Investment Rating - The report maintains a "Buy" rating for the company with a target price of $29, corresponding to a 15x 2025 estimated P/S ratio [6][4]. Core Views - The company exceeded revenue expectations for 2024, with total revenue reaching 456 million RMB, a year-on-year increase of 288%. The gross margin was reported at 61.4%, indicating strong product qualification barriers [1][4]. - The company is expected to achieve a total revenue of 900 million RMB in 2025, representing a growth of approximately 97% year-on-year, with a target gross margin of around 60% [1][4]. - The company is actively expanding its production capacity across multiple locations, including Guangdong, Hefei, and Weihai, to meet anticipated market demand [3][4]. Financial Summary - In 2024, the company delivered 216 units of the EH216-S model, contributing to a total revenue of 456 million RMB. The non-GAAP net profit for the year was 43 million RMB, surpassing previous expectations [1][4]. - The financial projections for 2025-2027 indicate revenues of 873 million RMB, 1.34 billion RMB, and 1.73 billion RMB, respectively, with non-GAAP net profits of 92 million RMB, 151 million RMB, and 165 million RMB [5][12]. - The company’s gross profit margin is expected to stabilize around 60% in the coming years, reflecting its strong market position and operational efficiency [4][12].
亿航智能：2024年业绩超预期，期待观光场景应用-20250320