券 研 究 报 告 上半年归母净利 5 亿元，同比增 26%，持续 看好公司通航+eVTOL 双轮驱动 风险提示：低空政策不及预期、低空飞行器安全风险。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 16,264 | 17,746 | 19,295 | 21,157 | | 同比增速(%) | 0.4% | 9.1% | 8.7% | 9.6% | | 归母净利润(百万) | 653 | 1,074 | 1,323 | 1,534 | | 同比增速(%) | -10.1% | 64.3% | 23.3% | 15.9% | | 每股盈利(元) | 0.31 | 0.51 | 0.62 | 0.72 | | 市盈率(倍) | 57 | 35 | 28 | 24 | | 市净率(倍) | 5.3 | 4.8 | 4.2 | 3.8 | 资料来源：公司公告，华创证券预测 注：股 ...

Core Viewpoint - The 2025 World Games in Chengdu are set to promote the integration of culture, commerce, tourism, and sports, creating significant investment opportunities and showcasing the city's development potential [1][13]. Group 1: Event Overview - The 12th World Games will open in Chengdu on August 7, 2025, marking a significant cultural and commercial event [1]. - A promotional event titled "Wings Spread at the Airport Welcoming the World Games" was held, focusing on urban value and cultural tourism in Chengdu East New Area [3]. Group 2: Investment Projects - Six industrial projects were signed during the event, with a total investment of approximately 5 billion yuan, covering emerging fields such as digital sports, digital film and television, low-altitude tourism, and artificial intelligence [4]. - Specific projects include the establishment of a diving training and research base at Sancha Lake and a water sports center, enhancing the region's sports tourism offerings [6]. Group 3: Policy Support - Chengdu East New Area has introduced policies to support high-quality development in the cultural tourism and sports industries, offering up to 5 million yuan in investment subsidies for qualifying projects [10][12]. - The policies aim to streamline application processes and enhance service delivery to businesses, promoting a favorable business environment [12][17]. Group 4: Strategic Development - The integration of culture, commerce, tourism, and sports is emphasized as a key strategy for differentiating tourism projects and enhancing competitiveness [14]. - Chengdu East New Area is positioned as a vital hub for sports and cultural tourism, focusing on two main industries: sports leisure and education/business services [16]. Group 5: Future Outlook - The region plans to continue developing new tourism formats such as water sports and outdoor leisure, leveraging its natural resources [17]. - The World Games are seen as a catalyst for upgrading the entire cultural tourism industry chain, contributing to Chengdu's goal of becoming a world-class cultural tourism city and international consumption center [17].

Core Viewpoint - The company is committed to transforming public transportation through innovative technologies, focusing on automotive lightweighting and general aviation manufacturing as dual engines for growth [2][3]. Group 1: Automotive Lightweighting Business - Founded in 2001, the company has developed a dual-engine growth model centered on automotive lightweighting and general aviation manufacturing [3]. - In 2024, the company achieved a revenue of 16.264 billion yuan, with over 80% of this revenue coming from the automotive lightweighting sector [3]. - The company is a leading player in the aluminum alloy wheel hub market and has successfully transitioned to support new energy vehicles, establishing long-term partnerships with major manufacturers [3]. - The magnesium alloy die-casting segment is facing a sales decline due to product lifecycle issues, but the aluminum alloy business is experiencing growth [4]. Group 2: General Aviation Manufacturing - The general aviation manufacturing business saw a revenue increase of 1.62% year-on-year in 2024, becoming the company's second-largest growth driver [5]. - The company has established a comprehensive sales network with 192 service agents globally, and its production bases are located in various countries including Canada, Austria, and Germany [6]. - The company has restructured the core assets of Volocopter GmbH to enhance its eVTOL product development capabilities, integrating advanced technologies for urban air mobility [6][7]. Group 3: Future Development and Strategy - The company plans to continue its dual-engine strategy, focusing on automotive lightweighting and general aviation manufacturing while expanding its global footprint and technological innovation [8]. - Future plans in the eVTOL sector include launching various models for urban and intercity transportation, as well as developing customized aircraft based on client requirements [8]. - The company aims to create a commercial ecosystem around urban air transportation solutions, including an air taxi booking platform and takeoff/landing facilities [8][9].

Financial Performance - The company's operating revenue increased by 28.27% year-on-year in 2024 and by 35.96% in Q1 2025, driven by the expansion of new and existing customers and deeper product line promotion [2][3]. - Cash flow has significantly decreased over the past two quarters due to substantial revenue growth, with measures in place to improve cash flow, including enhancing operating performance and optimizing debt structure [2][4]. Debt Management - The company plans to balance debt financing and financial risk by dynamically adjusting strategies, including increasing net profit to strengthen net assets and reduce the debt-to-asset ratio [4][5]. - As of the end of 2024, the credit line utilization rate was 40.35%, indicating a sufficient safety margin [4][5]. Inventory Management - The company increased inventory reserves to meet sales growth trends and supply chain tightening, with inventory turnover days reduced to 63.5 days, a decrease of 7.1 days year-on-year [5][6]. - A dynamic safety inventory system has been established to ensure inventory quality and value, minimizing related loss risks [5][13]. Supplier Relationships - The company maintains stable partnerships with major suppliers like TDK and Samsung, with collaboration lasting over ten years [5][6]. - Strategies to mitigate risks from high supplier concentration include expanding agency brands and optimizing the supply chain system [5][6]. Market Strategy - The company aims to enhance its market share in the electronic components distribution market, leveraging global economic recovery and emerging technologies like 5G and AI [6][10]. - Plans to improve market share include strengthening upstream and downstream cooperation, optimizing product structure, and enhancing customer service [6][10]. Digital Transformation - The company is accelerating its digital transformation, implementing SAP-ERP systems to improve business processes and operational efficiency [12][13]. - Digital tools are expected to automate processes, reduce labor costs, and enhance collaborative efficiency [12][13]. Corporate Social Responsibility - The company actively engages in social welfare activities, focusing on student support and community contributions [10][19]. - Initiatives include donations and fundraising for educational institutions, enhancing the company's image and long-term development prospects [10][19]. International Trade - The company's products are primarily exported to Japan, Taiwan, Hong Kong, and Southeast Asia, with no additional tariffs due to existing trade agreements [10][20].

摘要 目前，业界在航空电动化上正呈现多方发展的竞争格局： 宁德时代与峰飞航空签署战略投资与合作协议推进电动飞机研发和商用，宁德时代此前表示计划在2027年到2028年，发布8吨级电动飞机，使用凝聚 态电池，可支持约2000到3000公里的航程。 亿航智能与国轩高科、巨湾技研、欣界能源在内的多家电池企业达成合作，计划2025年广州云浮生产基地的eVTOL产品突破1000架次。 小鹏汇天年初亦表示，其"陆地航母"飞行汽车已经收获了超过3000台超前预订订单，并计划于2026年开始交付。 电池企业竞逐低空经济。 亿纬锂能在低空经济领域的业务进展再次获得突破。 近日，亿纬锂能公告收到广东汇天航空航天科技有限公司（简称"小鹏汇天"）的供应商定点开发通知书，公司将为小鹏汇天提供下一代原理样机低压 锂电池。据了解，小鹏汇天是国内在飞行汽车领域的先行者，早在2022年10月小鹏汇天一体式飞行汽车便实现了首飞，2024年10月小鹏汇天飞行汽 车智造基地正式开工。 亿纬锂能获得小鹏汇天的认可，展现出其在航空电池的技术实力。亿纬锂能在低空经济也有多年的布局。此前亿纬锂能表示，已为国外客户进行 eVTOL电池的小批量样品交付，并正协 ...