低空经济专题研究：—亿航年度总收入 4.56 亿元，同比增长 288.5%；成为全球首家盈利的 eVTOL 公司。

Investment Rating - The report maintains an "Overweight" rating for the low-altitude economy sector [3]. Core Insights - The low-altitude economy index increased by 6.14% this week, with a daily average trading volume of 34.547 billion yuan, and a TTM price-to-earnings ratio of 83.15 times [3]. - EHang reported an annual total revenue of 456 million yuan, marking a year-on-year growth of 288.5%, and became the world's first profitable eVTOL company [3][5]. Sector Performance Review - The low-altitude economy index outperformed the Shanghai and Shenzhen 300 index, with a relative increase of 4.75% [3]. - The average daily trading volume for the week was 34.547 billion yuan, which is in the 129.37% percentile over the past year [3]. - The sector's valuation remains high, with a TTM price-to-earnings ratio of 83.15 times, indicating sustained investor interest despite a slight decrease in trading volume compared to the previous week [3]. Industry Dynamics - The first low-altitude economic industry digital transformation promotion center was established in Chengdu, Sichuan, aimed at integrating digital technology into the low-altitude economy [4]. - Nine low-altitude economic technology innovation application scenarios were released in Chengdu, covering areas such as low-altitude logistics and tourism [4][17]. - The Wuhu low-altitude economy provincial future industry pilot zone was launched, focusing on low-altitude equipment manufacturing and service networks [4][18]. Policy Developments - The Central Air Traffic Management Office initiated measures to prevent drone interference with civil aviation operations, enhancing safety protocols around civil transport airports [5][34]. - The report highlights the establishment of the Huashang Low-altitude Economy Legal Research Institute, which aims to address legal aspects of the low-altitude economy [4][18]. Key Company Developments - EHang achieved record highs in both total revenue and aircraft delivery in 2024, with a total revenue of 456 million yuan and a delivery of 216 aircraft, representing year-on-year growths of 288.5% and 315.4%, respectively [5][35].