Investment Rating - The report maintains a "Buy" rating for EHang with a target price of 15-20 million [2] Product Development - EHang completed its first eVTOL solid-state battery flight test in November, achieving 48 minutes 10 seconds of flight time, a significant improvement from the previous 25 minutes [2] - The company aims to achieve solid-state battery certification and mass production for EH216-S by the end of 2025 through its partnership with Xinjie Energy [2] - EHang entered a long-term strategic cooperation with Inpower in November to jointly develop high-performance motors and motor controllers for its eVTOL products [2] Market Expansion - EHang is expected to obtain its first OC (Operating Certificate) by the end of 2024, enabling commercial operations in Hefei [2] - The company is assisting customers and partners in Guangzhou, Shenzhen, Wuxi, Wencheng, and Zhuhai with OC applications [2] - EHang has made progress in international markets, receiving a test flight certificate from Brazil's civil aviation authority in September and conducting flight tests with Thailand's civil aviation authority [2] - The company has completed over 56,000 safe flights of autonomous eVTOL aircraft in 18 countries across Asia, Europe, North America, and Latin America [2] Financial Projections - Revenue is expected to grow from RMB 422 million in 2024 to RMB 1.255 billion in 2026, with non-GAAP net profit turning positive at RMB 11 million in 2024 and reaching RMB 252 million in 2026 [2][13] - EH216-S deliveries are projected to increase from 202 units in 2024 to 624 units in 2026, with ASP remaining stable at around RMB 1.96 million [13][17] - Gross margin is expected to stabilize at around 60% from 2024 to 2026, with non-GAAP net profit margin improving from 3% in 2024 to 20% in 2026 [13][17]
亿航智能：盈利超预期，OC有望年内取证