Investment Rating - The report maintains a BUY rating for EHang Holdings with an unchanged target price of US22.45 [3][24]. Core Insights - EHang's net loss in 4Q24 narrowed by 35% year-over-year (YoY) to RMB47 million, supported by a significant increase in electric vertical take-off and landing (eVTOL) aircraft deliveries, which grew 2.4 times YoY [1][8]. - For 2025, EHang targets revenue of RMB900 million, suggesting a 97% YoY growth, and is positioned as the first manufacturer in China to obtain essential certifications for mass production of eVTOL aircraft, ahead of competitors by 1-2 years [1][8]. - The potential approval of operator certification for its subsidiaries is expected to be a key catalyst for share price movement [1]. Financial Performance Summary - In FY24, EHang's revenue surged 2.9 times YoY to RMB456 million, while the net loss narrowed by 24% YoY to RMB230 million [2][19]. - The company achieved positive operating cash flow for five consecutive quarters, with net cash and short-term investments totaling RMB1 billion at the end of 2024 [1][8]. - Revenue projections for FY25E and FY26E are RMB899 million and RMB1,341 million, respectively, with corresponding YoY growth rates of 97% and 49.2% [2][19]. Delivery and Expansion - EHang delivered 78 units of the EH216 series in 4Q24, contributing to a total of 216 units delivered in FY24, representing a 3.1 times YoY increase [1][8]. - The company is expanding its market presence both domestically and internationally, securing new orders in China and expanding flight operations to 16 cities in Japan, Thailand, and Mexico [1][8]. Share Performance and Market Data - EHang's market capitalization is approximately US41.8 million over the past three months [3]. - The stock has shown significant performance over the past six months, with an increase of 85.4% [5].
亿航智能：Net loss in 4Q24 further narrowed; target to achieve 97% revenue growth in 2025E-20250313