Investment Rating - The report initiates coverage on EHang Holdings (EH O) with a "Buy" rating and a target price of $22, corresponding to 12x 2025e P/S or 35x 2026e P/E [2] Core Views - EHang is a global leader in the Urban Air Mobility (UAM) sector, with its core products including the EH216-S passenger aircraft, EH216-F firefighting version, and EH216-L logistics version [1] - The company achieved revenue of RMB 117 million in 2023, a 165% YoY increase, driven by the sale of 52 EH216 series units, with 23 units sold in Q4 2023 [1] - The eVTOL market is projected to exceed RMB 500 billion in the medium term, with significant growth potential in both sales and operational markets [1] - EHang has a clear first-mover advantage, having secured the Type Certificate (TC) and Production Certificate (PC) for its EH216-S, positioning it ahead of competitors in regulatory approvals [1][37] - The company has secured hundreds of pre-orders from both domestic and international clients, including government and enterprise customers, with a current production capacity of 600 units per year [1][48] Industry Overview - The eVTOL market is expected to reach RMB 310 billion in operational revenue and RMB 200 billion in sales revenue in the medium term, driven by applications in tourism and commuting [1] - The report estimates that the operational profitability (OPM) for eVTOL in tourism scenarios could reach 35%, with a single machine generating annual revenue of RMB 2 million [25] - In the commuting market, a single route like Guangzhou-Foshan could generate annual revenue of RMB 28 billion, with a potential market size of RMB 2.8 trillion if 10 routes are established [29][30] - The sales market for eVTOL is projected to reach RMB 200 billion annually, assuming a delivery volume of 40,000 units at an average price of RMB 500,000 per unit [31] Company Strengths - EHang has secured significant government support and partnerships, including agreements with cities like Shenzhen, Guangzhou, Hefei, and Wuxi, which are actively promoting low-altitude economy ecosystems [1][43] - The company has a robust order book, with hundreds of pre-orders from both domestic and international clients, including a 100-unit order from Wuxi and a 100-unit order from the UAE [47] - EHang's production capacity is sufficient to meet near-term demand, with its Yunfu factory capable of producing 600 units annually [48] Financial Projections - The report forecasts EHang's revenue to grow to RMB 380 million, RMB 810 million, and RMB 1.27 billion in 2024, 2025, and 2026, respectively, driven by increased deliveries of the EH216 series [2] - Non-GAAP net profit is expected to improve from a loss of RMB 20 million in 2024 to profits of RMB 130 million and RMB 280 million in 2025 and 2026, respectively [2] - The company is expected to maintain a gross margin of around 60%, with operating margins improving significantly as sales scale up [50][51]

GUANGZHOU, China, April 15, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:EH), the world's leading urban air mobility ("UAM") technology platform company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the "SEC") on April 15, 2024. The annual report can be accessed on the Company's investor relations website at http://ir.ehang.com/ and on the SEC's website at https ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 193 ...

海外公司报告 | 首次覆盖报告 亿航智能（EH） 证券研究报告 2024年04月 07日 投资评级 全球 eVTOL 龙头，商业化进程有望持续加速 6个月评级 买入（首次评级） 作者 亿航智能：全球领先的无人驾驶eVTOL飞行器企业 孔蓉 分析师 亿航智能是一家全球领先的城市空中交通科技企业，成立于 2014年，2019年12月在美国纳斯达克交 SAC执业证书编号：S1110521020002 易所上市。公司设计、开发、制造、销售和运营无人驾驶航空器及其配套系统，为全球多个行业领域客户 kongrong@tfzq.com 提供各种无人驾驶航空器产品和解决方案，其产品和解决方案广泛应用于各行各业，包括载人交通、物流、 吴立 分析师 智慧城市管理等。公司全系航空器均为无人驾驶，是亿航智能区分于其他国内外eVTOL同行企业的核心 SAC执业证书编号：S1110517010002 wuli1@tfzq.com 优势，与无人驾驶配套的空中交通管理机制的建立有利于筑就宽广的护城河。全冗余备份设计保障飞行安 王泽宇 分析师 全，配备地面端指挥调度系统可以保障大规模运行的安全。 SAC执业证书编号：S111052307000 ...

GUANGZHOU, China, April 09, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:EH), the world's leading urban air mobility ("UAM") technology platform company, today announced that the Board of Directors of the Company (the "Board") has appointed Mr. Zhao Wang as the Co-Chief Operating Officer ("Co-COO") of the Company, effective on April 9, 2024. The Company's management team will jointly lead EHang into next phase of growth for commercial operations following the groundbrea ...

EHang (NASDAQ:EH) stock is heading higher on Monday as the electric vertical takeoff and landing (eVTOL) company reaches a new milestone.The big news here is EHang securing a production certificate for its EH216-S eVTOL. This is an autonomous passenger vehicle that will operate without the need for a pilot.The production certificate comes from the Civil Aviation Administration of China. That’s a milestone as this marks the first time the agency has granted such a certificate in the global eVTOL industry.Hua ...

GUANGZHOU, China, April 07, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:EH), the world's leading Urban Air Mobility ("UAM") technology platform company, today announced that EHang has successfully obtained the Production Certificate ("PC") for its EH216-S passenger-carrying pilotless electric vertical takeoff and landing ("eVTOL") aircraft issued by the Civil Aviation Administration of China ("CAAC"), which is the world's first PC granted in the global eVTOL industry. ...

GUANGZHOU, China, March 22, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:EH), the world's leading urban air mobility ("UAM") technology platform company, announced today that Japan's first UAM Center has been established in Tsukuba City, Ibaraki Prefecture. This state-of-the-art facility serves as a demonstration flight site, ground infrastructure, and maintenance base for EHang's various pilotless electric vertical takeoff and landing ("eVTOL") aircraft in the region, ...

The flying car, or vertical aviation, market is one of the fastest growing segments of the transportation industry. Analysts and market enthusiasts predict eVTOL stocks could very well revolutionize urban mobility and create a multi-billion-dollar market. With enough investment and consumer interest, this nascent market could become a force to be reckoned with, similar to how the electric vehicle (EV) market has grown in the past decade. Some of the companies in the space appear to be doing better than othe ...

EHang Holdings Limited (NASDAQ:EH) Q4 2023 Earnings Conference Call March 15, 2024 8:00 AM ET Company Participants Anne Ji - Senior Director of IR Huazhi Hu - Founder, Chairman and CEO Conor Yang - CFO and Director of the Board Conference Call Participants Ting Song - Goldman Sachs Yu Chen - Haitong Securities Laura Lee - Deutsche Bank U.S. Operator Good day, ladies and gentlemen, thank you for standing by, and welcome to the EHang Fourth Quarter and Fiscal Year of 2023 Earnings Conference Call. As a remind ...