Investment Rating - Strong Buy (First Coverage) with a target price of $20.9, compared to the current price of $12.30 [1] Core Views - The company is a leading eVTOL manufacturer in China with significant first-mover advantages, particularly with its flagship product EH216-S, which has obtained global first-mover certifications (TC, PC, AC) from the Civil Aviation Administration of China (CAAC) [1][13] - The eVTOL industry is entering a golden stage of rapid development, driven by policy support and the gradual opening of low-altitude airspace [1][7] - The company's revenue is expected to grow significantly, with projected revenues of RMB 385 million, RMB 637 million, and RMB 957 million for 2024, 2025, and 2026, respectively [1][8] Company Overview - Founded in 2014, the company has developed multiple eVTOL models, with EH216-S being its flagship product, featuring an eight-axis, sixteen-propeller distributed electric drive system [13][14] - The company has a strong R&D focus, with over 50% of its employees engaged in R&D activities [1][17] - Revenue in 2023 reached RMB 117 million, a 165% YoY increase, driven by the delivery of 52 EH216-S units, up from 21 units in 2022 [20][21] Industry Analysis - The eVTOL industry is supported by favorable policies, with low-altitude economy being designated as a strategic emerging industry in China [7][29] - eVTOLs offer significant advantages over traditional aircraft, including safety, efficiency, and cost-effectiveness, with domestic manufacturers leading global progress [7][24] - The industry is expected to see a "blossoming" phase starting in 2026, with multiple eVTOL models expected to receive TC certifications [7][39] Competitive Advantages - The company's EH216-S has a significant first-mover advantage, being the first eVTOL to obtain TC, PC, and AC certifications globally [1][43] - The company has established strategic partnerships with multiple local governments and enterprises, facilitating product promotion and market penetration [1][45] - The company's multi-rotor design, unmanned operation, and competitive pricing strategy give it a strong position in the urban short-to-medium distance air mobility market [1][44] Financial Projections - The company's revenue is expected to grow rapidly, driven by increased eVTOL deliveries, with projected revenues of RMB 385 million, RMB 637 million, and RMB 957 million for 2024, 2025, and 2026, respectively [1][8] - Gross margins are expected to remain stable at around 65%, supported by the company's leading position in the eVTOL market [48][49] - The company's valuation is based on a 15x PS multiple for 2025, resulting in a target price of $20.9 [8][50]
亿航智能：深度研究报告：国内布局领先的eVTOL主机厂