Investment Rating - The report assigns an "Outperform" rating to the company [4][5]. Core Insights - The company achieved a revenue of 128 million yuan in Q3 2024, representing a year-on-year growth of 348%. For the first three quarters of 2024, total revenue reached 290 million yuan, up 379.9% year-on-year. The net profit for the same period was -183 million yuan, an improvement from -230 million yuan in the previous year [1][7]. - The growth in revenue is primarily attributed to the increased delivery of the EH216 series aircraft, with a total of 138 units delivered in the first three quarters of 2024, marking a 375.9% increase year-on-year [1][7]. - The company is making steady progress in obtaining its Operational Certificate (OC), with expectations to receive the first OC by the end of this year. The current backlog of orders for the EH216 series exceeds 1,500 units [1][19]. Summary by Sections Financial Performance - In Q3 2024, the company reported a total revenue of 128 million yuan, a 347.8% increase year-on-year and a 25.6% increase quarter-on-quarter. The net profit for Q3 was -48.06 million yuan, an improvement from -67.12 million yuan in the same quarter last year [1][7]. - The adjusted net profit (non-GAAP) for Q3 2024 was 15.7 million yuan, compared to a loss of 31.3 million yuan in Q3 2023 [1][7]. - The gross margin for Q3 2024 was 61.2%, with a net margin of -37.6%, showing significant improvements in both metrics compared to previous periods [14]. Order Backlog and Market Demand - The company has a robust order backlog, with over 1,100 new purchase orders and pre-orders received since obtaining the Airworthiness Certificate (AC) for the EH216 series [1][24]. - The report highlights various customer orders, including significant contracts from Zhejiang Xiangyuan Cultural Tourism and Wenzhou Wencheng Transportation Development Group, among others, indicating strong market demand for the EH216 series [24][28]. Strategic Developments - The company is collaborating with various partners to establish UAM (Urban Air Mobility) demonstration projects in multiple cities, including Hefei, Guangzhou, and Shenzhen, to promote the commercial operation of the EH216-S aircraft [29][34]. - A strategic partnership with the Civil Aviation Flight University of China has been established to develop training programs for UAV operators and maintenance personnel, supporting the growth of the low-altitude economy [33][34].
亿航智能：单三季度收入同比增长348%，在手订单充裕