低空经济行业点评：低空经济先试先行，商业落地崭露头角

Investment Rating - The report rates the low-altitude economy industry as "Positive" [3] Core Insights - Multiple regions are releasing low-altitude construction plans to promote innovative development in the low-altitude economy, with specific targets set for infrastructure and operational capabilities by 2025 and 2027 [3] - WanFeng AoWei is a global leader in general aviation, having obtained airworthiness certificates for multiple aircraft models, which positions the company for significant growth as production capacity is released [3] - EHang Intelligent reported a 919.6% year-on-year revenue increase in Q2 2024, and its application for an operational qualification certificate has been accepted, marking a step towards commercial operations for eVTOL [4] - WoLong Electric Drive has strategically invested in the low-altitude economy's electric motor sector since 2019, developing a series of aviation electric drive products [4] - The report suggests focusing on high-value segments within the low-altitude economy, including complete aircraft, power systems, and air traffic management systems, highlighting key companies in each area [4] Summary by Sections Low-Altitude Economy Development - Shenzhen aims to establish over 1,000 low-altitude flight platforms and exceed 1,000 commercial flight routes by 2025 [3] - Zhejiang Province plans to build 20 A-class general airports and 150 public drone landing sites by 2027 [3] - Shanghai targets a comprehensive low-altitude communication network by 2026 [3] Company Performance - WanFeng AoWei has multiple aircraft models certified, with a strong R&D presence in Austria, Canada, and China [3] - EHang Intelligent's revenue reached 102 million RMB in Q2 2024, with a significant year-on-year growth [4] - WoLong Electric Drive has developed a comprehensive strategy for aviation electric drive systems [4] Investment Opportunities - The report highlights investment opportunities in complete aircraft, power systems, and air traffic management, recommending companies like EHang Intelligent and WanFeng AoWei for their growth potential [4]