EHang(US:EH) Guoxin Securities·2025-06-08 12:58Investment Rating - The report maintains an "Outperform" rating for the company [5]. Core Views - The company has received the first batch of operational certificates for manned civil unmanned aerial vehicles in China, marking the beginning of commercial operations in the low-altitude economy [2][31]. - The company has a robust order backlog, with over 1,500 units of the EH216 series aircraft on hand, and expects to receive more than 1,200 new orders from Q3 2023 to December 2024 [2][26]. - The company is expanding its production capacity, planning to double the size of its Yunfu production base to 48,000 square meters and increase annual production capacity to 1,000 units by the end of the year [2][39]. Financial Summary - In Q1 2025, the company reported revenue of 26.09 million yuan, a year-on-year decrease of 57.7% and a quarter-on-quarter decrease of 84.1% [1][8]. - The net profit attributable to shareholders was -78.08 million yuan, compared to -63.33 million yuan in the same period last year [1][8]. - The adjusted net profit (non-GAAP) was -30.82 million yuan, a significant decline from the previous year's -10.03 million yuan [1][8]. - The gross margin for Q1 2025 was 62.4%, showing an increase compared to the previous year [14]. Revenue and Profit Forecast - Revenue forecasts for 2025-2027 are set at 860 million yuan, 1.205 billion yuan, and 1.579 billion yuan, respectively, with expected growth rates of 88.4%, 40.2%, and 31.0% [4]. - The net profit forecasts for the same period are -143 million yuan, 61 million yuan, and 194 million yuan, reflecting a downward adjustment in profit expectations [4][3].