低空经济蓄势成长可期

29May 2025增持（下调）現價CNY 15.9(現價截至5月27日)目標價CNY 18.17(+14.3%)普通股股東(百萬股) :市值(人民幣百萬元) :52周最高價/最低價(人民幣元) :Source: Aastock, Phillip Securities (HK) ResearchFY24FY25E FY26E FY27E1631787100.310.4651.734.43.273.534.94.50.100.100.6%0.6%Source: Company reports, Phillip Securities Est.章晶(+ 86 021 62116752)zhangjing@phillip.com.cn 公司資料主要股東%陳愛蓮家族股價&深成指財務資料CNY 100mnNet SalesNet ProfitEPS, CNYP/E, xBVPS, CNYP/BV, xDPS (CNY)Div. Yield (%)研究員 193206100.450.5435.029.63.844.224.10.160.191.0%1.2% Page | 2 | PHILLIPCAPITAL HONGKONG RESEARCH收購Volocopter加速eVTOL落地，低空經濟蓄勢成長可期待2024年低空經濟首次被寫入政府工作報告，確立了低空經濟作為未來增長新引擎的重要地位。公司的通航飛機訂單充足，2024年MPP系列特種用途高附加值機型訂單交付較好，客戶結構持續優化，MPP特種用途高附加值機型訂單取得突破，銷售業務持續優化，為了加速推進公司低空領域的全球佈局，開發先進的eVTOL產品，公司於2025年3月 收 購了 德 國eVTOL知 名 企 業Volocopter核 心 資 產 ， 之 後 將 整 合Volocopter在eVTOL領域的前沿技術（如分布式電推進系統、VoloIQ航空雲平臺）與萬豐在通用航空的製造積澱，構建“固定翼+垂直起降飛行器+無人機”產品矩陣，2025年將推進特種用途DART機型、純電動通用飛機eDA40、eVTOL部分機型（如Volocopter 2X和VoloCity）在EASA（歐洲航空安全局）的TC取證進程，並爭取儘快將產品推入市場。Volocity和VoloCity機型將主打城市內空中交通，複合翼機型VoloRegion和VoloConnect用於城際之間，形成相互補充；無人機載物場景的解決方案將依託於VoloDrone機型，其可在40公里範圍內攜帶最高重達200公斤的貨物。我們認為，當前低空經濟產業已進入從“概念孵化”向“規模化應用”進階，預計2026年中國低空經濟規模有望突破萬億元人民幣，到2040年全球低空經濟規模將突破萬億美元。作為整機製造行業龍頭之一，eVTOL有望成為公司全新業務增長新引擎。投資建議我們預計公司的汽車金屬部件輕量化業務可借助新能源車行業發展紅利實現穩步增長，通用航空&eVTOL適逢低空經濟風口，前景可期。根據最新的財務資料，我們預測25-27年EPS，為0.46/0.45/0.54元，調整公司目標價至18.17元，對應2025/2026/2027年39.4/40/33.8倍P/E，5.2/4.7/4.3倍P/B估值，評級“增持”。(現價截至5月27日)PB BANDSource: Wind, Phillip Securities Hong Kong Research風險新業務推進進度低於預期產品價格下跌，市場競爭激烈 Page | 4 | PHILLIPCAPITAL HONGKONG RESEARCHPHILLIP RESEARCH STOCK SELECTION SYSTEMSWe do not base our recommendations entirely on the above quantitative return bands.We consider qualitative factors like (but not limited to) astock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculativeundertones surrounding the stock, before making our final recommendationThis publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms andThis publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct orconsequential loss arising from any use of material contained in this publication.The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis,forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of beliefonly. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate,complete orverified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall nothave any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event willPhillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research madeavailable, evenif it has been advised of the possibility of such damages.Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any timeThis material is intended for general circulation only and does not take into account the specific investment objectives, financialsituation or particular needs of anyparticular person. The products mentioned in this material may not be suitable for all investors and a person receiving or reading this material should seek advice from afinancial adviser regarding the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person,before making a commitment to invest in any of such products.This publication should not be relied upon as authoritative without further being subject to the recipient’s own independentverification and exercise of judgment. Thefact that this publication hasbeen made available constitutes neither a recommendation to enter into a particular transaction nor a representation that anyproductdescribed in this material is suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in this publicationinvolve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made unless allsuch risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained hereinwith respect to any