“双引擎”战略稳步推进，公司业绩稳健增长。公司稳步推进“双引擎”发展战略，2022 年两大业务板块均实现稳健增长。汽车金属部件轻量化业务实现营收143.75 亿元，同比增长35.17%，毛利率为17.02%，同比增加3.68pct，其中汽车铝合金车轮/镁合金业务分别贡献63.91/46.09亿元营收，同比增长36.54%/62.49%。通航飞机创新制造业务订单充足，销售业务持续优化，2022 年实现营收20.08 亿元，同比增长11.42%。occurrences
On April 25, 2023, Wanfeng Aowei released its 2022 annual report. In 2022, the company achieved operating income of 16.382 billion yuan, an increase of 31.73% over the previous year; achieved net profit of 809 million yuan, an increase of 142.69% over the previous year; and achieved net profit of 753 million yuan after deduction of the mother, an increase of 283.65% over the previous year.
Core views
The “twin engine” strategy progressed steadily, and the company's performance grew steadily. The company is steadily advancing its “twin engine” development strategy, and both major business segments achieved steady growth in 2022. The automotive metal parts lightweight business achieved revenue of 14.375 billion yuan, an increase of 35.17% over the previous year. The gross margin was 17.02%, an increase of 3.68 pct over the previous year. Among them, the automotive aluminum wheel/magnesium alloy business contributed 6391/409 billion yuan of revenue respectively, an increase of 36.54%/62.49% over the previous year. General Aviation Aircraft's innovative manufacturing business received sufficient orders, and sales operations continued to be optimized. Revenue reached 2,008 billion yuan in 2022, an increase of 11.42% over the previous year.
The increase in gross margin is compounded by increased ability to control expenses, and the company's profitability continues to increase. The company's gross margin in 2022 was 18.46%, up 2.37 pct from the previous year; the expense ratio for the period was 10.43%, down 1.67 pct from the previous year. Among them, the sales/management/finance/R&D expenses ratio was 1.26%/4.44%/1.68%/3.05%, down 0.35/0.76/0.30/0.27pct from the previous year; the net profit margin was 6.30%, up 2.02 pct from the previous year.
The profitability of the lightweight automotive metal parts business continues to improve, and the innovative manufacturing business of general aviation aircraft continues to open up room for growth. In terms of the automotive metal parts lightweight business, the company gave full play to the application advantages of lightweight technology, the new energy circuit, and carried out strategic cooperation with mainstream new energy vehicle companies. At the same time, it optimized the price settlement linkage mechanism and strengthened bulk material procurement and raw material inventory control. In terms of the innovative manufacturing business of general aviation aircraft, the company continues to deepen the “R & D - licensing/technology transfer - complete aircraft manufacturing and sales - after-sales service” business model. The high-value-added models DA50, DA62, and the pure electric aircraft eDA40 have received widespread attention from the industry. With the development of the domestic general aviation market, the company is expected to gain market advantage ahead of time with the world's leading technical advantages and brand awareness.
Investment advice
The company's revenue for 2023-2025 is estimated to be 18284/203.67/22.701 billion yuan respectively, and the net profit of the mother is 99/11.83/1,335 billion yuan respectively, and the corresponding EPS for 2023-2025 is 0.47/0.55/0.62 yuan/share, respectively. Based on the closing price of 5.68 yuan on April 25, 2023, the corresponding PE was 12.18/10.28/9.11 times respectively, maintaining the “recommended” rating.
Risk warning
Macroeconomic fluctuations; fluctuations in raw material prices; fluctuations in international trade and exchange rates; policy implementation falls short of expectations.
