亿航智能(EH) 亿航智能:城市空中交通领军者,适航三证 齐全静待商业化落地 2024 年 07 月 01 日 买入(首次) | [ 盈利预测与估值 Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | |-----------------------------------|-----------|-----------|-----------|-----------|---------| | 营业总收入(百万元) | 44.32 | 117.43 | 374.5 | 853.5 | 1332.5 | | 同比( % ) | -22.0% | 165.0% | 218.9% | 127.9% | 56.1% | | 归母净利润(百万元) | -328.2 | -301.7 | -188.4 | -62.9 | 61.4 | | 同比( % ) | -4.5% | 8.1% | 37.5% | 66.6% | 197.6% | | EPS- 最新摊薄(元 / 股) | -2.82 | | | | | | P/E (现价 & 最新摊薄) | - | - | - ...

Core Viewpoint - EHang Holdings Limited has signed a strategic Memorandum of Understanding with China Southern Airlines General Aviation Company Limited to collaborate on pilotless electric vertical take-off and landing (eVTOL) operations, aiming to develop innovative solutions for the low-altitude economy [1][3]. Group 1: Partnership Details - The partnership will focus on flight operations and comprehensive support for EHang's pilotless eVTOL, with plans to establish operation demonstration sites for low-altitude tourism at Zhuhai Jiuzhou Airport and Zhuhai Chimelong Ocean Kingdom [2]. - The collaboration will explore diverse use cases for pilotless eVTOL aircraft, including inter-island cargo transportation, emergency response, and medical rescue services [2][3]. Group 2: Company Strengths - CSGAC brings extensive experience in general aviation safe operation services and infrastructure support, while EHang contributes cutting-edge hardware and software solutions, including pilotless eVTOL aircraft and command-and-control systems [2][3]. - The cooperation aims to provide comprehensive support for low-altitude flight services, including operational team training, vertiport infrastructure construction, and maintenance standard establishment [3]. Group 3: Industry Impact - This partnership is expected to create innovative archetypes for the low-altitude economy, unlocking new growth opportunities for the general aviation industry in the Guangdong-Hong Kong-Macau Greater Bay Area [3]. - EHang's mission is to enable safe, autonomous, and eco-friendly air mobility, positioning itself as a leader in the urban air mobility technology platform [5].

Core Viewpoint - EHang Holdings Limited has signed a strategic Memorandum of Understanding with China Southern Airlines General Aviation Company Limited to collaborate on pilotless electric vertical take-off and landing (eVTOL) operations, aiming to develop innovative solutions for the low-altitude economy [1][3]. Group 1: Partnership Details - The partnership will focus on flight operations and comprehensive support for EHang's pilotless eVTOL, with plans to establish operation demonstration sites for low-altitude tourism at Zhuhai Jiuzhou Airport and Zhuhai Chimelong Ocean Kingdom [2]. - The collaboration will explore diverse use cases for pilotless eVTOL aircraft, including inter-island cargo transportation, emergency response, and medical rescue services [2][3]. Group 2: Company Strengths - CSGAC brings extensive experience in general aviation safe operation services and infrastructure support, while EHang contributes cutting-edge hardware and software solutions, including pilotless eVTOL aircraft and command-and-control systems [2][3]. - CSGAC aims to unlock new growth opportunities for the general aviation industry and drive the advancement of the low-altitude economy in the Guangdong-Hong Kong-Macau Greater Bay Area [3]. Group 3: Company Backgrounds - CSGAC is a leading provider of general aviation services in China, with a diverse portfolio that includes offshore oil and gas platform flight services, emergency rescue, and public services, and holds full industry qualifications under China Civil Aviation Regulations [4]. - EHang is recognized as a leading urban air mobility technology platform company, providing unmanned aerial vehicle systems and solutions, and has obtained the world's first type certificate for passenger-carrying pilotless eVTOL aircraft [5].

Core Viewpoint - EHang Holdings Limited has successfully delivered 27 units of its EH216-S pilotless aircraft to Wencheng County, marking a significant step in the development of urban air mobility (UAM) and low-altitude economy in the region [1][3]. Company Developments - EHang has received full payment for an initial batch of 30 EH216-S aircraft, with 27 units already delivered to Wencheng County Transportation Development Group [1]. - The EH216-S completed its passenger-carrying debut flight in Wencheng, initiating a cultural tourism initiative called "Low-Altitude Tourism in Wencheng" [1][2]. - The company has obtained the Type Certificate, Standard Airworthiness Certificate, and Production Certificate for the EH216-S, leading to increased global orders and market recognition [4]. Industry Impact - The cooperation agreement between EHang and Wencheng County Government aims to develop UAM and a supporting public service ecosystem for low-altitude economy, focusing on tourism, transportation, logistics, and emergency response [3]. - Wencheng County plans to establish aerial sightseeing routes in scenic areas and launch pilotless eVTOL aerial sightseeing services within the year [3]. - The development of the low-altitude economy is expected to contribute to Wenzhou's GDP goal of over RMB 1 trillion and a resident population of over 10 million, positioning Wencheng as a model for high-quality low-altitude economy development [4].

GUANGZHOU, China, June 25, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, announced it has received full payment for the initial batch of 30 units of EH216-S passenger-carrying pilotless aircraft and has delivered 27 units to Wencheng County Transportation Development Group Co., Ltd. in Wenzhou, Zhejiang Province. It drives Wencheng’s comprehensive layout in the low-altitude economy industry ...

GUANGZHOU, China, June 21, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited ("EHang" or the "Company") (NASDAQ:EH), the world's leading urban air mobility ("UAM") technology platform company, announced that it has signed a cooperation agreement with the government of Wencheng County, Wenzhou City, Zhejiang Province, to jointly develop UAM and supporting public service ecosystem for the low-altitude economy. Based on this cooperation, Wencheng County Transportation Development Group Co., Ltd. has signed a pur ...

GUANGZHOU, China, June 21, 2024 (GLOBE NEWSWIRE) -- EHang Holdings Limited (“EHang” or the “Company”) (Nasdaq: EH), the world’s leading urban air mobility (“UAM”) technology platform company, announced that it has signed a cooperation agreement with the government of Wencheng County, Wenzhou City, Zhejiang Province, to jointly develop UAM and supporting public service ecosystem for the low-altitude economy. Based on this cooperation, Wencheng County Transportation Development Group Co., Ltd. has signed a pu ...

Core Thesis - EHang is the first company in the world to receive certification for passenger-carrying electric Vertical Take-Off and Landing (eVTOL) aircraft, enabling mass production of its EH 216-S model [3][5] - The company is experiencing significant government support in China, which is expected to drive product sales and market expansion [6][12] Company Developments - EHang has achieved multiple regulatory certifications, including type certification, standard airworthiness certification, and production certificate, allowing for mass production [3] - The company is ramping up production and has begun delivering EH 216-S units to customers, with 23% of Q1 2024 sales attributed to international customers [3][4] - EHang is focusing on tourism and low-altitude transportation applications, with a potential market of 6,000 spots in China alone [4] Government Support - The Chinese government is actively promoting the eVTOL sector as part of its low-altitude economy strategy, with significant investments and policy support [6] - EHang has received commitments from regional governments for infrastructure development, including vertiports and purchase orders [6] - The company has signed a memorandum of understanding for the purchase of 50 EH 216-S units, with a conditional plan for an additional 450 units [6] Financial Performance - In Q1 2024, EHang delivered 26 units, showing sustainable growth, with guidance suggesting a return to over 50% quarter-over-quarter revenue growth [7] - The company expects to reach breakeven at an annual production rate of 200-250 units, with a current run rate of 160 units [10] - EHang has a solid cash position of approximately $45 million and has raised over $55 million through equity offerings [7][10] Market Position - EHang is the only certified eVTOL provider globally, giving it a competitive edge over more than 300 companies in the sector [10] - The company is developing new models, including the VT-30 for longer-range transport, which is currently preparing for certification [7][10] - EHang's market cap remains stable while its competitors have faced challenges, positioning it favorably for future growth [10][12]

Industry Overview - The flying car industry is emerging with a projected compound annual growth rate (CAGR) of 58.1% until 2040, indicating significant growth potential [1] Company Summaries Lilium (LILM) - Lilium is a German air taxi firm known for its all-electric vertical take-off and landing (eVTOL) aircraft, the Lilium Jet [2] - The company is expanding its operations in France and is in discussions with the French government for potential subsidies and loan guarantees [2] - Lilium plans to conduct its first flight tests with a pilot later this year and aims to launch commercial flights in Europe by 2025 [2][3] - Recently, Lilium signed a purchase agreement with eVolare for four Lilium Jets and received 20 orders from UrbanLink, which plans to start aerial transportation services in 2026 [3] Joby Aviation (JOBY) - Joby Aviation has established itself in the flying car market, securing significant investments of $400 million from Toyota Motors and $60 million from Delta Air Lines [4] - The company is set to deliver two eVTOL aircraft to the U.S. Air Force next year as part of a $131 million contract, strengthening its relationship with a reliable customer [4][5] - Joby has completed pre-production flight tests and is moving into the production prototype phase, with plans to launch air taxi services in the UAE as early as next year [5] EHang (EH) - EHang is a leading urban air mobility technology company based in China, focusing on eVTOL development, aerial media service, and logistics [6] - The company recently received a production certificate from the Civil Aviation Administration of China, marking a significant step towards mass production of its pilotless eVTOL aircraft model EH216-S [6] - Morgan Stanley analysts have set a price target of $27.50 per share for EHang, indicating a bullish outlook for the company [7]

Core Insights - EHang Holdings Limited announced the successful completion of its first autonomous air taxi flight using the EH216-S pilotless eVTOL aircraft in Mecca, Saudi Arabia, emphasizing safety and innovation [1][2] - The flight was conducted in collaboration with Front End Limited Company, showcasing the potential of pilotless eVTOL aircraft to transform transportation in the region [1][2] - The initiative aligns with Saudi Arabia's Vision 2030, aiming to enhance mobility, reduce congestion, and promote sustainability through advanced air mobility solutions [2] 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 has achieved significant certifications, including the world's first type certificate and production certificate for passenger-carrying pilotless eVTOL aircraft from the Civil Aviation Administration of China [4] - EHang's mission includes providing unmanned aerial vehicle systems for various applications, including passenger transportation and smart city management [4] Partnership and Collaboration - The flight was supported by local authorities, including Saudi Arabia's General Authority of Civil Aviation and various ministries, highlighting the importance of public-private partnerships in advancing technology [1][2] - Front End's commitment to introducing innovative solutions in Saudi Arabia complements EHang's technological expertise, facilitating the integration of advanced air mobility into the aviation landscape [2][3] - The collaboration aims to establish a benchmark for regular advanced air mobility operations in Saudi Arabia, contributing to both regional and global markets [2]