Huachuang Securities: Gives WANFENG AUTO WHEEL a "Recommended" rating, accelerating dual drive of general aviation + EVTOL

Huachuang Securities research report points out that WanFeng Auto Wheel's subsidiary plans to acquire VOLOCOPTER-related assets, further advancing its layout in the EVTOL field, with general aviation and EVTOL driving growth at an accelerated pace. The report is optimistic about the market space brought by the combination of eVTOL and new cultural tourism consumption in China from 2025 to 2027. From a medium to long-term perspective, urban/intercity air transportation has the greatest scale potential. In 2023, there were 1.3674 million cruising taxis in China, and assuming a penetration rate of 1%, this implies a demand for over 13,000 eVTOLs. Once expanded to the global market, the potential is even larger. The report is optimistic about the company's dual-wheel strategy of general aviation and eVTOL, and emphasizes a "recommend" rating as it is a rare main engine manufacturer target in the A-share market