Investment Rating - The report maintains a "Buy" rating for the company with a target price of US21.77 [1][9]. Core Insights - The company achieved its first annual Non-GAAP net profit in 2024, delivering 216 units of the EH216-S model and generating revenue of RMB 164.3 million in Q4 2024, reflecting a year-on-year growth of 190.2% [7][11]. - The management expects revenue to reach RMB 900 million in 2025, driven by the delivery of approximately 450 units of the EH216-S, representing a year-on-year growth of 97% [8][14]. - The company is expanding its production capacity, with plans to complete the second phase of its Yunfu factory by 2025, increasing annual production capacity to 1,000 units [8][9]. Summary by Sections Investment Rating - The report reiterates a "Buy" rating and raises the target price to US18.84, reflecting a 43% increase [2]. Financial Performance - The company reported a total revenue of RMB 456 million for 2024, with a projected revenue of RMB 924 million for 2025 and RMB 1.427 billion for 2026 [10][14]. - The forecasted EPS for 2025 is RMB 2.14, down from the previous estimate of RMB 2.72, indicating a 21% decrease [2]. Market Comparison - The company's revenue forecast for 2025 is 3% higher than market expectations, while the EPS forecast is 528% higher than the market's [5]. Production and Capacity Expansion - The company plans to maintain a production strategy based on sales demand, with over 1,000 units in hand orders, ensuring full production capacity in the next 1-2 years [8][9]. Profitability Outlook - The report anticipates that the company will achieve a GAAP net profit in the second half of 2025 and a full-year profit in 2026, with a gross margin expected to remain around 60% [9][14].
亿航智能：全年Non-GAAP归母净利润转正，eVOTL交付量进入快速增长期-20250317