EHang-亿航智能（EH）：2024年业绩超预期，期待观光场景应用

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $29, corresponding to a 15x 2025 estimated P/S ratio [6][4]. Core Insights - The company exceeded revenue expectations for 2024, reporting total revenue of 456 million RMB, a year-on-year increase of 288%, with a gross margin of 61.4% [1][4]. - The company is focusing on expanding its production capacity and exploring long-range aircraft and core component technology development [3][4]. - The anticipated approval of the Operating Certificate (OC) is seen as a critical event that could significantly impact the company's fundamentals and operational capabilities [2][4]. Financial Performance - In 2024, the company delivered 216 units of the EH216-S model, contributing to a total revenue of 456 million RMB, with a projected revenue of 873 million RMB for 2025, representing a 91.5% year-on-year growth [5][12]. - The non-GAAP net profit for 2024 was 43 million RMB, with expectations of 92 million RMB for 2025 [5][12]. - The company plans to increase its capital expenditures from$ 20 million to approximately $40 million in 2025, primarily for capacity expansion [1][4]. Production Capacity and Expansion - The company is expanding its production facilities in multiple locations, including Yunfu, Hefei, and Weihai, to enhance manufacturing efficiency and meet growing market demand [3][4]. - The goal is to achieve a total production capacity of 1,000 units by 2025 [3]. Research and Development - The company is actively developing long-range products and collaborating with partners to enhance its product offerings, including the VT-35 aircraft and solid-state lithium batteries [4][12]. - The EH216-S model's flight endurance has improved by 90%, reaching over 48 minutes, showcasing advancements in technology [4].