Core Viewpoint - Guangdong is accelerating its high-quality development by becoming a global stage for the latest achievements in technology and innovation, showcasing a "first-release economy" that reflects the vitality and potential of its tech industry [2][4][15]. Group 1: Technological Innovations - Guangdong has seen significant technological advancements, including the world's first operational qualification for a manned autonomous aerial vehicle issued to EHang, and the launch of the first 30-inch dynamic electronic paper display [2][4]. - The province's robotics sector has introduced groundbreaking products, such as the world's first humanoid robot capable of performing a front flip and the first humanoid robot equipped with 5G-A technology [3][9]. - The production of key technologies in various sectors has surged, with the output of new energy vehicles, industrial robots, service robots, and civilian drones increasing by 50.9%, 31.1%, 26.0%, and 92.7% respectively in the first two months of the year [4]. Group 2: Economic Impact and Trends - The "first-release economy" is gaining attention across various sectors, driven by innovation in new products, business models, and services [6][15]. - Guangdong's innovation ecosystem is characterized by a rapid transformation from technology breakthroughs to market applications, enhancing the province's industrial development [4][16]. - The province's manufacturing capabilities are highlighted by its ability to quickly transition from concept to production, exemplified by the rapid market introduction of new products like the electronic paper display [19][20]. Group 3: Market Dynamics and Ecosystem - The province's unique market dynamics, including a large population and a well-established industrial chain, facilitate the rapid iteration and deployment of new technologies [18][22]. - Guangdong's manufacturing sector is robust, with significant contributions from various industries, including a quarter of the nation's new energy vehicle production and a leading position in industrial robot output [22]. - The province's innovation strategy includes the establishment of application scenario innovation pilot zones, aiming to introduce over 100 new technologies and products annually by 2027 [25]. Group 4: Long-term Strategy and Talent Pool - Guangdong's long-term strategy emphasizes a balance between rapid innovation and sustainable development, allowing for the nurturing of "slow technology" alongside fast-paced advancements [23][25]. - The province boasts a strong talent pool, with over 150 academicians and more than 5000 high-level professionals contributing to its innovation landscape [25]. - The collaboration between scientists, engineers, and entrepreneurs forms a "super network" that accelerates the transformation of technological breakthroughs into industrial applications [25].

Core Viewpoint - EHang Holdings Limited (NASDAQ: EH) is assigned a Buy rating due to a favorable outlook for both the current fiscal year and the long term, indicating potential investment opportunities in the stock [1]. Group 1: Company Overview - EHang Holdings Limited is highlighted as a company with a positive assessment that supports a bullish view on its stock performance [1]. Group 2: Investment Strategy - The research service focuses on value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value, emphasizing deep value balance sheet bargains and wide moat stocks [1]. - The investment strategy includes identifying net cash stocks, net-nets, low P/B stocks, and sum-of-the-parts discounts, as well as high-quality businesses and hidden champions [1].

Certification Achievements - EHang's wholly-owned subsidiary and joint venture have received the first batch of Air Operator Certificates for civil human-carrying pilotless aerial vehicles from the Civil Aviation Administration of China[1]. - EHang has achieved multiple historical certification breakthroughs, becoming the world's first eVTOL company to obtain a full suite of regulatory certifications, including type certificate, standard airworthiness certificate, production certificate, and air operator certificate[3]. - EHang's flagship product, the EH216-S, is recognized as the world's first pilotless human-carrying eVTOL aircraft to receive comprehensive regulatory certifications[5]. Commercial Operations - This milestone marks the beginning of China's human-carrying flight era in the low-altitude economy, enabling citizens to purchase flight tickets for low-altitude tourism and urban sightseeing[2]. - EHang plans to collaborate with more partners to expand commercial operation sites and establish additional low-altitude transportation operation centers in various regions across China[4]. - The company aims to support local operators in applying for Air Operator Certificates, facilitating the launch of regular low-altitude tourism flights and a wider range of commercial human-carrying flight services[4].

Core Viewpoint - The issuance of the Operational Certificate (OC) for the first manned civil unmanned aerial vehicles (UAVs) in China marks the beginning of the low-altitude commercialization process, providing a significant opportunity for companies in this sector to gain a first-mover advantage [2][3]. Group 1: Operational Developments - Guangdong Yihang General Aviation Co., Ltd. and Hefei Heying Aviation Co., Ltd. received the OC from the Civil Aviation Administration of China, making them the first in the country to operate manned civil UAVs [2]. - The EH216-S, operated by these companies, is the world's first and China's only eVTOL aircraft with all three necessary certifications: Type Certificate (TC), Standard Airworthiness Certificate (AC), and Production Certificate (PC) [3]. Group 2: Financial Projections - Hefei Heying plans to launch "air taxi" sightseeing services, with initial ticket prices estimated between 300-500 RMB, potentially dropping to around 100 RMB with government subsidies. The projected annual revenue per aircraft could reach 3.2 million RMB, with a payback period of approximately 2.7 years [4]. Group 3: Strategic Partnerships and Models - Hefei Heying is a joint venture between Hefei State-owned Assets and Yihang Intelligent, which positions them favorably for future low-altitude infrastructure tenders, route approvals, and funding support [5]. - The collaboration with local government to establish the Luogang Air Traffic Hub explores a "government provides land, enterprise operates, revenue sharing" model, addressing the high investment challenges in low-altitude infrastructure [5]. Group 4: Future Developments - There is an expectation for rapid progress in the certification of manned sightseeing and cargo-level eVTOLs this year, with a focus on the OC certification developments in other regions and the progress of other companies like Peak Flying and Wolong Sky [6]. - Yihang plans to expand its production capacity significantly, aiming for an annual output of 1,000 aircraft by the end of 2025 through partnerships with companies like Inbol and solid-state battery firms [7]. Group 5: Technological Advancements - The EH216-S has shown a significant improvement in flight endurance, with a 90% increase, now exceeding 48 minutes, thanks to the integration of solid-state lithium batteries [8].

| 低空经济系列 车中旭霞 | | --- | | 行业深度 | | 《 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 》——202 50331 | | 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 | 事项 近期，广东亿航通用航空有限公司和合肥合翼航空有限公司收到了由中国民航局颁发的民用无人驾驶航空器运营合格 证（OC）。其中，亿航通 ...

Investment Rating - The report maintains a "BUY" rating for EHang Holdings with an unchanged target price of US$30, indicating a potential upside of 44.6% from the current price of US$20.75 [3][21]. Core Insights - EHang has obtained the first-ever Operator Certificate (OC) for commercial operations of its pilotless passenger-carrying eVTOL aircrafts, which positions the company to conduct aerial tourism and air taxi services in Guangzhou and Hefei [1]. - The earnings forecast for 2025E and 2026E remains unchanged, reflecting confidence in the company's growth trajectory despite current losses [1]. Financial Summary - Revenue is projected to grow significantly from RMB 117 million in FY23A to RMB 1,646 million in FY27E, with year-on-year growth rates of 165.0% in FY23A and 288.5% in FY24A [2]. - Adjusted net profit is expected to improve from a loss of RMB 301.7 million in FY23A to a profit of RMB 246.4 million in FY27E [2]. - The company’s P/S ratio is forecasted to decrease from 81.2x in FY23A to 5.8x in FY27E, indicating a more favorable valuation as revenue increases [2]. Share Performance - The market capitalization of EHang is approximately US$1.31 billion, with an average turnover of US$46 million over the past three months [3]. - The stock has shown a 1-month decline of 9.6% but a 6-month increase of 47.5%, indicating volatility in the short term but positive performance over a longer period [5]. Shareholding Structure - The largest shareholder is Huazhi Hu, holding 30.7% of the shares, which may influence company decisions and strategic direction [4]. Customer Orders - EHang has secured significant orders, with a total of 1,210 aircraft orders (195 delivered and 1,020 intent orders) from various customers, indicating strong demand for its eVTOL products [9].

Core Viewpoint - The article discusses the recent achievement of EHang Intelligent in obtaining the world's first operational qualification certificate (OC) for unmanned aerial vehicles, marking a significant milestone in the low-altitude economy and urban air mobility sector [1][4]. Group 1: Company Achievements - EHang Intelligent has become the first company globally to hold all four essential aviation certificates, including the OC, which validates its capability for safe and compliant commercial flight operations [1]. - EHang's EH216-S unmanned aerial vehicle has completed over 60,000 safe flights, showcasing its operational reliability [1]. Group 2: Industry Developments - The low-altitude economy is expected to initially focus on tourism, with EHang and other companies like Beijing Huabin Tianxing and Zhongtong Hangxiang actively engaging in low-altitude tourism operations [4][9]. - The Chinese government has recognized "low-altitude consumption" as a priority, with plans to enhance the regulatory framework and promote low-altitude tourism and drone usage [9]. Group 3: Collaborations and Future Plans - EHang has established partnerships with various local governments and companies to expand its services in cities like Hefei, Guangzhou, and Shenzhen, focusing on urban air commuting and sightseeing [4]. - Other companies, such as XPeng's XPeng Huitian and Zero Gravity Aircraft Industry, are also entering the low-altitude market, emphasizing technological innovation and tourism integration [5][7].

EHang has already achieved multiple historical certification breakthroughs, including the world's first type certificate ("TC"), standard airworthiness certificate ("AC"), and production certificate ("PC") for pilotless human-carrying eVTOL aircraft. Now, with the newly granted OC, EHang becomes the world's first eVTOL company to achieve the full suite of regulatory certifications. This achievement marks a significant step toward the commercialization and mass adoption of low-altitude human-carrying flight ...

Core Insights - EHang has received the first batch of Air Operator Certificates for civil human-carrying pilotless aerial vehicles from the Civil Aviation Administration of China, marking a significant milestone in the low-altitude economy and urban air mobility in China [1][2][3] Company Achievements - EHang has achieved multiple historical certification breakthroughs, including the world's first type certificate, standard airworthiness certificate, and production certificate for pilotless human-carrying eVTOL aircraft, making it the first eVTOL company to obtain the full suite of regulatory certifications [3][4] Market Expansion - The issuance of the Air Operator Certificates allows for the commercialization of low-altitude human-carrying flight services, enabling citizens to purchase flight tickets for low-altitude tourism and urban sightseeing in Guangzhou and Hefei, with plans for future expansion into urban commuting [2][4] Future Plans - EHang aims to collaborate with more partners to establish additional low-altitude transportation operation centers across China, supporting local operators in applying for Air Operator Certificates and expanding the range of commercial human-carrying flight services [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $29, corresponding to a 15x 2025 estimated P/S ratio [6][4]. Core Views - The company exceeded revenue expectations for 2024, with total revenue reaching 456 million RMB, a year-on-year increase of 288%. The gross margin was reported at 61.4%, indicating strong product qualification barriers [1][4]. - The company is expected to achieve a total revenue of 900 million RMB in 2025, representing a growth of approximately 97% year-on-year, with a target gross margin of around 60% [1][4]. - The company is actively expanding its production capacity across multiple locations, including Guangdong, Hefei, and Weihai, to meet anticipated market demand [3][4]. Financial Summary - In 2024, the company delivered 216 units of the EH216-S model, contributing to a total revenue of 456 million RMB. The non-GAAP net profit for the year was 43 million RMB, surpassing previous expectations [1][4]. - The financial projections for 2025-2027 indicate revenues of 873 million RMB, 1.34 billion RMB, and 1.73 billion RMB, respectively, with non-GAAP net profits of 92 million RMB, 151 million RMB, and 165 million RMB [5][12]. - The company’s gross profit margin is expected to stabilize around 60% in the coming years, reflecting its strong market position and operational efficiency [4][12].