华创交运低空经济周报（第45期）：海外市场观察：JOBY触及百亿美金市值里程碑，西锐再创股价新高-20250712

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [48]. Core Insights - The report highlights the significant growth potential in the low-altitude economy, particularly in the eVTOL (electric Vertical Take-Off and Landing) sector, driven by favorable government policies and increasing market interest [4][10]. - JOBY has reached a market capitalization milestone of $10 billion, reflecting a 50% increase in value over the past month, showcasing strong investor confidence in the eVTOL market [5][19]. - The report emphasizes the competitive landscape, noting that Chinese companies are positioned to lead in the eVTOL sector globally, with both the U.S. and China recognizing the strategic importance of the low-altitude economy [18][19]. Industry Overview - The report provides key industry data, including a total market capitalization of approximately 33,326.88 billion RMB and a circulating market capitalization of about 28,543.14 billion RMB [3]. - The performance of the transportation sector has shown a 13.2% increase over the past 12 months, with a 6.5% increase over the last six months [3]. Company Analysis - The report discusses the business model of the company, which operates in high-end manufacturing and high-end consumer goods, focusing on the private aircraft sector. The company has increased prices significantly, with the SR2X series and Vision Jet prices rising by 26% and 24% respectively from 2021 to 2024 [2][20]. - Comparatively, the report notes that the company’s valuation is lower than its international peers, with expected net profits of 11.5 billion, 13.3 billion, and 15.4 billion RMB for 2025-2027, respectively [2][20]. Market Performance - The report indicates that the Huachuang Transportation Low Altitude 60 Index has increased by 8% year-to-date, outperforming the Shanghai and Shenzhen 300 Index, which has risen by 2% [22][24]. - Notable stock performances include a 14% increase in the stock price of the company, with a year-to-date increase of 140% as of July 11 [19][26]. Investment Recommendations - The report suggests focusing on key segments within the low-altitude economy, including manufacturers, supply chains, new infrastructure, and operational applications [30][32]. - Specific companies highlighted for investment include Wan Feng Ao Wei, Xi Rui, and Yong Li, which are expected to benefit from the growth in the low-altitude economy [33][34].