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, corresponding to the delivery of approximately 450 units, 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 capacity to 1,000 units [8][9]. Summary by Sections Investment Rating - The investment rating remains "Buy" with an updated target price of US18.84 [2][9]. Financial Performance - The company reported a total revenue of RMB 456 million for 2024, with a significant increase in Q4 revenue to RMB 164.3 million [10][12]. - The forecast for 2025 includes an estimated revenue of RMB 924 million, with projected EPS of RMB 2.14 [10][15]. Production and Capacity - The company plans to deliver 450, 700, and 850 units of eVOTL in 2025, 2026, and 2027, respectively, with corresponding revenues of RMB 9.24 billion, RMB 14.3 billion, and RMB 16.5 billion [14][15]. - The company has over 1,000 units in hand orders, indicating a strong demand outlook [8][9]. Valuation - The report employs a P/S valuation method, adjusting the valuation multiple to 14 times the 2025 P/S, resulting in the target price of US$26.92 [17][20].
亿航智能（EH）：全年Non-GAAP归母净利润转正，eVOTL交付量进入快速增长期