On July 11th, Futu News reported that $CIRRUS (02507.HK)$Please use your Futubull account to access the feature.
Market source: Futu Securities.
Company overview
Cirrus Aircraft designs, manufactures and markets single-engine piston and jet aircraft, using innovative technologies and advanced systems to continuously improve performance, safety, and comfort, and provide innovative and complementary product portfolios covering a range of private aviation solutions. The company offers a wide range of products and services, including maintenance, upgrades, training, and social activities under the Cirrus brand.
Since it was founded in Wisconsin, USA in 1984, the company has delivered over 9,700 SR2X series aircraft and over 500 Vision jets. The Company's aircraft are mainly used for private and business travel, usually driven by certified aircraft owners, and each aircraft is made of composite materials and equipped with advanced functions.
According to Frost & Sullivan data, based on deliveries, this company's global market share in the private aviation market in 2023 was 32.0%. The company's two aircraft product lines, the SR2X series and Vision jet, have established the industry standard for self-piloted aircraft and have been certified and validated in more than 60 countries. According to the General Aviation Manufacturers Association, the SR2X series has been the best-selling single-engine piston model in the past 22 years. Vision jet has been the best-selling business jet for six consecutive years.
The Company sees aircraft production and sales as the starting point for building lifelong relationships with customers. In 2018, the company launched Cirrus Services, a customer-centric business unit that provides lifestyle-based flight training, aircraft maintenance management, and financing solutions for private aircraft owners and operators with a wide range of flight requirements. As of December 31, 2023, the company had established sales agencies in over 36 countries, enabling the company to reach global customers through its sales agents and Cirrus sales agents.
Financial overview
In terms of financial performance, as of the fiscal year ended December 31, 2021, 2022, and 2023, the company's revenue was USD 0.7381 billion, USD 0.8941 billion, and USD 1.0677 billion, with a compound annual growth rate of 20.3%, and the annual profits were USD 72.4 million, USD 88.08 million, and USD 91.14 million, with a compound annual growth rate of 12.2%.
As of the fiscal year ended December 31, 2023, the company's adjusted annual profit (a non-International Financial Reporting Standards metric) was USD 98.4 million. As of the fiscal year ended December 31, 2023, the company's equity return rate and adjusted EBITDA profit margin (non-International Financial Reporting Standards metrics) were 21.1% and 15.2%, respectively. As of December 31, 2023, the company's leverage ratio was 0.1. As of the last practicable date, the company had 1,320 aircraft reserves.
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Editor/Jamie