Investment Rating - The report does not provide a specific investment rating for EHang Intelligent (EH.O) [1] Core Insights - EHang Intelligent is a leading eVTOL (electric vertical takeoff and landing) manufacturer, having obtained all three necessary certifications (TC, AC, PC), which positions it to accelerate commercialization [2][8] - The flagship product EH216-S has driven significant revenue growth, with 2023 revenue reaching 105 million yuan, a 159% year-on-year increase, accounting for 89% of total revenue [1][18] - EHang has over 1,500 orders in hand and is actively building an ecosystem with upstream partners to enhance its aviation energy system [2][9] Summary by Sections Company Overview - EHang Intelligent focuses on urban air mobility, with its business covering air traffic, smart city management, and aerial media [10][12] - The company was established in 2014 and went public on NASDAQ in 2019, becoming the first listed company in the urban air mobility sector [10][11] eVTOL Industry - The eVTOL industry is seen as a crucial player in the low-altitude economy, with a market potential exceeding 1 trillion yuan [5] - EHang is the first eVTOL company globally to have all three certifications (TC, AC, PC), ahead of competitors by 2-3 years, and is expected to be the first to obtain operational certification [2][8] Financial Projections - Revenue projections for EHang are as follows: 394 million yuan in 2024, 807 million yuan in 2025, and 1.205 billion yuan in 2026, with net profits expected to turn positive in 2026 [3][4] - The company has shown a strong revenue growth trajectory, with a significant increase in gross margin from 58.46% in 2019 to 64.13% in 2023 [19][21] Product Highlights - The EH216-S is a fully autonomous eVTOL that has received all necessary certifications, making it suitable for various applications including passenger transport, aerial sightseeing, and logistics [14][18] - The product features a maximum takeoff weight of 620 kg, a top speed of 130 km/h, and a range of 30 km [14][18] Market Position and Strategy - EHang has established strong partnerships with companies like GAC Group and others in the energy system sector to enhance its technological capabilities [9][10] - The company is actively participating in the development of the low-altitude economy, which has been elevated to a national strategy in China [5][8]
亿航智能：低空经济领先企业，集齐适航三证，商业化落地有望加速