EHang(US:EH) Goldman Sachs·2025-05-22 05:50Investment Rating - The report maintains a "Buy" rating for EHang with a 12-month price target of $29.10, indicating an upside potential of 62.1% from the current price of $17.95 [8][11]. Core Insights - EHang is positioned as a leader in the eVTOL (electric vertical take-off and landing) market, with an expanding model portfolio and increasing pre-orders, supported by a recovering post-pandemic tourism market and developing regulatory framework [10]. - The company has received necessary certifications, including the Type Certification (TC) in October 2023 and the Airworthiness Certificate (AC) in December 2023, which are crucial for its profitability in the coming years [10]. Summary by Sections Commercial Operations - EHang's subsidiaries have obtained the Operator Certificate (OC) necessary for commercial operations, allowing them to start selling tickets for aerial tourism in Guangzhou and Hefei, with plans to expand into air shuttle and intra-city air travel [2][4]. Manufacturing Expansion - EHang is expanding its manufacturing capacity, with plans to increase production at its Guangdong Yunfu factory from 600 units per year to 1,000 units by 2025. Additionally, a new manufacturing base is being established in Hefei through partnerships, and further expansion is planned in Shandong Weihai [3][4]. Order Acceleration - The management anticipates an accelerated ramp-up of eVTOL orders as more companies receive their OC, enabling them to leverage the EH216-S for revenue generation [7].