Investment Rating - The report assigns a "Buy" rating to the company with a target price of US11.91 [1][4]. Core Insights - The company is positioned as a key beneficiary in the rapidly developing low-altitude economy, particularly with the commercialization of eVTOL (Electric Vertical Takeoff and Landing) aircraft. The EH216-S model has received all necessary certifications, marking a significant milestone for commercial operations [3][11]. - The report forecasts strong sales growth for the EH216-S, with projected deliveries of 190, 400, and 700 units from 2024 to 2026, respectively, leading to a compound annual growth rate (CAGR) of 138% [2][13]. - Financial projections indicate substantial revenue growth, with total revenues expected to reach RMB 4.38 billion, RMB 9.04 billion, and RMB 15.67 billion for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 272.6%, 106.5%, and 73.4% [6][13]. Summary by Sections Investment Overview - The report highlights the acceleration of eVTOL commercialization as a turning point for the low-altitude economy, with the company being a leading player in this sector. The EH216-S has become the first eVTOL to receive the necessary certifications for commercial operation [11][14]. Product Strength and Market Demand - The EH216-S is noted for its competitive advantages, including a compact design, cost-effective operation due to its unmanned nature, and strong market demand, with over 1,100 orders already secured [12][34]. - The report emphasizes the expected demand for eVTOLs in various applications, particularly in tourism and urban air mobility, with a long-term forecast suggesting a domestic demand exceeding 100,000 units [18][21]. Financial Analysis - The financial outlook includes a narrowing of net losses, with projections of RMB 2.03 billion and RMB 1.26 billion for 2024 and 2025, respectively, and a return to profitability with a net profit of RMB 1.42 billion by 2026 [6][13]. - The valuation is based on a price-to-sales (P/S) ratio of 10 times the 2025 forecast, leading to the target price of US$19.71 [4][13]. Government Support and Market Environment - The report notes significant government support for the low-altitude economy, which is expected to create a favorable environment for the company's growth and the broader eVTOL market [23][24]. - The EH216-S's early certification provides a competitive edge, as it is currently the only eVTOL capable of commercial operation, while competitors are still in the certification process [25][27].
亿航智能：全球eVTOL领先主机厂，商业化落地加速收入增长