低空经济系列研究（二）：载具决定生态，拥抱电动飞机新时代

Investment Rating - The report assigns a "Buy" rating for the industry, expecting a relative increase of over 15% in stock prices within the next 6 to 12 months [55]. Core Insights - eVTOL (Electric Vertical Takeoff and Landing) is identified as the best vehicle for the low-altitude economy, representing a new form of productive force [3][4]. - The eVTOL market is projected to grow from USD 1.2 billion in 2023 to USD 23.4 billion by 2030, with a CAGR of 52% [19][20]. - The commercialization process of eVTOL is accelerating, with several companies obtaining necessary certifications and moving towards operational deployment [23][25]. Summary by Sections eVTOL Industry Overview - eVTOL is characterized by electric power, vertical takeoff and landing capabilities, and the ability to carry passengers, making it suitable for urban air mobility [3][4][18]. - The eVTOL market is expected to reach USD 23.4 billion by 2030, indicating significant growth potential [19][20]. eVTOL Industry Development - The commercialization of eVTOL is gaining momentum, with companies like EHang and others achieving certification milestones [4][23]. - The integration of the new energy vehicle supply chain is expected to reduce costs and accelerate the development of eVTOL technology [32]. Vehicle Determines Ecosystem - The eVTOL ecosystem is structured around four main components: low-altitude infrastructure, eVTOL manufacturing, operational services, and flight safety [37]. - EHang's EH216-S is currently the only certified passenger eVTOL in the market, providing a competitive advantage for the next 2-3 years [5][42]. - The operational certification (OC) is crucial for commercial deployment, and EHang is positioned to influence the regulatory framework significantly [45]. Investment Recommendations - The report suggests focusing on companies involved in eVTOL manufacturing, airspace management, and related infrastructure development, highlighting EHang as a leading player in the eVTOL market [51]. - Other companies of interest include Vantone Digital, Xiyu Tourism, and Nanjing Julong, which are strategically positioned within the low-altitude economy ecosystem [51].