亿航智能（EH）：2024年三季报点评：交付超预期，OC落地后大规模商业落地有望提速

Investment Rating - The report maintains a "Strong Buy" rating for EHang Intelligent (EH) with a target price of $20.17 [1]. Core Insights - EHang's Q3 2024 results exceeded expectations, with total revenue of 128 million yuan, a year-over-year increase of 347.8% and a quarter-over-quarter increase of 25.6%, marking a historical high for quarterly revenue [1]. - The company delivered 63 units of the EH216 aircraft in Q3, bringing the total deliveries for the year to 138 units, with an expectation to exceed 200 units by year-end [1]. - The low-altitude economy in China is accelerating, supported by government policies, with multiple regions establishing development goals and financial support for the industry [1]. - EHang has secured significant orders, including a partnership for 50 aircraft with Shanxi Taiyuan West Mountain Cultural Tourism and additional plans for 450 units, as well as international expansion efforts in Brazil, Japan, and Thailand [1]. Financial Summary - For the first three quarters of 2024, EHang achieved revenue of 292 million yuan, with a projected revenue of 427 million yuan for 2024, reflecting a year-over-year growth rate of 263.6% [5]. - The adjusted net profit for Q3 was 15.7 million yuan, marking the second consecutive quarter of adjusted profitability [1]. - The forecasted revenues for 2024, 2025, and 2026 are 427 million yuan, 615 million yuan, and 907 million yuan respectively, with corresponding growth rates of 263.6%, 44.0%, and 47.5% [5].