Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][8]. Core Insights - The company reported Q2 revenue of 100 million yuan, a year-on-year increase of 920%, exceeding the previous guidance of 90 million yuan. The adjusted net profit turned positive at 1.2 million yuan, with a gross margin of 62.4%, up by 2.2 percentage points year-on-year. Operating cash flow has been positive for three consecutive quarters [1]. - The company is expected to obtain the Operational Certificate (OC) within the year, with continuous order expansion. In April, the company received the production license for the EH216-S model, allowing for mass production at its facility in Guangdong. Orders from various clients, including government and tourism operators, have significantly increased [1][2]. - For Q3 2024, the company anticipates revenue of 123 million yuan, representing a year-on-year growth of 330% and a quarter-on-quarter increase of 21% [1]. Summary by Sections Q2 Performance Overview - Revenue reached 100 million yuan, up 920% year-on-year, surpassing guidance of 90 million yuan. Adjusted net profit was 1.2 million yuan, marking a return to profitability. Gross margin stood at 62.4%, an increase of 2.2 percentage points year-on-year. Positive operating cash flow for three consecutive quarters [1]. Domestic Business - The company is on track to obtain the OC and is expanding orders. In April, it received the EH216-S production license, enabling mass production. Significant orders were secured from various clients, including a 50-unit order from Shanxi tourism and a 30-unit order from the government of Wencheng County, Zhejiang [1][2]. International Business - The company is expanding into the Middle East market, collaborating with Multi Level Group and the Abu Dhabi Investment Office. Successful test flights of the EH216-S were conducted in Abu Dhabi and Saudi Arabia [1]. Q3 2024 Guidance - The company expects Q3 revenue of 123 million yuan, a 330% year-on-year increase and a 21% quarter-on-quarter increase [1].
亿航智能：Q2收入超指引，调后净利润转正，订单持续增长