Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Insights - The company reported a significant revenue increase of 348% year-on-year for Q3 2024, reaching 128 million yuan, exceeding previous guidance. The net loss narrowed by 28.3% to 48.1 million yuan, with adjusted net profit at 15.7 million yuan, marking a sequential growth of 1,262% [1]. - The company has achieved positive operating cash flow for four consecutive quarters and secured strategic investments totaling over 22 million USD in November, enhancing its financial position [1]. - The flagship EH216-S series saw a delivery of 63 units, achieving record quarterly deliveries, with ongoing progress in eVTOL sales and operations across multiple cities in China [1]. - The company is expanding its international business and advancing airworthiness certification in countries like Brazil, Thailand, Japan, and the UAE [1]. - The company aims to achieve solid-state battery certification and mass production by the end of 2025, significantly enhancing the flight duration of its eVTOL products [1]. - Revenue guidance for Q4 2024 is projected at 135 million yuan, a year-on-year increase of 138.5%, with an annual revenue forecast of 427 million yuan, representing a growth of 263.5% [1]. - The company expects continued strong performance driven by increased demand from domestic and international customers, including government and tourism operators [1]. Summary by Sections Financial Performance - Q3 2024 revenue reached 128 million yuan, up 348% year-on-year, with a net loss of 48.1 million yuan, a reduction of 28.3% [1]. - Adjusted net profit for the quarter was 15.7 million yuan, reflecting a sequential increase of 1,262% [1]. - The company has achieved positive operating cash flow for four consecutive quarters [1]. Product Delivery and Operations - The EH216-S series delivered 63 units in Q3 2024, marking a significant increase in deliveries [1]. - The company is actively developing UAM demonstration projects in various cities, including Hefei, Guangzhou, and Shenzhen [1]. International Expansion - The company is expanding its international operations and has received flight permits in Brazil and Thailand, with ongoing certification efforts [1]. Technological Advancements - The company has made breakthroughs in solid-state battery technology, aiming for certification and mass production by the end of 2025 [1]. Future Guidance - Projected revenue for Q4 2024 is 135 million yuan, with an annual forecast of 427 million yuan for 2024 [1]. - The company anticipates continued growth driven by strong order backlogs and increasing production capacity [1].
亿航智能：收入/交付持续增长，连续四个季度实现正向现金流