来源丨 投中网 什么是青年？可以用数据说话。联合国将青年定义为 15-24 岁，世界卫生组织则将年龄范围扩展到 15-44 岁。可以用古语说话。"后生可畏"的箴言 揭示着东方文明对青春力量的敬畏。也可以用概念说话。文艺复兴后，"青年"作为独立概念出现，经过五四运动后在中国普及，成为社会变革的象征。 对于投资，青年又意味着始终处于"成为"（ becoming ）的状态。在湍急的时代浪潮中，青年投资人要不断寻找自身的定位，校准自己的价值观，整 合各种不同的看待世界的方法和模型，形成一套自己的认知体系，当然，最重要的，投资人要与时代共振。 生命力是主体的一种经验和感受，是意识和行动之间的间隔。而投资正是社会生命力的象征。我们希望青年投资人能活出饱满的生命力。既能躬身入 局，中流击水，也能及时抽身，理清时代的脉络。既能理解宏观经济趋势，深入分析行业来龙去脉，更需在信息过载时筛选出有效信号，在快速变化的 市场中保持新鲜的眼光和敏锐的洞察力。 投资人要与时代共振。 | 5 | 邓到 | 陆石投资 | 北京、天津、成都 | 爱思达航天 天兵科技 | | --- | --- | --- | --- | --- | | | | ...

Industry Overview - The low-altitude economy supply chain in China has formed a comprehensive development pattern characterized by "upstream independent breakthroughs, midstream collaborative tackling, and downstream standard leadership" with eVTOL and drone manufacturing at its core [2][19] - The domestic market for eVTOL is projected to have a potential demand of 24000 units for tourism and 85000 units for commuting, leading to a total market size exceeding 250 billion [2][45][46] - The eVTOL power system is a critical component of the low-altitude economy, accounting for approximately 40% of the total cost structure of eVTOLs [2][48] Technological Trends - eVTOL technology is diversifying with three main configurations: multirotor, compound wing, and tilt-rotor, each offering unique advantages for different applications [34][35] - The shift towards electric propulsion systems is evident, with a focus on high energy density and low emissions, making them the preferred choice for future urban air mobility [54][55] Market Dynamics - The global low-altitude economy market is expected to grow from approximately 2.08 trillion yuan in 2023 to 2.32 trillion yuan in 2024, indicating significant growth potential [23] - In China, the low-altitude economy market is projected to reach 859.2 billion yuan by 2025, with a compound annual growth rate of 33.8% [23][27] Company Insights - EHang Intelligent (EH.O) has become the first company in China to obtain all four necessary certifications for eVTOL, indicating a significant step towards commercialization [6][51] - Companies like EHang and others are actively collaborating with electric motor manufacturers to enhance their eVTOL offerings, with substantial orders already in place [52] Policy Support - The development of the low-altitude economy has been elevated to a national strategy, with various government departments providing comprehensive support through policies aimed at infrastructure, regulations, and industry standards [14][17] - By 2025, over 30 provinces and cities in China are expected to include low-altitude economy initiatives in their government work reports, promoting infrastructure development and industry standards [14][18]

低空经济系列 车中旭霞 行业深度 《 低空 空经济行业专题系列二：eVTOL动力系统的市场空间、技术趋势和产业链机遇 》——202 50417 《 eVTOL行业专题：低空经济的先导产业，飞行汽车商业化渐近》——20240516 行业点评 《 低空经济点评：亿航智能运营合格证落地，低空经济从试点迈向商业化运营阶段》——20250331 公司深度 《亿航智能（EH.O）-低空经济领先企业，集齐适航三证，商业化落地有望加速》 ——2024-08-11 《 万丰奥威（002085.SZ）-汽车轻量化为基，通航飞机打开低空经济成长空间》——20240928 公司点评 《亿航智能（EH.O）- 单四季度收入同比增长190%，商业化落地运营可期》 ——20250324 《亿航智能（EH.O）-单三季度收入同比增长348%，在手订单充裕》 ——20241123 《 万丰奥威（002085.SZ）-三季报点评：单三季度营收环比增长4%，通航飞机打开低空经济成长空间》——20241112 核心观点 低空经济产业链格局初显，国内市场规模潜力巨大 我国低空经济供应链已形成"上游自主突破、中游协同攻关、下游标准引领"的全链条发展格局 ...

Investment Rating - The report maintains an "Overweight" investment rating for the low-altitude economy sector [3]. Core Insights - The issuance of the Operations Certificate (OC) to EHang and Hefei Hewei Aviation marks a significant milestone in the commercialization of low-altitude services, establishing EHang as the first company globally to achieve complete commercial operation qualifications for unmanned eVTOL aircraft [1][19][29]. - Hefei is positioning itself as a "Sky City" by attracting key players in the low-altitude economy, including the establishment of the East China headquarters for Fengfei Aviation, which will enhance the local industrial ecosystem [2][30][34]. - The low-altitude economy is supported by strong capital market performance, with significant investment activity in the sector, indicating a robust long-term growth potential despite short-term market fluctuations [5][37]. Summary by Sections 1. Key Events and Announcements - EHang and Hefei Hewei Aviation received the first Operations Certificates for manned unmanned aerial vehicles in China, enabling the start of commercial operations in low-altitude services [1][19]. - Hefei signed a cooperation agreement with Fengfei Aviation to establish its East China headquarters, which will focus on various aspects of low-altitude operations [2][30]. 2. Capital Market Performance - In March 2025, the low-altitude economy sector experienced a decline of 1.63%, underperforming compared to the military industry index, which rose by 2.20% [37]. - The overall market showed a mixed performance, with notable gains in specific companies like Xirui and losses in others like Shencheng [38]. 3. Low-Altitude Industry Chain Key Enterprises - The report identifies key segments within the low-altitude economy, including low-altitude air traffic management, low-altitude aircraft systems, and low-altitude manufacturing, highlighting various enterprises involved in these areas [6][35].

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]

Core Insights - EHang Holdings Limited filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. SEC on April 15, 2025 [1] - The annual report includes audited consolidated financial statements and is available on the company's investor relations website and the SEC's website [2] Company Overview - EHang is recognized as the world's leading urban air mobility (UAM) technology platform company, focusing on safe, autonomous, and eco-friendly air mobility [3] - The company provides unmanned aerial vehicle (UAV) systems and solutions across various sectors, including air mobility, smart city management, and aerial media [3] - EHang's EH216-S has received the world's first type certificate, production certificate, and standard airworthiness certificate for pilotless human-carrying electric vertical takeoff and landing (eVTOL) aircraft from the Civil Aviation Administration of China (CAAC) [3] - In 2025, operators of the EH216-S eVTOL have been granted the first batch of Air Operator Certificates for civil human-carrying pilotless aerial vehicles by the CAAC [3] - EHang aims to integrate autonomous flight into everyday life, delivering the benefits of urban air mobility to smart cities and communities globally [3]

Financial Performance - Total revenues for the year ended December 31, 2023, reached RMB 450,037 thousand, a significant increase from RMB 117,426 thousand in 2022, representing a growth of approximately 282%[41] - Gross profit for the year was RMB 165,366 thousand, compared to RMB 75,311 thousand in 2022, indicating a year-over-year increase of about 120%[41] - Operating loss for the year was RMB 296,359 thousand, which is a slight improvement from the operating loss of RMB 303,950 thousand in 2022, reflecting a reduction of approximately 2%[41] - Research and development expenses totaled RMB 182,880 thousand for the year, up from RMB 135,082 thousand in 2022, marking an increase of around 35%[41] - Total operating expenses for the year were RMB 481,319 thousand, compared to RMB 339,263 thousand in 2022, which is an increase of approximately 42%[41] - The company reported a share of losses from subsidiaries amounting to RMB 290,987 thousand, compared to RMB 504,731 thousand in the previous year, indicating a decrease of about 42%[41] - Interest and investment income for the year was RMB 9,707 thousand, a notable increase from RMB 4,669 thousand in 2022, representing a growth of approximately 108%[41] - The company incurred interest expenses of RMB 3,125 thousand, which is a slight increase from RMB 2,145 thousand in 2022, reflecting a rise of about 45%[41] - The income tax expenses for the year were RMB 281 thousand, compared to RMB 79 thousand in 2022, indicating an increase of approximately 255%[41] - For the year ended December 31, 2023, the net loss attributable to ordinary shareholders was RMB 328,221 thousand, compared to RMB 291,178 thousand in 2022, indicating an increase in loss of approximately 12.7%[42] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 598,645 thousand, a significant increase from RMB 971,262 thousand in 2022[43] - Cash and cash equivalents were reported at RMB 228,250 thousand for 2023, compared to RMB 180,573 thousand in 2022, reflecting a growth of approximately 26.4%[43] - The company reported accounts receivable of RMB 34,786 thousand in 2023, up from RMB 58,180 thousand in 2022, showing a decrease of about 40.2%[43] - Total liabilities stood at RMB 384,426 thousand as of December 31, 2023, compared to RMB 628,684 thousand in 2022, representing a reduction of approximately 38.9%[43] - The company’s inventories increased to RMB 59,488 thousand in 2023 from RMB 75,687 thousand in 2022, indicating a decrease of about 21.4%[43] - Short-term investments were reported at RMB 57,494 thousand in 2023, a significant increase from RMB 513,683 thousand in 2022, reflecting a change of approximately -88.8%[43] - The company’s total shareholders' equity was RMB 214,219 thousand in 2023, compared to RMB 955,814 thousand in 2022, indicating a decrease of approximately 77.7%[43] Cash Flow - For the year ended December 31, 2023, net cash used in operating activities was RMB 173,458 thousand, a significant increase from RMB 140,108 thousand in 2022, indicating a worsening cash flow situation[44] - Cash flows from investing activities showed a net outflow of RMB 132,323 thousand in 2023, compared to RMB 58,898 thousand in 2022, reflecting increased capital contributions and investments[44] - In financing activities, net cash provided was RMB 316,139 thousand in 2023, a substantial increase from RMB 58,983 thousand in 2022, indicating stronger financing efforts[44] - The total cash, cash equivalents, and restricted cash at the end of 2023 amounted to RMB 180,573 thousand, a decrease from RMB 362 thousand at the end of 2022[44] Regulatory and Compliance Risks - If the PCAOB cannot inspect or fully investigate auditors in China, EHang Holdings could be identified as a Commission-Identified Issuer, leading to trading prohibitions under the HFCAA[30] - The VIE's hypothetical pre-tax earnings are subject to a statutory tax rate of 25%, which could impact the amount available for distribution as dividends[38] - The VIE could face double taxation if it makes non-deductible transfers to the WFOE, reducing the amount available for distribution from approximately 71.25% to about 53% of pre-tax income[39] - There are substantial uncertainties regarding the interpretation and application of PRC laws affecting the rights of EHang Holdings concerning its contractual arrangements with the VIE[28] - The company is subject to extensive legal and regulatory requirements that may impact its operational capabilities[56] - The company may face challenges in obtaining necessary permits or licenses for conducting business in China, affecting future operations[205] - The approval from the CSRC may be required for future offshore offerings, with uncertainties regarding the timing and ability to complete such filings[208] - The company could face delisting under the HFCAA if the PCAOB cannot inspect auditors in China, significantly impacting trading and capital raising[209] Operational Challenges - The company faced challenges in timely product deliveries due to limited production capacity, which may impact future growth[51] - The commercial use of eVTOL aircraft remains subject to uncertain regulatory approvals, potentially restricting business growth[51] - The company has limited experience in high-volume manufacturing, which may affect its ability to meet production demands[62] - Production difficulties, such as capacity constraints and mechanical failures, could adversely affect the company's business and financial condition[102] - The company is vulnerable to natural disasters and other calamities that could disrupt operations and affect data recovery[104] Customer Concentration Risks - The largest customer accounted for 26% of revenues in 2024, indicating substantial customer concentration risks[66] - In 2022, 2023, and 2024, the largest customer represented 21%, 24%, and 26% of revenues, respectively, highlighting dependency on a few key clients[66] - The company reported a significant increase in accounts receivable, indicating potential customer concentration risks[51] Strategic and Market Risks - The company operates in a competitive UAV industry, facing challenges from both UAV companies and traditional transportation service providers[82] - The company may face significant costs and expenses as a result of being a public company, which could impact its financial condition[79] - The company may enter into new strategic relationships to penetrate targeted markets, but failure to develop these relationships could hinder sales growth[77] - The company expects international sales to increase in the future as international expansion is one of its core strategies[97] Intellectual Property and Data Security - The company relies on a combination of patent, copyright, trademark, and trade secret laws to protect its intellectual property rights, but enforcement in China may be less effective than in developed countries[134] - The company may face significant costs and negative publicity from potential claims of intellectual property infringement, which could divert resources and management attention[131] - The Cyber Data Security Regulation mandates that network data processors handling personal information of over 10 million users must comply with specific data security management requirements[139] - The Administrative Provisions on Algorithm Recommendation require service providers to allow users to easily disable algorithm recommendation services and to regularly review their algorithms[140] Shareholder and Governance Issues - The company's dual-class share structure allows Mr. Huazhi Hu to control approximately 78.8% of the voting power despite owning only 27.1% of the total issued share capital as of March 31, 2025[193] - The company's dual-class structure makes it ineligible for inclusion in major indices like the Russell 2000 and S&P 500, which may depress valuations and trading volume[196] - The founder's control may adversely affect the market price of Class A common shares due to limited shareholder influence[195] Future Outlook - The company anticipates a decrease in net losses in future periods as it continues to expand its business and operations[79] - The revenue structure is expected to evolve, with an increase in the relative revenue contribution from air mobility solutions and a decrease from aerial media solutions[76]

Core Insights - The commercialization of low-altitude economy has been initiated with the issuance of operational certificates for eVTOLs by the Civil Aviation Administration of China, marking a significant milestone in the industry [1][2] - The focus has shifted from merely achieving flight capabilities to addressing the specific energy density, charging speed, cycle life, and cost requirements dictated by various commercial applications [1][6] Group 1: eVTOL Development and Market Entry - The eVTOL industry is entering a "manned era" with regulatory breakthroughs, as evidenced by the issuance of the first operational certificates for unmanned aerial vehicles in China [2] - EHang Intelligent has become the first company globally to possess complete commercial operation qualifications for unmanned passenger eVTOLs, indicating a transition from pilot exploration to actual commercialization [2][3] - The initial commercial applications are focused on low-altitude tourism, with potential market demand estimated at 5,000 to 10,000 units if 30% of 4A-level scenic spots adopt eVTOLs [4][5] Group 2: Battery Technology and Performance Requirements - The demand for battery technology is evolving from basic flight capabilities to specific performance and economic requirements defined by different commercial scenarios [7][8] - In tourism applications, the emphasis is on operational efficiency, necessitating batteries with excellent fast-charging capabilities and high cycle life to maximize daily flight operations [8][9] - As eVTOLs transition to urban air mobility (UAM) and regional air mobility (RAM), the energy density requirements for batteries will need to exceed current standards, aiming for 400-500 Wh/kg or higher [9][10] Group 3: Industry Dynamics and Competitive Landscape - The eVTOL market is witnessing a shift from policy-driven growth to a phase characterized by order volume and industry consolidation [12][13] - EHang's delivery volume is accelerating, with 216 units delivered in 2023, indicating strong demand primarily from local governments and tourism-related enterprises [13] - The industry is experiencing dynamic adjustments in the supply chain, with eVTOL manufacturers diversifying their battery suppliers to align with specific application scenarios [15][16]

A downtrend has been apparent in EHang Holdings Limited Unsponsored ADR (EH) lately with too much selling pressure. The stock has declined 27.8% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used tec ...

Group 1 - EHang Holdings Limited Unsponsored ADR (EH) is currently outperforming its Aerospace peers with a year-to-date return of approximately 20.4%, compared to the average gain of 6.9% for the sector [4] - The Zacks Consensus Estimate for EH's full-year earnings has increased by 27.3% over the past quarter, indicating a stronger analyst sentiment and improving earnings outlook [4] - EHang is part of the Aerospace - Defense Equipment industry, which has an average gain of 0.8% this year, further highlighting EH's superior performance within this specific industry [6] Group 2 - The Aerospace sector includes 53 individual stocks and holds a Zacks Sector Rank of 2, indicating a strong overall performance [2] - The Zacks Rank system emphasizes earnings estimate revisions and currently assigns EHang a Zacks Rank of 2 (Buy), suggesting a favorable outlook for the stock [3] - Another notable stock in the Aerospace sector, TransDigm Group (TDG), has returned 7.6% year-to-date and also holds a Zacks Rank of 2 (Buy) [5]