Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a significant revenue increase of 920% year-on-year and 65% quarter-on-quarter for Q2 2024, reaching 102 million yuan, despite a net loss of 71.6 million yuan [1] - The company achieved a gross margin of 62.4% in Q2 2024, an increase of 2.2 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [1] - The company expects Q3 2024 revenue to be approximately 123 million yuan, representing a year-on-year growth of 329.8% and a quarter-on-quarter growth of 20.6% [1] Summary by Sections Investment Events - The company delivered 49 units of the EH216 in Q2 2024, marking an 880% increase year-on-year and an 88% increase quarter-on-quarter [2] - The company received a production license from the Civil Aviation Administration of China (CAAC) in April 2024, leading to increased orders and delivery demands [2] - The company is expected to obtain the first operational certificate (OC) by the end of 2024, which would be a global first for its unmanned aerial vehicle operations [3] Strategic Partnerships - The company signed a strategic cooperation memorandum with China Southern Airlines to develop low-altitude tourism services [3] - The company successfully completed its first manned flight of the EH216-S in Abu Dhabi and conducted its first unmanned aerial taxi flight in Mecca, Saudi Arabia [3] Financial Forecast and Valuation - The report maintains its earnings forecast, projecting revenues of 447 million yuan, 904 million yuan, and 1.35 billion yuan for 2024, 2025, and 2026, respectively [3] - The price-to-sales (P/S) ratios are projected to be 12, 6, and 4 for the years 2024, 2025, and 2026 [3]
亿航智能2024年半年报点评：业绩超预期，静待OC年内落地