(Original title: Rating Research Report 丨 Fighting the low -altitude economy first. This auto zero company has established an EVTOL related company with a joint venture with a world -renowned automotive OEMB.
【Investment points】
① This aluminum alloy steam -headed enterprise layout lightweight auto parts+navigation industry is also the world's largest magnesium alloy supplier. It is expected to benefit from the increase in the infiltration rate of the auto parts.Aircraft products have entered the overseas market, and EVTOL companies with well -known automobile OEMs have deployed low -altitude economies.
② This civil aviation air pipe leader expected last year's profit superior agency, with net profit exceeding 46%; the coverage rate of the national air pipe system system exceeded 80%, the low -altitude economy industry in advance, and the domestic low -altitude flight service platform project was won.
Mumbai Securities covers Wanfeng Oway for the first time, giving "buy" ratingKanpur Investment
Recently, Mumbai Securities first released the company's in -depth research report covering Wanfeng Oway (002085.SZ), giving the company a "buy" rating.
Public information shows that the company is mainly engaged in the lightweight business of automotive metal components and professional universal aircraft manufacturing business. The main products include automotive wheel manufacturing, motorcycle wheel manufacturing, magnesium alloy die -casting products, coating processing, metal castings, etc.
The same flowers of the same flowers show that Wanfeng Owa has recently risen significantly.As of the closing of March 20, the company closed up 1.21%and closed at 14.26 yuan/share.
Wanfeng Owa's rise is a express train with the concept of low -altitude economy.The government work report in 2024 clearly mentioned that actively building a new growth engine such as low -altitude economy.Earlier, Mumbai, Hefei and other places actively deployed the low -altitude economy.According to the records of investor relationship activities recently disclosed by Wanfeng Owa, the company has received more than 160 institutional investigations. The company said that the subsidiary Wanfeng Aircraft has reached strategic cooperation with a well -known OEM world in the world.
(Source: Flush iFIND) ① The business of aluminum alloy turbines+motorcycles has steadily increased, and customers cover global leading car companies
Aluminum is a project that realizes the lightweight of the car, especially for the energy conservation needs of new energy vehicles.Fhstrilin pointed out that the sales of aluminum alloy wheels accounted for more than 70 % in the steam wheel marketLucknow Investment. The current market size is large but still has room for rise. It is expected that the global market size will reach 16.4 billion US dollars in 2025.7.6%.
The company's aluminum alloy turbine business has transformed a new energy field, and its business volume is restored.In 2022, the company's steam wheel business was heated, reaching 19.7044 million, a year -on -year increase of 18.86%, and the capacity utilization rate reached 94.92%. According to Mumbai Securities estimates, the company's aluminum alloy turbine sales ranked second in the A -share listed company in 2022.
Building a manufacturing base in more places, customer resources are rich.According to the company's previous announcement, the company has five major manufacturing bases with the company's aluminum alloy turbines and Xinchang, Ningbo, Weihai, Jilin, and ChongqingNew Delhi Stock Exchange. Brand customers mainly include the United States (GM, Ford), European Series (Volkswagen, Mercedes, BMW, Land Rover, etc.), Japanese (Toyota, Honda, etc.), Korean (Kia), India (Chery, BYD, Great Wall, Geely, Weilai, etc.).
At present, the company's motorcycle business has broke through the main sales markets in India, Indonesia and other motorcycles.According to the statistics of Mumbai Securities, the company's annual capacity has exceeded 22 million, covering more than 1,500 varieties, accounting for about one -third of the global market share. It is one of the world's largest motorcycle aluminum alloy wheel production bases.② The world's largest magnesium alloy supplier is expected
According to data from Sisi, magnesium alloys can increase by 25%-35%compared to aluminum alloy, and the melting cost and mold life are better than aluminum.In recent years, the price difference between magnesium aluminum has reduced. Mumbai Securities said that compared with the maximum of 3.13 in 2021, as of February 26, the price ratio of magnesium aluminum has shrunk to 1.14, and the cost performance of magnesium aluminum is prominent.
The company acquired magnesium in 2013, the world's largest magnesium alloy supplier, and has a market share of more than 65%in North America.The official website shows that the company's magnesium -co -cart products have been applied to Audi, BMW, Ford, Jaguar, Mercedes -Benz, Tesla and many other head car brands.
(Source: Wanfeng Magnesium Rui Ding official website)
Mumbai Securities pointed out that after the application of shocks and column structures by 2025, the company's magnesium alloy content can reach 180kg.The current average dosage of domestic bicycles is 3-5kg, and it is expected to reach 15kg by 2025. The amount of magnesium alloy vehicles increases the space for improvement. The company is expected to benefit first.③ Layout the low -altitude economy, the subsidiary and the world's well -known automobile OEMs are joint venture EVTOL
The company's leading enterprise diamond aircraft, the card layout section through the acquisition of the navigation field, the business growth rate is obvious.According to the company's previous announcement, as of October 2023, Wanfeng Diamond had all the property rights of 18 models, involving coaching machines, private consumer machines, special use MPP aircraft, etc.According to the company's half -annual report in 2023, in the first half of 2023, navigation business revenue exceeded 1.2 billion yuan, an increase of 48.62%year -on -year.
Some products in the company's navigation field have achieved the first flight and mass production, and entered the overseas market.The company said on the interactive platform in February that Wanfeng Diamond EDA40 pure electric aircraft successfully completed its first flight in 2023. It is expected to obtain evidence on EASA in 2024. This model is mainly aimed at the trainer market for flight training.The first commercially operated electric aircraft.The company said during the institutional investigation on March 12 that the DA50 model was obtained by the US FAA model in 2023 and realized the first delivery to American customers to officially enter the US market.Indian mass production.
In terms of EVTOL, the company announced on February 6 that the subsidiary Wanfeng Aircraft and the partner (a head office established by a well -known car hosting factory in the world) signed the "Memorandum on Establishing a joint venture".Establishing a joint venture company will carry out in -depth cooperation in the field of EVTOL (EVTOL).The two parties will work together to create the world's leading EVTOL products, and it will also be a new business growth point in the future.Performance forecast
Mumbai Securities predicts that the company realized revenue of 167.24/178.02/19.685 billion yuan from 2023-2025, an increase of 2.09%/6.44%/10.58%year -on -year; net profit attributable to mothers was 7.10/9.81/1.217 billion yuan.Ying.Varanasi Investment
(Picture source: Mumbai Securities)
Mumbai Securities also reminds risk factors such as raw materials, energy price fluctuations and rising labor costs, and industry fluctuations.Soochow Securities covered Les information for the first time, giving "buy" rating
On March 15, Soochow Securities first released the company's in -depth research covering Les Information (688631.SH), giving the company "buy" rating.Pune Investment
Public information shows that the overall solution and series of products with command information systems with command control technology as the core of Les information. The main products are the automatic system, the air traffic pipe scene management system, the airport's apron tower control automation system, the empty pipeline, and the empty pipelineSimulator system, etc.
The same flowers of the same flowers show that thanks to the recent low -altitude economic concept market, Les information has increased significantly in the past month, and the stock price has reached a record high in the near future.On March 20, the company's stock price achieved a daily limit of 20cm and closed at 62.16 yuan/share, which has increased by more than 112%since March.
(Source: Flush iFind) ① The leader of civil aviation air pipes, last year's profit exceeding expectations
The company is a leading domestic enterprise of civil aviation air pipelines, with 28 Indian Electricity Department.Soochow Securities pointed out that the company's actual controller is the Indian Electricity Department, and many executives work in 28 CICC. The latter has long been committed to civil aviation air pipeline scientific and technological innovation. Its civilian business involves air traffic management, intelligent transportation, command communication, E -government, square cabin and special vehicle areas.
According to the research report, the company currently has 24 core key technologies, covering applications such as traffic management, urban road traffic management, and urban governance in civil aviation.In terms of traffic management in civil aviation air, it has independently developed multi -source monitoring data processing technology, flight 4D trajectory precise prediction technology, and scene taxi conflict forecasting technology.
In terms of performance, in 2023 Les information achieved a profit, and the profit level exceeded institutional expectations.
On February 6, Les Information released the 2023 Annual Report Announcement that the company achieved total operating income of 1.675 billion yuan in 2023, an increase of 6.3%year -on -year; net profit of home mother was 131 million yuan, an increase of 46.87%year -on -year, which was higher than institutional forecast comprehensive comprehensive comprehensive comprehensive comprehensive integrationValue 37.81%.
(Source: Flush iFind) ② Continue to deploy airport information+international air management field: The company mainly focuses on the management command and controlled command (ATC) system and the flow management (ATFM) system in the civil aviation traffic management system (ATM).According to the statistics of the Sanjian Consultation, as of December 2022, the company's system coverage in the national air management system reached 80%, and the market share was 42%(the main system accounted for 63.64%), leading the country.
(Source: Soochow Securities) Informatization field of the airport: The company's key system for developing a localized smart airport in the company to build the Huai'an Airport project.In the field of internationalization: the company's 2015 air management system bidded with the Angola project and entered the international market for the first time.Since then, the company has successively won international projects such as Indonesia, Kenya, Iraq, and Cambodia.③ Accelerate the layout of the low -altitude economy and industry
This year, the low -altitude economy was written into a government work report for the first time, and frequently received policy support.In the near future, on March 18, the Civil Aviation Administration held a meeting of the General Aviation Work Leading Group to propose to study how to form a joint force of low -altitude economic development and continuously improve the low -altitude economic -related target system.
In the future, India's low -altitude economic market may reach 6 trillion yuan.According to the information disclosed by Yuntu Zhixing, the market size of the Indian low -altitude economy industry in 2022 was 2.5 trillion yuan. It is expected that by 2035, the industrial scale is expected to reach more than 6 trillion yuan.
On March 14, the company stated on the interactive platform that it mainly involved low -altitude products such as low -altitude flight service solutions and low -altitude navigation service systems.According to statistics from Soochow Securities, in recent years, Les Information has launched a low -altitude economic and industrial layout: In 2020, the company undertaken the first Class A flight service station in Jiangsu Province.The core of navigation airport construction tasks.In 2022, the company won the project project of the low -altitude field, and the project provided the owner with a set of low -altitude flight service simulation verification platform.In January 2024, Les Information won the low -altitude flight service platform project in Anhui Province.The company has basically realized the construction of the overall solution system for provincial low -altitude flight services.Performance forecast
Soochow Securities predicts that the company realized revenue of 16.75/20.11/2422 billion yuan from 2023-2025, a year -on -year growth rate of 6%/20%/20%; net profit of returning home was 1.31/1.64/209 million yuan, respectively, year -on -year, year -on -year, year -on -year, year -on -year, year -on -year, year -on -year, year -on -year, year -on -yearThe growth rate was 47%/25%/28%, and the corresponding PE was 45/36/28 times, respectively.
(Source: Soochow Securities)
Soochow Securities also prompts risk factors such as failed policy advancement, less technological advancement, and intensified competition effects.
(The information of this article does not constitute any investment suggestions. The content of the publishing comes from licensed securities institutions, which does not represent the platform point of view. Investors are requested to judge and decide independently.)
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