OC 取证落地，年底前产能计划提升至千台 事件：公司发布 25Q1 财报。25Q1 营业收入 2610 万元，去年同期 为 6170 万元；毛利率为 62.4%，去年同期为 61.9%；调整后净亏损 3110 万元，去年同期为 1010 万元。 海外公司报告 | 公司动态研究 亿航智能（EH） 证券研究报告 业务进展： 运营合格证（OC）取证落地，商业化逐步推进：2025 年 3 月 28 日， 中国民用航空局（CAAC）向两家 EH216-S 运营商（亿航通航和合 翼航空）颁发首批中国民用载人无人驾驶航空器运营合格证（OC）。 获得认证后，两家企业可在指定运营区域使用 EH216-S 开展载人商 业飞行服务。公司将分阶段逐步扩大商业运营规模，包括从隔离空 域向融合空域过渡、从空中游览向客运服务延伸、从试点区域向更 多运营地点扩展、从受邀乘客向公众开放服务。 国际市场持续拓展。25 年 2 月，EH216-S 在西班牙贝尼多姆试飞； 25 年 3 月：EH216-S 在墨西哥首飞；公司全球运营国家扩展至 19 个。 产品进展： 公司新一代远程复合翼 eVTOL——VT35（VT30 升级版）正在申请 中国适航 ...

Investment Rating - The report maintains a "BUY" rating for EHang Holdings with an unchanged target price of US$30, indicating a potential upside of 76.9% from the current price of US$16.96 [1][3][17]. Core Insights - EHang's 1Q25 results were below expectations, with a 58% year-over-year decline in eVTOL aircraft deliveries, totaling only 11 units due to delays caused by weather, Chinese New Year seasonality, and operator certificate approvals. However, management anticipates a recovery in sales in 2Q25 [1][6]. - The company aims for a revenue target of RMB900 million in 2025, representing a 97% year-over-year growth, alongside a 40% increase in selling, general, and administrative (SG&A) expenses [1][2]. - EHang is recognized as a first-mover in the eVTOL market in China, having obtained essential certifications for mass production and operation [1][6]. Financial Summary - Revenue for FY25 is projected at RMB898 million, with a year-over-year growth of 97%. The adjusted net profit is expected to improve to a loss of RMB64 million, with a return to profitability anticipated in FY26 with a net profit of RMB178 million [2][14]. - The gross margin for 1Q25 slightly expanded to 62.4%, despite a significant revenue decline [6][7]. - EHang's inventories increased by 44% to RMB109 million as of March 2025, attributed to shipment delays [6]. Product Development - The VT35 eVTOL is the next key product, currently undergoing certification processes in China, with plans for a launch in 3Q25 [6][7]. - EHang has successfully obtained operating certificates for its subsidiaries, with commercial operations expected to commence in the coming months as safety remains a priority [6][7].

CHANG | | 2 EHang Holdings Limited Q1 2025 Operational & Financial Results Notes: The photo shows EH216-S's flight in Benidorm, Spain, in February 2025. GHVNG IIZAL www.ehang.com Disclaimer These materials have been prepared by EHang Holdings Limited (the "Company") solely for informational purposes and have not been independently verified. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or correctness of the information or op ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were RMB 26.1 million, a decrease compared to Q1 2024 and Q4 2024, primarily driven by decreased sales volume of EH216 series products [31][32] - Gross profit was RMB 16.3 million in Q1, with a gross margin improvement to 62.4% compared to 61.9% in the same period of 2024 and 60.7% in Q4 2024, indicating strong marketing competitiveness and pricing power [32] - Adjusted net loss was RMB 31.1 million in Q1, reflecting a decline in deliveries, but the company expects financial performance to improve as deliveries recover [34][36] Business Line Data and Key Metrics Changes - In Q1 2025, the company delivered 11 units of the EH216S, with the low delivery volume attributed to seasonal slowdown, internal budgeting processes of clients, and deferred orders due to the upcoming OC certification [14][15] - The company is expanding its Yunfu production base, which has doubled in size and will support an annual production capacity of up to 1,000 units once fully operational [16] Market Data and Key Metrics Changes - Following the issuance of operating certificates (OCs), consumer inquiries and order volumes have significantly increased, with expectations for a strong rebound in Q2 [18][19] - Major orders from provinces such as Jilin, Jiangxi, Guizhou, Hainan, Anhui, and Guangdong are expected to convert into deliveries starting in Q2 [19] Company Strategy and Development Direction - The company aims to evolve from manufacturing autonomous aerial vehicles into a comprehensive urban air mobility platform operator, providing a one-stop solution covering aircraft hardware, software, operational services, and standard systems [6] - The company is focused on a phased approach to commercialization, starting with low-risk scenarios like sightseeing flights before expanding into more complex urban air mobility services [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth momentum over the next few quarters, maintaining the annual revenue guidance of RMB 900 million for 2025 [36][39] - The company is committed to safety and is implementing enhanced standards to ensure safe and compliant flight operations as it transitions to commercial operations [19][20] Other Important Information - The company has over 700 issued and pending patent assets worldwide, with nearly half of its team dedicated to R&D, positioning it as a global leader in autonomous flight systems [12] - The company is actively expanding its business into logistics and emergency rescue applications, with specialized UAVs already developed for these use cases [25][26] Q&A Session Summary Question: Outlook on significant growth in sales and deliveries - Management noted that Q1 performance declined due to seasonal impacts and deferred orders, but improvements in Q2 delivery volumes and sales are expected, with large orders converting into contracts [38] Question: Timeline for EH216 owners to obtain OC certificates - Management indicated that the issuance of OCs clarifies regulatory standards, which should reduce application timelines for future operators [41] Question: Competition and staying competitive - Management highlighted that urban air mobility and intercity air transport serve different markets, with the EH216S offering a compact footprint and lower costs compared to competitors [45][46] Question: Updates on production capacity and SG&A expenses - Management confirmed that the Yunfu facility's production capacity will increase to 1,000 units by the end of the year, and they will maintain stringent control on SG&A expense growth [81][83]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were RMB 26.1 million, a decrease compared to Q1 2024 and Q4 2024, primarily driven by decreased sales volume of EH216 series products [31][32] - Gross profit was RMB 16.3 million in Q1, with a gross margin improvement to 62.4% compared to 61.9% in Q1 2024 and 60.7% in Q4 2024, indicating strong marketing competitiveness and pricing power [32][33] - Adjusted net loss was RMB 31.1 million in Q1, reflecting a decline in deliveries, but the company expects financial performance to improve as deliveries recover [34][35] Business Line Data and Key Metrics Changes - In Q1 2025, the company delivered 11 units of the EH216S, with low delivery volume attributed to seasonal slowdown, internal budgeting processes, and customers delaying orders until after the OC was granted [14][15] - The company is expanding its Yunfu production base, which has doubled in size and will support an annual production capacity of up to 1,000 units once fully operational [15][16] Market Data and Key Metrics Changes - Following the issuance of operating certificates (OC), consumer inquiries and order volumes have significantly increased, with expectations for a strong rebound in Q2 [17][18] - Major orders from provinces such as Jilin, Jiangxi, Guizhou, Hainan, Anhui, and Guangdong are moving forward and will begin converting into deliveries starting in Q2 [18][39] Company Strategy and Development Direction - The company aims to evolve from manufacturing autonomous aerial vehicles into a comprehensive urban air mobility platform operator, focusing on safety and a phased approach to commercialization [6][7] - The company is actively building partnerships and expanding into logistics and emergency rescue applications, with ongoing projects in various regions [24][25][26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth momentum, maintaining the full-year revenue guidance of RMB 900 million for 2025 despite Q1 performance decline [35][39] - The company is focused on continuous innovation and maintaining technological leadership, with significant investments in R&D and a strong pipeline of new products [12][13][33] Other Important Information - The company holds over 700 issued and pending patent assets worldwide, with nearly half of its team dedicated to R&D [12] - The company has established strategic partnerships to develop next-generation manufacturing bases and enhance its operational capabilities [22][23] Q&A Session Summary Question: Outlook on significant growth in sales and deliveries - Management noted that Q1 performance declined due to seasonal impacts and customer budget finalization, but improvements in Q2 delivery volumes and sales are expected [37][38] Question: Timeline for EH216 owners to obtain OC certificates - Management indicated that the issuance of OC clarifies regulatory standards, which should reduce application timelines for future operators [40][41] Question: Competition and product differentiation - Management emphasized that urban air mobility and intercity transport serve different markets, with the EH216S offering a compact footprint and lower costs compared to competitors [43][44][45] Question: Delivery growth expectations - Management confirmed strong sales growth in Q2 and expects significant revenue increases in the second half of the year as deliveries ramp up [73][75] Question: Production capacity updates - Management provided updates on the expansion of the Yunfu facility, which is expected to reach an annual production capacity of 1,000 units by the end of the year [80][81] Question: Perception of NDRC's recent statements - Management reiterated the importance of safety and a phased approach to operations, aligning with NDRC's guidance on developing the low altitude economy [85][86]

Core Viewpoint - EHang Holdings Limited reported its unaudited financial results for the first quarter of 2025, highlighting significant developments in urban air mobility, including the issuance of Air Operator Certificates for its EH216-S eVTOL and ongoing advancements in its VT35 model [1][15][16]. Financial Highlights - Total revenues for Q1 2025 were RMB 26.1 million (US$ 3.6 million), a decrease from RMB 61.7 million in Q1 2024 and RMB 164.3 million in Q4 2024, primarily due to reduced sales volume of EH216 series products [7][19]. - Gross margin improved to 62.4%, up from 61.9% in Q1 2024 and 60.7% in Q4 2024, attributed to a higher average selling price of EH216 series products [21][22]. - Operating loss was RMB 89.9 million (US$ 12.4 million), compared to RMB 65.8 million in Q1 2024 and RMB 56.0 million in Q4 2024 [24]. - Net loss was RMB 78.4 million (US$ 10.8 million), an increase from RMB 63.4 million in Q1 2024 and RMB 46.9 million in Q4 2024 [26]. - Cash and cash equivalents, along with short-term investments, totaled RMB 1,114.4 million (US$ 153.6 million) as of March 31, 2025 [28]. Business Developments - The Civil Aviation Administration of China (CAAC) issued Air Operator Certificates for EH216-S operators, allowing commercial human-carrying flight services in China [3][15]. - EHang is expanding its Yunfu production base to double its factory space to 48,000 square meters, aiming to increase annual production capacity to 1,000 units by the end of 2025 [8]. - The VT35, a next-generation eVTOL, is undergoing type certification with the CAAC, with the first unit manufactured for airworthiness validation tests [5][6]. - EHang has established a strategic partnership to build a new eVTOL production base in Hefei, integrating automation and standardization to meet rising demand [9]. International Expansion - EH216-S flights have commenced in Mexico and Spain, expanding EHang's global presence to 19 countries [12]. - The company launched the Luohu UAM Exhibition and Experience Center in Shenzhen, enhancing urban low-altitude infrastructure for tourism [11]. Management Insights - The CEO emphasized the significance of the Air Operator Certificates as a milestone for commercial urban air mobility in China [15]. - The CFO noted a revenue decline due to the timing of customer procurement plans but expressed optimism for a rebound in Q2 2025 [18].

Core Viewpoint - EHang Holdings Limited, a leader in Urban Air Mobility technology, is set to release its unaudited financial results for Q1 2025 on May 26, 2025, before the U.S. market opens [1]. Financial Results Announcement - The unaudited financial results for the first quarter ended March 31, 2025, will be announced on May 26, 2025 [1]. - An earnings conference call will be hosted by EHang's management team at 8:00 AM U.S. Eastern Time on the same day [2]. Conference Call Details - Participants must complete an online registration process to join the conference call, receiving email instructions with dial-in information and a PIN number [2]. - A live and archived webcast of the conference call will be available on the Company's Investor Relations website [3]. Company Overview - EHang is recognized as the world's leading Urban Air Mobility technology platform, focusing on safe, autonomous, and eco-friendly air mobility solutions [4]. - The company provides unmanned aerial vehicle systems for various applications, including human transportation, logistics, smart city management, and aerial media solutions [4]. - EHang's EH216-S has received the world's first type certificate and production certificate for pilotless human-carrying electric vertical takeoff and landing aircraft from the Civil Aviation Administration of China [4]. - In 2025, EHang's eVTOL operators were granted the first batch of Air Operator Certificates for human-carrying pilotless eVTOL flight services for mass consumers [4].

Core Viewpoint - EHang Holdings has received a buy recommendation from Bank of America Securities, indicating strong growth potential in the eVTOL market with a price target of $26 per ADR, suggesting an upside of over 30% from its recent closing price [2]. Company Summary - EHang is the leading electric vertical takeoff and landing (eVTOL) aircraft manufacturer in China, benefiting from its advanced technology and multiple licensing agreements [4]. - The company is well-positioned in its domestic market, which is characterized by a high demand for innovative transportation solutions due to its large population and congested roads [6]. Industry Summary - The eVTOL industry is expected to receive significant support from local governments promoting alternative transportation solutions, which will serve as a catalyst for growth [5]. - The tourism sector is also anticipated to be a key client base for EHang, as businesses in this industry look to adopt eVTOL technology for transportation [5].

Company Performance - EHang Holdings Limited Unsponsored ADR (EH) has shown a year-to-date performance increase of approximately 3%, outperforming the average gain of 1.2% in the Aerospace group [4] - The Zacks Rank for EHang is currently 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Industry Context - EHang belongs to the Aerospace - Defense Equipment industry, which consists of 27 companies and currently ranks 37 in the Zacks Industry Rank [6] - The Aerospace - Defense Equipment industry has experienced an average decline of 2.9% this year, highlighting EHang's relative strength within this sector [6] Analyst Sentiment - Over the past 90 days, the consensus estimate for EHang's full-year earnings has increased by 27.3%, reflecting improved analyst sentiment [3] - Spirit Aerosystems (SPR), another stock in the Aerospace sector, has also shown strong performance with a year-to-date increase of 2.4% and a significant EPS estimate increase of 870.3% over the past three months [4][5] Future Outlook - Investors are encouraged to monitor EHang Holdings Limited and Spirit Aerosystems for potential continued strong performance in the Aerospace sector [7]

Investment Background & Sector Focus - The company has a strong focus on technology-driven sectors, particularly in AI, industrial automation, and green energy infrastructure [1] - It has evaluated over 100 funds and executed more than 30 private equity projects, including direct investments in AI startups and renewable energy ventures [1] Writing Topics & Investing Approach - The company plans to publish research on valuation deep dives, private equity trends, policy-driven opportunities, and quantitative strategies [1] - The investing approach combines fundamental analysis with operational due diligence, emphasizing management quality and scalability [1] Track Record - The company has guided the allocation of over $500 million in investment projects, achieving top quartile rankings in DPI and TPVI [1] - It has established a profitable student apartment enterprise with an annual profit of $200,000, showcasing operational risk management skills [1] Motivation for Writing - The company aims to democratize institutional-grade analysis for retail investors, particularly in undercovered Asian markets [1] - Articles will emphasize transparency, backed by granular data, historical precedents, and stress-tested scenarios [1]