Lei Jianping on June 30
Cirrus Aircraft Co., Ltd. (hereinafter referred to as "Cirrus Aircraft", stock code: "02507") has recently launched a roadshow to prepare for listing on the Hong Kong Stock Exchange on July 12, 2024.
Cirrus Aircraft issued 54,875,900 shares in the range of HK$27.34 to HK$28, raising up to HK$1.537 billion.
The cornerstone investors introduced by Cirrus Aircraft this time include the second phase of the National Adjustment Fund, Taicang Hi-Tech, Changshu Southeast, Wuxi C&D New Investment, and Wuxi Financial Investment, with a total subscription of HK $851 million;
Among them, the second phase of the National Adjustment Fund subscribed for 156 million Hong Kong dollars, Taicang Hi-Tech and Changshu Southeast subscribed for 30 million US dollars respectively, Wuxi C&D New Investment subscribed 24 million US dollars, and Wuxi Jintou subscribed 5 million US dollars.
Annual revenue of $1.068 billion, delivered 708 aircraft
Cirrus Aircraft designs, manufactures and markets single-engine piston and jet aircraft, with a portfolio that includes a range of private aviation solutions. Cirrus aircraft are primarily used for private and business travel and are usually flown by aircraft owners who have obtained a license to pilot.
Since its inception in Wisconsin in 1984, Cirrus has delivered more than 9,500 SR2X family aircraft and more than 500 Vision jets.
Cirrus Aircraft's SR2X family includes the entry-level SR20 as well as the SR22 and SR22T, which offer enhanced performance and capabilities to meet the diverse needs and preferences of customers for single-engine piston aircraft. The SR2X family of aircraft can typically carry up to four adults and one child.
According to the prospectus, Cirrus Aircraft's revenue in 2021, 2022, and 2023 will be US$738 million, US$894 million, and US$1.068 billion, respectively;
Among them, the revenue brought by the SR2X series was 613 million US dollars, accounting for 57.4%; Vision Jets generated $302 million in revenue, accounting for 28.4%.
Cirrus Aircraft will deliver a total of 708 aircraft in 2023, including 612 SR2X series and 96 Vision Jets.
Cirrus Aircraft's gross profit in 2021, 2022, and 2023 will be US$242 million, US$298 million, and US$365 million, respectively; The gross profit margin was 32.8%, 33.3% and 34.2%, respectively.
Cirrus Aircraft's operating profit in 2021, 2022, and 2023 will be US$89.71 million, US$112 million, and US$124 million, respectively; Operating margins were 12.2%, 12.5% and 11.6%, respectively.
Cirrus Aircraft's annual profits in 2021, 2022, and 2023 will be US$72.4 million, US$88.08 million, and US$91.14 million, respectively; The profit margins for the year were 9.8%, 9.9% and 8.5%, respectively.
Cirrus Aircraft's adjusted profit in 2021, 2022 and 2023 will be $72.4 million, $88.08 million and $98.39 million, respectively.
As of December 31, 2023, Cirrus had cash and cash equivalents of $246 million.
Gree Aviation Investment is an indirect shareholder
The directors of Cirrus Aircraft are Yang Lei, non-executive director and chairman of the board, Wang Hui, vice chairman of the board of directors and executive director, and Song Qingchun, Liu Liang and Li Yihui, non-executive directors;
The executive directors and chief executive officers are Zean Hoffmeister Vang NIELSEN, independent non-executive directors Zhang Yan Xuan, Liu Zhongwen and Ms. Ferheen MAHOME (alias: Ma Yingxin).
In June 2011, CAIGA acquired Cirrus Aircraft by merging with LegacyCirrus Industries. Legacy Cirrus Industries is indirectly wholly owned by AVIG. CAIGA holds 100% equity interest in Cirrus Aircraft.
Before the IPO, Cirrus Aircraft's shareholding structure
The shareholders of CAIGAC include Aviation Industry, Guangdong Yuecai, Guangdong Hengjian and Gree Aviation Investment, holding 73.39%, 12.42%, 8.87% and 5.32% of the shares respectively.
After the IPO, Cirrus Aircraft's shareholding structure
After the IPO, CAIGA holds 85% of the shares of Cirrus Aircraft, and the public shareholders hold 15% of the shares.
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