证 券 研 究 报 告 华创交运|低空经济周报（第 55 期） 亿航智能发布新一代长航程载人 eVTOL 产 推荐（维持） 品，关注"十五五"规划方向 行业研究 交通运输 2025 年 10 月 19 日 华创证券研究所 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 证券分析师：李清影 邮箱：liqingying@hcyjs.com 执业编号：S0360525080004 联系人：刘邢雨 邮箱：liuxingyu@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 1 ...

Summary of EHang - ADR Conference Call Company Overview - **Company**: EHang - **Industry**: Electric Vertical Takeoff and Landing (eVTOL) Aircraft Key Points and Arguments 1. **VT-35 Launch**: EHang unveiled its VT-35 model, priced at Rmb6.5 million, significantly lower than the expected Rmb10 million, which is a positive surprise for the market [1][5][8] 2. **Specifications**: The VT-35 has a range of 200 km and endurance of 60 minutes, which are below the VT-30 prototype's specifications (300 km range, 100 min endurance). However, it features a higher cruise speed of 216 km/h compared to 100 km/h for the VT-30 [1][5] 3. **Safety Features**: The VT-35 incorporates advanced safety architecture, including triple-sensor perception and triple-redundant flight-control systems, enhancing its operational safety [5][8] 4. **Development Pipeline**: EHang is developing a tilt-rotor variant of the VT-35 to improve long-range performance, addressing previous concerns about competition from peers like Joby and Archer [1][5] 5. **Product Portfolio**: EHang's product lineup includes: - EH216S for tourism - EH216 solid-state version for expanded operations by 2026-2027 - VT-35 for mid-range applications - VT-35 tilt-rotor for long-range travel [1][8] 6. **Market Position**: EHang is uniquely positioned with multiple certifications in China, allowing it to scale from prototypes to commercial models effectively [8][18] 7. **Financial Projections**: EHang expects significant revenue growth, projecting revenues of Rmb456 million in FY24, increasing to Rmb1.782 billion by FY27, with a revenue growth rate of 288.5% year-over-year in FY24 [7][22] 8. **Investment Thesis**: The investment thesis is based on: - Strong total addressable market (TAM) growth, with expectations of the global passenger eVTOL market reaching US$100 billion by 2040 - First-mover advantage with certifications - A diversified product portfolio targeting both short-term and long-term demand - A clear path to profitability, with non-GAAP net profit breakeven achieved in FY24 [8][18] 9. **Valuation**: The price target for EHang is set at US$26, based on a valuation of 11x FY26E price-to-sales, indicating a favorable entry point for investors [9][18] Additional Important Information - **Market Performance**: EHang's stock has shown a year-to-date increase of 9.4%, with a market cap of approximately $1.157 billion [7] - **Risks**: Key risks include regulatory uncertainties, execution risks in scaling production, intense competition, technology and safety risks, customer concentration, and potential US delisting risks [20][18] - **Future Outlook**: The company is expected to achieve significant net profit growth at a CAGR of 307% from FY25 to FY27, indicating strong future performance potential [8][18] This summary encapsulates the critical insights from the conference call regarding EHang's strategic direction, product offerings, financial outlook, and market positioning within the eVTOL industry.

十月以来，低空经济领域热点频发。 10月13日， 亿航智能发布新一代 长航程 无人驾驶载人航空器VT35 ； 小鹏汇天的"陆地航 母"在迪拜完成公开飞行演示并 称2027向中东C端售卖 ； 吉利旗下 沃飞长空自主研发的 大 型载客eVTOL 下线。 此外， 美团无人机在深圳上线夜间配送服务 ； 滴滴入局成立低空公 司。 种种迹象表明，国内无人驾驶空中交通 逐渐走向成熟， 即将 改变交通领域格局。 其中， 亿 航智能VT35 引发了行业高度关注，约200公里的 满载设计航程 和650万元的官方指导价， 将"城市—城际"低空无人驾驶生态拉入了探索规模化商用的新阶段。 类似 十 三 年前特斯拉Model S 让 电动车 走向大众的变革时刻 ，当下的低空经济似乎正站 在相似的拐点上。 那么，低空经济的"特斯拉时刻"真的临近了吗？ 三个关键的转变表明，这个被资本反复热炒又多次降温的赛道，真正进入价值兑现的阶段。 【如需和我们交流可扫码添加进社群】 低 空 经 济 加 速 起 跳 的 三 大 关 键 转 变 在低空经济赛道，物流配送、空中交通领域 事件的密集爆发， 产业正站在 商业化 爆发前夜 。 首先，商业逻辑验证，从 ...

A pilotless taxi developed in China that can fly more than 100 miles on a single charge launched this week. EHang Holdings introduced the VT35 on Monday in Hefei, Anhui Province. The taxi is part of EHang’s line of long-range, pilotless electric vertical takeoff and landing (eVTOL) aircraft."It [the car] is engineered to transform intercity aerial travel into a safe, routine, and efficient transportation experience," the company said in a news release. MY CHINESE DRONE BAN IS A BIG WIN FOR US NATIONAL SECUR ...

Core Insights - EHang Holdings Limited has launched an Advanced Air Mobility (AAM) Sandbox Initiative in Thailand, aiming to fast-track commercial operations of its EH216-S pilotless eVTOL aircraft [1][5] - The Initiative is a collaboration with the Civil Aviation Authority of Thailand (CAAT) and local partners, focusing on establishing the world's first commercial eVTOL operations through an innovative regulatory "sandbox" approach [1][6] - Continuous trial operations of the EH216-S have commenced in Bangkok, with plans to expand to additional locations across Thailand [1][6] Company Developments - The EH216-S successfully completed a series of autonomous flights during the launch event, demonstrating its flight control systems and operational reliability [3][5] - EHang held a technical meeting with CAAT officials to present the EH216-S's safety architecture and risk assessment framework, which is crucial for gaining local regulatory approval [5][9] - Local partners will provide operational support, including infrastructure and teams, to expand the sandbox areas for sightseeing and transportation services [6][10] Industry Context - Thailand is positioned as a strategically vital AAM market due to its strong service sector, tourism industry, and government policies promoting smart transportation [8][10] - The country's urban areas, particularly Bangkok, face traffic congestion, making it an ideal environment for AAM solutions [8][10] - The CAAT and Ministry of Transport (MOT) of Thailand are committed to advancing sustainable transportation and positioning Thailand as a regional AAM hub [9][10]

Core Insights - EHang's EH216-S is the only eVTOL model globally that has obtained three airworthiness certificates and is set to commence commercial operations [1] - The newly launched VT35 model has a starting price of 6.5 million yuan and offers a longer range, enabling intercity travel [1][2] - EHang is collaborating with Jianghuai Automobile and Hefei Guoxian Holdings to establish a joint venture for low-altitude aircraft manufacturing in Hefei [2] Group 1 - EHang's EH216-S successfully ascended to 50 meters during a test flight, showcasing its operational capabilities [1] - The VT35 model is designed for mid to long-range travel, with a maximum range exceeding 200 kilometers, allowing potential routes from Shanghai to nearby cities like Hangzhou and Wuxi [2] - The pricing model for the VT35 will be based on flight distance, similar to taxi fare structures [2] Group 2 - EHang is the only certified operator in the eVTOL industry, which positions it as a key player in setting operational standards and regulations [1] - The interior suppliers for the VT35 share similarities with those of the luxury car brand ZunJie, indicating a focus on high-quality design [2] - The Civil Aviation Administration of China is closely monitoring EHang's operations, which could lead to accelerated industry development once a successful operational model is established [1]

Core Viewpoint - EHang's new eVTOL model, VT35, is designed for longer-distance travel and is priced at 6.5 million yuan, significantly higher than its predecessor EH216-S, which is priced at 2.39 million yuan. The VT35 aims to establish a commercial operational model for the eVTOL industry in China [1][7]. Group 1: Product Features and Specifications - The VT35 has a length of approximately 8 meters, a height of about 3 meters, and a wingspan of around 8 meters, capable of carrying two passengers with a maximum takeoff weight of 950 kilograms [5]. - The VT35 features a serial wing design with eight distributed lift propellers for vertical takeoff and landing, while the EH216-S uses a multi-rotor design with 16 propellers [5]. - The VT35 is expected to have a range of over 200 kilometers when fully loaded, allowing for intercity travel, such as from Shanghai to nearby cities like Hangzhou and Wuxi [6]. Group 2: Market Position and Pricing - The VT35 is priced at 6.5 million yuan, which is lower than similar eVTOLs available internationally, such as SkyDrive's SD-05 priced at approximately 10.71 million yuan [7]. - EHang's cost management strategies, including the use of existing production lines and shared components with the EH216 series, have helped stabilize production costs for the VT35 [8]. Group 3: Industry Context and Regulatory Environment - EHang is the only company with operational certification for eVTOLs in China, and its operations are being closely monitored by the Civil Aviation Administration of China (CAAC) [1][17]. - The successful operation of EHang's eVTOLs is seen as a critical step in establishing industry standards and regulations, which will facilitate further development in the sector [17].

Summary of EHang (EH) Conference Call Company Overview - **Company**: EHang - **Product**: VT-35 eVTOL (Electric Vertical Take-Off and Landing) aircraft - **Launch Date**: October 2025 - **Market Price**: Rmb6.5 million per unit in China Key Points Product Launch and Features - EHang launched the VT-35, designed for long-range inter-city applications, with a range exceeding 200 km [1][8] - The VT-35 features 2 seats and 8 distributed lift propellers, with a maximum take-off weight of 950 kg [8] - The aircraft is compact, allowing for landing in various locations such as parking lots, parks, and rooftops [8] - VT-35 is a driverless model with pre-set routes, supported by a control system and fleet operation team [8] Certification and Production - EHang has submitted the Type Certification (TC) application for the VT-35 to the Civil Aviation Administration of China (CAAC) in March 2025 [1][10] - The model is currently undergoing Airworthiness Certification (AC) through internal testing and experimental flights [1][10] - An agreement has been signed with the Hefei government to establish a production hub for the VT-35 [1][10] Market Potential and Strategy - The VT-35 targets city clusters such as Bay areas and the Yangtze River Delta, and is designed for various transportation scenarios including cross-sea and cross-mountain [11] - EHang plans to develop a tilt-rotor model based on the VT-35 platform to expand its application scenarios [11] Financial Outlook - EHang is rated as a "Buy" with a 12-month target price of US$24.80, indicating a potential upside of 37.5% from the current price of US$18.04 [15][18] - Revenue projections show growth from Rmb456.2 million in 2024 to Rmb1.563 billion by 2027 [18] - The company anticipates a 10% year-over-year growth in free cash flow from 2028 to 2030, with a terminal growth rate of 3% [15] Risks - Key risks include slower-than-expected regulatory progress regarding airworthiness, weaker customer adoption of passenger-grade AAVs (Autonomous Aerial Vehicles), and increased competition in the AAV market [16] Conclusion - EHang is positioned for significant growth with the launch of the VT-35, supported by strategic partnerships and a clear path to certification and production. The company's financial outlook remains positive, although it faces several risks that could impact its performance in the evolving AAV market [1][15][16]

Industry Overview - EHang Holdings Limited (NASDAQ: EH) operates in the competitive eVTOL (electric Vertical Take-Off and Landing) sector, which is still relatively new but has several key players, including Joby [1] Company Insights - EHang is one of the prominent companies in the eVTOL space, indicating a growing interest and investment in this innovative transportation technology [1]

Core Insights - EHang Holdings Limited (NASDAQ: EH) operates in a competitive eVTOL (electric Vertical Take-Off and Landing) market, alongside other notable players like Joby [1] Industry Overview - The eVTOL space is relatively new but has already attracted significant competition, indicating a growing interest and investment in this sector [1] Company Analysis - EHang is highlighted as one of the key players in the eVTOL market, suggesting its potential for growth and innovation within this emerging industry [1]