低空经济专题之eVTOL研究：eVTOL商业进程提速，多元场景驱动开拓千亿市场

Investment Rating - The industry investment rating is "Positive" [5] Core Insights - eVTOL (Electric Vertical Takeoff and Landing) aircraft have significant performance advantages, including vertical takeoff and landing capabilities, distributed electric propulsion, and the use of all-electric or hybrid power technologies. Compared to conventional helicopters, eVTOLs are more environmentally friendly, quieter, and have higher automation levels, resulting in lower operating costs and higher safety and reliability [1][10] - The central government's strategic focus on low-altitude economy, including the establishment of a dedicated low-altitude economic department, is expected to accelerate the certification and commercialization of eVTOLs. Recent developments include the issuance of the world's first type certificate, airworthiness certificate, and production certificate to EHang Intelligent, marking a significant milestone in the eVTOL industry [2][35] - The eVTOL market is projected to reach a scale of 107.91 billion yuan by 2030, with various application scenarios such as tourism, urban air mobility, emergency rescue, and firefighting contributing to this growth [3][47] Summary by Sections Section 1: eVTOL Development and Commercialization - eVTOLs are positioned as core vehicles for low-altitude development, with a strong potential for commercialization driven by technological advancements and supportive policies [8][32] - The eVTOL industry is characterized by diverse aircraft types and configurations, with composite wings and tilt-rotor designs being the main development lines [22][25] - The core subsystems of eVTOLs include airframe, avionics, flight control, energy, propulsion, and electrical systems, with battery and propulsion systems accounting for approximately 50% of the total cost [28][29] Section 2: Market Opportunities and Applications - eVTOLs can be categorized into surveillance, cargo, and passenger aircraft, each with distinct requirements for development, manufacturing, and certification [40] - The market space for eVTOLs is vast, with significant potential in passenger transport (urban air mobility, regional air transport) and cargo delivery, although the latter is expected to be limited primarily to industrial-grade drones [46][47] - The projected market size for eVTOLs by 2030 includes segments such as tourism (7.2 billion yuan), urban air mobility (70.4 billion yuan), emergency rescue (9.56 billion yuan), and firefighting (20.75 billion yuan) [47][48] Section 3: Investment Recommendations - Recommended companies for investment include: 1. WanFeng Aviation: A global leader in general aviation aircraft, with promising eVTOL developments 2. Wolong Electric: A domestic leader in electric motors, actively advancing eVTOL product development 3. Inboard: Focused on new energy vehicle power systems, starting with collaboration with EHang Intelligent 4. Zongshen Power: A leading private enterprise in small to medium-sized aviation power systems 5. CATL: A global leader in battery manufacturing, with solid-state batteries expected to set benchmarks for aviation-grade products [51]